Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping Company — Q3 FY2026 Earnings Presentation
47 slides from Great Eastern Shipping's earnings presentation, Jan 29, 2026
Slide 1: Exchange filing cover letter
Our Ref.: S/2026/SEC January 29, 2026 BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip code: 500620 Trading Symbol - GESHI
Slide 2: Investor Presentation Q3FY26
INVESTOR PRESENTATION Q3FY26
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Great Eastern Shipping Company Ltd (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for
Slide 4: Financial Highlights
Financial Highlights
Slide 5: 3Q-FY2026 Results Highlights
3Q-FY2026 Results Highlights • 3Q26 Net Profit (Reported): Consol Net Profit of INR 813Cr; Standalone Net Profit of INR 654Cr • NAV as on 31-Dec-25: Consol NAV of INR 1,566/share; Standalone NAV of INR 1,233/share • Interim Dividend: Declared dividend of INR 9.00/share for 3Q26 (16th consecutive qua
Slide 6: Reported Financials
Reported Financials Standalone Consolidated Figures in INR Crores Q3 FY26 Q3 FY25 9m FY26 Q3 FY26 Q3 FY25 9m FY26 Income Statement Revenue* 1,222 1,227 3,088 1,737 1,501 4,455 EBITDA* 874 875 2,107 1,118 875 2,764 Net Profit 654 679 1,502 813 594 1,898 Balance Sheet Total Assets 15,157 14,839 15,157
Slide 7: Normalised Financials
Normalised Financials Standalone Consolidated Figures in INR Crores Q3 FY26 Q3 FY25 9m FY26 Q3 FY26 Q3 FY25 9m FY26 Income Statement Revenue* 1,222 1,227 3,088 1,737 1,501 4,455 EBITDA* 842 820 1,987 1,082 826 2,642 Net Profit 632 644 1,417 777 569 1,808 Balance Sheet Total Assets 15,157 14,839 15,1
Slide 8: Normalised Financial Highlights
Normalised Financial Highlights Standalone Consolidated Key Financial Highlights Q3 FY26 Q3 FY25 9m FY26 Q3 FY26 Q3 FY25 9m FY26 Return on Equity 20% 22% 15% 20% 17% 16% Return on Capital Employed 18% 19% 14% 18% 14% 15% Gross Debt/Equity (x) 0.11 0.20 0.11 0.09 0.22 0.09 Net Debt/Equity (x) (0.39)
Slide 9: P&L Statement – Industry Format
P&L Statement – Industry Format Standalone Consolidated Figures in INR Crores Q3 FY26 Q3 FY25 9m FY26 Q3 FY26 Q3 FY25 9m FY26 Operating Revenue 957 866 2,599 1,449 1,225 3,880 Less: Direct Operating Expense/Voyage Expense 87 97 273 181 182 521 Time Charter Equivalent (A) 870 770 2,326 1,268 1,043 3,
Slide 10: Business Overview
Business Overview
Slide 11: Crude and Product Tanker
Crude and Product Tanker Avg. Suezmax Earnings (USD/day) Crude Tankers 1,00,000 • Global dirty trade witnessed strong growth, with volumes up 7% y/y in Q3 FY26. 90,000 • Unwinding of OPEC+ production cuts resulted in a 11% y/y rise in MEG exports, 80,000 while South American exports surged 22% led b
Slide 12: Dry Bulk
Dry Bulk • Spot earnings grew significantly y/y in Q3 FY26. Capesize earnings rose by 65% y/y, Avg. Baltic Capesize 5T/C Earnings (USD/day) 70,000 while Kamsarmax and Supramax earnings increased y/y by 53% & 32%, respectively. 60,000 50,000 • Iron ore trade witnessed substantial growth of 10% y/y du
Slide 13: LPG Gas
LPG Gas Avg. VLGC Earnings (USD/day) • VLGC spot earnings grew by 56% y/y in Q3 FY26. 1,60,000 1,40,000 • Trade volumes were down 4% y/y, as exports from US to China 1,20,000 collapsed to one third owing to the trade war. 1,00,000 80,000 • U.S. export volumes that previously transited to China via t
Slide 14: Asset Price Movement
100 120 140 160 180 200 80 75 95 115 135 155 Jan-20 Jan-20 May-20 May-20 Sep-20 Sep-20 Jan-21 Jan-21 Sources: Industry Reports May-21 May-21 Sep-21 Sep-21 Jan-22 Jan-22 May-22 May-22 Sep-22 Sep-22 Asset Price Movement Jan-23 Jan-23 Capesize Series1 May-23 May-23 Sep-23 Sep-23 Jan-24 Jan-24 May-24 Ma
Slide 15: Historical Order Book as % of Fleet
Historical Order Book as % of Fleet Historic Order Book as a % of fleet (Calendar Year) 90.0 80.0 70.0 60.0 50.0 40.0 29.3 30.0 20.0 19.4 16.5 10.0 12.5 0.0 Crude Tankers Product Tankers Dry Bulk Carriers LPG Carriers (65k+ cbm) 14
Slide 16: Global Order Book and Scrapping Potential
Global Order Book and Scrapping Potential LPG 11% 29% Drybulk 13% 13% Product 21% 21% Crude 24% 16% 0% 5% 10% 15% 20% 25% 30% 35% Aging Fleet % of Total Fleet Orderbook % of Total Fleet Scrapping Potential: For LPG carriers 25+ age is considered while all other vessel category 20+ is considered 15
Slide 17: Global Order Book
Global Order Book Orderbook % of Fleet 14.0% 12.4% 12.0% 10.0% 9.4% 8.3% 8.0% 7.7% 6.5% 6.7% 6.9% 6.0% 5.6% 4.8% 4.1% 4.3% 3.9% 4.0% 3.6% 2.8% 2.3% 2.0% 1.6% 1.1% 0.9% 0.6% 0.5% 0.0% Crude Product Product (Ex LR2) Drybulk LPG 2026 2027 2028 2029 & Beyond Sources: Industry Reports 16
Slide 18: Global Scrapping
Global Scrapping Scrapping (% Beginning world fleet) Vessel CY 2025 CY 2024 CY 2023 CY 2022 CY 2021 CY 2020 CY 2019 CY 2018 CY 2017 CY 2016 Category Crude 0.48 0.14 0.08 0.67 2.18 0.52 0.55 4.39 2.43 0.39 Product 0.86 0.06 0.14 0.76 2.03 0.56 0.60 1.74 1.22 0.56 Dry Bulk 0.48 0.37 0.55 0.45 0.57 1.7
Slide 19: Offshore Market Trends – Jackup Rig Utilization
200 250 300 350 400 450 Jan 2010 Jul 2010 Jan 2011 Jul 2011 Sources: Industry Reports Jan 2012 Jul 2012 Jan 2013 Jul 2013 Jan 2014 Jul 2014 Jan 2015 Jul 2015 Jan 2016 Jul 2016 Jan 2017 Jul 2017 Under Contract Jan 2018 Offshore Market Trends – Jackup Rig Utilization Jul 2018 Jan 2019 Jack Up Utilisat
Slide 20: Fleet Supply – Rigs & OSVs
FLEET SUPPLY – Rigs & OSVs Rigs OSVs Current Fleet 495 3349 Cold stacked more than 3 years 62 441 No of Vessels/Rigs more than 20/30 years old (% Fleet) 31% 25% Under Contract Fleet 356 2307 Order Book 11 96 O/B to Current Fleet 2.2% 2.9% Sources: Industry Reports 19
Slide 21: Company Overview
Company Overview
Slide 22: Key Highlights
Key Highlights India Largest 1948 Shipping & AAA GIL: 4 RIGs Foundation Oilfield Services GESCO Credit Rating & 19 OSVs Provider 14 40 26 3202836 Dry Bulk Carrier Vessels Tankers Deadweight Ton 21
Slide 23: Shareholding Pattern as on 31st December 2025
Shareholding Pattern as on 31st December 2025 FII/FPI 26% Promoters 30% DII/FI 16% Public 28% 22
Slide 24: Fleet profile
Fleet profile Fleet Profile – Shipping Fleet (30-Jan-2026) Fleet No DWT Avg. Age (Yrs) Crude Carrier 5 6,91,049 14.97 Product Carrier 16 9,99,204 16.45 Gas Carrier 5 2,39,927 18.24 Dry Bulk Carrier 14 12,72,656 11.30 Total 40 32,02,836 14.68 Fleet Profile – Offshore Fleet (30-Jan-2026) Fleet No Avg.
Slide 25: Sale & Purchase Activities in 3Q26
Sale & Purchase Activities in 3Q26 Vessels added to the fleet in 3Q26 (Purchases) Sr. No. Vessel Name Type DWT Built 1 Jag Anjali Kamsarmax (Dry Bulk Carrier) 81,922 2016 2 Jag Laadki Suezmax (Crude Tanker) 1,64,715 2010 Vessels added to the fleet in Jan’26 (Purchases) 3 Jag Vijay Very Large Gas Car
Slide 26: Performance Review
Performance Review Breakup of Revenue Days – Shipping Revenue Days Q3 FY26 Q3 FY25 Owned Tonnage 3,581 3,611 Inchartered Tonnage* 184 184 Total Revenue Days 3,765 3,795 Total Owned Tonnage (mm. dwt) 3.22 3.10 Breakup of Revenue Days – Offshore Revenue Days Q3 FY26 Q3 FY25 Offshore Logistics 1,639 1,
Slide 27: Revenue Coverage
Revenue Coverage Coverage of Operating Days – Shipping Category Q4 FY26 Crude Carriers 57% Product Carriers 58% LPG Carriers 100% Dry Bulk 59% Coverage of Operating Days – Offshore Revenue Days Q4 FY26 Jack Up Rigs 71% AHTSV 86% MPSVV 100% PSV/ROVSV 100% 26
Slide 28: Financial Parameters (Reported Basis)
Financial Parameters (Reported Basis) ROE (%) ROCE (%) 35% 30% 30% 31% 25% 25% 25% 21% 25% 28% 20% 18% 20% 18% 23% 19% 14% 11% 22% 16% 13% 17% 15% 20% 15% 13% 18% 16% 15% 16% 10% 10% 8% 9% 8% 5% 5% 0% 0% FY21 FY22 FY23 FY24 FY25 FY26 YTD FY21 FY22 FY23 FY24 FY25 FY26 YTD Standalone Consol Standalone
Slide 29: NAV Movements
NAV Movements Standalone NAV (INR/share) Consolidated NAV (INR/share) 1,400 CAGR: 21% 1,233 1,800 CAGR: 25% 1,566 1,200 1,600 1,000 1,400 1,200 800 1,000 600 489 800 600 538 400 400 200 200 - - FY21 FY22 FY23 FY24 FY25 Q3 FY26 FY21 FY22 FY23 FY24 FY25 Q3 FY26 Changes in Standalone NAV (INR/share) Ch
Slide 30: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share 1,566 1,600 1.00 1,400 0.90 1,233 1,200 0.76 0.80 1,000 0.70 800 0.60 600 0.50 400 200 0.40 - 0.30 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q3-FY26 Consolidated NAV Standalone NAV Share Price/Consol. NAV (RHS) * For Q3FY26 we have taken closing shar
Slide 31: Dividend Payout
Dividend Payout GESCO Dividends (INR/Share) 40 36.3 35 28.8 29.7 30 25 23.4 20 15 13.5 10.1 9 9.9 10 7.2 8.1 5.4 5 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 YTD * FY26 YTD includes dividend of INR 9.00/share declared for 3Q26 30
Slide 32: Strong Cashflows
STRONG CASHFLOWS Peak Net Debt USD 361mn to Net Cash of USD 574mn Net Debt Expansion Phase Net Debt Reduction Phase 600 0.60 361 0.49 0.50 400 0.40 200 0.30 0.20 - 0.10 (200) - (0.10) (400) (0.20) (0.30) (600) (574) (0.40) (800) (0.39) (0.50) USD mn FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
Slide 33: Debt Repayment Schedule
Debt Repayment Schedule GESCO - Standalone (USD mn) 80 200 67 66 157 157 60 150 40 90 100 23 66 20 50 0 0 0 Dec-25 Mar-26 Mar-27 Mar-28 Mar-29 Repayments Loan O/s (RHS) 32
Slide 34: GIL – Fleet Repricing
GIL – Fleet Pricing GIL – Fleet Repricing 8 7 7 6 5 4 4 4 3 2 2 1 1 1 1 1 1 1 0 0 0 0 0 H2FY26 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 Vessels Rigs 33
Slide 35: Board of Directors & ESG
Board of Directors & ESG
Slide 36: Board of Directors
Board of Directors Mr. K. M. Sheth joined the company in 1952; was inducted on the Board of Directors of the Company in 1970; became the Deputy Chairman Mr. K. M. Sheth and Managing Director in 1975 and rose to become the Chairman and Managing Director in 1992. In recognition of Mr. K. M. Sheth's li
Slide 37: Board of Directors
Board of Directors Mrs. Kalpana Morparia has been recognized by several international and national media for her role as one of the leading women Mrs. Kalpana professionals. She is also a member of the Governing Board of Bharti Foundation, Foundation for Audit Quality (FAQ) and Krea University. Morp
Slide 38: Board of Directors
Board of Directors Mr. Uday Shankar An acclaimed entrepreneur and executive, he is credited with transforming the media and entertainment industry in India and Asia Pacific (Independent over the last three decades. Mr. Uday began his career as a journalist before assuming leadership of Star India (l
Slide 39: ESG
ESG Environmental Social Governance Company specific training: Regulatory compliance: CO2 Emission reduction measures: Company specific crew training on Robust Integrated Management High performance paint, Mewis duct, safety, digital navigation, and System (IMS) certified under ISO & redesigned prop
Slide 40: Great Eastern Shipping Foundation
Great Eastern Shipping Foundation Health: Around 89,000 Livelihoods: Around women, 13,000 girls 46,000 women FY 2025-26: Currently, and 50,000 children provided with supporting 34 NGOs Education: More than Since 2015, GEF has provided with health entrepreneurship working under 2.65 Lakh students par
Slide 41: Great Eastern Shipping Foundation
Great Eastern Shipping Foundation Education Health Livelihood 1. Adhyayan Quality Education Foundation 1. Animedh Charitable Trust 1. Access Livelihoods Foundation 2. Anushkaa Foundation for Eliminating Clubfoot 2. Akanksha Foundation 2. Ayang Trust (AFEC) 3. Alumni Association of College of Enginee
Slide 42: CSR spend and NGO partners
CSR INR 145 Crore 61 22 States & UT Total CSR Spent No. of NGO partners supported Geography Covered 41
Slide 43: Thank You!
Thank You! Read the Story of GE Shipping – Coffee Table Book Visit us at www.greatship.com
Slide 44: Fleet Details
Fleet Details
Slide 45: Shipping Fleet
Shipping Fleet Crude Tanker (Oil) Product Tanker SR.NO VESSEL NAME Type DWT GRT BUILT 6 JAG LOKESH Long Range 2 1,05,900 57,142 2009 7 JAG LARA Long Range 2 1,05,258 59,024 2012 8 JAG AABHA Long Range 1 74,841 42,403 2008 9 JAG AANCHAL Long Range 1 74,811 42,403 2008 10 JAG AMISHA Long Range 1 74,50
Slide 46: Shipping Fleet
Shipping Fleet LPG Carrier Dry Bulk Carrier SR.NO VESSEL NAME TYPE DWT GRT BUILT 27 JAG ANAND Capesize 1,79,250 93,227 2011 28 JAG ALAIA Capesize 1,80,694 92,155 2014 29 JAG ADITI Kamsarmax 80,325 43,790 2011 30 JAG ARNAV Kamsarmax 80,699 43,007 2015 31 JAG AJAY Kamsarmax 82,094 44,127 2016 32 JAG A
Slide 47: Offshore Fleet
Offshore Fleet Category Vessel / Rig Name DWT (MT) Year Build Greatship Dipti 3,329 2005 Greatship Dhriti 3,329 2008 Platform Supply Vessel Greatship Dhwani 3,304 2008 Greatship Prachi 4,149 2015 Greatship Ramya 2,242 2010 Greatship Rashi 3,609 2011 R Class Supply Vessel Greatship Roopa 3,656 2012 G
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