Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping — Q2 FY2026 Earnings Presentation
42 slides from Great Eastern Shipping's earnings presentation, Nov 10, 2025
Slide 1: Q2 FY26 Earnings Presentation
Q2 FY26 Earnings Presentation 10th November 2025
Slide 2: Disclaimer
DISCLAIMER Except for historical information, the statements made in this presentation constitute forward looking statements. These include statements regarding the intent, belief or current expectations of GE Shipping and its management regarding the Company’s operations, strategic directions, pros
Slide 3: Q2FY26 Highlights
Q2FY26 HIGHLIGHTS • Q2FY26: Net profits of INR 581 Cr on a consolidated basis • Our consolidated NAV is INR 1,484/share as on 30th September 2025 • Declared Interim dividend (15th consecutive quarterly) of INR 7.20/Share for Q2FY2026. GE Shipping – Q2FY26 Results 3
Slide 4: Reported Highlights
REPORTED HIGHLIGHTS Standalone Consolidated Q2 Q2 H1 Q2 Q2 H1 Fig in INR Crores FY26 FY25 FY26 FY26 FY25 FY26 Income Statement Revenue* 950 1,253 1,866 1,382 1,580 2,719 EBITDA* 660 770 1,233 868 871 1,646 Net Profit 460 565 848 581 576 1,086 Balance Sheet Total Assets 14,815 14,347 14,815 17,743 17
Slide 5: Normalised Financials
NORMALISED FINANCIALS o The impact of the exchange rate on foreign currency loans and current assets and liabilities, including cash and bank balances, has been removed o NCD & Currency Swap: o Funds raised through NCDs have been swapped into USD using INR-FCY swaps, thus creating synthetic fixed ra
Slide 6: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Consolidated Q2 Q2 H1 Q2 Q2 H1 Fig in INR Crores FY26 FY25 FY26 FY26 FY25 FY26 Income Statement Revenue* 950 1,253 1,866 1,382 1,580 2,719 EBITDA* 587 782 1,145 797 904 1,560 Net Profit 398 596 786 525 623 1,031 Balance Sheet Total Assets 14,815 14,347 14,8
Slide 7: Normalised Financial Highlights
NORMALISED FINANCIAL HIGHLIGHTS Standalone Consolidated Q2 Q2 H1 Q2 Q2 H1 FY26 FY25 FY26 FY26 FY25 FY26 Key Financial Figure Return on Equity (ROE%)** 13% 22% 13% 14% 19% 14% Return on Capital Employed (ROCE%)** 12% 18% 12% 13% 16% 13% Gross Debt/Equity (x) 0.13 0.22 0.13 0.11 0.24 0.11 Net Debt/Equ
Slide 8: Profit & Loss Statement – Industry Format
PROFIT & LOSS STATEMENT – INDUSTRY FORMAT Standalone Consolidated Q2 Q2 H1 Q2 Q2 H1 Figures in INR Crores FY26 FY25 FY26 FY26 FY25 FY26 Operating Revenue 847 1,004 1,642 1,236 1,348 2,431 Less: Direct Operating Expenses/Voyage Expenses 97 168 186 174 231 340 Time Charter Equivalent (A) 749 836 1,456
Slide 9: Normalised Financials – Key Ratios
NORMALISED FINANCIALS – KEY RATIOS Earnings per Share (INR/Share) Cash Profit per Share (INR/Share) Earnings per Share (INR/share) 80 Cash Profit per Share (INR/share) 60 59.57 57.26 70 70.26 71.06 50 51.21 63.89 47.62 48.98 49.13 49.13 45.03 46.34 60 60.71 52.46 42.38 37.06 41.65 43.62 45.10 55.65
Slide 10: Consistent Dividend Payouts
CONSISTENT DIVIDEND PAYOUTS Dividends (INR/Share) 40 35 36.3 30 29.7 28.8 25 20 15 15 13.5 11.5 11 14.4 10 9 10 9 10.1 9.9 8 8 8 8.1 9 5 6.5 7.5 7.2 5.4 0 GE Shipping – Q2FY26 Results 10
Slide 11: Shareholding Pattern
SHAREHOLDING PATTERN FII/FPI 25% Promoters 30% DII/FI 16% Public 29% 30-Sep-2025 GE Shipping – Q2FY26 Results 11
Slide 12: Performance Review
PERFORMANCE REVIEW Breakup of Revenue Days (Shipping) Q2 Q2 Revenue Days FY26 FY25 Owned Tonnage 3,494 3,830 Inchartered Tonnage* 184 154 Total Revenue Days 3,678 3,984 Total Owned Tonnage (mn.dwt) 3.13 3.36 *Relates to the inchartered ships in GES IFSC Breakup of Revenue Days (Offshore) Q2 Q2 Reven
Slide 13: Performance Review
PERFORMANCE REVIEW Avg TCYs in Various Categories Q2 Q1 QoQ Q2 YoY Avg (TCYs USD/Day) FY26 FY26 % FY25 % Crude Carriers 29,974 33,865 -11% 28,492 5% Product Carriers 25,110 24,774 1% 28,978 -13% LPG Carriers 43,146 43,868 -2% 43,507 -1% Dry Bulk 15,695 14,883 5% 16,686 -6% GE Shipping – Q2FY26 Resul
Slide 14: Years Movement in Standalone NAV
5 YEARS MOVEMENT IN STANDALONE NAV Standalone NAV 1,400 1,200 CAGR: 19% 1,179 1,000 INR/SHARE 800 600 454 400 200 - FY20 FY21 FY22 FY23 FY24 FY25 Q2 FY26 GE Shipping – Q2FY26 Results 14
Slide 15: Changes in Standalone NAV (Y-O-Y)
CHANGES IN STANDALONE NAV (Y-O-Y) Changes in Standalone NAV 1,600 1,400 165 1,200 1,184 1,179 (142) (28) 1,000 INR/SHARE 800 600 400 200 - NAV Sep'24 Cash Profit Fleet Value Dividend NAV Sep'25 GE Shipping – Q2FY26 Results 15
Slide 16: Changes in Consolidated NAV (Y-O-Y)
CHANGES IN CONSOLIDATED NAV (Y-O-Y) Changes in Consolidated NAV 1,800 205 1,600 1,463 1,484 1,400 (156) (28) 1,200 INR/SHARE 1,000 800 600 400 200 - NAV Sep'24 Cash Profit Fleet Value Dividend NAV Sep'25 GE Shipping – Q2FY26 Results 16
Slide 17: Revenue Coverage
REVENUE COVERAGE Coverage of Operating Days (Shipping) Category Q3-FY26 Crude Carriers 57% Product Carriers 58% LPG Carriers 100% Dry Bulk 59% Coverage of Operating Days (Off-Shore) Revenue Days Q3-FY26 Jack Up Rigs 75% AHTSV 89% MPSVV 39% PSV/ROVSV 100% GE Shipping – Q2FY26 Results 17
Slide 18: Standalone Debt Repayment Schedule
STANDALONE DEBT REPAYMENT SCHEDULE GESCO - Standalone (USD mn) 80 186 200 67 66 157 60 150 40 29 90 100 23 66 20 50 0 0 0 Sep-25 Mar-26 Mar-27 Mar-28 Mar-29 Repayments Loan O/s (RHS) GE Shipping – Q2FY26 Results 18
Slide 19: Fleet Profile
FLEET PROFILE Fleet Profile - Shipping DWT Fleet (7-Nov-25) Fleet FY25 No Avg Age (Yrs) Additionally, GESCO has contracted to: Crude Carriers 8,49,329 6 15.85 • Purchase 6yr Ultramax Dry Bulk Product Carriers 10,47,743 17 16.46 Carrier (delivery by 4Q26) Gas Carriers 1,85,363 4 20.01 • Sell 20yr Cru
Slide 20: Shipping Market
AY = Y The Great Eastern \ Shipping Co. Ltd. SHIPPING MARKET
Slide 21: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS Avg. Suezmax Earnings (USD/day) Avg. MR Earnings (USD/day) 1,00,000 50,000 90,000 80,000 40,000 70,000 60,000 30,000 50,000 40,000 20,000 30,000 20,000 10,000 10,000 0 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar FY22 FY2
Slide 22: Crude and Product Tankers
CRUDE AND PRODUCT TANKERS Crude Tankers • Global dirty trade grew 7% y/y in Q2 FY26. • OPEC+ production unwinding drove a 7% rise in MEG exports while South American exports surged 17%, supported by new Brazilian supply. • Strong West-to-East flows incentivised by firm Dubai prices, further boosted
Slide 23: Dry Bulk
DRY BULK Avg. Baltic Capesize 5T/C Earnings (USD/day) Avg. Baltic Supra BSI-58 10T/C Earnings 70,000 (USD/day) 60,000 40,000 50,000 35,000 30,000 40,000 25,000 30,000 20,000 20,000 15,000 10,000 10,000 5,000 0 0 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
Slide 24: Dry Bulk
DRY BULK • Spot earnings improved significantly q/q in Q2 FY26. Capesize earnings were flat y/y while Kamsarmax and Supramax earnings increased by 14% & 4%, respectively. • Global iron ore trade grew by 3% y/y during Q2 FY26 as firm import demand from China was met by robust supply from Australia an
Slide 25: LPG Gas
LPG GAS Avg. VLGC Earnings (USD/day) • VLGC spot earnings doubled y/y in Q2 FY26. 1,60,000 1,40,000 • Trade volumes were flat y/y, as exports from major 1,20,000 suppliers — the US and Middle East — showed little 1,00,000 growth. 80,000 • However, the ongoing US–China trade war led to 60,000 longer-
Slide 26: Fleet Supply
5 ae . os Ww The Great Eastern Shipping Co. Ltd. Zz eae FLEET SUPPLY
Slide 27: Low Order Book to Fleet Ratio
LOW ORDER BOOK TO FLEET RATIO Historic Order Book as a % of fleet (Calendar Year) 90 80 70 60 Current Orderbook 50 40 30 28.9 20 18.4 13.1 10 10.7 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Crude tankers Product
Slide 28: Orderbook – Yearwise Breakup
ORDERBOOK – YEARWISE BREAKUP Orderbook as % of fleet 16.0% 14.1% 14.0% 12.0% 10.0% 8.1% 8.1% 8.0% 7.1% 6.4% 5.6% 5.7% 5.6% 6.0% 3.7% 4.1% 4.0% 3.2% 3.0% 3.3% 2.3% 1.5% 1.8% 2.0% 1.3% 1.1% 0.5% 0.5% 0.0% Crude Product Product (Ex LR2) Drybulk LPG Cal 2025 (Balance) 2026 Cal 2027 Cal 2028 & Beyond Sou
Slide 29: Scrapping
SCRAPPING Scrapping continues to be very low, and the pool of old ships continues to grow Fleet (Mn Dwt) Vessel Category Nov-25 Crude 450 Product 196 Dry Bulk 1059 Scrapping (% Beginning world fleet) CY CY CY CY CY CY CY CY CY CY Vessel Category 2025 YTD 2024 2023 2022 2021 2020 2019 2018 2017 2016
Slide 30: Orderbook and Scrapping Potential
ORDERBOOK AND SCRAPPING POTENTIAL Aging Fleet as a % of Total Fleet 25.0% Aging Fleet as a % of Total Fleet Crude 20.0% Product 15.0% 10.0% Drybulk LPG 5.0% 0.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% Orderbook as % of Total Fleet Scrapping Potential: For LPG carriers 25+ age is considered while al
Slide 31: Asset Price Movement
AY = Y The Great Eastern A\. Shipping Co. Ltd. ASSET PRICE MOVEMENT THE GREAT EASTERN SHIPPING CO. LTD.
Slide 32: 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 Jan-23 Jan-23 Capesize Suezmax May-23 May-23 Sep-23 Sep-23 Jan-24 Jan-24 (INDEXED SINCE Jan’20) May-24
Slide 33: Greatship (India) Limited – 100% Subsidiary
GREATSHIP (INDIA) LIMITED 100% SUBSIDIARY
Slide 34: Market Trends: Utilisation
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 MARKET TRENDS: UTILISATION Jul 2017 Under Contract Jan 2018 Jul 2018 Jack Up Utilisation GE Shipping – Q2FY26 Resul
Slide 35: Fleet Supply – Rigs & OSVs
FLEET SUPPLY – Rigs & OSVs Current Fleet 497 3352 Cold stacked more than 3 years 62 446 No of Vessels/Rigs more than 20/30 years old (% Fleet) 31% 24% Under Contract Fleet 353 2339 Order Book 13 83 O/B to Current Fleet 2.6% 2.5% Source: Industry Reports GE Shipping – Q2FY26 Results 35
Slide 36: Repricing
REPRICING GIL – Repricing 7 6 6 5 5 4 3 3 2 2 2 1 1 1 1 1 1 0 0 0 0 0 H2FY26 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 Vessels Rigs GE Shipping – Q2FY26 Results 36
Slide 37: Financials
‘The Great Eastern Shipping Co. Ltd. FINANCIALS THE GR SHIPPI
Slide 38: Strong Cashflows: Peak Net Debt USD 361mn to Net Cash of ~USD 549mn
STRONG CASHFLOWS: PEAK NET DEBT USD 361mn TO NET CASH OF ~USD 549mn USD Mn Net Debt Expansion Phase Net Debt Reduction Phase 600 0.60 0.49 0.50 400 361 0.40 0.30 200 0.20 0.10 - - (0.10) (200) (0.20) (400) (0.30) (0.40) (0.38) (600) (549) (0.50) FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY202
Slide 39: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share 2,000 1.00 1,800 0.90 0.73 1,600 0.80 1,400 0.70 1,200 0.60 1,000 0.50 800 0.40 600 0.30 400 0.20 200 0.10 - 0.00 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q2-FY26 Consolidated NAV Standalone NAV Share Price/Consol. NAV (RHS) * For Q2FY26 we have tak
Slide 40: Great Eastern Foundation
GREAT EASTERN FOUNDATION • Since 2015, GEF has partnered with 57 NGOs under the three key CSR focus areas. • Education: More than 2.65 Lakh students reached out through primary and secondary education. • Health: Around 89,000 women, 13,000 girls and 49,000 children provided with health services – in
Slide 41: Great Eastern Foundation
GREAT EASTERN FOUNDATION EDUCATION HEALTH LIVELIHOODS 1. Adhyayan Quality Education Foundation 1. Animedh Charitable Trust 1. Access Livelihoods Foundation 2. Akanksha Foundation 2. Anushkaa Foundation for 2. Ayang Trust Eliminating Clubfoot (AFEC) 3. Alumni Association of College of 3. CanSupport 3
Slide 42: Thank You
THANK YOU Visit us at www.greatship.com Read the Story of GE Shipping – Coffee Table Book GE Shipping – Q2FY26 Results 42
The Great Eastern Shipping — Q2 FY2026 Earnings Presentation on 6ix