Great Eastern Shipping Co. Ltd. · NSE:GESHIP
Great Eastern Shipping — The Great Eastern Shipping Company — Q1 FY27 Earnings Presentation
46 slides from Great Eastern Shipping's earnings presentation, Aug 4, 2026
Slide 1: Cover letter to stock exchanges
Our Ref.: S/2026/SECL August 04, 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 Q1FY27
INVESTOR PRESENTATION Q1FY27
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by The Great Eastern Shipping Company Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscr
Slide 4: Financial Highlights
Financial Highlights
Slide 5: 1Q27 Results Highlights
1Q27 Results Highlights NET PROFIT HIGHEST EVER CASH PROFIT HIGHEST EVER Consolidated INR 1,309 Cr Consolidated INR 1,543 Cr Standalone INR 1,157 Cr Standalone INR 1,323 Cr NET ASSET VALUE HIGHEST EVER INTERIM DIVIDEND HIGHEST EVER Consolidated INR 1,886 /share Per share INR 14.40 /share Standalone
Slide 6: Reported Financials
Reported Financials Standalone Consolidated Figures in INR Crores Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Income Statement Revenue* 1,819 916 4,420 2,286 1,337 6,312 EBITDA* 1,380 573 3,125 1,619 778 4,051 Net Profit 1,157 388 2,356 1,309 505 2,943 Balance Sheet Total Assets 16,630 14,328 15,965 2
Slide 7: Normalised Financials
Normalised Financials Standalone Consolidated Figures in INR Crores Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Income Statement Revenue* 1,819 916 4,420 2,286 1,337 6,312 EBITDA* 1,363 558 2,872 1,606 763 3,770 Net Profit 1,147 388 2,136 1,304 506 2,688 Balance Sheet Total Assets 16,630 14,328 15,965
Slide 8: Normalised Financial Highlights
Normalised Financial Highlights Standalone Consolidated Key Financial Highlights Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Return on Equity 32% 13% 16% 30% 14% 17% Return on Capital Employed 29% 12% 15% 28% 13% 16% Gross Debt/Equity (x) 0.08 0.13 0.11 0.06 0.15 0.09 Net Debt/Equity (x) (0.37) (0.41)
Slide 9: P&L Statement – Industry Format
P&L Statement – Industry Format Standalone Consolidated Figures in INR Crores Q1 FY27 Q1 FY26 FY26 Q1 FY27 Q1 FY26 FY26 Operating Revenue 1,548 796 3,632 2,000 1,195 5,385 Less: Direct Operating Expense/Voyage Expense 137 89 373 212 166 701 Time Charter Equivalent (A) 1,412 707 3,260 1,787 1,029 4,6
Slide 10: Business Overview
Business Overview
Slide 11: Crude and Product Tanker
Crude and Product Tanker Avg. Suezmax Earnings (USD/day) Crude Tankers 300000 • Global Dirty (Crude & Fuel Oil) volumes dropped by 12% y/y in Q1 FY27 as stand off over Hormuz continued. However, the jump in Atlantic trade (+13% y/y) enabled ton-mile boost. 250000 • Crude Oil on Water rebounded to pr
Slide 12: Dry Bulk
Dry Bulk Avg. Baltic Capesize 5T/C Earnings (USD/day) Bulk carrier earnings remained materially higher y/y across all segments during Q1 FY27. Capesize 70000 earnings nearly doubled y/y (+96%), while Kamsarmax and Supramax earnings grew y/y by 62% and 60000 71%, respectively. 50000 40000 Iron ore tr
Slide 13: LPG
LPG Avg. VLGC Earnings (USD/day) VLGC spot earnings surged 193% y/y in Q1 FY27. 200000 150000 Overall VLGC trade declined by 13% y/y, as Middle East export volumes fell to less than one-third y/y amid the ongoing regional conflict. 100000 The normalization of US terminal fees, together with a wider
Slide 14: Asset Price Movement
100 120 140 160 180 200 220 80 100 120 140 160 180 200 220 80 Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Sources: Industry Reports Mar-23 Mar-23 Jun-23 Jun-23 Sep-23 Sep-23 Dec-23 Dec-23 Asset Price Movement Mar-24 Mar-24 Jun-24 Jun-24 Suezmax Capesize Sep-24 Sep-24 Dec-24 Dec-24 Mar-25
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 34.9 30.0 27.1 20.0 20.7 10.0 13.9 0.0 Current 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 2026
Slide 16: Offshore Market Trends – Jackup Rig Utilization
Offshore Market Trends – Jackup Rig Utilization Jack Up Utilisation 450 85 80 400 75 350 70 300 65 60 250 55 200 50 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Ma
Slide 17: Fleet Supply – Rigs & OSVs
Fleet Supply – Rigs & OSVs Industry Data Rigs Vessels Current Fleet 490 3341 Fleet Under Contract 330 2312 Orderbook 12 99 O/B to Current Fleet 2.4% 3.00% No of vessels/rigs more than 20/30 years old 152 840 No of vessels/rigs more than 20/30 years old (As % of fleet) 31% 26% Cold stacked more than
Slide 18: GIL – Fleet Pricing
GIL – Fleet Pricing Repricing 8 7 7 6 5 4 4 4 3 3 2 2 2 1 1 0 0 0 0 0 0 0 0 H1FY27 H2FY27 H1FY28 H2FY28 H1FY29 H2FY29 H1FY30 Vessels Rigs 17
Slide 19: Company Overview
Company Overview
Slide 20: Key Highlights
Key Highlights India Largest 1948 Shipping & AAA GIL: 4 RIGs Foundation Oilfield Services GESCO Credit Rating & 19 OSVs Provider 15 40 25 3,244,888 Dry Bulk Carrier Vessels Tankers Deadweight Ton 19
Slide 21: Shareholding Pattern as on 30th June 2026
Shareholding Pattern as on 30th June 2026 Promoters FII/FPI 30% 31% Public DII/FI 26% 13% 20
Slide 22: Fleet profile
Fleet profile Fleet Profile – Shipping Fleet (3-Aug-26) Fleet No DWT Avg. Age (Yrs) Crude Carrier 5 691,049 15.47 Product Carrier 16 1,010,158 15.57 Gas Carrier 4 189,931 17.46 Dry Bulk Carrier 15 1,353,750 11.81 Total 40 3,244,888 14.34 Fleet Profile – Offshore Fleet (3-Aug-26) Fleet No Avg. Age (Y
Slide 23: Sale & Purchase Activities in 1Q27
Sale & Purchase Activities in 1Q27 Vessels added to the fleet in 1Q27 (Purchases) Sr. No. Vessel Name Type DWT Built 1 Jag Prabhu Medium Range Tanker 49,420 2014 2 Jag Abhishek Kamsarmax (Dry Bulk Carrier) 63,480 2019 Vessels added to the fleet in 2Q27 – QTD (Purchases) 3 Jag Laxman Long Range 2 109
Slide 24: Performance Review
Performance Review Breakup of Revenue Days – Shipping Revenue Days Q1 FY27 Q1 FY26 Owned Tonnage 3,497 3,325 Inchartered Tonnage* 182 182 Total Revenue Days 3,679 3,507 Total Owned Tonnage (mm. dwt) 3.24 3.04 Breakup of Revenue Days – Offshore Revenue Days Q1 FY27 Q1 FY26 Offshore Logistics 1,636 1,
Slide 25: Revenue Coverage for Q2 FY27
Revenue Coverage for Q2 FY27 Coverage of Operating Days – Shipping Category Q2 FY27 Crude Carriers 46% Product Carriers 61% LPG Carriers 100% Dry Bulk 57% Coverage of Operating Days – Offshore Category Q2 FY27 Jack Up Rigs 75% AHTSV 89% MPSVV 92% PSV/ROVSV 94% 24
Slide 26: Financial Parameters (Reported Basis)
Financial Parameters (Reported Basis) ROE (%) ROCE (%) 35% 35% 30% 31% 30% 30% 29% 32% 31% 25% 28% 25% 25% 25% 21% 20% 23% 19% 20% 18% 19% 18% 11% 18% 17% 13% 22% 15% 18% 15% 20% 10% 10% 16% 8% 8% 5% 5% 0% 0% FY22 FY23 FY24 FY25 FY26 1Q27 FY22 FY23 FY24 FY25 FY26 1Q27 Standalone Consol Standalone Co
Slide 27: NAV Movements
NAV Movements Standalone NAV (INR/share) Consolidated NAV (INR/share) 1,600 1,512 2,000 1,886 CAGR: 23% CAGR: 26% CAGR: 26% 1,400 1,800 1,600 1,200 1,400 1,000 1,200 800 1,000 540 800 600 592 600 400 400 200 200 - - Jun'21 FY22 FY23 FY24 FY25 FY26 Jun'26 Jun'21 FY22 FY23 FY24 FY25 FY26 Jun'26 Change
Slide 28: Share Price to Consolidated NAV
SHARE PRICE TO CONSOLIDATED NAV INR/Share Share Price to Consol NAV 2,000 1.00 1,886 1,796 1,800 0.90 1,600 1,512 1,396 1,406 1,422 0.80 1,400 0.74 1,164 1,127 0.70 1,200 1,115 962 1,000 0.60 800 692 617 0.50 600 512 539 450 456 454 489 402 374 0.40 400 337 357 200 0.30 FY17 FY18 FY19 FY20 FY21 FY22
Slide 29: Dividend Payout
Dividend Payout GESCO Dividends (INR/Share) 40 36.3 35.1 35 28.8 29.7 30 25 20 15 13.5 14.4 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 1Q27 * FY27 includes dividend of INR 14.40/share declared for 1Q27 28
Slide 30: Debt Repayment Schedule
Debt Repayment Schedule GESCO (USD mn) 80 200 66 60 150 119 40 90 100 30 23 66 20 50 0 0 0 Jun-26 Mar-27 Mar-28 Mar-29 Repayments Loan O/s (RHS) 29
Slide 31: Strong Cashflows
STRONG CASHFLOWS Peak Net Debt USD 361mn to current Net Cash of USD 593mn (normalized) Net Debt: Expansion Phase Net Debt: Reduction Phase 600 0.60 0.49 400 361 0.40 200 0.20 - 0.00 (200) (0.20) (400) (0.38) (600) (0.40) (593) (800) (0.60) USD mnFY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Slide 32: Current Positioning of GESCO
Current Positioning of GESCO How We Are Positioned Fleet Strategy – Replace, Not Expand Predominantly spot-market exposure across tankers Switch Transactions: Sell older vessels, buy relatively and dry bulk – as per our strategy. younger ones with similar tonnage – maintaining 2Q27 days covere
Slide 33: Board of Directors & ESG
Board of Directors & ESG
Slide 34: Board of Directors
Board of Directors Chairman Emeritus 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
Slide 35: Board of Directors
Board of Directors Mrs. Kalpana Mrs. Kalpana Morparia has been recognized by several international and national media for her role as one of the leading women professionals. She is also a member of the Governing Board of Bharti Foundation, Foundation for Audit Quality (FAQ) and Krea University. Morp
Slide 36: 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 37: 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 38: Great Eastern Shipping Foundation
Great Eastern Shipping Foundation Health: Around 90,000 Livelihoods: Around women, 13,000 girls 47,000 women FY 2026-27: Currently, and 51,000 children provided with supporting 29 NGOs Education: More than Since 2015, GEF has provided with health entrepreneurship working under 2.70 Lakh students par
Slide 39: 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. Akanksha Foundation 2. Nourishing Schools Foundation (NSF) 2. Ayang Trust 3. Alumni Association of College of 3. Foundation for Promo
Slide 40: CSR
CSR INR 160 Crore 62 22 States & UT Total CSR Spent No. of NGO partners supported Geography Covered 39
Slide 41: Fleet Details
Fleet Details
Slide 42: Shipping Fleet
Shipping Fleet 40 4 3,224,888 14.37 VESSELS IN FLEET VESSEL CLASSES TOTAL DWT (MT) AVERAGE YEARS Crude Tanker (Oil) Product Tanker SR.NO VESSEL NAME Type DWT GRT BUILT 6 JAG LARA Long Range 2 1,05,258 59,024 2012 7 JAG LAXMAN Long Range 2 1,09,990 57,997 2015 8 JAG AABHA Long Range 1 74,841 42,403 2
Slide 43: Shipping Fleet
Shipping Fleet LPG Carrier Dry Bulk Carrier SR.NO VESSEL NAME TYPE DWT GRT BUILT 26 JAG ANAND Capesize 1,79,250 93,227 2011 27 JAG ALAIA Capesize 1,80,694 92,155 2014 28 JAG ADITI Kamsarmax 80,325 43,790 2011 29 JAG ARNAV Kamsarmax 80,699 43,007 2015 30 JAG AJAY Kamsarmax 82,094 44,127 2016 31 JAG A
Slide 44: Offshore Fleet & vessel specifications
Offshore Fleet & vessel specifications 19 4 55,247 16.48 VESSE LS I N F LE E T VESSE L C LA SSES TOTA L DW T (MT ) AVE RAG E AG E (Yrs ) Category Vessel / Rig Name DWT (MT) Year Built Greatship Dipti 3,329 2005 Greatship Dhriti 3,329 2008 Platform Supply Vessel Greatship Dhwani 3,304 2008 Greatship
Slide 45: Common Shipping Terminology
Common Shipping Terminology NAV (Net Asset Value) Methodology (INR/share) Opex (Operating Expenses) (USD/day) We take the values as per the balance sheet and replace the The day-to-day costs of operating a vessel, including manning net block of the fleet with the quarter ending market value of (crew
Slide 46: Thank You!
Thank You! Visit us at www.greatship.com
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