Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
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Research updated
Great Eastern Shipping Company Ltd.
NSE: GESHIPIndustrialsMarine Shipping
- Last close
- ₹1,533.70
- Day change
- +₹4.00 (+0.26%)vs
- Market cap
- ₹21,798 crIndian rupees
- Research updated
- 1 report
About Great Eastern Shipping Company
Great Eastern Shipping Company Ltd. is a prominent player in the maritime transportation industry, primarily engaged in the business of shipping and offshore services. The company operates in two main divisions: Shipping and Offshore. Its shipping division is responsible for the transportation of crude oil, petroleum products, gas, and dry bulk commodities, playing a vital role in facilitating international trade and commerce. Meanwhile, the offshore division supports oil exploration and production activities, providing services like marine logistics and platform support. With its robust fleet and strategic positioning, Great Eastern Shipping Company Ltd. has established itself as a key contributor to India’s shipping industry and global maritime logistics. The company’s operations significantly impact sectors such as energy, mining, and international trade, underscoring its importance in maintaining supply chains and enabling the movement of essential goods across the globe. Founded in 1948 and headquartered in Mumbai, India, Great Eastern Shipping Company Ltd. continues to leverage its expertise and assets to meet the demands of the global shipping and offshore support market.
- Sector
- Industrials
- Industry
- Marine Shipping
- Listing
- NSE: GESHIP
- Employees
- 232
- Headquarters
- Mumbai, India
- ISIN
- INE017A01032
- Website
- greatship.com
Public research · Report of
Business model & financial foundation
GE Shipping (NSE: GESHIP), Marine shipping (tankers, gas carriers, dry bulk) and offshore oilfield services: revenue of ₹5,409 crore in FY26 (+1.6% on FY25), an EBITDA margin of 53.0%, net profit of ₹2,943 crore and net cash of ₹7,402 crore.
- Revenue, FY26 (₹ crore)
- 5,409
- consolidated
- Revenue growth, FY26
- +1.6%
- on FY25
- EBITDA margin, FY26
- 53.0%
- EBITDA excl. other income / revenue
- Net profit, FY26 (₹ crore)
- 2,943
- to owners
- Return on equity, FY26
- 18.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -7,402
- Net debt per company presentation (negative = net cash)
- Market capitalisation (₹ crore)
- 19,729
- at the close of 12 Oct 2026
Company profile
Great Eastern Shipping is India's largest private-sector shipping company, owning about 40 vessels (3.2 mn dwt) across crude tankers, product tankers, LPG carriers and dry bulk carriers, traded mostly on the spot market worldwide. Through its wholly owned subsidiary Greatship (India) it operates four jack-up rigs and around nineteen offshore support vessels, largely on term contracts with ONGC. The company runs a net-cash balance sheet, buys and sells second-hand vessels counter-cyclically, and pays quarterly dividends.
| Item | Value |
|---|---|
| Legal name | The Great Eastern Shipping Company Limited |
| Exchange and ticker | NSE: GESHIP; BSE: 500620 |
| ISIN | INE017A01032 |
| Sector | Industrials |
| Industry | Marine shipping (tankers, gas carriers, dry bulk) and offshore oilfield services |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2017) |
| Market capitalisation | ₹19,729 crore (12 Oct 2026) |
| Shares outstanding | 14.28 crore shares (FY26) |
| Price | ₹1,534 (close, 12 Oct 2026) |
| 52-week range | ₹1,003 - ₹1,798 (to 12 Oct 2026) |
| Website | https://www.greatship.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Greatship (India) Ltd | 100% | Offshore oilfield services: jack-up drilling rigs and offshore support vessels (AHTSV, PSV, MPSV, ROVSV), chiefly for ONGC |
| Great Eastern Chartering LLC (UAE) | 100% | Chartering, holds listed shipping shares; Singapore arm trades freight and oil futures |
| The Greatship (Singapore) Pte Ltd | 100% | Ship agency |
| GEShipping (IFSC) | 100% | GIFT City IFSC shipping entity |
| Great Eastern Foundation | 100% | CSR (section 8) entity |
All subsidiaries are wholly owned, so there is no minority interest. Greatship Oilfield Services dissolved 11 Dec 2025; Great Eastern Services in voluntary liquidation.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 30.07% | 30.07% | 30.07% | 30.07% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 25.70% | 28.44% | 31.03% | 29.52% |
| Domestic institutions | 16.20% | 15.25% | 12.81% | 11.60% |
| of which mutual funds | 15.58% | 14.72% | 11.98% | 10.85% |
| Retail | 28.02% | 26.25% | 26.08% | 28.81% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
The Great Eastern Shipping Company (NSE: GESHIP) owns 40 ships of 3.245 mn dwt at 30 Jun 2026: 5 crude tankers, 16 product tankers, 4 LPG carriers and 15 dry bulk carriers, average age 14.3 years. It trades them mostly on the spot market; only about a quarter of the fleet is on time charter. Shipping earns under India's tonnage-tax regime, so the group's tax rate is 3-5%. The wholly owned subsidiary Greatship (India) runs 4 jack-up rigs and about 19 offshore support vessels on term contracts, mostly with ONGC. FY26 offshore segment revenue was 1,522 cr against 4,832 cr for shipping.
The company buys and sells second-hand ships counter-cyclically. Profit on ship sales was 240 / 490 / 441 cr in FY24-26 and is booked in other income. It holds about 8,000 cr of cash and investments: consolidated net cash was 8,056 cr at 30 Jun 2026.
What management controls: fleet timing, mix and the spot-versus-period choice. What it does not control: freight rates, which are set by global trade, sanctions and routing.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | segment assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Shipping (tankers, gas carriers, dry bulk) | 4,832 | 76.0% | 2,463 | 83.7% | 14,724 | 75.7% |
| Offshore (Greatship India: OSVs and jack-up rigs) | 1,522 | 24.0% | 479.5 | 16.3% | 4,736 | 24.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Shipping Corporation of India (SCI) | Only other large Indian listed owner of tankers and bulkers; same tonnage-tax regime and INR listing |
| Seamec (SEAMECLTD) | Indian listed offshore vessel operator serving ONGC, comparable to the Greatship India offshore arm |
| Scorpio Tankers | Global listed product-tanker owner (LR2/MR), the largest part of GE Shipping's tanker fleet by count |
| Frontline | Global listed crude tanker owner (VLCC/Suezmax), spot-exposed like GE Shipping's crude fleet |
| International Seaways | Diversified crude and product tanker owner with a spot-heavy model |
| Star Bulk Carriers | Global listed dry bulk owner; GE Shipping holds 15 bulkers |
| Dorian LPG | Listed VLGC owner, comparable to GE Shipping's LPG carriers |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,472 | 5,660 | 5,255 | 5,323 | 5,409 |
| Cost of revenue (vendor classification) * | 2,505 | 2,979 | 2,773 | 3,055 | 3,022 |
| Other operating costs (vendor classification) * | 252.2 | 313.8 | 324.5 | 376.0 | 361.6 |
| EBITDA (vendor classification) * | 1,453 | 3,236 | 3,100 | 3,030 | 3,570 |
| EBIT * | 901.3 | 2,831 | 2,940 | 2,680 | 3,152 |
| Finance costs | 281.6 | 277.9 | 264.7 | 236.4 | 136.4 |
| Profit before tax | 619.7 | 2,554 | 2,694 | 2,462 | 3,026 |
| Tax expense | -10.0 | -21.5 | 80.2 | 117.4 | 83.3 |
| Profit for the period | 629.7 | 2,575 | 2,614 | 2,344 | 2,943 |
| Diluted EPS (INR) | 42.91 | 180.0 | 182.7 | 163.9 | 205.7 |
| Other income incl. profit on sale of ships | 663.5 | 834.3 | 903.3 | ||
| Fuel oil and water | 433.8 | 401.0 | 319.7 | ||
| Port, light and canal dues | 174.6 | 158.3 | 142.2 | ||
| Employee benefits expense | 886.3 | 944.3 | 932.1 | ||
| Spares & stores consumed + other expenses | 929.1 | 1,153 | 1,148 | ||
| Depreciation and amortisation | 726.1 | 813.2 | 889.1 | ||
| Impairment(-)/reversal(+) on certain ships | 13.0 | -61.1 | 0.00 | ||
| EBITDA excl. other income | 2,831 | 2,666 | 2,867 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 2,614 | 2,344 | 2,943 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 8,051 | 10,275 | 12,397 | 14,259 | 16,962 |
| Borrowings (non-current + current, excl. lease liabilities) | 4,655 | 3,649 | 3,031 | 2,155 | 1,049 |
| Cash & equivalents + other bank balances + current investments | 1,558 | 2,678 | 6,860 | 8,015 | 7,903 |
| Trade receivables | 241.4 | 337.3 | 646.9 | 481.0 | 639.2 |
| Inventories * | 224.3 | 204.5 | 247.4 | 252.7 | 285.9 |
| Trade payables * | 352.7 | 343.5 | 456.0 | 290.3 | 360.2 |
| Net property, plant and equipment * | 26.7 | 2.55 | 1.14 | 0.23 | 0.10 |
| Capital work in progress * | 23.3 | 34.8 | 50.7 | 19.8 | 102.7 |
| Total assets * | 13,969 | 15,209 | 16,808 | 17,656 | 19,460 |
| Net debt per company presentation (negative = net cash) | -3,495 | -5,862 | -7,402 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 842.7 | 2,481 | 2,808 | 2,647 | 2,854 |
| Free cash flow (vendor definition) * | 748.4 | 2,509 | 1,963 | 1,472 | 481.4 |
| Dividends paid | -198.4 | -359.8 | -492.5 | -501.1 | -411.2 |
| Payment for purchase of PPE (incl. vessels, CWIP, intangibles) | -411.9 | -198.8 | -845.2 | -1,175 | -2,372 |
| Buyback of equity shares | 0.00 | 0.00 | 0.00 | ||
| Proceeds from disposal of PPE (ship sales) | 409.9 | 1,000 | 794.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 14.65 | 14.28 | 14.28 | 14.28 | 14.28 |
| Profit on sale of ships and other assets (net), within other income | 240.2 | 490.2 | 440.8 | ||
| Foreign exchange (gain)/loss net, separate expense line (gain negative) | -52.4 | -100.9 | -433.2 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,354 | 1,237 | 1,223 | 1,201 | 1,242 | 1,454 | 1,511 | 2,005 |
| Cost of revenue (vendor classification) * | 716.6 | 653.2 | 1,037 | 589.5 | 648.5 | 682.5 | 713.9 | 715.7 |
| Other operating costs (vendor classification) * | 181.0 | 224.0 | -277.2 | 181.4 | 161.9 | 216.7 | 236.6 | 198.1 |
| EBITDA (vendor classification) * | 571.8 | 440.7 | 377.5 | 580.8 | 703.2 | 727.5 | 862.4 | 1,254 |
| EBIT * | 673.5 | 669.6 | 428.1 | 580.8 | 644.3 | 871.5 | 1,066 | 1,385 |
| Finance costs | 63.7 | 61.5 | 50.7 | 44.9 | 43.6 | 25.0 | 22.9 | 19.9 |
| Profit before tax | 609.8 | 608.1 | 395.9 | 536.0 | 600.7 | 846.5 | 1,043 | 1,365 |
| Tax expense | 34.2 | 14.4 | 32.8 | 31.5 | 19.3 | 34.0 | -1.48 | 55.9 |
| Profit for the period | 575.6 | 593.7 | 363.1 | 504.5 | 581.4 | 812.5 | 1,044 | 1,309 |
| Diluted EPS (INR) | 40.23 | 41.50 | 25.38 | 35.27 | 40.64 | 56.80 | 72.98 | 91.49 |
| Impairment(-)/reversal(+) on certain ships | 8.14 | 0.00 | -69.2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA excl. other income | 662.3 | 565.0 | 544.8 | 628.0 | 655.1 | 801.6 | 782.6 | 1,325 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 575.6 | 593.7 | 363.1 | 504.5 | 581.4 | 812.5 | 1,044 | 1,309 |
| Other income incl. profit on sale of ships | 225.4 | 263.9 | 150.2 | 135.4 | 140.0 | 282.1 | 345.8 | 280.9 |
| Fuel oil and water | 126.6 | 95.7 | 82.5 | 77.6 | 81.3 | 79.3 | 81.5 | 128.8 |
| Port, light and canal dues | 55.3 | 23.0 | 39.7 | 32.1 | 38.0 | 28.7 | 43.4 | 24.7 |
| Employee benefits expense | 239.6 | 235.8 | 228.2 | 220.8 | 214.9 | 246.4 | 249.9 | 259.9 |
| Spares & stores consumed + other expenses | 270.7 | 317.4 | 328.0 | 242.9 | 252.5 | 298.6 | 354.0 | 266.5 |
| Depreciation and amortisation | 205.5 | 205.4 | 205.3 | 197.4 | 223.7 | 246.3 | 221.7 | 233.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 5.1% | 63.0% | -7.2% | 1.3% | 1.6% |
| EBITDA margin | 53.9% | 50.1% | 53.0% | ||
| Net margin | 49.7% | 44.0% | 54.4% | ||
| Return on equity | 23.1% | 17.6% | 18.8% | ||
| Return on capital employed | 7.1% | 21.3% | 20.0% | 16.8% | 18.3% |
| Return on assets | 16.3% | 13.6% | 15.9% | ||
| Net debt (₹ crore) | -3,495 | -5,862 | -7,402 | ||
| Net debt / EBITDA | -1.23x | -2.20x | -2.58x | ||
| Interest cover | 3.20x | 10.2x | 11.1x | 11.3x | 23.1x |
| Asset turnover | 0.25x | 0.39x | 0.33x | 0.31x | 0.29x |
| Receivable days | 25 | 22 | 45 | 33 | 43 |
| Inventory days (on revenue) | 24 | 13 | 17 | 17 | 19 |
| Payable days (on revenue) | 37 | 22 | 32 | 20 | 24 |
| Cash conversion | 1.07x | 1.13x | 0.97x | ||
| Capex intensity | 11.9% | 3.5% | 16.1% | 22.1% | 43.9% |
| Free cash flow (₹ crore) | 430.8 | 2,282 | 1,963 | 1,472 | 481.4 |
| Dividend payout | 18.8% | 21.4% | 14.0% | ||
| EPS, diluted (₹) | 42.91 | 180.0 | 182.7 | 163.9 | 205.7 |
| Book value per share (₹) | 549.7 | 719.7 | 868.4 | 998.8 | 1,188 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excl. other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt per company presentation (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA excl. other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Great Eastern Shipping Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Great Eastern Shipping Company
- Research reportLatest
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Prices are the last close on the NSE, 9 Oct 2026. Research from Mool’s report of 12 Oct 2026; page updated 12 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.