The Great Eastern Shipping Company Limited (GESHIP) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published November 05, 2026 4 min read

Quick Details

Results date	November 06, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 2,005.36 Cr
Previous quarter PAT	Rs. 1,308.84 Cr
Market cap	Rs. 22,440.14 Cr
CMP	Rs. 1,571.8

The Great Eastern Shipping Company Limited Q2 Results Date and Time

The Board is scheduled to meet on Friday, Nov 06, 2026, to consider unaudited (provisional) results for the quarter and half year ended Sep 30, 2026, and to declare an interim dividend for FY 2026-27, if any.

Key Things To Watch

Realized earnings vs Q2 markers: Management set explicit TC earnings markers for the quarter with only partial cover.

Crude tanker TC earnings vs the ~$90,000/day marker and product tankers vs ~$45,000/day, with only ~40% of operating days covered — the uncovered ~60% is the swing factor
Time-charter mix (25-26% last reported) and any period fixings in a backwardated market; management had done no product-tanker period fixing as of Q4 FY26
The 5-6% revenue-day decline flagged from fleet changes and dry-dock timing

Quality of earnings: The company's EBITDA definition includes ship-sale profits and other income.

Q1 FY27 PAT included Rs. 124.84 Cr profit on sale of ships/assets and Rs. 156.01 Cr other income; Q4 FY26 included Rs. 281 Cr of ship-sale profit — check recurrence and magnitude in Q2
Below-EBITDA FX and derivative swing against the rupee's intra-window depreciation (FY26 consolidated FX gain Rs. 433 Cr; Q4 FY26 Rs. 237 Cr)

Fleet transactions and replace-not-expand stance: Four vessel purchase contracts were signed since the last call, all funded from internal accruals.

Delivery schedule for the remaining secondhand Kamsarmax and secondhand VLGC (~82,000 cbm) due Q3 FY27, after 'Jag Amit' (81,886 dwt) took the fleet to 41 vessels / 3.33 mn dwt on Nov 04, 2026
Newbuilding Suezmax (~157,000 dwt) on track for H2 FY 2028-29 delivery
Whether the 'Replace, Not Expand' stance holds at current asset prices, with the crude tanker order book at 27%

Offshore repricing, ONGC tenders and MVAT overhang: Offshore coverage and regulatory items carry into the call.

Offshore supply-vessel cover vs the ~90% marker for Q2 FY27; offshore 'largely covered' for FY27 with focus on next year's repricing
Rig repricing (three rigs were up for repricing per the Q4 FY26 call; Greatdrill Chetna re-contract unresolved as of Q3 FY26) and the ONGC tender pipeline
MVAT review notices at Greatship (India) — 8 notices under Section 25 of the MVAT Act, 2002 disclosed Sep 28, 2026, covering FY 2013-14, 2014-15, 2016-17 and Apr-Jun 2017; no tax liability/demand computed, objections to be submitted

Frequently Asked Questions

Why did Great Eastern Shipping report record profits in Q1 FY27?

Q1 FY27 consolidated PAT of Rs. 1,308.84 Cr (+159.43% YoY) was the company's most profitable quarter ever, attributed to significant disruptions around the Strait of Hormuz driving all-time-high tanker freight rates on increased ton-mile demand. The quarter also included Rs. 124.84 Cr of profit on ship sales and Rs. 156.01 Cr of other income, both of which sit inside the company's EBITDA definition.

Is Great Eastern Shipping's LPG fleet benefiting from higher freight rates?

Yes — management said on the Q1 FY27 call that a ship coming off charter early next year would reprice at rates 'closer to $20,000 a day higher' than its existing charter rate, with profit-sharing vessels earning 25-30% above previous fixed rates based on spot. LPG freight rates had exceeded $100,000/day in Q1 FY27.

Why hasn't Great Eastern Shipping fixed long-term time charters despite strong rates?

Management said on the Q4 FY26 call: 'we have not done any period fixing because the time charter rates were very different from the spot rates.' The company stays predominantly spot (about 25-26% of capacity on time charter as of Q1 FY27) to capture rate spikes, accepting that long cover in strong markets means locking backwardated rates.