Great Eastern Shipping Company Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,824.42 Cr (+46.92% YoY) and PAT growth of +118.30% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 06, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,824.42 Cr (+46.92% YoY) |
| PAT (Q2) | Rs. 1,269.23 Cr (+118.30% YoY) |
| EBITDA margin | 63.43% (+480 bps YoY) |
| EPS (Q2) | Rs. 89.11 (+118.79% YoY) |
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "the quarter's spot tape ran far above the markers management guided to… the ~60% uncovered day exposure is precisely where that upside lands" | revenue Rs.1,824.42 cr, +46.92% YoY | Played out |
| Margins | "Rate expansion dominates…" | clean EBITDA margin 63.43% vs 58.63% YoY, but below Q1's 66.71% — YoY expansion; sequential dip off the record Q1 | Partially |
| Quality of earnings | "ship-sale profits and other income sit inside the company's EBITDA definition — the Q2 magnitude matters" | Rs.307.90 cr ship-sale profit (vs Rs.124.84 cr in Q1); normalized PAT Rs.967.66 cr, +66.47% YoY | Played out |
| FX line sign | "the below-EBITDA FX line's sign for the quarter is not knowable from the excerpts" | net FX gain Rs.65.60 cr — tailwind | Played out |
| Interim dividend | "a 19th consecutive quarterly interim is a watch item, not a given" | Rs.14.40/share declared | Played out |
| MVAT update | "no computed demand or objection update was found" | not addressed in the filing — remains open | Not observable |
| Realized TC vs markers | "Q2 crude TCV vs the ~$90,000/day guide and product vs ~$45,000/day" | segment TCVs not disclosed — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Kamsarmax + VLGC deliveries in Q3 FY27 | Q1 FY27 earnings call / Sep 2026 announcements | "Jag Amit" delivered Nov 04, 2026; VLGC pending — 1 of 2 | On Track |
| 19th consecutive quarterly interim dividend | prior-quarter analyst notes (18 consecutive through Q1 FY27) | Rs.14.40/share declared Nov 06, 2026 | Met |
| $157 mn debt cleared within 2 years of May 2026 | Q4 FY26 earnings call (May 2026) | gross debt Rs.799.57 cr, down from Rs.1,248.94 cr YoY | On Track |
| "Replace, not expand" fleet strategy | management commentary, Q1 FY27 call | sold one 2009-built tanker, took delivery of one younger eco LR2, contracted three secondhand vessels + one newbuilding — replacement, not fleet expansion (40→41 vessels incl. post-quarter delivery) | Confirmed |
| Spot-market philosophy captures rate spikes | management commentary on prior calls | revenue +46.92% YoY, clean EBITDA +58.95% YoY in a record-rate quarter | Confirmed |
| Consistent quarterly dividends | prior-quarter notes (18 consecutive) | 19th quarterly interim declared | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.