The Great Eastern Shipping Company doubled its bottom line in the September quarter. Consolidated net profit jumped 118.3% year-on-year to ₹1,269.23 crore for the second quarter of financial year 2026-27, up from ₹581.41 crore in the year-ago period. Yet the market shrugged off the numbers. Shares of GE Shipping slipped ₹30, or 2.05%, to settle at ₹1,430 on the National Stock Exchange.
Core business momentum stayed firm. Revenue from operations climbed 46.9% to ₹1,824.42 crore against ₹1,241.78 crore in the corresponding quarter last year. Operating leverage delivered sharp margin expansion. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 58.9% to ₹1,157 crore, driving EBITDA margins up 440 basis points to 63.4%. Basic earnings per share climbed to ₹89.11 from ₹40.72 a year earlier.
| Metric (Consolidated) | Q2 FY27 | Q2 FY26 | YoY Change (%) |
|---|---|---|---|
| Revenue from Operations | ₹1,824.42 cr | ₹1,241.78 cr | +46.9% |
| EBITDA | ₹1,157.00 cr | ₹728.05 cr | +58.9% |
| Profit Before Tax (PBT) | ₹1,295.87 cr | ₹600.68 cr | +115.7% |
| Net Profit | ₹1,269.23 cr | ₹581.41 cr | +118.3% |
| Basic EPS | ₹89.11 | ₹40.72 | +118.8% |
Total income reached ₹2,233.65 crore, supported by other income of ₹409.23 crore. A major catalyst sat on the balance sheet: GE Shipping banked ₹307.90 crore in net profit from the sale of ships and other assets during the quarter, compared to just ₹0.12 crore in the previous year. Stripping out asset disposals, baseline other income stood at ₹101.33 crore against ₹139.88 crore. Total expenses rose to ₹937.78 crore, driven by voyage expenses and fleet operational outlays.
Shipping remained the dominant cash engine. Segment revenue surged to ₹1,845.38 crore from ₹1,050.71 crore, while shipping operating profit more than doubled to ₹1,117.81 crore from ₹488.52 crore. The offshore unit showed steady gains—segment revenue rose to ₹398.16 crore from ₹338.23 crore, lifting offshore earnings to ₹151.42 crore from ₹92.89 crore.
Capital reallocation accelerated during the quarter. The company completed the handover of its 2009-built Long Range 2 tanker Jag Lokesh, while taking delivery of a 2015-built replacement, renamed Jag Laxman. Looking forward, the carrier contracted to acquire three second-hand vessels: two Kamsarmax dry bulk carriers built in 2015 and 2019, alongside a 2015-built Very Large Gas Carrier. It also locked in an order for a new-build Suezmax tanker, scheduled for delivery in the second half of FY29.
Shareholders secured another cash distribution. The board declared a second interim dividend of ₹14.40 per equity share of face value ₹10, taking total interim payouts for FY27 to ₹28.80 per share. According to the company's regulatory filing, the record date stands at November 13, 2026, with dividend disbursements scheduled on or after December 1, 2026.