The Great Eastern Shipping Company (GE Shipping) reported a 118.3% year-on-year (YoY) increase in consolidated net profit to ₹1,269.23 crore for the second quarter of the financial year 2026-27, compared with ₹581.41 crore in the corresponding quarter last year.
Revenue from operations rose 46.9% YoY to ₹1,824.42 crore in Q2 FY27 from ₹1,241.78 crore in Q2 FY26.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased 58.9% YoY to ₹1,157 crore from ₹728.05 crore in the year-ago quarter. EBITDA margin expanded by 440 basis points to 63.4% from 59% in the corresponding period last year.
The company’s total income stood at ₹2,233.65 crore during the quarter, compared with ₹1,381.78 crore in the year-ago period. This included other income of ₹409.23 crore, against ₹140 crore in the corresponding quarter last year.
Profit on the sale of ships and other assets stood at ₹307.90 crore during the September quarter, compared with ₹0.12 crore in the same period last year. Other income, excluding gains from the sale of ships and assets, stood at ₹101.33 crore, against ₹139.88 crore a year earlier.
Total expenses increased to ₹937.78 crore in Q2 FY27 from ₹781.10 crore in Q2 FY26. Profit before tax rose to ₹1,295.87 crore from ₹600.68 crore in the corresponding period last year.
The shipping segment reported revenue of ₹1,845.38 crore during the quarter, compared with ₹1,050.71 crore in the year-ago period. Segment results for shipping stood at ₹1,117.81 crore, against ₹488.52 crore a year earlier.
The offshore segment recorded revenue of ₹398.16 crore, compared with ₹338.23 crore in the corresponding quarter last year. Segment results increased to ₹151.42 crore from ₹92.89 crore.
The company’s earnings per share (EPS) stood at ₹89.11 on a basic basis and ₹88.93 on a diluted basis for the quarter, compared with ₹40.72 and ₹40.64, respectively, in the year-ago period.
GE Shipping declares second interim dividend
The company’s board of directors declared a second interim dividend of ₹14.40 per equity share of ₹10 each for FY27. The record date for determining shareholders eligible to receive the dividend has been fixed as November 13, 2026. The dividend will be paid on or after December 1, 2026.
The company had also declared and paid a first interim dividend of ₹14.40 per equity share during the financial year. With the latest announcement, the total interim dividend declared for FY27 stands at ₹28.80 per share.
The company also disclosed changes to its fleet during and after the September quarter. It delivered its 2009-built Long Range 2 tanker Jag Lokesh, which had been contracted for sale in the previous quarter. It also took delivery of a 2015-built Long Range 2 tanker, renamed Jag Laxman.
Additionally, the company contracted to acquire two second-hand Kamsarmax dry bulk carriers, one built in 2015 and another in 2019, along with a second-hand Very Large Gas Carrier built in 2015. It also contracted to acquire a new-build Suezmax tanker for delivery in the second half of FY29.
Shares of GE Shipping closed at ₹1,430 on the NSE, down ₹30 or 2.05%.