The Great Eastern Shipping Company Limited (GESHIP)
Small CapServices stocks · Small cap · NSE
The Great Eastern Shipping Company Limited (GESHIP) is India's largest shipping and oilfield services provider. It operates a diversified fleet of 39 vessels (crude, product, gas carriers, dry bulk) and 23 offshore assets (4 jack-up rigs, 19 OSVs), serving global and domestic markets.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +67% YoY · PAT +160% YoY · margin expansion · +33% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,005 Cr | +66.9% | +32.7% |
| EBITDA | ₹1,338 Cr | +108.1% | +42.2% |
| Operating margin | 67.0% | +1300 bps | +500 bps |
| PAT | ₹1,309 Cr | +159.7% | +25.4% |
| PAT margin | 65.3% | +2332 bps | -380 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
GESHIP reports highest ever Q4 and FY26 standalone net profit, declares record quarterly dividend. Strong freight rates across most segments and strategic fleet management drive robust financial performance and NAV growth.
The company delivered record profits and dividends, supported by elevated freight rates in key segments and a strong balance sheet. Strategic fleet additions and a low global orderbook for new vessels suggest continued favorable market dynamics, despite some trade volume declines due to geopolitical events.
Strong Freight Rate Environment
Elevated earnings across crude, product, dry bulk, and LPG segments, driven by fleet inefficiencies and robust demand in specific trade lanes.
Low Global Orderbook
Orderbook for crude (22%), product (19%), and dry bulk (13%) tankers remains low as a percentage of the existing fleet, supporting future freight rates.
Aging Global Fleet
A significant portion of the global fleet (Crude 23%, Product 20%, Dry Bulk 13%, LPG 28% are 20+ years old) indicates potential for increased scrapping, tightening supply.
Strategic Fleet Management
The company actively manages its fleet through timely purchases of modern vessels and sales of older tonnage, enhancing operational efficiency and asset value.
Vessel Purchases in 4Q26
Added 1 VLGC (Jag Vijay, 2015 built), 1 Ultramax (Jag Riddhi, 2019 built), and 1 MR Tanker (Jag Pranesh, 2013 built) to the fleet.
Vessel Purchases in 1Q27-QTD
Added 1 Kamsarmax (Jag Abhishek, 2019 built) to the fleet.
Contracted Purchases
Contracted to buy 1 secondhand MR Tanker, expected to be executed in Q1 FY27.
Vessel Sales in 4Q26
Removed 1 Kamsarmax (Jag Aarati, 2011 built) and 1 VLGC (Jag Vishnu, 2002 built) from the fleet.
Robust US Exports
Higher US refinery utilizations enabled robust product exports (+22% YoY in Q4 FY26), and strong US grain exports drove ton-mile demand.
Fleet Inefficiencies
Idling of vessels (especially VLCCs) and increased waiting times at the Panama Canal contributed to elevated crude and LPG tanker earnings.
Strong Arbitrage on US-Far East Route
A significantly stronger arbitrage on the U.S.–Far East route allowed LPG freight markets to capture a larger share of the value chain, boosting earnings.
Middle East Conflict Impact
Global dirty trade volumes dropped 2% YoY in Q4 FY26, with a 15% YoY drop in March 2026, primarily due to the Middle East conflict impacting exports.
Declining Trade Volumes
Total seaborne product trade declined 3% YoY in Q4 FY26, and overall LPG trade volumes were down 5% YoY, mainly due to Middle East export declines.
Geopolitical Instability
Ongoing conflicts, particularly in the Middle East, can disrupt trade routes, reduce cargo volumes, and introduce volatility in freight markets.
High LPG Orderbook
The VLGC orderbook-to-fleet ratio remains elevated at 28%, potentially leading to increased supply and pressure on freight rates in the future.
Global Economic Slowdown
A slowdown in global economic activity could reduce demand for seaborne trade, impacting freight rates across all segments.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are crucial. YoY reflects the significant improvement in freight markets over the past year, while QoQ captures sequential momentum in rates, fleet changes, and the immediate impact of market events like the Middle East conflict.
Crude Tanker Earnings (Suezmax)
FY26 average Suezmax earnings were USD 74,377/day, a 92% YoY increase. Q4 FY26 company-specific Crude Carrier TCYs were USD 61,424/day, up 98% YoY and 30% QoQ.
Product Tanker Earnings (MR)
FY26 average MR earnings were USD 28,014/day, a 10% YoY increase. Q4 FY26 company-specific Product Carrier TCYs were USD 30,511/day, up 23% YoY and 21% QoQ.
LPG Carrier Earnings (VLGC)
FY26 average VLGC earnings were USD 53,806/day, a 61% YoY increase. Q4 FY26 VLGC spot earnings grew 145% YoY. Company-specific LPG Carrier TCYs were USD 45,216/day, up 4% YoY and 4% QoQ.
Dry Bulk Carrier Earnings (Capesize)
FY26 average Capesize earnings were USD 23,891/day, a 22% YoY increase. Q4 FY26 bulk carrier earnings were significantly higher YoY across all segments. Company-specific Dry Bulk TCYs were USD 16,678/day, up 35% YoY.
Record Financial Performance
Management highlighted the highest ever standalone net profit for Q4 and FY26, and the highest quarterly dividend declared for 4Q26.
Strong Balance Sheet
The company maintains a strong balance sheet, transitioning from a peak net debt of USD 361mn to a current net cash position of USD 516mn (normalized).
Consistent Shareholder Returns
Declared 17th consecutive quarterly dividend, demonstrating a commitment to shareholder returns.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Crude Tanker Time Charter Equivalent (TCY) Rates | USD 61,424/day (Q4 FY26) | Sustained high rates or further increases, indicating strong demand and tight supply. |
| LPG Carrier TCY Rates | USD 45,216/day (Q4 FY26) | Impact of high orderbook on future rates, especially as new vessels are delivered. |
| Global Trade Volumes | Declined in Q4 FY26 for crude, product, and LPG | Recovery in trade volumes, particularly from the Middle East, and continued strength in US exports. |
| Offshore Jackup Rig Utilization | 75% (Mar-26) | Further improvement in utilization rates and day rates for offshore assets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Two 20-year-old tankers (Jag Lok and Jag Pooja) are committed for delivery in the current quarter.
"both of which will be delivered in this quarter"
The company's first purchased Ultramax bulk carrier is scheduled to be delivered by Q4 FY26.
"purchased our first Ultramax bulk carrier which will be delivered by Q4 FY26"
The company intends to maintain a fleet size of at least 40 ships by continuing its switch strategy of selling older ships and buying newer ones.
"would not like to ideally drop below this 40-odd ships"
Additional rigs are scheduled for contract renewals and repricing in H1 FY27 and H2 FY27 (around January 2027).
"another rig coming up in H1 FY27 and we have a third rig coming up in H2 FY27"
One of the active rigs is on a four-month contract ending in February 2026, which will require repricing and finding new work.
"four-month contract which ends in February"
The fourth rig is being mobilized for a seven-month contract off the coast of India and is expected to go on hire by the end of November 2025.
"should hopefully go on higher by end of November"
Lumpy expenditures required to prepare the rigs for new contracts will mainly occur in the coming two quarters.
"It will mainly come in the coming two quarters."
The company does not expect significant financial contribution from the rigs during the contract preparation period in Q3 and Q4 FY26.
"would not expect too much contribution from the rigs in this period"
Trend score and candlestick chart
53NeutralSMA20 -5.5% / mo · MACD +
Technical chart
GESHIPdaily · 1Y · AUTO-1.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 55. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.8% over last month) — short-term momentum negative.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is within 3.4% of the 30-week proxy.
- The 30-week proxy changed +1.5% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 85 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 85 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 10.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 80.1%.
Main drags
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Growth is weaker at 19/25; verify the latest quarterly trend.
- Balance sheet is weaker at 12/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 93rd percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: OPM spread across recent quarters is 26%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 93rd pctile, median 66 · Small: 92nd pctile, median 66
176 documents have extracted text, but claim history is not strong enough yet.
8 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 10.2%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸OPM spread across recent quarters is 26%.
- ▸2 older quarters in the 8-quarter window had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 5.22
- P/B
- 1.15
- EV/EBITDA
- 4.33
- Market Cap
- 19555.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 15.80%
- ROA
- 19.25%
- Dividend Y
- 2.56%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 24.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 12.75%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 34.62×
- Altman Z
- 7.19
- Book Value
- 1188.00
Cash Flow
- FCF Yield
- 10.20%
- FCF Positive Y
- 11/5
- OCF
- 2854.00 Cr
- EPS TTM
- 262.44
Shareholding
- Promoter Hold
- 30.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 50%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable names in Services, ranked by similarity
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.