Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 5 Oct
Source: Bse
The Great Eastern Shipping Company Limited (GESHIP)
Small CapServices stocks · Small cap · NSE
The Great Eastern Shipping Company Limited (GESHIP) is an Indian shipping and offshore company. It operates a fleet of 40 ships (crude, product, bulk carriers) and 19 offshore vessels including 4 jack-up rigs. The company primarily operates in the spot market, with a strategy to replace rather than expand its fleet at current asset prices.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result16 Aug, 01:30 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
64BullishSMA20 +11.1% / mo · MACD −
Stock trend: 64
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
GESHIPD candles · FIT view+5.8%Latest close ₹1506.30 on 2026-10-21
Bar
-0.9%
RSI
53
MACD hist
-9.81
52W pos
63%
2026-10-21O ₹1519.30H ₹1519.30L ₹1494.80C ₹1506.30Vol 5.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GESHIPNifty 500
- GESHIP
- +6.9%
- Nifty 500
- -6.5%
- Vs Nifty 500
- +13.4 pp
Chart stats
21 Oct 2026- From 52W high
- -16.2%
- 52W range position
- 63%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.57x
- Avg traded value
- ₹135 Cr
- 20D price channel
- ₹1,458 - ₹1,583
₹1,798
₹1,002.6 - ₹1,798
₹44.4
Latest completed session
20-session average
27.1% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · DEEP VALUE84
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +66.9% · PAT +159.7% YoY
Technical
Bullish64
Price trend and sector-relative-strength timing.
Valuation
Legacy model+78.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +67% YoY · PAT +160% YoY · margin expansion · +33% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 5.71
- P/B
- 1.26
- EV/EBITDA
- 4.72
- Market Cap
- 21430.00Cr
Profitability
- ROE
- 15.90%
- ROCE
- 15.80%
- ROA
- 19.25%
- Dividend Y
- 2.31%
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
- 7.64
- Book Value
- 1188.00
Cash Flow
- FCF Yield
- 9.30%
- FCF Positive Y
- 11/5
- OCF
- 2854.00 Cr
- EPS TTM
- 262.44
Shareholding
- Promoter Hold
- 30.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 5,409+1.6% vs prev
Net Profit
₹ CrLatest: 2,943+25.6% vs prev
Return on Equity
%Latest: 17.4+5.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 53. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~10.0% over last month) — short-term momentum positive.
- RSI(14) at 53 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 50% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 3 Topping
1M return
+1.4%
3M return
+6.9%
6M return
+6.5%
1Y return
+40.5%
RS 1D
-1
RS 20D
+9
Sector rank
#3
Industry rank
-
Stage evidence
- 12.4% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+1.3% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 160.7+0.07%
RS vs Nifty 500161
Valuation & peers
U-Score 84 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 84 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation30/30
Growth19/25
Quality11/20
Balance Sheet11/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
84
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
84/100 · legacy band DEEP VALUE
Positive drivers
- FCF yield is supportive at 9.3%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 78.4%.
Main drags
- Quality is weaker at 11/20; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
- Growth is weaker at 19/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
5.7
PB
1.3
EV/EBITDA
4.7
ROE
15.9%
ROCE
15.8%
FCF Yield
9.3%
Debt/Equity
0.1
MoS
+78.4%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 5.7, so peak-cycle earnings risk should be checked.
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
84
Previous: 84
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+78.4%
Previous: +78.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
84
84
84
84
84
84
84
84
84
84
84
84
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,648.59
+43.1% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹6,967.78
+78.4% MoS
PEG
0.29
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SCI
Large
Shipping Corporation Of India Limited
Logistics
match 96
79
8.3
15.0%
+70%
DEEP VALUE
SHREEJISPG
Small
Shreeji Shipping Global Limited
Logistics
match 95
46
79.5
29.9%
-213%
FAIR VALUE
ORBTEXP
Small
Orbit Exports Limited
Logistics
match 90
60
14.6
11.3%
+40%
UNDERVALUED
TCI
Small
Transport Corporation of India Limited
Logistics
match 90
65
14.8
19.2%
+46%
UNDERVALUED
SBC
Small
SBC Exports Limited
Logistics
match 89
35
74.5
37.2%
-186%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-14T07:16:43.508Z
Management commentary snapshot
GESHIP reports its most profitable quarter ever in Q1 FY27, with consolidated profit of INR 1,309 crores and highest-ever quarterly interim dividend of INR 14.40/share, driven by strong tanker and LPG markets.
GESHIP delivered record Q1 FY27 profits and dividends, benefiting from geopolitical disruptions that drove ton-mile demand and freight rates to all-time highs in tanker and LPG segments. Management maintains a disciplined, counter-cyclical capital allocation strategy, preferring fleet modernization over expansion at elevated asset prices, while accumulating significant cash. The large order book and market volatility remain key watch points.
Growth engines
Fleet Modernization
Replacing older vessels with younger, more eco-efficient ships to enhance fuel savings (up to 20-25% for newer ships) and maintain tradability.
Long-Haul Trade Patterns
Diversion of Venezuelan crude to the East and Russian crude/products from Europe to Asia/Africa creates longer voyages and increased ton-mile demand.
Offshore Market Recovery
Jack-up rig utilization remains stable, with temporarily suspended rigs slowly returning to contract. Government's 'Samudra Manthan' program could be positive.
Capacity and execution
Tanker Fleet Replacements
Sold 2 MR tankers, replaced with 1 MR tanker. Sold Jag Lokesh (LR2), replaced with Jag Lakshya (LR2), which is 6 years younger and an eco-ship.
Dry Bulk Carrier Addition
Bought a Kamsarmax dry bulk carrier.
Jack-up Rig Contract
Received a Letter of Award for a 3-year contract on one of the three rigs up for repricing in H2 FY27.
Tailwinds
Geopolitical Disruptions (Strait of Hormuz)
Caused significant disruption in tanker markets, leading to all-time high freight rates and huge pickup in ton-mile demand due to longer voyages.
Strong Grain Trade
Led to increased demand for bulk carriers, resulting in stronger earnings compared to the corresponding quarter of the previous year.
LPG Market Strength
Importing countries went to the U.S. to make up for the shortfall of LPG from the Middle East, driving freight rates in excess of $100,000 a day.
Panama Canal Restrictions
Dropping water levels in the Panama Canal could restrict transits, potentially benefiting shipping rates, especially for LPG.
Headwinds
Increasing Order Book
Order book for crude tankers is at 27%, VLGCs at 35%, product tankers at 20-21%, and bulk carriers at 14%, increasing chances of oversupply.
LR2 to Aframax Switching
Substantial number of LR2 tankers switched to Aframax due to stronger Aframax earnings and limited LR2 cargoes from the Gulf, impacting product tanker supply.
Temporary Refinery Disruptions
Drone attacks on Russian refineries reduced product exports, creating a temporary shortage, but management does not view this as structural.
Risk radar
Asset Price Volatility
Asset prices can drop significantly even in hot markets; a 20% drop was observed in 3 quarters during a previous dry bulk cycle.
Market Call Uncertainty
Management avoids taking a definitive market call due to high uncertainty, especially regarding the permanence of current trade pattern dislocations.
Geopolitical Risks
Ongoing disruptions in areas like the Strait of Hormuz and Red Sea create volatility, but the long-term impact and permanence of trade pattern changes are uncertain.
Offshore Demand Lag
Despite government intentions (Samudra Manthan), no further tenders for rigs or offshore vessels have materialized on the ground yet.
Management accountability
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.
Analyst reading lens
Compare BOTH
The shipping market is highly cyclical and subject to sudden, impactful geopolitical events (e.g., Strait of Hormuz). Both YoY comparisons are relevant for long-term trends and QoQ for assessing the immediate impact of market spikes, sequential momentum, and utilization changes.
Sector KPIs management disclosed
Consolidated Profit (Q1 FY27)
INR 1,309 crores, most profitable quarter ever by a significant margin.
Consolidated Net Asset Value (NAV)
Just short of INR 1,900/share, up by about INR 100/share.
Interim Dividend (Q1 FY27)
INR 14.40/share, highest ever quarterly dividend.
MR Spot Market Earnings (last quarter)
Close to $50,000 a day, all-time highs.
Management forward view
Fleet Strategy
The fleet strategy is to replace, not expand capacity. The company is willing to wait for asset prices that enable good long-term returns.
Capital Allocation
Buyback is considered as another capital allocation decision, evaluated by the Board against other options like buying ships, without a specific target price or multiple.
Cash Position
The company has been net cash for over 3 years, currently holding $700 million in cash ($600 million net of debt), and continues to accumulate cash.
Dividend Policy
The company has paid out interim dividends every quarter, with the latest being its 18th consecutive and highest-ever quarterly dividend.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Deliveries | Crude tankers at 27%, VLGCs at 35%, product tankers 20-21%, bulk carriers 14%. | Actual delivery timelines of new ships and their impact on market supply and freight rates. |
| Offshore Rig Contracts | One rig secured a 3-year contract; two rigs require repricing this year; one rig idle since end of April. | Deployment of the idle rig and repricing outcomes for the remaining rigs, especially after monsoon season. |
| Asset Price Movements | Asset prices are up 5-10% during the quarter across the board. | Significant drawdowns in asset prices that could present counter-cyclical investment opportunities for fleet expansion. |
| Trade Route Permanence | Dislocations in trade patterns due to geopolitical events (Strait of Hormuz, Russia-Ukraine war) are ongoing. | Whether these shifts become structural or revert to previous patterns if geopolitical situations resolve. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
Two 20-year-old tankers (Jag Lok and Jag Pooja) are committed for delivery in the current quarter.
Timeframe: Q3 FY26Direction: neutralConfidence: high
"both of which will be delivered in this quarter"
capex timelinenot yet verifiablequantified
The company's first purchased Ultramax bulk carrier is scheduled to be delivered by Q4 FY26.
Timeframe: Q4 FY26Direction: positiveConfidence: high
"purchased our first Ultramax bulk carrier which will be delivered by Q4 FY26"
operational efficiencynot yet verifiablequantified
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.
Timeframe: FutureDirection: neutralConfidence: high
"would not like to ideally drop below this 40-odd ships"
project executionnot yet verifiablequantified
Additional rigs are scheduled for contract renewals and repricing in H1 FY27 and H2 FY27 (around January 2027).
Timeframe: H1 FY27 and H2 FY27Direction: neutralConfidence: high
"another rig coming up in H1 FY27 and we have a third rig coming up in H2 FY27"
project executionnot yet verifiablequantified
One of the active rigs is on a four-month contract ending in February 2026, which will require repricing and finding new work.
Timeframe: February 2026Direction: neutralConfidence: high
"four-month contract which ends in February"
project executionnot yet verifiablequantified
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.
Timeframe: End of November 2025Direction: positiveConfidence: medium
"should hopefully go on higher by end of November"
margin outlooknot yet verifiable
Lumpy expenditures required to prepare the rigs for new contracts will mainly occur in the coming two quarters.
Timeframe: Q3 FY26 and Q4 FY26Direction: negativeConfidence: high
"It will mainly come in the coming two quarters."
revenue outlooknot yet verifiable
The company does not expect significant financial contribution from the rigs during the contract preparation period in Q3 and Q4 FY26.
Timeframe: Q3 FY26 and Q4 FY26Direction: negativeConfidence: medium
"would not expect too much contribution from the rigs in this period"
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
205 docs text-extracted · 66 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Services: 93rd pctile, median 66 · Small: 92nd pctile, median 66
Evidence depth
Financial-only
205 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
8 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.3%.
- ▸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.
Continue researching The Great Eastern Shipping Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 1 Oct
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 30 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 17 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Daily Buy Back of equity shares 9 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.