Great Eastern Shipping Company Ltd(GESHIP)

NSE: GESHIPBSE: 500620

₹ 1,533.2+2.38%refreshed 26 Oct, 03:54 pm ISTMarket cap: ₹ 21,889 crWebsite: www.greatship.comUpdated: 27 Oct 2026

About

Great Eastern Shipping Company Ltd (GE Shipping) is India's largest private-sector shipping company with a 77-year legacy, providing seaborne transport of crude oil, refined products, LPG, and dry bulk commodities through a fleet of 40 vessels aggregating 3.20 Mn dwt as of March 31, 2026. Its wholly owned subsidiary Greatship (India) Limited (GIL) is one of India's largest offshore oilfield services providers. The group reported revenue of Rs 5409.09 Cr in FY26.^[1][2]

Business segments

Shipping: revenue of Rs 4831.82 Cr in FY26, 76.0% of segment revenue; its share rose 5.4 percentage points over FY2018-FY2026.^[3][1]
Offshore (oilfield services via GIL): revenue of Rs 1522.43 Cr in FY26, 24.0% of segment revenue; its share fell 5.4 percentage points over FY2018-FY2026.^[3][1]

Fleet composition and capacity

As of March 31, 2026 the owned fleet stood at 40 vessels: 26 tankers (5 crude, 17 product, 4 LPG carriers) and 14 dry bulk carriers (2 Capesize, 9 Kamsarmax, 1 Ultramax, 2 Supramax), aggregating 3.20 Mn dwt, average age 14.59 years.^[1]
In Q1 FY27 the fleet was 40 vessels averaging 14.34 years after selling 2 older MR tankers and buying 1 newer MR (2014-built) plus 1 Kamsarmax (2019-built); a further LR2 switch was completed in July 2026.^[4]
GIL operates offshore support vessels and four jack-up drilling rigs; GIL recorded total consolidated income of ₹1,571.18 Cr in FY26, its highest profit since FY16.^[1]
Most newly acquired ships have been flagged to overseas registration because of the policy environment, as stated in the FY26 annual report.^[1]

Key operating metrics - shipping

Crude carrier (Suezmax) TCY: $93,026/day in Q1 FY27, +175% YoY, driven by Strait of Hormuz disruption expanding Atlantic-Asia crude ton-miles.^[4]
Product carrier (MR) TCY: $45,471/day in Q1 FY27, +84% YoY.^[4]
LPG carrier (VLGC) TCY: $41,528/day in Q1 FY27, -5% YoY; third VLGC comes off charter in early Q1 FY28 at a market rate ~$15,000 - $20,000/day above the existing rate.^[4]
Dry bulk TCY: $22,601/day in Q1 FY27, +52% YoY. Shipping revenue days (owned + in-chartered) were 3,679 days in Q1 FY27.^[4]

Key operating metrics - offshore

Offshore revenue days were 1,923 days in Q1 FY27; offshore logistics revenue days grew 9% YoY to 1,627 and drilling services revenue days grew 30% YoY to 283 in Q4 FY26.^[4]
OSV marketed utilisation ran at ~65 - 66% as of Q3 FY26; rates held at post-recovery highs over the prior 12 - 18 months.^[5]
Jack-up rig utilisation industry-wide was ~84 - 85% as of Q3 FY26 vs ~90% historical peak; Saudi Aramco recalled 9 rigs across CY2026.^[5]
Of three GIL jack-up rigs due for repricing in H2 FY27, one 3-year letter of award was received from ONGC in Q1 FY27; two remain to be recontracted, one idle since end-April 2026.^[4]

Customers and distribution

Customers are primarily oil majors, refineries, manufacturers, miners, and producers operating in international seaborne trade.^[1]
Exports represent 66.44% of total turnover in FY26.^[1]

Expansion and fleet renewal

September 2026: contracted to buy a new-building Suezmax tanker of ~157,000 dwt for delivery in H2 FY2028-29, fleet expansion beyond replacement; fleet then stood at 40 vessels / 3.24 Mn dwt.^[6]
Contracted to buy MR tanker Jag Prabhu (49,420 dwt, 2014-built) for expected delivery in Jun-2026, and took delivery of Kamsarmax Jag Abhishek in Apr-26.^[1]
Capital commitments not provided for rose to Rs 583.75 crore at end-FY26 from Rs 16.86 crore a year earlier.^[1]
Fleet strategy otherwise remains replace-not-expand: switch transactions (sell older, buy younger) continue; no incremental expansion at current elevated asset prices (Q1 FY27).^[4]
Peak capex deployment capacity is up to USD 1.3 Bn at a net D/E of 0.5x; expansion withheld until asset prices meet a minimum 10% USD IRR (Q3 FY26).^[5]
Industry order book as % of fleet: crude tankers 27%, VLGCs 35%, product tankers 21%, dry bulk 14% as of Q1 FY27; crude tanker orderbook was ~20% vs 11% a year earlier per the FY26 annual report.^[4][1]

Net asset value

Standalone NAV rose from ₹1,115/share to ₹1,422/share over FY26; consolidated NAV reached ₹1,796/share at March 31, 2026.^[7]

Recent developments

March 30, 2026: sold Jag Vishnu, a 2002-built Very Large Gas Carrier.^[1]
May 2026: sold MR tanker Jag Prakash (2007-built), delivered in Q1 FY27, and contracted to sell MR tanker Jag Pankhi (2003-built, 46,273 dwt).^[1]
Strait of Hormuz effectively closed to normal traffic since early March 2026; the company has had two ships stranded west of the strait since the conflict began.^[1]
July 2026: sold LR2 Jag Lokesh (2009-built) and replaced it with LR2 Jag Laxman (2015-built eco-ship).^[4]
September 2026: ordered a new-building Suezmax tanker (~157,000 dwt) for delivery in H2 FY2028-29, the first announced newbuild order.^[6]

Market Cap

₹21,889 Cr

High / Low

₹1,798 / 1,015

Stock P/E

5.7

Price / Book

1.3

Book Value

₹1,188

EPS

₹206.1

No. of Shares

14.28 Cr

ROCE

18.1%

ROE

18.9%

OPM

50.1%

Debt / Equity

0.06

Sales

₹5,409 Cr

Net Profit

₹2,943 Cr

Promoter holding

30.1%

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Great Eastern Shipping Company Ltd(GESHIP)

About

Business segments

Fleet composition and capacity

Key operating metrics - shipping

Key operating metrics - offshore

Customers and distribution

Expansion and fleet renewal

Net asset value

Recent developments

Signal history

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