Shipping industry

13 companies · ₹50,711 cr · 7 with AI deep dives · Q1FY27 report

Hormuz spike drives record tanker margins, but a 27% crude orderbook signals the cycle is event-driven

Turning upmargin troughed at 34.5% and has risen for 5 quarters to 56.5%, on positive revenue growth

Revenue YoY: +52.1%
EBITDA margin: 56.5%; +1150bps YoY
Price, 1 year: +49.3%; 80% of names up
P/E vs own 5y: -19.2%; 8.6x now

Exhibit 1The quarter in numbers

constant panel of 3 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	4,149 cr	3,352 cr	+23.8%	2,728 cr	+52.1%	4,149 cr	0.0%
EBITDA margin	56.5%	51.1%	+540bps	45.0%	+1150bps	56.5%	0bps

Revenue

Jun 26: 4,149 cr
Mar 26: 3,352 cr
QoQ: +23.8%
Jun 25: 2,728 cr
YoY: +52.1%
Peak: 4,149 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 56.5%
Mar 26: 51.1%
QoQ: +540bps
Jun 25: 45.0%

Sept 26: 0 of 5 reported so far, so it is not in the trend above.

Breadth: 100% of 4 companies grew revenue year on year (was 100% a quarter earlier) and 50% expanded margin (was 100%).

Exhibit 2What it costs

6.85x - 15.23x across the panel today

The median name trades at 8.6x, -19.2% against this industry's own 5-year median of 10.6x, and -64.8% against its own peak of 24.3x.

Exhibit 3Structure

₹50,711 cr

Great Eastern Shipping Company Ltd is 41.9% of this industry by market cap. The top 5 are 97.8% and the top 10 are 99.8%.

mid 3small 1micro 95 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 8.56x, 5y ROCE above its median of 9.56%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (13 of 13)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Great Eastern Shipping Company Ltd	₹22,166 cr	5.8x	5.7x	18.1%	58.2%	+66.9%	Unlock
Shipping Corporation of India Ltd

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

mixedHormuz disruption created a record tanker spike managements treat as transient, not structural3 managements

GESHIP posted its highest-ever quarterly profit (INR 1,309 Cr consolidated) on Suezmax TCY at $93,026/day (+175% YoY) and MR TCY at $45,471/day (+84% YoY) driven by Atlantic-Asia…

GESHIP (Q1FY27): “We've had our most profitable quarter ever by a significant margin. The consolidated…”

headwind2 managements headwind3 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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