Great Eastern Shipping Company
Great Eastern Shipping Company
Transport ServicesKey Fundamentals
SmallcapShippingTransport ServicesTapetide Score
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Key Insights
Strengths
4- Company has reduced debt.
- Company is almost debt free.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 18.3%
Weaknesses
2- The company has delivered a poor sales growth of 10.2% over past five years.
- Tax rate seems low
Growth Rate
AI Analysis — Bull vs Bear
Great Eastern Shipping has a market cap of about ₹22,086 crore and trades at a P/E of 5.8 and a P/B of 1.29. Its return on equity has held at 17% over both 3 and 5 years (16% last year), and the company is described as almost debt free. Profit growth has been uneven: TTM profit growth is 126%, but the 3-year profit CAGR is 0% and the 3-year sales CAGR is -2%, which reflects how much its earnings depend on freight rates.
- The stock trades at a P/E of 5.8, a low multiple on current earnings for a company with a 5-year average ROE of 17%.
- The balance sheet has been deleveraged and the company is described as almost debt free, which cushions it in shipping downturns and leaves room to buy vessels opportunistically.
- ROE has held at 17% over both 3 and 5 years and 16% last year, above the 10-year average of 12%, pointing to better returns in the recent cycle.
- TTM sales grew 24% and TTM profit grew 126%, so recent operating momentum is strong.
- Profit has compounded at 24% a year over 5 years, well ahead of 5-year sales growth of 10%, which suggests better margins and operating leverage.
- A P/B of 1.29 means the market values the company close to its book value, which is largely made up of hard assets (vessels and offshore rigs).
- The company pays out about 18.3% of profits as dividends, for a dividend yield of 0.94%, while keeping most earnings for fleet renewal.
- The stock's 5-year CAGR of 33% and 1-year return of 55% show that the market has recognised its improved earnings profile.
- Sales fell at a 3-year CAGR of -2% and profit showed 0% 3-year CAGR, so earnings have stalled over the medium term despite the strong TTM numbers.
- 10-year sales CAGR is only 4% and 10-year profit CAGR is 10%, which shows how cyclical and freight-dependent long-run growth is.
- A P/E of 5.8 may reflect peak-cycle earnings; the 126% TTM profit jump could reverse if tanker or dry bulk rates normalise.
- Five-year sales growth of 10.2% is modest, so revenue expansion depends on freight rates rather than steady structural growth.
- The effective tax rate looks low (shipping companies in India typically pay tonnage tax). A change in tax policy would directly hurt reported profit.
- The 10-year ROE of 12% is well below the recent 17%, which suggests through-cycle returns are lower than current figures show.
- The dividend yield of 0.94% and payout of 18.3% are low for a cash-generative cyclical business, so the current income return is small.
- After a 55% 1-year gain, the stock has less room for error, and market sentiment on shipping can turn sharply with global trade, geopolitics or new vessel supply.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Subsidiary faces MVAT review notices Sep 29
Wholly owned subsidiary Greatship (India) Ltd received 8 review notices under the MVAT Act covering FY14-FY17 over how charter hire is treated for tax. No amount was disclosed, but the notices create a possible tax liability and some litigation uncertainty for the offshore business.
- New Suezmax tanker ordered Sep 28
The company contracted a newbuild 157,000 dwt Suezmax tanker for delivery in H2 FY29. The fleet is running at near-100% capacity, so the order adds long-term tanker capacity.
- Kamsarmax bulker added to fleet Sep 8
The company contracted to buy a 2019-built Kamsarmax dry bulk carrier of 81,609 DWT, due to join the fleet in Q3FY27. This adds dry bulk capacity in the near term with a relatively young secondhand vessel.
- Buyback steadily absorbing shares Sep 23
The company bought 42,000 shares on Sep 23 at an average of ₹1,477.41, taking the cumulative buyback to 17,19,415 shares. The average price stays below the ₹1,530 maximum, so the buyback continues to support the stock.
- ESG score of 61 assigned Sep 18
SEBI-registered provider Niche Ninety Nine gave the company an overall ESG score of 61. The rating was assigned independently from publicly available data and is a moderate score with little immediate effect on the stock.
TL;DR: GE Shipping is growing its fleet in both segments, with a newbuild 157,000 dwt Suezmax due in H2 FY29 and a 2019-built Kamsarmax due in Q3FY27, while its fleet runs at near-100% capacity. The ongoing buyback, now at 17.19 lakh shares bought at about ₹1,477 against a ₹1,530 maximum, supports the stock and signals management's confidence. The main risk is the 8 MVAT review notices at subsidiary Greatship (India) for FY14-FY17, where the tax amount at stake is not yet known, along with the usual swings in tanker and dry bulk freight rates. Overall the trend is improving, and the outlook depends on charter rates staying firm and the MVAT notices being resolved with little financial impact.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,284 | 1,229 | 1,245 | 1,497 | 1,508 | 1,354 | 1,237 | 1,223 | 1,201 | 1,242 | 1,454 | 1,511 | 2,005 |
| Expenses | 492 | 586 | 595 | 561 | 597 | 701 | 626 | 721 | 559 | 514 | 619 | 570 | 668 |
| Operating Profit | 792 | 643 | 650 | 937 | 911 | 654 | 611 | 502 | 643 | 728 | 836 | 941 | 1,338 |
| OPM % | 62% | 52% | 52% | 63% | 60% | 48% | 49% | 41% | 54% | 59% | 57% | 62% | 67% |
| Other Income | 51 | 232 | 151 | 229 | 195 | 225 | 264 | 150 | 135 | 140 | 282 | 346 | 281 |
| Interest | 62 | 77 | 67 | 59 | 61 | 64 | 61 | 51 | 45 | 44 | 25 | 23 | 20 |
| Depreciation | 180 | 187 | 194 | 166 | 197 | 206 | 205 | 205 | 197 | 224 | 246 | 222 | 234 |
| PBT | 601 | 612 | 540 | 942 | 848 | 610 | 608 | 396 | 536 | 601 | 847 | 1,043 | 1,365 |
| Tax % | 4% | 3% | 0% | 4% | 4% | 6% | 2% | 8% | 6% | 3% | 4% | 0% | 4% |
| Net Profit | 576 | 595 | 538 | 905 | 812 | 576 | 594 | 363 | 504 | 581 | 813 | 1,044 | 1,309 |
| EPS in Rs | 40.36 | 41.65 | 37.7 | 63.4 | 56.87 | 40.32 | 41.58 | 25.43 | 35.34 | 40.72 | 56.91 | 73.13 | 91.68 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,438 | 3,808 | 3,117 | 3,038 | 3,547 | 3,687 | 3,337 | 3,509 | 5,690 | 5,255 | 5,323 | 5,409 | 6,213 |
| Expenses | 2,005 | 1,823 | 1,686 | 1,838 | 2,480 | 2,470 | 1,683 | 1,969 | 2,563 | 2,234 | 2,646 | 2,261 | 2,370 |
| Operating Profit | 1,433 | 1,985 | 1,431 | 1,200 | 1,067 | 1,217 | 1,653 | 1,540 | 3,128 | 3,022 | 2,677 | 3,148 | 3,843 |
| OPM % | 42% | 52% | 46% | 40% | 30% | 33% | 50% | 44% | 55% | 58% | 50% | 58% | 62% |
| Other Income | 276 | 119 | 506 | 102 | 269 | 211 | 232 | 148 | 481 | 664 | 834 | 903 | 1,049 |
| Interest | 301 | 288 | 378 | 455 | 521 | 450 | 242 | 370 | 343 | 265 | 236 | 136 | 111 |
| Depreciation | 610 | 608 | 678 | 769 | 773 | 743 | 700 | 698 | 712 | 726 | 813 | 889 | 926 |
| PBT | 798 | 1,208 | 882 | 79 | 42 | 235 | 943 | 620 | 2,554 | 2,694 | 2,462 | 3,026 | 3,855 |
| Tax % | 6% | 9% | 14% | 367% | 151% | 12% | 3% | -2% | -1% | 3% | 5% | 3% | — |
| Net Profit | 748 | 1,097 | 755 | -210 | -21 | 207 | 919 | 630 | 2,575 | 2,614 | 2,344 | 2,943 | 3,747 |
| EPS in Rs | 49.63 | 72.76 | 50.07 | -13.96 | -1.42 | 14.09 | 62.5 | 44.09 | 180 | 183 | 164 | 206 | 262 |
| Div. Payout % | 22% | 19% | 20% | -52% | -380% | 57% | 14% | 22% | 16% | 20% | 18% | 17% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 151 | 151 | 151 | 151 | 151 | 147 | 147 | 143 | 143 | 143 | 143 | 143 |
| Reserves | 7,280 | 6,413 | 7,073 | 6,777 | 6,659 | 6,649 | 7,557 | 7,909 | 10,133 | 12,255 | 14,116 | 16,820 |
| Borrowings | 6,540 | 5,759 | 6,816 | 6,213 | 5,999 | 5,295 | 5,047 | 4,655 | 3,649 | 3,048 | 2,163 | 1,087 |
| Other Liabilities | 1,565 | 1,610 | 1,363 | 1,523 | 1,562 | 1,742 | 1,394 | 1,262 | 1,284 | 1,362 | 1,233 | 1,411 |
| Total Liabilities | 15,535 | 13,933 | 15,402 | 14,664 | 14,370 | 13,833 | 14,145 | 13,969 | 15,209 | 16,808 | 17,656 | 19,460 |
| Fixed Assets | 10,888 | 8,925 | 10,304 | 9,809 | 9,617 | 9,123 | 9,042 | 8,877 | 8,450 | 8,329 | 8,247 | 9,339 |
| CWIP | 227 | 328 | 22 | 13 | 14 | 123 | 24 | 24 | 35 | 59 | 21 | 46 |
| Investments | 1,250 | 912 | 875 | 856 | 601 | 963 | 1,350 | 1,157 | 1,510 | 1,970 | 2,289 | 2,392 |
| Other Assets | 3,170 | 3,768 | 4,201 | 3,986 | 4,138 | 3,624 | 3,729 | 3,910 | 5,215 | 6,450 | 7,099 | 7,684 |
| Total Assets | 15,535 | 13,933 | 15,402 | 14,664 | 14,370 | 13,833 | 14,145 | 13,969 | 15,209 | 16,808 | 17,656 | 19,460 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,445 | 2,151 | 1,522 | 969 | 1,096 | 1,481 | 1,534 | 1,323 | 2,975 | 2,808 | 2,647 | 2,854 |
| Investing | -725 | -440 | -1,548 | -412 | 429 | 622 | -882 | -337 | 39 | -868 | -148 | -860 |
| Financing | -228 | -1,677 | 713 | -1,158 | -1,020 | -1,872 | -505 | -1,189 | -1,893 | -1,330 | -1,675 | -1,769 |
| Net Cash Flow | 491 | 34 | 687 | -602 | 505 | 230 | 147 | -203 | 1,120 | 610 | 824 | 225 |
| Free Cash Flow | 210 | 1,588 | -389 | 498 | 481 | 1,385 | 1,013 | 911 | 2,776 | 2,373 | 2,472 | 1,276 |
| CFO/OP | 105 | 115 | 115 | 90 | 110 | 127 | 93 | 85 | 95 | 94 | 102 | 93 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 36 | 30 | 24 | 30 | 31 | 34 | 30 | 33 | 37 | 45 | 33 | 43 |
| Cash Conversion Cycle | 36 | 30 | 24 | 30 | 31 | 34 | 30 | 33 | 37 | 45 | 33 | 43 |
| Working Capital Days | -211 | -161 | -207 | -163 | -132 | -36 | -67 | -55 | -16 | -16 | -21 | 33 |
| ROCE % | 8% | 11% | 8% | 4% | 4% | 4% | 9% | 7% | 21% | 19% | 14% | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Great Eastern Shipping Company Ltd, along with its subsidiaries is a major player in the Indian shipping and Oil drilling services industry.[1]
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