Great Eastern Shipping Q2 Net Profit Rs 1,269 Cr

Total owned tonnage: 3.24 million DWT (Q2 FY27) vs 3.13 million DWT (Q2 FY26)
Revenue days: 3,737 days (Q2 FY27) vs 3,678 days (Q2 FY26)
Offshore revenue days: 1,923 days (Q2 FY27) vs 1,891 days (Q2 FY26)
Key drivers: Strong tanker and dry bulk markets, efficient fleet operations, strategic vessel acquisitions

Crude Carriers: Avg TCY USD 73,322/day (Q2 FY27) vs USD 29,974/day (Q2 FY26) - 145% YoY growth
Product Carriers: Avg TCY USD 32,114/day (Q2 FY27) vs USD 25,110/day (Q2 FY26) - 28% YoY growth
LPG Carriers: Avg TCY USD 46,208/day (Q2 FY27) vs USD 43,146/day (Q2 FY26) - 7% YoY growth
Dry Bulk: Avg TCY USD 24,308/day (Q2 FY27) vs USD 15,695/day (Q2 FY26) - 55% YoY growth
Explanation: Performance driven by recovery in global trade flows, inefficient routing due to geopolitical factors, and strong demand patterns

Revenue: Rs. 2,234 crore (Consolidated Q2 FY27)

EBITDA: Rs. 1,566 crore (Consolidated Q2 FY27)

PAT: Rs. 1,269 crore (Consolidated Q2 FY27)

EPS: Rs. 85.18 per share (Consolidated Q2 FY27)

Margins: EBITDA margin approximately 70% (calculated from reported figures)

YoY comparison: Revenue up 62% YoY, PAT up 118% YoY (Consolidated Q2 FY27 vs Q2 FY26)

Drivers: Higher Time Charter Yields across all segments, profit on sale of ships (INR 308 crore)

Comparison to market estimates: Not specified

Key Risks: Geopolitical risks in Middle East affecting trade routes, sustainability of current rate environment

Domestic vs Export/Regional Revenue: Not specified

Regional Breakdown: Not specified

Net Debt/Equity: (0.43)x (Consolidated, negative indicates net cash position)

Reserves: Not explicitly stated, but equity stands at INR 18,932 crore (Consolidated)

Current Assets/Liabilities: Not specified

Working Capital/Leverage Metrics: Gross debt reduced to INR 800 crore from INR 1,249 crore YoY

Financial Health Insights: Strong cash flow generation, net cash position of USD 593 million (normalized)

Capital Expenditure: Not specified for future periods

Free Cash Flow: Not explicitly stated

Operating Cash Flow: INR 1,267 crore (Consolidated Q2 FY27)

Net Debt Movement: Improved to net cash position of USD 593 million from peak net debt of USD 361 million

Investment Rationale: Fleet renewal strategy - replace older vessels with younger tonnage at right prices

Investments in Innovation: Focus on fleet modernization through vessel acquisitions

Expected impact on growth: Maintaining market presence while improving fleet efficiency

Strategic Rationale: Switch transactions - sell older vessels, buy relatively younger ones with similar tonnage

Macro/Industry Trends: Global crude trade recovered 8% q/q, AG loadings improved to ~60% of pre-war levels, product trade improved 9% q/q

Impact on Company: Longer voyage times due to inefficient transits through Hormuz, supported Time Charter Yields

Strategic Outlook: Predominantly spot-market exposure across tankers and dry bulk as per company strategy

FY Guidance: Q3 FY27 days coverage: Crude Tankers 58%, Products 60%, LPG 100%, Dry Bulk 61%

Market Share Targets: Not specified

Risks and Opportunities: Cautious on acquiring vessels at elevated asset prices; prepared to wait for better value

Vessels added in Q2 FY27: Jag Laxman (LR2, 109,990 DWT, built 2015)
Vessels added in Q3 FY27 QTD: Jag Amit (Kamsarmax, 81,886 DWT, built 2015), Jag Vikrant (VLGC, 82,000 CBM, built 2015)
Vessels sold in Q2 FY27: Jag Lokesh (LR2, 105,900 DWT, built 2009)
Purchases committed: 1 Kamsarmax (81,609 DWT, 2019 built), 1 Suezmax (157,000 DWT, newbuilt)

Great Eastern Foundation CSR: INR 160 crore total spent, 62 NGO partners, coverage across 23 States & UT
Sector focus: Education, Health, Livelihood initiatives