The Great Eastern Shipping Company Limited

Industrials — Marine Shipping · NSE

₹1,500.00+₹15.90 (+1.07%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by high debt relative to equity, small-cap size, which brings sharper price swings.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

The 60-second version of The Great Eastern Shipping Company Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

The Great Eastern Shipping Company Limited, through its subsidiaries, engages in the shipping and offshore businesses in India and internationally. The company is involved in the transportation of crude oil, petroleum products, gas, and dry bulk commodities.

IndustryMarine Shipping

SectorIndustrials

Employees232

Annual revenue₹5,385 Cr

How does it make money?

Turns over ₹5,385 Cr a year. Of every ₹100 of sales, about ₹55 reaches shareholders as profit, with ₹66 left at the operating level before interest, tax and depreciation. Each of its 232 employees supports ₹23.21 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹23.21 Cr

Who are its competitors?

The closest listed comparisons in its industry are ADANI PORT & SEZ LTD, LARSEN & TOUBRO LTD.. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Some evidence

ROCE of 17.4% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE15.2%

What is the outlook?

3 analysts covering the stock expect revenue to shrink about 13.0% and earnings to fall about 25.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth-13.0%

Est. earnings growth-25.8%

Analysts3

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved -5% while net margin moved +20% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect-5%

Margin effect+20%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue has contracted at 1.6% a year
✗ Profit CAGR of only 4.5%

Quality vs. Valuation

Company Quality

59/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

78/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

5.7x

3Y Median

6.1x

40 monthly readings · mean 6.4x · range 4.2x–9.6x

Sector Median

30.0x

median of 2 sector peers

🟡Currently trading close to its 3y median of 6.1x — the market is paying about what it usually pays for this company.

🟢Against its sector it trades 81% below the peer median of 30.0x.

vs. its own history

Fair

6.1x median over 40 months · -6%

vs. sector peers

Cheap

30.0x median of 2 peers · -81%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

5.0x

PEG

1.26

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 57.2% to 66.3% over 3 years.
Debt is being paid down
Total debt is down 70% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 25.1% to 17.3% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 20.6% to 17.4% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 1 high · 1 watch

🔴High leverageFinancial
Debt/Equity of 6.41x — earnings must service borrowings before shareholders see anything.
🟡Inventory building faster than salesFinancial
Inventory up 40% against revenue up -5% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 57.2% to 66.3%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 70% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Cheaper than its peers
It trades 81% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Leverage amplifies any setback
Debt/Equity of 6.41x. Interest is payable whether or not the business has a good year.
Returns on shareholder capital are falling
ROE has dropped from 25.1% to 17.3%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Small Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 64%✓ 66.3%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✓ ₹481 Cr
Profit that never becomes cash eventually stops being profit.
3Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
4ROCE stays above 14%✓ 17.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
5Valuation vs its own median of 6.1x✓ 5.7x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

11 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

9 good · 1 neutral · 1 weak

Market Cap

₹21,076 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

5.7x

Cheap

Cheap against the generic band

P/B Ratio

1.26x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹261.91

Profitable

Profitable on a per-share basis

ROE

17.3%

Strong

Strong capital efficiency

ROCE

17.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

6.41x

High

High leverage

Revenue Growth (YoY)

66.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

159.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

3.84%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹481 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

7.3x

Flat

At or above the trailing multiple — no earnings uplift is being priced in

Operating Margin

54.4%

Good

Healthy core-business profitability

Net Margin

60.3%

Good

Strong bottom-line conversion

Current Ratio

7.13

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.41

Defensive

Steadier than the market

52W Range Position

63%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1517.7 / 1410.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

51.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹5,660 Cr	₹5,176 Cr	₹5,286 Cr	₹5,385 Cr	-1.6%
EBITDA	₹3,236 Cr	₹3,100 Cr	₹3,017 Cr	₹3,570 Cr	+3.3%
EBITDA Margin	57.2%	59.9%	57.1%	66.3%	—
PAT (Net Profit)	₹2,575 Cr	₹2,614 Cr	₹2,344 Cr	₹2,943 Cr	+4.5%
EPS	₹180	₹182.74	₹163.87	₹205.69	+4.5%
ROE	25.1%	21.1%	16.4%	17.3%	—
ROCE	20.6%	19.2%	16.5%	17.4%	—
Total Debt	₹3,649 Cr	₹3,048 Cr	₹2,163 Cr	₹1,087 Cr	-33.2%
Free Cash Flow	₹2,509 Cr	₹1,963 Cr	₹1,472 Cr	₹481 Cr	-42.3%

🟡 Revenue has been broadly flat over 3 years (-1.6% a year).

🟢 EBITDA has grown at 3.3% a year over 3 years.

🟢 EBITDA Margin has risen from 57.2% to 66.3% over 3 years (+9.1 pts).

🟢 PAT (Net Profit) has grown at 4.5% a year over 3 years.

🟢 EPS has grown at 4.5% a year over 3 years.

🔴 ROE has fallen from 25.1% to 17.3% over 3 years (-7.7 pts).

🔴 ROCE has fallen from 20.6% to 17.4% over 3 years (-3.1 pts).

🟢 Total Debt has shrunk at 33.2% a year over 3 years.

🔴 Free Cash Flow has shrunk at 42.3% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹19,460 Cr

Total Liabilities

₹2,498 Cr

Cash & Equivalents

₹4,337 Cr

Operating Cash Flow

₹2,854 Cr

Capex

-₹2,372 Cr

Shareholding (proxy)

Institutional Holding

25.8%

Insider Holding

30.8%

Corporate Actions

Dividend Rate

₹57.6

Ex-Dividend Date

07 Aug 2026

Analyst Consensus

Recommendations

3 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹1,912

+27.5% vs CMP

Target Range

₹1,857 – ₹1,965

Peer Comparison

Company	P/E	ROE
ADANI PORT & SEZ LTD	29.9x	14.1%
LARSEN & TOUBRO LTD.	30.1x	15.2%

Recent News

2 positive1 mixed3 general

Great Eastern Shipping buys 1.93 lakh shares at ₹1,496 on Oct 16

scanx.trade, 16 Oct

Great Eastern Shipping (NSEI:GESHIP) Stock Forecast & Analyst Predictions

Simply Wall Street, 08 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

The GE Shipping Share Price

Upstox, 16 Oct

The Great Eastern Shipping Company Share: Bull Case vs Bear Case for 2026

Univest, 25 Sept

Great Eastern Shipping Q1 Revenue Rises To ₹20.05B, Net Profit At ₹13.1B YoY

Sahi, 03 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Buyback alert! GE Shipping shares rise 3% as firm set to repurchase shares at 16% premium

The Economic Times, 28 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Profitability · Valuation

MiddlingRisk

WeakGrowth

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑