GESCO consolidated NAV reaches Rs 2,224 per share in 2Q27

The Great Eastern Shipping Co Ltd reported consolidated net asset value (NAV) of Rs 2,224 per share in 2Q27, after a stated 29% compound annual growth rate (CAGR) from FY21. GESCO’s closing share price of Rs 1,429 on 6 November 2026 was 0.64 times its reported consolidated NAV.

How did GESCO’s consolidated NAV reach Rs 2,224 per share?

GESCO’s consolidated NAV reached Rs 2,224 per share in 2Q27, up from Rs 1,796 in FY26 and Rs 538 in FY21. The company states that consolidated NAV delivered a 29% CAGR over the FY21-to-2Q27 period. The increase from FY26 to 2Q27 was Rs 428 per share.

The reported NAV progression was uneven across the period. Consolidated NAV rose from Rs 692 in FY22 to Rs 1,164 in FY23 and Rs 1,396 in FY24, then increased by Rs 10 per share to Rs 1,406 in FY25. It subsequently rose by Rs 390 per share in FY26 and by a further Rs 428 per share in 2Q27.

GESCO’s consolidated NAV was Rs 437 per share above standalone NAV of Rs 1,787 in 2Q27. That difference was Rs 374 per share in FY26 and Rs 49 per share in FY21. From FY21 to 2Q27, consolidated NAV increased by Rs 1,686 per share, compared with a Rs 1,298-per-share increase in standalone NAV.

What drove GESCO’s NAV growth between September 2021 and September 2026?

GESCO attributes the Rs 1,605-per-share increase in consolidated NAV between September 2021 and September 2026 primarily to Rs 1,222 per share of cash profit and Rs 551 per share of fleet change. Dividends reduced the bridge by Rs 169 per share, taking consolidated NAV from Rs 619 per share to Rs 2,224 per share.

The standalone bridge shows Rs 1,012 per share of cash profit and Rs 374 per share of fleet change, against the same Rs 169-per-share dividend reduction. Standalone NAV therefore rose from Rs 570 per share in September 2021 to Rs 1,787 per share in September 2026. The consolidated fleet-change contribution exceeded the standalone contribution by Rs 177 per share.

Cash-profit and earnings data provide operating context for the bridge. Consolidated cash profit per share was Rs 268 in FY26, compared with Rs 225 in FY25 and Rs 233 in FY24, before reaching Rs 215 at 2Q27. Consolidated earnings per share were Rs 206 in FY26 and Rs 181 at 2Q27, while standalone earnings per share were Rs 165 and Rs 153, respectively.

Shipping activity expanded in Q2 FY27, when owned-tonnage revenue days rose to 3,553 from 3,494 in Q2 FY26. Total owned tonnage increased to 3.24 million deadweight tonnes from 3.13 million deadweight tonnes, while inchartered-tonnage revenue days were unchanged at 184. Total shipping revenue days consequently rose to 3,737 from 3,678.

How does GESCO’s share price compare with consolidated NAV?

GESCO’s Rs 1,429 closing share price on 6 November 2026 equated to 0.64 times consolidated NAV of Rs 2,224 per share in 2Q27. The presentation specifically identifies the 6 November 2026 closing price as the basis for its Q2 FY27 price-to-NAV comparison. The arithmetic difference between the two figures was Rs 795 per share.

The reported consolidated NAV has increased substantially since FY17, although it declined in FY18. Consolidated NAV was Rs 450 per share in FY17, Rs 403 in FY18, Rs 512 in FY20 and Rs 538 in FY21, before reaching Rs 2,224 in 2Q27. The 2Q27 NAV was Rs 1,774 per share higher than the FY17 figure.

GESCO does not provide historical numerical readings for the share-price-to-consolidated-NAV ratio beyond the 0.64 times stated for 2Q27. The disclosed data therefore support a point-in-time comparison using the Rs 1,429 market price and Rs 2,224 consolidated NAV, but do not establish a numerical ratio comparison with earlier years.

What operating and financial measures accompanied the NAV increase?

GESCO reported consolidated return on equity (ROE) of 29% and return on capital employed (ROCE) of 28% at 2Q27, compared with 19% and 18%, respectively, in FY26. Consolidated ROE was also 28% in FY23, while consolidated ROCE was 22% in FY23.

Shipping time-charter equivalent yields varied by vessel type in Q2 FY27. Crude carriers earned USD 73,322 per day, up 145% from USD 29,974 per day in Q2 FY26 but down 21% from USD 93,026 per day in Q1 FY27. Product-carrier yields of USD 32,114 per day were 28% higher year on year and 29% lower quarter on quarter.

LPG carriers earned USD 46,208 per day in Q2 FY27, up 7% year on year and 11% quarter on quarter. Dry-bulk yields were USD 24,308 per day, 55% above Q2 FY26 and 8% above Q1 FY27. Offshore logistics revenue days rose to 1,650 from 1,617, while drilling-services revenue days were 273 compared with 274 a year earlier.

GESCO reported normalized net cash of USD 593 million at 2Q27, compared with peak net debt of USD 361 million in FY19. Its net-debt-to-equity measure was negative 0.37 at 2Q27, compared with 0.49 in FY19. Separately, standalone loans outstanding were USD 119 million at September 2026.

Conclusion

GESCO’s reported asset-value increase combines a 29% consolidated NAV CAGR from FY21 to 2Q27 with a September 2021-to-September 2026 bridge led by Rs 1,222 per share of cash profit and Rs 551 per share of fleet change. Against the disclosed Rs 2,224 consolidated NAV per share, the 6 November 2026 share price of Rs 1,429 represented 0.64 times NAV.

The next disclosed items to watch are Q3 FY27 operating-day coverage and the standalone debt schedule. For Q3 FY27, GESCO had covered 58% of crude-carrier days, 60% of product-carrier days, 100% of LPG-carrier days and 61% of dry-bulk days; the standalone schedule shows USD 30 million of repayments by March 2027, USD 23 million by March 2028 and USD 66 million by March 2029.