GE Shipping Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,454 Crs., 17.59% growth YoY, Total Income is Rs. 1,737 Crs., 15.71% growth YoY, EBITDA is Rs. 1,084 Crs., 30.73% growth YoY, EBITDA Margin is 62.4% improved by 717 Basis points YoY, PBT Rs. 847 Crs, 39.21% growth YoY, PAT Rs. 813 Crs, 36.87% growth YoY, Robust performance on all parameters. On QoQ basis Op. Revenue is up by 17.13%, Total Income is up by 25.67%, EBITDA is up by 36.3%, PBT is up by 40.93%, and PAT is also up by 39.75%. Crude tankers (notably strongest surprise), Product tanker market “recovered in the quarter” after weakness in prior quarters, Dry bulk: better-than-expected, LPG: spot strong despite lower volumes; company repositioning management explicitly prioritizes cycle timing over deploying cash into peak asset prices. They referenced prior cycle playbook: levered up in FY17–19, then de-levered; now net cash. Company is deploying cash into fleet modernization (sell older/buy modern) but not “capacity expansion.” Management acknowledged high asset prices compress current yields and explained this is why they are not investing at today’s prices: The Company declared a third interim dividend of Rs. 9.00 per share of Rs. 10/- each.