Interim report
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www.greatship.com O ur Ref.: S/2026/SECL August 03, 2026 BSE Limited National Stock Exchange of India Limited 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 BSE Scrip code: 500620 Trading Symbol – GESHIP Dear Sir/Madam, This is to inform you that the Board of Directors at their meeting held today, i.e. August 03, 2026 have: 1. Considered and approved unaudited financial results (Provisional) for the quarter ended June 30, 2026. Copy of the results together with the Limited Review Report and Security Cover Certificate for the quarter ended June 30, 2026 are attached. The results will be published in the newspapers as required. 2. D eclared an interim dividend for FY 2026-27 of Rs. 14.40 per share to the equity shareholders of the Company. The ‘Record Date’ fixed for the purpose of ascertaining the shareholders eligible for receiving interim dividend is August 07, 2026. The interim dividend will be paid to the shareholders on or after August 27, 2026.
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www.greatship.com The meeting of the Board of Directors commenced at 02 .00 p.m. and concluded at 03.45 p.m. You are requested to take note of the above. Thanking You, Yours faithfully, For The Great Eastern Shipping Company Limited Anand Punde Company Secretary Email ID: anand_punde@greatship.com
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Regd. Office. One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Chartered Accountants One International Centre, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India Phone: +91 22 6185 4000 Fax: +91 22 6185 4101 RESULTS TO THE BOARD OF DIRECTORS OF THE GREAT EASTERN SHIPPING COMPANY LIMITED 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of The Great Eastern Shipping Company Limited for the quarter ended June 30, 2026 submitted by the Parent pursuant to the requirement of Regulation 33, Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended 2. Board of Directors, has been prepared in accordance with the recognition and measurement principles laid Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33, Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements , issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the following entities: I. Parent: The Great Eastern Shipping Company Limited II. Subsidiaries: i. Greatship (India) Limited ii. Greatship Global Energy Services Pte. Ltd. iii. Greatship Global Offshore Services Pte. Ltd. iv. Greatship (UK) Limited v. Greatship Oilfield Services Limited (dissolved with effect from December 11, 2025) vi. The Greatship (Singapore) Pte. Ltd vii. The Great Eastern Chartering L.L.C. (FZC) viii. The Great Eastern Chartering (Singapore) Pte. Ltd. ix. Great Eastern Foundation (formerly known as Great Eastern CSR Foundation) x. Great Eastern Services Limited (under voluntary liquidation) xi. GESHIPPING (IFSC) Limited
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5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33, Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial information | financial results of 6 subsidiaries included in the unaudited consolidated financial results, whose interim financial information | financial results reflect total revenue of Rs. 86.17 crores, total net profit after tax (net) of Rs. 55.82 crores and total comprehensive income (net) of Rs. 55.82 crores for the quarter ended June 30, 2026 as considered in the unaudited consolidated financial results included in the Statement. These interim financial information | financial results have been reviewed by other auditors whose reports have been furnished to us by the Management or such other auditors. These subsidiaries are located outside India whose interim financial results | financial information have been prepared in accordance with the accounting principles generally accepted in their respective countries and reviewed by the other auditors under generally accepted review standards applicable in such countries. The Company s Management has converted the interim financial results | financial information of such subsidiaries from accounting principles generally accepted in their countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Company s Management. Our conclusion on the unaudited consolidated financial results in the Statement, in so far as it relates to the amounts and disclosures of such subsidiaries located outside India, is based solely on the reports of the other auditors, the conversion adjustments prepared by the Management of the Company and reviewed by us and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. For Deloitte Haskins & Sells LLP Chartered Accountants 117366W/W-100018 Mehul Parekh Partner Place: Mumbai Membership No. 121513 Date: August 03, 2026 UDIN:26121513VFWTHJ9584
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(Rs. in crores) Year Ended 30.06.2026 31.03.2026 30.06.2025 31.03.2026 (UNAUDITED) (UNAUDITED) (UNAUDITED) (AUDITED) 1. Revenue from operations 2005.36 1511.40 1201.47 5409.09 2. Other income (a) Profit on sale of ships and other assets (net) 124.84 281.18 0.09 440.80 (b) Other income 156.01 64.65 135.32 462.53 280.85 345.83 135.41 903.33 3. Total income [ 1 + 2 ] 2286.21 1857.23 1336.88 6312.42 4. Expenses (a) Fuel oil and water 128.84 81.46 77.64 319.65 (b) Port, light and canal dues 24.73 43.37 32.12 142.16 (c) Consumption of spares and stores 68.34 117.38 61.50 351.38 (d) Employee benefits expense 259.92 249.92 220.84 932.07 (e) (Gain)/Loss due to change in fair value/settlement of derivative contracts (net) (5.83) 78.05 0.08 152.54 (f) Foreign exchange (gain)/loss (net) (6.50) (236.82) (14.88) (433.20) (g) Finance costs 19.94 22.90 44.87 136.36 (h) Depreciation and amortisation expense 233.86 221.73 197.35 889.06 (i) Other expenses 198.13 236.63 181.40 796.61 Total expenses 921.43 814.62 800.92 3286.63 5. Profit before tax [ 3 - 4 ] 1364.78 1042.61 535.96 3025.79 6. Tax expense - - Current tax 28.71 20.13 28.80 99.88 - Reversal of taxes for earlier years - (13.16) - (23.39) - Deferred tax (net) 27.23 (8.45) 2.66 6.78 55.94 (1.48) 31.46 83.27 7. Profit for the period/year [ 5 - 6 ] 1308.84 1044.09 504.50 2942.52 8. Other comprehensive income/(loss) (a) Items that will not be reclassified to Profit or Loss (0.57) (9.81) (0.13) (11.97) (b) Income tax relating to items that will not be reclassified to Profit or Loss (0.19) 0.07 (0.03) 0.30 (c) Items that will be reclassified to Profit or Loss (4.54) 104.07 6.62 183.89 (d) Income tax relating to items that will be reclassified to Profit or Loss (0.16) 0.15 0.06 (0.28) (5.46) 94.48 6.52 171.94 9. Total comprehensive income for the period/year [ 7 + 8 ] 1303.38 1138.57 511.02 3114.46 10. Profit for the period/year attributable to: -Owners of the Company 1308.84 1044.09 504.50 2942.52 -Non-controlling interest - - - - 11. Other comprehensive income/(loss) for the period/year attributable to: -Owners of the Company (5.46) 94.48 6.52 171.94 -Non-controlling interest - - - - 12. Total comprehensive income for the period/year attributable to: -Owners of the Company 1303.38 1138.57 511.02 3114.46 -Non-controlling interest - - - - 13. Paid-up equity share capital (Face Value Rs.10/- per share) 142.77 142.77 142.77 142.77 14. Other equity 16819.72 15. Earnings per share (of Rs.10/- each) (in Rupees) (not annualised for the quarters) (a) Basic 91.68 73.13 35.34 206.11 (b) Diluted 91.49 72.98 35.27 205.69 See accompanying notes to the financial results Particulars THE GREAT EASTERN SHIPPING COMPANY LIMITED Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472 STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026 Quarter Ended
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THE GREAT EASTERN SHIPPING COMPANY LIMITED Regd. Office: Ocean House, 134-A, Dr. Annie Besant Road, Mumbai 400018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472 (Rs. in crores) Year Ended 30.06.2026 31.03.2026 30.06.2025 31.03.2026 (UNAUDITED) (UNAUDITED) (UNAUDITED) (AUDITED) a) Segment Revenue : Shipping 1890.97 1469.18 994.21 4831.82 Offshore 406.02 401.21 350.41 1522.43 Sub-total 2296.99 1870.39 1344.62 6354.25 Less : Inter Segment Revenue 10.78 13.16 7.74 41.83 Total 2286.21 1857.23 1336.88 6312.42 b) Segment Results : Shipping 1155.38 939.78 378.55 2463.04 Offshore 153.46 104.31 125.95 479.48 Total 1308.84 1044.09 504.50 2942.52 c) Segment Assets : Shipping 15551.53 14723.90 13212.02 14723.90 Offshore 4715.33 4736.26 4483.19 4736.26 Total Assets 20266.86 19460.16 17695.21 19460.16 d) Segment Liabilities : Shipping 1720.98 2043.53 2035.08 2043.53 Offshore 447.00 454.14 967.02 454.14 Total Liabilities 2167.98 2497.67 3002.10 2497.67 REPORTING OF CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES Quarter Ended
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THE GREAT EASTERN SHIPPING COMPANY LIMITED Regd. Office: Ocean House,134-A, Dr. Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472 1. The Board of Directors has declared an interim dividend of Rs. per equity share of Rs. /- each. 2. Following were the changes to the fleet during and subsequent to the quarter: Sales - delivered its 2007 built Medium Range Tanker named Jag Prakash which was contracted for sale in earlier quarter. - contracted to sell and delivered its 2003 built Medium Range Tanker named Jag Pankhi. - contracted to sell its 2009 built Long Range 2 Tanker Jag Lokesh and delivered subsequent to the end of the quarter. Purchases - took delivery of a secondhand Kamsarmax Dry Bulk Carrier built in 2014 renamed as Jag Abhishek. - took delivery of a secondhand Medium Range Tanker built in 2014 renamed as Jag Prabhu. - contracted to buy a secondhand Long Range 2 Tanker built in 2015 renamed as Jag Laxman and took delivery subsequent to the end of the quarter. 3. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 03, 2026. The statutory auditors of the Company have carried out a Limited Review of the results for the quarter ended June 30, 2026. 4. The figures for the quarter ended March 31, 2026 is the balancing figure between audited figure in respect of full financial year and the published year to date figures up to the third quarter for the relevant financial year. These have been subjected to limited review by the statutory auditors. 5. The results for the quarter June 30, 2026, are available on BSE Ltd. website (URL:www.bseindia.com/corporates), on National Stock Exchange of India Ltd. website (URL:www.nseindia.com/corporates) and on the Company website (URL:www.greatship.com/ financial_result.html). 6. Additional disclosures as per Clause 52(4) and Clause 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 : (a) As per the terms of issue of 4500 Secured Redeemable Non-convertible Debentures of Rs. 10 lakhs each, the Company has created and maintained exclusive charge on ships (over 1.20 times cover on market value of ships) and additional security by way of mortgage on immovable property. As per the terms of issue of 3500 Unsecured Redeemable Non-convertible Debentures of Rs. 10 lakhs each, the Company has maintained unencumbered assets (including cash and cash equivalents) of market value not less than outstanding face value amount of these debentures.
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(b) Sr. No. Particulars Quarter Ended 30.06.2026 Quarter Ended 31.03.2026 Quarter Ended 30.06.2025 Year Ended 31.03.2026 (a) Debt Equity Ratio (in times) 0.04 0.06 0.13 0.06 [(Non-Current Borrowings + Current Borrowings)/Total Equity] (b) Net Debt Equity Ratio (in times) (0.45) (0.44) (0.44) (0. 44) [(Non-Current Borrowings + Current Borrowings - (Cash & Cash Equivalents + Other Bank Balances + Deposits with Bank + Current Investments))/Total Equity] (c) Debt Service Coverage Ratio (in times) 6.00 56.21** 2.22 3.19* [Earnings before Interest, Depreciation and Amortisation Expense, Impairment, Tax/Interest expense plus Principal Repayments (net of refinancing) madeduring the period] *includes effect of prepayment of borrowings ** no principal repayments were due during the quarter (d) Interest Service Coverage Ratio (in times) 81.17 56.21 17.34 29.71 [Earnings before Interest, Depreciation and Amortisation Expense, Impairment, Tax/Interest Expense] (e) Securities Premium (Rs. in crores) 74.76 74.76 74.76 74.76 (f) Capital Redemption Reserve (Rs. in crores) 300.65 274.37 274.37 274.37 (g) Debenture Redemption Reserve (Rs. in crores) Pursuant to the provisions of Rule 18 (7) of the Companies (ShareCapital and Debentures) Rules, 2014 (as amended) Debenture Redemption Reserve (DRR)is not required for the debentures issued by the Company subject tocompliance with certain conditions. The Company has complied with the conditions and accordingly, DRR is not created. - - - - (h) Other Equity (Rs. in crores) 17956.11 16819.72 14550.34 16819.72 (i) Net Worth (As per Companies Act) (Rs. in crores) 16946.17 15805.15 13712.71 15805.15 (j) Outstanding Debt (Rs. in crores) 799.48 1049.37 1852.94 1049.37 [Non-Current Borrowings + Current Borrowings] (k) Current Ratio (in times) 8.37 7.08 6.92 7.08 [Current Assets/Current Liabilities] (l) Long Term Debt to Working Capital (in times) 0.08 0.12 0.21 0.12 [(Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/(Current Assets - Current Liabilities excluding Current Maturities of Non-Current Borrowings)] (m) Bad Debts to Accounts Receivable Ratio (%) - (0.08) - 0.06 [Bad Debts/Average gross Trade Receivables excluding Unbilled Receivable and Contract Assets] (n) Current Liability Ratio (in times) 0.57 0.55 0.45 0.55 [Current Liabilities/Total Liabilities] (o) Total Debts to Total Assets Ratio (in times) 0.04 0.05 0.10 0.05 [(Non - Current Borrowings + Current Borrowings)/Total Assets] (p) Debtors Turnover (in days) 31 35 34 38 [Average Trade Receivables for the period/Revenue from Operations (excluding Other Operating Revenue for the period) * No of days in period ] (q) Inventory Turnover (in days) 186 171 232 198 [Average inventory/Fuel Oil and Water cost and Consumption of Stores andSpares of subsidiary for the period * No of days in period ] (r) Operating Margin (%) 66.71 62.29 53.50 58.20 [Profit/(Loss) before Depreciation and Amortisation Expense, Impairment, Interest, Tax, less Other Income/Revenue from Operations] (s) Net Profit/(Loss) Margin (%) 57.25 56.22 37.74 46.61 [Profit/(Loss) after Tax/Total Income] For The Great Eastern Shipping Co. Ltd. (Bharat. K. Sheth) Chairman & Managing Director (DIN : 00022102) Place: Mumbai Date: 03.08.2026
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Regd. Office. One International Center, Tower 3, 31 st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Chartered Accountants One International Centre, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India Phone: +91 22 6185 4000 Fax: +91 22 6185 4101 FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF THE GREAT EASTERN SHIPPING COMPANY LIMITED 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of The Great Eastern Shipping Company quarter ended June 30, 2026 Regulation 33, Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended 2. prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33, Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements a (ICAI). A review of interim financial information and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33, Regulation 52 and Regulation 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Deloitte Haskins & Sells LLP Chartered Accountants 117366W/W-100018 Mehul Parekh Partner Place: Mumbai Membership No. 121513 Date: August 03, 2026 UDIN:26121513FFYTXO3832
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(Rs. in crores) Year Ended 30.06.2026 31.03.2026 30.06.2025 31.03.2026 (UNAUDITED) (UNAUDITED) (UNAUDITED) (AUDITED) 1. Revenue from operations 1553.88 1040.78 802.59 3659.04 2. Other income (a) Profit on sale of ships and other assets (net) 124.81 281.18 0.09 440.68 (b) Other income 140.62 10.14 113.73 320.61 265.43 291.32 113.82 761.29 3. Total income [ 1 + 2 ] 1819.31 1332.10 916.41 4420.33 4. Expenses (a) Fuel oil and water 115.32 60.47 55.97 236.94 (b) Port, light and canal dues 24.56 39.10 28.66 123.94 (c) Consumption of spares and stores 42.99 49.34 38.00 175.12 (d) Employee benefits expense 178.07 162.99 147.63 610.41 (e) (Gain)/Loss due to change in fair value/settlement of derivative contracts (net) (8.74) 78.36 (2.93) 148.61 (f) Foreign exchange (gain)/loss (net) (8.33) (210.47) (11.62) (401.27) (g) Finance costs 19.28 22.23 30.82 104.74 (h) Depreciation and amortisation expense 165.83 149.34 124.53 594.03 (i) Other expenses 95.61 134.47 88.06 401.69 Total expenses 624.59 485.83 499.12 1994.21 5. Profit before tax [ 3 - 4 ] 1194.72 846.27 417.29 2426.12 6. Tax expense - - Current tax 29.00 20.00 29.00 100.00 - Reversal of taxes for earlier years - (13.16) - (13.21) - Deferred tax (net) 8.55 (15.47) (0.16) (17.13) 37.55 (8.63) 28.84 69.66 7. Profit for the period/year [ 5 - 6 ] 1157.17 854.90 388.45 2356.46 8. Other comprehensive income/(loss) (a) Items that will not be reclassified to Profit or Loss (1.57) (9.56) 0.04 (9.96) (b) Income tax relating to items that will not be reclassified to Profit or Loss - - - - (c) Items that will be reclassified to Profit or Loss (0.85) 2.93 (0.54) 1.48 (d) Income tax relating to items that will be reclassified to Profit or Loss - - - - (2.42) (6.63) (0.50) (8.48) 9. Total comprehensive income for the period/year [ 7 + 8 ] 1154.75 848.27 387.95 2347.98 10. Paid-up equity share capital (Face Value Rs.10/- per share) 142.77 142.77 142.77 142.77 11. Other equity 13786.84 12. Earnings per share (of Rs.10/- each) (in Rupees) (not annualised for the quarters) (a) Basic 81.05 59.88 27.21 165.06 (b) Diluted 80.89 59.76 27.15 164.72 See accompanying notes to the financial results THE GREAT EASTERN SHIPPING COMPANY LIMITED Regd. Office: Ocean House,134-A, Dr.Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472 STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2026 Quarter Ended Particulars
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THE GREAT EASTERN SHIPPING COMPANY LIMITED Regd. Office: Ocean House,134-A, Dr. Annie Besant Road, Mumbai-400 018. Website : www.greatship.com, Email : corp_comm@greatship.com, CIN : L35110MH1948PLC006472 1. The Company is engaged only in shipping business segment and there are no separate reportable segments as per Ind AS 108, 'Operating Segments'. 2. The Board of Directors has declared an interim dividend of Rs. per equity share of Rs. /- each. 3. Following were the changes to the fleet during and subsequent to the quarter: Sales - delivered its 2007 built Medium Range Tanker named Jag Prakash which was contracted for sale in earlier quarter. - contracted to sell and delivered its 2003 built Medium Range Tanker named Jag Pankhi. - contracted to sell its 2009 built Long Range 2 Tanker Jag Lokesh and delivered subsequent to the end of the quarter. Purchases - took delivery of a secondhand Kamsarmax Dry Bulk Carrier built in 2014 renamed as Jag Abhishek. - took delivery of a secondhand Medium Range Tanker built in 2014 renamed as Jag Prabhu. - contracted to buy a secondhand Long Range 2 Tanker built in 2015 renamed as Jag Laxman and took delivery subsequent to the end of the quarter. 4. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 03, 2026. The statutory auditors of the Company have carried out a Limited Review of the results for the quarter ended June 30, 2026. 5. The figures for the quarter ended March 31, 2026 is the balancing figure between audited figure in respect of full financial year and the published year to date figures up to the third quarter for the relevant financial year. These have been subjected to limited review by the statutory auditors. 6. The results for the quarter ended June 30, 2026, are available on BSE Ltd. website (URL:www.bseindia.com/corporates), on National Stock Exchange of India Ltd. website (URL:www.nseindia.com/corporates) and on the Company website (URL:www.greatship.com/ financial_result.html). 7. Additional disclosures as per Clause 52(4) and Clause 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 : (a) As per the terms of issue of 4500 Secured Redeemable Non-convertible Debentures of Rs. 10 lakhs each, the Company has created and maintained exclusive charge on ships (over 1.20 times cover on market value of ships) and additional security by way of mortgage on immovable property. As per the terms of issue of 3500 Unsecured Redeemable Non-convertible Debentures of Rs. 10 lakhs each, the Company has maintained unencumbered assets (including cash and cash equivalents) of market value not less than outstanding face value amount of these debentures.
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(b) Sr. No. Particulars Quarter Ended 30.06.2026 Quarter Ended 31.03.2026 Quarter Ended 30.06.2025 Year Ended 31.03.2026 (a) Debt Equity Ratio (in times) 0.05 0.08 0.10 0.08 [(Non-Current Borrowings + Current Borrowings)/Total Equity] (b) Net Debt Equity Ratio (in times) (0.39) (0.38) (0.44) (0.38) [(Non-Current Borrowings + Current Borrowings - (Cash & Cash Equivalents + Other Bank Balances + Deposits with Bank + Current Investments other than Current Maturities of Long Term Investments))/Total Equity] (c) Debt Service Coverage Ratio (in times) 5.12 45.79** 2.04 5.63 [Earnings before Interest, Depreciation and Amortisation Expense, Impairment, Tax/Interest expense plus Principal Repayments made during the period] ** no principal repayments were due during the quarter (d) Interest Service Coverage Ratio (in times) 71.57 45.79 18.58 29.83 [Earnings before Interest, Depreciation and Amortisation Expense, Impairment, Tax/Interest Expense] (e) Securities Premium (Rs. in crores) - - - - (f) Capital Redemption Reserve (Rs. in crores) 248.09 248.09 248.09 248.09 (g) Debenture Redemption Reserve (Rs. in crores) Pursuant to the provisions of Rule 18 (7) of the Companies (Share Capital and Debentures) Rules, 2014 (as amended) Debenture Redemption Reserve (DRR)is not required for the debentures issued by the Company subject to compliance with certain conditions. The Company has complied with the conditions and accordingly, DRR is not created. - - - - (h) Other Equity (Rs. in crores) 14774.53 13786.84 12160.88 13786.84 (i) Net Worth (As per Companies Act) (Rs. in crores) 14900.13 13911.59 12287.65 13911.59 (j) Outstanding Debt (Rs. in crores) 799.48 1049.37 1248.95 1049.37 [Non-Current Borrowings + Current Borrowings] (k) Current Ratio (in times) 7.73 6.49 8.00 6.49 [Current Assets/Current Liabilities] (l) Long Term Debt to Working Capital (in times) 0.11 0.16 0.18 0.16 [(Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/(Current Assets - Current Liabilities excluding Current Maturities of Non-Current Borrowings)] (m) Bad Debts to Accounts Receivable Ratio (%) - (0.23) - 0.17 [Bad Debts/Average gross Trade Receivables excluding Unbilled Receivable and Contract Assets] (n) Current Liability Ratio (in times) 0.59 0.56 0.46 0.56 [Current Liabilities/Total Liabilities] (o) Total Debts to Total Assets Ratio (in times) 0.05 0.07 0.09 0.07 [(Non - Current Borrowings + Current Borrowings)/Total Assets] (p) Debtors Turnover (in days) 22 24 24 28 [Average Trade Receivables for the period/Revenue from Operations (excluding Other Operating Revenue for the period) * No of days in period ] (q) Inventory Turnover (in days) 140 209 207 216 [Average inventory/Fuel Oil and Water cost for the period * No of days in period ] (r) Operating Margin (%) 71.72 69.81 57.17 64.60 [Profit/(Loss) before Depreciation and Amortisation Expense, Impairment, Interest, Tax, less Other Income/Revenue from Operations] (s) Net Profit/(Loss) Margin (%) 63.60 64.18 42.39 53.31 [Profit/(Loss) after Tax/Total Income] For The Great Eastern Shipping Co. Ltd. (Bharat. K. Sheth) Place: Mumbai Chairman & Managing Director Date: 03.08.2026 (DIN : 00022102)
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Regd. Office. One International Center, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Chartered Accountants One International Centre, Tower 3, 31st Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India Phone: +91 22 6185 4000 Fax: +91 22 6185 4101 contained Status of Financial Covenants in respect of Non-Convertible debentures of The Great Eastern Shipping Company Limited as at and for the quarter ended June 30, 2026 REF: MP/2026-27/20 To The Board of Directors The Great Eastern Shipping Company Limited Ocean House, 134/A Dr. Annie Besant Road, Worli, Mumbai 400 018 1. This certificate is issued in accordance with the terms of our engagement letter with reference no. MP/EL/2025-26/49 dated September 23, 2025. 2. We, Deloitte Haskins & Sells LLP, Chartered Accountants, the statutory auditors of The Management of the Company to certify book values of assets of the Company contained in Columns A to J of the Statement, and whether the Company has complied with financial covenants with respect to the listed secured non-convertible debentures issued and outstanding as at June 30, 2026 The Statement is prepared by the Company from the standalone unaudited books of account and other relevant records and documents maintained by the Company as at and for the quarter ended June 30, 2026 pursuant to requirements of Circular no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025 issued by Securities and Exchange Board of India in terms of regulation 54 read with regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 15(1)(t) of Securities and Exchange Board of India Debenture Trustee of the Non- June 30, 2026. The responsibility for compiling the information contained in the Statement is of the Management of the Company and the same is initialled by us for identification purposes only. 3. The preparation of the Statement is the responsibility of the Management of the Company, including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.
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4. The management of the Company is also responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations and for providing all relevant information to the Debenture Trustees and for complying with all the covenants as prescribed in the terms of Offer Document / Information Memorandum / Debenture Trust Deed. 5. Pursuant to the requirements of Circular no. SEBI/HO/DDHS-PoD-1/P/CIR/2025/117 dated August 13, 2025 issued by Securities and Exchange Board of India, our responsibility for the purpose of this certificate is to provide a limited assurance on whether the book values of the assets of the Company contained in Columns A to J of the Statement have been accurately extracted and ascertained from the standalone unaudited books of account of the Company and other relevant records and documents maintained by the Company, and whether the Company has complied with financial covenants of the debentures. This did not include the evaluation of adherence by the Company with terms of the Offer Document / Information Memorandum / Debenture Trust Deed and the SEBI Regulations. 6. The engagement involves performing procedures to obtain sufficient appropriate evidence to provide limited assurance on the Statement as mentioned in paragraph 5 above. The procedures performed vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, we have performed the following procedures in relation to columns A to J of the Statement: a) Obtained the Statement from the management. b) Verified that the information contained in the Statement have been accurately extracted and ascertained from the standalone unaudited books of account of the Company as at and for the quarter ended June 30, 2026, and other relevant records and documents maintained by the Company, in the normal course of its business. c) Verified and examined the arithmetical and clerical accuracy of the information included in the Statement. d) Reviewed the terms of Offer Document / Information Memorandum / Debenture Trust Deed to understand the nature of charge (viz. exclusive charge or pari-passu charge) on assets of the Company. e) Obtained Register of Charges kept by the Company as per the requirements of the Companies Act, 2013 to understand the composition of charges already created on assets of the Company. f) Read the terms relating to financial covenants of the debentures and recomputed the financial covenants. g) Performed necessary inquiries with the management and obtained necessary representations.
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7. We conducted our examination and obtained the explanations in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India (ICAI) and the Standards on Auditing specified under Section 143(10) of the Act. This Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Review Historical Financial Information, and Other Assurance and Related Services Engagements. Conclusion 9. Based on the procedures performed as referred to in paragraph 6 above and according to the information and explanations provided to us by the Management of the Company, nothing has come to our attention that causes us to believe that the book values of the assets of the Company contained in Columns A to J of the Statement have not been accurately extracted and ascertained from standalone unaudited books of account of the Company as at and for the quarter ended June 30, 2026 and other relevant records and documents maintained by the Company and that the Company has not complied with financial covenants of the debentures. Restriction on Use 10. This certificate is addressed to and provided to the Board of Directors of the Company solely for the purpose of submission to the Debenture Trustee and should not be used by any other person or for any other purposes without our prior consent in writing. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing. Further, we do not accept any responsibility to update this certificate, subsequent to its issuance. For Deloitte Haskins & Sells LLP Chartered Accountants -100018) Mehul Parekh Partner (Membership No. 121513) Mumbai, August 03, 2026 UDIN:26121513FKMHJH6346
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Rs. in crores Column A Column B Column C Column D Column E Column F Column G Column H Column I Column J Column K Column L Column M Column N Column O Particulars Description of asset for which this certificate relate Exclusive Charge Exclusive Charge Pari- Passu Charge Pari- Passu Charge Pari- Passu Charge Elimination (amount in negative) (Total C to H) Debt for which this certificate being issued Other Secured Debt Debt for which this certificate being issued Assets shared by pari passu debt holder (includes debt for which this certificate is issued & other debt with pari-passu charge) Other assets on which there is pari- passu charge (excluding items covered in column F) debt amount considered more than once (due to exclusive plus pari passu charge) Market Value for Assets charged on Exclusive basis (pertaining to items mentioned in column C) Carrying /book value for exclusive charge assets where market value is not ascertainable or applicable (For E.g. Bank Balance, DSRA market value is not applicable) Market Value for Pari passu charge Assets Carrying value/book value for pari passu charge assets where market value is not ascertainable or applicable (For E.g. Bank Balance, DSRA market value is not applicable) Total Value (=K+L+M+ N) Book Value Book Value Yes/ No Book Value Book Value ASSETS Property, Plant and Equipment Refer note 4 351.63 (refer note 4) - No - - 6,443.36 - 6,794.99 1354.82 (refer note 2) 0.24 (refer note 3) - - 1,355.06 Capital Work-in- Progress - - - No - - 46.90 - 46.90 - - - - - Right of Use Assets - - - No - - 0.76 - 0.76 - - - - - Goodwill - - - No - - - - - - - - - - Intangible Assets - - - No - - 14.09 - 14.09 - - - - - Intangible Assets under Development - - - No - - 3.51 - 3.51 - - - - Investments - - - No - - 3,725.97 - 3,725.97 - - - - - Loans - - - No - - 409.26 - 409.26 - - - - - Inventories - - - No - - 203.75 - 203.75 - - - - - Trade Receivables - - - No - - 447.10 - 447.10 - - - - - Cash and Cash Equivalents - - - No - - 3,785.53 - 3,785.53 - - - - - Bank Balances other than Cash and Cash Equivalents - - - No - - 23.14 - 23.14 - - - - - Others - - - No - - 1,175.21 - 1,175.21 - - - - - Total 351.63 - - - 16,278.58 - 16,630.21 1,354.82 0.24 - - 1,355.06 LIABILITIES Debt securities to which this certificate pertains (Secured Non-Convertible debentures) (net of unamortised finance charges) - 463.37 (refer note 4 and 5) - No - - - - 463.37 - - - - - Other debt sharing pari-passu charge with above debt - - - No - - - - - - - - - - Other Debt - - No - - - - - - - - - - Subordinated debt - - No - - - - - - - - - - Borrowings( ECBs) - - No - - - - - - - - - - - - No - - - - - - - - - - Debt Securities (Unsecured Non- Convertible debentures) - - No - - 361.68 (refer note 5 and 7) - 361.68 - - - - - Others - - No - - - - - - - - - - Trade payables - - No - - 233.37 - 233.37 - - - - - Lease Liabilities - - No - - 0.84 - 0.84 - - - - - Provisions - - No - - 60.38 - 60.38 - - - - - Others - - No - - 593.27 - 593.27 - - - - - Total 463.37 - - - 1,249.54 - 1,712.91 - - - - - Cover on Book Value 0.76 Nil Cover on Market Value (refer note 7 below) 2.92 Nil Exclusive Security Cover Ratio Pari-Passu Security Cover Ratio The Great Eastern Shipping Company Limited ('the Company') not to be filled Assets not offered as Security and Debt not backed by any assets offered as Security Relating to Column F Related to only those items covered by this certificate Statement of Security Cover and Statement of Compliance Status of Financial Covenants in respect of Non-Convertible debentures of the Company as at and for the quarter ended June 30, 2026
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Notes: Sanctioned amount Outstanding as on June 30, 2026 Interest Accrued as on June 30, 2026 Book Value of assets mortgaged as on June 30, 2026 Market Value of assets mortgaged as on June 30, 2026 1 INE017A07559 300.00 300.00 5.82 191.03 754.91 2 INE017A07567 150.00 150.00 7.97 160.60 599.91 Total 450.00 450.00 13.79 351.63 1,354.82 For The Great Eastern Shipping Company Limited G. Shivakumar Executive Director and Chief Financial Officer DIN: 03632124 Date: August 03, 2026 Place: Mumbai 8) The Company has complied with the financial and other covenants as per the debenture trust deeds with respect to Non-convertible debentures issued by it. 1) The financial information as on June 30, 2026 has been extracted from the standalone unaudited books of account as at and for the quarter ended June 30, 2026 and other relevant records and documents of the Company. 2) The market values of the security (vessels) as at June 30, 2026 have been considered based on the reports of research agencies appointed by the Company. The Statutory Auditors have not performed any independent procedures in this regard. 3) The Company has created additional security by way of mortgage of immovable properties having a carrying value of Rs. 0.24 crore as at June 30, 2026. 5) Borrowings include total interest accrued as at June 30, 2026 of Rs. 25.57 Crores [{a} Rs. 13.79 Crores - Debt for which this certificate being issued (Secured NCDs) and {b} Rs. 11.78 Crores - Debt not backed by any assets offered as Security (Unsecured NCDs)]. 7) As per the terms of Unsecured Non-Convertible debenture agreement, the Company has maintained unencumbered assets (including cash and cash equivalents) of market value not less than outstanding face value amount of these unsecured Non-Convertible debentures. 4) ISIN wise details of Secured Non-Convertible debentures and interest accrued thereon. Sr No Amount in INR crores Assets Covered Vessels ISIN Jag Aalok and Jag Leela Jag Leena Immovable Property Flat No. 244, Falcon Crest at Mumbai Flat No. 2A-II, 2nd Floor, The Great Eastern Royale at Mumbai