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Nomura Projects 31% Upside for GE Shipping on Strong Fundamentals and Cash Pile

CNBC TV18•28-09-2026, 08:53

•Nomura initiated coverage on Great Eastern Shipping Company Ltd. with a "buy" recommendation and a target price of ’1,965 per share, projecting a 31% upside.
•GE Shipping is identified as a cyclical compounder with a strong cash pile, well-positioned for a shipping downcycle, and management disciplined in asset acquisition and leverage.
•The company holds a ’8,000 crore cash pile, representing 30% of its net asset value, which Nomura believes can double its existing fleet when the cycle turns negative.
•GE Shipping's NAV clocked a 27% CAGR from FY2021-2026, driven by operating cash flow and increased asset value due to global shipping market disruptions.
•The company reported a net profit of ’1,309 crore in Q1, more than doubling year-over-year, with revenue up 66.9% and EBITDA margin expanding to 66.7%.

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Key Questions Answered

Nomura initiated coverage on Great Eastern Shipping Company with a buy recommendation and set a target price of ₹1,965 per share, projecting a 31% upside from its previous close.

The company reported that its net profit more than doubled to ₹1,309 crore, revenue increased by 66.9% to ₹2,005.4 crore, and EBITDA more than doubled to ₹1,337.7 crore for the first quarter.

Great Eastern Shipping is sitting on a cash pile of ₹8,000 crore as of the June quarter, which accounts for 30% of its net asset value and 38% of its market capitalization.