Essar Shipping swings to Rs 29.55 cr loss as other income collapses
Revenue was unchanged at Rs 0.04 cr, while expenses rose 85.48% sequentially and interest increased 2.75%.
Filed 04 Nov 2026, 17:59 IST · after market close · Essar Shipping Ltd (ESSARSHPNG)
Key takeaways
- Essar Shipping reported a consolidated net loss of Rs 29.55 cr in Q2FY27, against a Rs 230.41 cr profit in Q1FY27.
- Revenue stayed at Rs 0.04 cr while expenses rose 85.48% sequentially, widening the operating-margin decline by 6475 percentage points.
- Other income fell 99.39% to Rs 1.58 cr from Rs 258.29 cr, removing the main support for the prior quarter's profit.
Price around the results
Operating loss deepens on flat revenue
Essar Shipping's consolidated revenue was unchanged at Rs 0.04 cr sequentially, while expenses increased 85.48% to Rs 5.62 cr. With costs rising against no revenue growth, operating loss widened to Rs 5.58 cr and the operating margin declined by 6475 percentage points to -13950.00%.
Q1's exceptional income support disappeared
Other income dropped 99.39% to Rs 1.58 cr from Rs 258.29 cr in Q1FY27, when it more than offset the operating loss and finance costs. Interest also rose 2.75% to Rs 25.37 cr, while the tax rate remained 0.00%; the current-quarter loss therefore reflects both the absence of the prior quarter's other-income support and the continuing interest burden.
Lowest operating margin among 45 reported Services peers
Essar Shipping's operating margin of -13950.00% was 13971.73 percentage points below the Services-sector median of 21.73% among 45 peers that had reported the quarter. The extreme percentage is amplified by the very small revenue base of Rs 0.04 cr, but the company still ranked last on this measure.
Results were filed after market close
The consolidated results were filed after market close on 4 November 2026. No market reaction is covered here because the results were too fresh for a reported post-results move.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹0 cr | ₹0 cr | +0.00% |
| Other income | ₹2 cr | ₹258 cr | -99.39% |
| Expenses | ₹6 cr | ₹3 cr | +85.48% |
| Operating profit | ₹-6 cr | ₹-3 cr | -86.62% |
| Operating margin (%) | -13950.00% | -7475.00% | — |
| Interest | ₹25 cr | ₹25 cr | +2.75% |
| Depreciation | ₹0 cr | ₹0 cr | -10.00% |
| Profit before tax | ₹-30 cr | ₹230 cr | — |
| Tax | ₹0 cr | ₹0 cr | — |
| Net profit | ₹-30 cr | ₹230 cr | — |
| EPS (₹) | ₹-1.43 | ₹11.13 | — |
Operating margin of -13950.00% compares with a Services sector median of 21.73% across 45 peers that have reported Q2FY27.
What to watch
- Whether revenue moves above Rs 0.04 cr in the next quarter.
- Whether expenses come down from Rs 5.62 cr after rising 85.48% sequentially.
- Whether interest remains close to or above Rs 25.37 cr.