Highlights

  • 554.59% one-year basic EPS growth, P/E of 7.17 and PEG of 0.52.
  • Fiscal first quarter 2027 net income was $138,285,022, against $10,082,101 a year earlier.
  • The TCE rate was $75,926 per available day, against $39,726.
  • The Board declared a $1.00 per share irregular dividend on July 16, 2026.

Dorian LPG (NYSE:LPG) reported net income of $138,285,022 for its fiscal first quarter 2027, and the undervalued growth stock figures read 554.59% one-year growth in basic earnings per share, a trailing twelve-month P/E of 7.17 and an expected-basis PEG of 0.52, with shares trading at USD 54.34 on October 28, 2026, up 0.10%. On the company's side, the LPG shipper entered a shipbuilding contract for a newbuilding dual-fuel Panamax VLGC on June 22, completed the sale of two older VLGCs in July, and declared an irregular cash dividend of $1.00 per common share on July 16.

Dorian LPG was incorporated in the Republic of the Marshall Islands on July 1, 2013, and has its principal executive offices in Stamford, Connecticut. It owns and operates very large gas carriers (VLGCs) in the international transportation of liquefied petroleum gas. Its fleet consists of twenty-five VLGCs, including six time chartered-in vessels, with an aggregate carrying capacity of approximately 2.1 million cbm, all employed in the Helios Pool as of July 30, 2026. The company operates as one segment.

Growth: Fiscal First Quarter Earnings, Revenues and Rates

Net income was $138,285,022 for the quarter ended June 30, 2026 against $10,082,101 a year earlier. Basic earnings per common share were $3.25 against $0.24, and diluted earnings per common share were $3.24 against $0.24. Revenues were $187.9 million against $84.2 million, up 123.1%, which the company attributed primarily to higher average TCE rates and more available days.

The time charter equivalent (TCE) rate, a non-GAAP measure, was $75,926 per available day against $39,726. The company attributed the rise primarily to higher spot rates, partially offset by higher bunker prices. Available days were 2,469 against 2,086. Adjusted EBITDA, also non-GAAP, was $165,430,566 against $38,578,336, and the quarter included a $30.1 million gain on the sale of the VLGC Cobra.

Valuation: P/E of 7.17, PEG of 0.52 and Cash Generation

The P/E ratio of 7.17 is measured on trailing twelve-month earnings, and the PEG ratio of 0.52 on expected growth. Net cash provided by operating activities was $30.5 million against $0.8 million.

On the fiscal first quarter 2027 earnings call, the Chief Financial Officer said the $1.00 per share irregular dividend reflects a constructive market outlook while leaving the company financial flexibility for future fleet reinvestment. He said management will balance shareholder distributions, debt reduction and fleet investment.

Dividends, Repurchases, Debt and Liquidity

The Board declared an irregular cash dividend of $1.00 per common share on May 7, 2026, totaling $42.8 million. A further irregular dividend of $1.00 per share, totaling approximately $42.8 million, was declared July 16 and is payable on or about August 12. The Board may increase, decrease or eliminate the dividend at any time, the company said.

Under its $100.0 million repurchase authority from February 2, 2022, the company has bought 355,511 shares for $7.9 million in total, with no purchases in the quarter. Cash and cash equivalents were $342.1 million at June 30, 2026. Long-term debt, net of deferred financing fees of $4.9 million, was $507.5 million, including $158.7 million of principal due within twelve months. The July sales of the Corsair and Constellation brought vessel sale proceeds, net of commission, of $166.4 million, and the company expects a cumulative gain of approximately $63.5 million.

Disclosed Risks and Outlook

Charter hire expenses were $22.6 million against $10.7 million, as time chartered-in days rose from 370 to 546. Interest and finance costs were $8.7 million against $7.7 million. The company disclosed that an aging fleet could increase operating costs, that a VLGC special survey costs approximately $2.1 million to $2.3 million per vessel, and that it may need other financing, with no assurance of acceptable terms, if its cash and cash flows prove insufficient.

The company listed developments in the Middle East, including the U.S.-Iran conflict, among the factors that can affect LPG supply and demand. On the call, management described the Strait of Hormuz closure for most of the quarter and a ceasefire it called fragile.

Management said on the call that it expects its cash cost per day for the coming year to be approximately $26,000 to $27,000, excluding dry docking costs for the Captain John planned for the fourth fiscal quarter. It said forward booking information will follow in the coming weeks, that a sale of the Clermont is expected to complete in September or October, and that its fleet renewal program will be conservative. The 90,000 cbm newbuilding from HD Hyundai Heavy Industries has expected delivery in the third calendar quarter of 2029.