Dorian LPG steps into its Q4 FY2026 earnings call — already published pre-market today — with the stock up 16.7% over the past month and short sellers caught in a squeeze, having rebuilt positions into a rising price.
The results, just released, tell a powerful story. Q4 TCE revenue came in at $63,615 per available day, the second-highest in company history. Net income for the full year hit $193.7 million, more than double the $90.2 million recorded a year ago. EPS from continuing operations reached $4.55, versus $2.14 in FY2025. The board lifted the most recent regular dividend to $1 per share, up sharply from prior quarters, and the company closed the fiscal year with $327.4 million in free cash. Debt-to-book-cap stood at a conservative 33.2%. These are the numbers that bulls have been waiting for.
The positioning picture is more complicated. Short interest climbed 9.1% over the past week to roughly 4.1% of the free float — not extreme, but moving in the wrong direction for bears given the price action. Monday saw a sharp single-day unwind of 11.2%, so some of that rebuilt short position was already cut heading into the print. Critically, borrow conditions offer no support to new short sellers: cost to borrow has dropped 27.9% over the past month to just 0.50%, and availability is abundant at 1,150% — meaning shares are easy to borrow and the lending pool is far from stressed. The ORTEX short score of 40.9 is mid-range and drifted lower after a brief spike mid-week, consistent with a market leaning long rather than crowded short. Options traders have moved decisively to the bull side: the put/call ratio is 0.09, well below its 20-day average of 0.13, registering more than a standard deviation below the mean and near the 52-week low end. That skew reflects demand for calls, not puts — options positioning is firmly constructive.
The Street has been directionally positive but thin in coverage. Jefferies initiated with a Buy and a $42 target in late April, the most recent analyst action and the most relevant data point given that most other changes date back to 2025 or earlier. The mean price target of $41 is fractionally below the current price of $42.32, which simply means the stock has now traded through the consensus — a common pattern after a sharp rally. The bull case centres on the structural growth in US VLGC exports, which rose 8.3% year-on-year in H1 2025, and on the proven ability of the Helios Pool to capture rate spikes. The bear case — compressed spot rates from a projected $50,000-per-day average toward $30,000 — looks increasingly dated given the Q4 TCE print of $65,600 per day through the pool. On valuation, the stock trades at a P/E of 13.3x and EV/EBITDA of 9.4x, with the EV/EBITDA multiple down 0.28x over the past month as earnings growth has outpaced the price rally. The dividend score ranks in the 85th percentile, consistent with management's stated commitment to returning capital.
Insider activity adds an interesting footnote. The CEO (Hadjipateras) bought 15,000 shares at $27.30 in early January — now sitting on a 55% gain. Subsequent selling by the subsidiary CEO (Lycouris) and CFO in February and April, at prices in the $35 range, reflected profit-taking at levels that the stock has now clearly surpassed. The net insider position over the 90-day window is a buy of 80,000 shares at a net value of roughly $2.66 million. The founder and CEO's January purchase stands out as the clearest signal; the subsequent exec sales read as routine monetisation, not conviction selling.
In the peer group, the divergence is striking. Crude tanker names that share high correlation with LPG have had a rough week: TNK fell 5.1%, INSW dropped 5.8%, and STNG was down 3.6%. Even ASC slipped 0.6%. Only BWLPG, LPG's closest VLGC peer, kept pace — up 4.8% on the week, consistent with the LPG-specific tailwind. The divergence underlines that this is a product-market story, not a broad shipping rally.
The next focus shifts to the Q4 earnings call itself and any forward guidance on rate trajectories, fleet deployment strategy, and the dividend outlook for FY2027 — particularly whether the $1-per-share quarterly dividend signals a new floor or was one-time in nature.
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