NSE: GPPL · BSE: 533248
GUJARAT PIPAVAV PORT LTD
Operates a port at Pipavav in Gujarat handling four cargo streams: containers, roll-on/roll-off (RoRo) vehicles, dry bulk, and liquid cargo. In FY26, container throughput was 668,000 TEUs, RoRo units reached 229,000, dry bulk totalled 2.90 million MT, and liquid cargo was 1.59 million MT. Q1 FY27 saw RoRo jump 55% year-on-year to 65,000 units and containers edge up 2.4% to 168,000 TEUs, while liquid cargo fell 46% to 0.22 million MT. Revenue from operations grew 17.5% to ₹1,158.378 crore in FY26, with net profit of ₹515.165 crore and an FY26 EBITDA margin of 69.1453%. The cost structure is dominated by other operating expenses (31% of revenue) and depreciation (10.9%), with no material inputs — characteristic of a port that sells throughput capacity rather than buying commodities. The facility is operated under a concession agreement with Gujarat Maritime Board, and the promoter is APM Terminals Mauritius Limited, part of the Maersk group. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Containers, RoRo (roll-on roll-off), Dry bulk, Liquid cargo, Rail-linked container trains. Asset-heavy port infrastructure operating under a long-term concession, with revenue tied to cargo throughput volumes.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 744 | 917 | 988 | 988 | 1,158 |
| EBITDA (ex other income) | 408 | 465 | 520 | 578 | 728 |
| margin % | 54.9 | 50.7 | 52.6 | 58.5 | 62.8 |
| Owners' profit | 0 | 0 | 342 | 0 | 0 |
| EPS, as reported (₹) | 4.08 | 6.48 | 7.07 | 8.21 | 10.66 |
| ROE % · ROCE % | 8.8 · 12.4 | 13.6 · 15.5 | 14.8 · 18.7 | 17.0 · 21.0 | 21.6 · 25.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 399 | 370 | 485 | 429 | 489 |
| Capex | (51) | (58) | (72) | (95) | (290) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 227 | 263 | 252 | 250 | 299 | 292 | 317 | 332 |
| Profit before tax | 123 | 126 | 146 | 135 | 208 | 136 | 189 | 197 |
| Net profit | 75 | 99 | 112 | 104 | 161 | 108 | 142 | 148 |
| EPS (₹) | 1.56 | 2.06 | 2.32 | 2.16 | 3.32 | 2.23 | 2.95 | 3.06 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI PORT & SEZ LTD | 4,04,274 | 29.9 | 4.08 | 18.3 | 12.9 | 8.6 | 25.3 | 68.3 |
| JSW INFRASTRUCTURE LTD | 73,272 | 44.3 | 6.27 | 27.5 | 13.2 | 10.2 | — | 50.6 |
| GUJARAT PIPAVAV PORT LTD ◆ | 7,745 | 13.9 | 3.24 | 9.7 | 21.6 | 25.6 | 9.6 | 69.2 |
| ALLCARGO TERMINALS LTD | 627 | 15.6 | 1.78 | 3.6 | 12.5 | 4.3 | — | 23.1 |
| Starlog Enterprises Limited | 53 | — | 0.79 | — | (19.9) | (13.0) | (43.5) | 18.8 |
| VMS INDUSTRIES LTD. | 42 | 10.5 | 0.75 | — | 1.8 | 2.2 | — | 2.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.9 | 15.8 | 4 of 10 | 67% |
| P/B | 3.2 | 1.4 | 9 of 11 | 20% |
| ROCE | 25.6 | 6.7 | 1 of 14 | 100% |
| ROE | 21.6 | 12.4 | 1 of 11 | 100% |
| Debt / Equity | 0.0 | 0.4 | 1 of 11 | 80% |
| EBITDA margin | 69.2 | 39.5 | 4 of 15 | 79% |
| Revenue growth | 32.5 | 13.2 | 1 of 12 | 100% |
| Profit growth | 41.8 | 10.2 | 5 of 13 | 67% |
| Market cap | 7745 | 314 | 4 of 15 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board meeting on 4 Nov to consider Q2 results and interim dividend | board shareholder meetings | low | — | — |
| 7 Oct 2026 · Q2 FY27 cargo volumes: Containers up 17%, Dry Bulk and Liquid decline | business updates | medium | — | — |
| 23 Sept 2026 · Trading window closed from October 1 to November 6 for Q2 results | compliance | minimal | — | — |
| 11 Sept 2026 · All 6 resolutions passed at GPPL 34th AGM, Rs 5 final dividend declared | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Scrutinizer report on 34th AGM voting, all 6 resolutions passed | board shareholder meetings | low | — | — |
| 9 Sept 2026 · GPPL 34th AGM proceedings re-submitted with resolutions | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Proceedings of 34th AGM held on September 9, 2026 | board shareholder meetings | low | — | — |
| 26 Aug 2026 · GPPL gets comfort letter from GMB for concession period extension | regulatory legal | high | — | — |
| 17 Aug 2026 · AGM on Sep 9, 2026; Annual Report FY26 filed; highest ever dividend of Rs 10.40 per share | board shareholder meetings | low | — | — |
| 12 Aug 2026 · GPPL Q1 FY27 results: Revenue up 33%, net profit up 46% year on year | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.