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Stock Analysis

Description

Gujarat Pipavav Port is India's first private sector port, strategically located on the Gujarat coast to serve international maritime trade routes. It handles container, dry bulk, liquid bulk, and RoRo cargo.

Key Growth Triggers

Awarded a 5-year contract by ONGC for port and storage facilities starting October 2025.
Signed a non-binding MOU with Gujarat Maritime Board for proposed future investments of Rs 17,000 crore, contingent on concession extension.
Strengthened RoRo handling capacity with a new MOU with NYK India.
Strong operational performance in Q3 FY26, particularly in Dry Bulk (+20.8% YoY), Liquid (+2.6% YoY), and RoRo (+40.9% YoY) volumes.

Order Book

Currently no data available for Order Book.

Key Red Flags

Shareholder dissent was noted on certain director re-appointments at the 33rd AGM.
Historically, the company has delivered low sales growth (6.08%) over the past five years.

Key Dates To Watch

Analyst and investor meetings held in November 2025.
Trading window closure from January 1, 2026, to February 12, 2026, for Q3 FY26 results.

Corporate Announcements

24th Mar 26

Impact Rating: 6

Gujarat Pipavav Port Limited has announced the closure of its trading window from April 1, 2026, to May 30, 2026, to facilitate the consideration of financial results for the quarter and fiscal year ending March 31, 2026.

10th Feb 26

Impact Rating: 8

Gujarat Pipavav Port presented its Q3 FY26 results, noting 11% YoY revenue growth and 16% EBITDA rise. Key volumes like Liquid and Bulk saw significant increases.

10th Feb 26

Impact Rating: 8

Gujarat Pipavav Port reported Q3 FY26 results with standalone revenue at ₹2,922.51 Cr (up 11.17% YoY). Consolidated Net Profit for the nine-month period grew 30.91% YoY to ₹3,729.71 Cr, boosted by exceptional gains.

2nd Feb 26

Impact Rating: 2

The Board of Gujarat Pipavav Port Limited will meet on February 10, 2026, to consider its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

19th Jan 26

Impact Rating: 2

Gujarat Pipavav Port Limited (GPPL) has received an intimation regarding the resignation of its GMB nominee director, Mr. Rajkumar Beniwal, IAS.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Adani Ports	1465.30	28.13	337587.66	0.48	3120.20	25.07	9167.46	29.72	13.80	34745.59	59.41	12001.54	3109.05	4.72	8.59	0.85
2.	JSW Infrast	275.45	36.45	57771.79	0.29	368.81	-2.76	1265.59	26.39	13.92	4954.45	48.80	1585.05	361.24	5.67	9.55	0.52
3.	Guj Pipavav Port	189.08	21.26	9137.51	4.34	158.31	37.83	299.35	31.85	24.89	1064.46	58.38	429.87	126.11	4.20	14.85	0.02
4.	Allcargo Termi	27.63	23.56	748.37	0.00	11.30	-3.44	207.16	6.29	11.59	767.68	18.36	31.76	11.30	2.61	3.75	2.09
5.	VMS Industries	28.54	10.95	69.85	1.75	0.47	-34.72	42.58	-56.31	12.14	167.88	3.43	6.38	0.47	0.72	4.21	0.25
6.	Starlog Enterp.	36.14	–	54.09	0.00	-3.45	-275.96	2.03	-39.58	-2.00	12.91	-18.28	-5.96	-2.70	0.77	-2.01	0.01
–	Median: 4 Co.	232.26	25.84	33454.65	0.39	263.56	11.16	782.47	28.05	13.86	3009.45	53.59	1007.46	243.68	4.46	9.07	0.69

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	249	270	263	215	246	250	235	251	252	227	253	227	299
Expenses	109	110	124	109	96	102	105	94	95	106	102	94	122
Operating Profit	140	159	139	106	150	148	130	157	157	121	151	133	178
Other Income	-1	19	19	14	22	20	11	-32	19	5	25	21	67
Profit before tax	108	147	126	89	140	135	111	93	146	95	145	123	212
Tax %	26%	25%	25%	26%	25%	25%	25%	25%	25%	26%	26%	26%	25%
Net Profit	79	110	94	66	105	101	84	70	109	71	108	92	158
EPS in Rs	1.64	2.28	1.94	1.36	2.16	2.08	1.74	1.45	2.26	1.47	2.23	1.89	3.27

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	518	867	660	683	649	702	735	733	741	917	988	988	1,064
Expenses	261	365	278	262	275	313	289	311	331	414	415	410	443
Operating Profit	257	502	382	421	374	389	447	422	411	503	574	578	621
Other Income	33	-5	24	33	37	45	51	44	26	13	25	81	125
Interest	37	26	0	0	0	0	7	6	5	8	9	6	6
Depreciation	61	83	97	107	104	113	131	133	129	116	116	117	122
Profit before tax	192	387	309	347	307	321	359	327	302	392	474	536	619
Net Profit	192	387	191	250	198	206	292	218	193	292	354	399	462
EPS in Rs	3.97	8.01	3.95	5.17	4.11	4.25	6.05	4.52	4.00	6.04	7.32	8.26	9.55
Dividend Payout %	0%	0%	48%	74%	83%	82%	93%	100%	100%	101%	100%	99%	–

Balance Sheet

Standalone figures in ₹ crores

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	483	483	483	483	483	483	483	483	483	483	483	483	483
Reserves	920	1,307	1,513	1,536	1,531	1,538	1,601	1,549	1,549	1,595	1,609	1,635	1,691
Borrowings	304	0	0	0	0	0	58	47	47	79	79	63	51
Other Liabilities	159	200	282	331	296	348	282	363	442	479	526	498	475
Total Liabilities	1,867	1,991	2,279	2,351	2,310	2,369	2,426	2,442	2,522	2,637	2,698	2,681	2,699
Fixed Assets	1,358	1,339	1,342	1,676	1,686	1,590	1,583	1,467	1,408	1,363	1,358	1,329	1,342
Gross Block	–	1,981.48	1,439.36	1,878.03	1,991.24	2,007.58	2,111.52	2,105.99	2,153.11	2,198.84	2,273.35	2,338.21	–
Accumulated Depreciation	–	642.15	96.99	201.85	304.96	417.52	528.99	638.73	744.90	835.69	915.27	1,009.42	–
CWIP	106	65	392	92	32	45	6	53	49	95	81	83	26
Investments	83	83	83	83	83	83	83	83	83	83	83	83	83
Other Assets	320	503	462	499	509	651	754	839	982	1,096	1,177	1,186	1,248
Total Assets	1,867	1,991	2,279	2,351	2,310	2,369	2,426	2,442	2,522	2,637	2,698	2,681	2,699

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	290	444	389	402	315	296	340	384	380	370	485	446
Cash from Investing Activity	-176	-207	-285	-241	-129	-122	-81	-101	-166	-82	-107	-56
Cash from Financing Activity	-54	-332	-0	-227	-204	-198	-250	-296	-220	-273	-370	-401
Net Cash Flow	60	-95	104	-66	-18	-25	8	-13	-6	15	8	-11

Ratios

Standalone Figures in ₹ Crores / Yearly

	Dec 2013	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	24	15	16	15	14	26	23	24	26	34	21	18
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	24	15	16	15	14	26	23	24	26	34	21	18
Working Capital Days	-60	-31	-93	-101	-91	-69	-59	-75	-79	-52	-106	-105
ROCE %	13%	26%	17%	17%	15%	16%	18%	16%	15%	21%	25%	25%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%
FIIs	22.36%	21.90%	21.02%	20.12%	19.81%	18.31%	18.53%	19.81%	20.49%	19.45%	19.48%	19.82%
DIIs	21.54%	22.13%	22.66%	21.23%	20.01%	17.38%	17.04%	16.42%	16.75%	17.10%	16.25%	15.73%
Public	12.10%	11.98%	12.32%	14.65%	16.19%	20.31%	20.42%	19.77%	18.75%	19.44%	20.26%	20.43%