GIPCL
Gujarat Industries Power Company share price & financials
- Price
- ₹162.11
- Market cap
- ₹3.1k Cr
- Sector
- Power
- Calls analysed
- 1
Gujarat Industries Power Company Limited Q4 & FY26
What went well
- 600 MW Khavda solar project expected to generate ₹420 crores revenue and ₹350-360 crores EBITDA in FY27.
- Overall solar division EBITDA projected to increase from ₹332 crores in FY26 to ₹600 crores in FY27.
- Thermal lignite plants (SLPP 1 & 2) operating at high PLF (over 75% and 80% respectively).
What to watch
- Power evacuation issues persist for the Khavda region due to KPS 2 not being fully ready, though GIPCL's 600 MW is fully evacuating.
- Gas-based power plants are unlikely to be revived due to geopolitical situation, leading to plans for BESS conversion.
What Gujarat Industries Power Company Limited does
GIPCL generates and sells electricity from a diversified portfolio of gas-based and lignite-based thermal plants and wind and solar renewable plants located across Gujarat. It operates captive Vastan and Mangrol-Valia lignite mines to fuel its Surat Lignite Power Plant, reducing dependence on external fuel supply. The company was promoted by Gujarat State Fertilizers and Chemicals Ltd, Gujarat Alkalies and Chemicals Ltd and Gujarat Urja Vikas Nigam Ltd, and sells power under long-term PPAs and group-captive arrangements to state utilities and industrial customers. It earns by selling generated units of power and, where applicable, mined lignite/limestone used in its own operations.
Segments
- Thermal - Gas
- Thermal - Lignite
- Renewable - Wind
- Renewable - Solar
- Total installed generation capacity
- 1,574.4 MW
- Individual generating units/plants commissioned
- 19 units (gas, lignite, solar and wind) commissioned between 1992 and 2025
- Captive lignite mines
- 2 (Vastan Lignite Mine and Mangrol-Valia Lignite Mine) supplying the Surat Lignite Power Plant
- Thermal capacity mix
- 310 MW gas-based (Vadodara) + 500 MW lignite-based (Surat Lignite Power Plant, two phases)
- Wind power capacity
- 112.4 MW across 5 sites in Kutch, Amreli, Botad, Rajkot and Porbandar districts, Gujarat
- Solar power capacity
- 262 MW across Charanka, Raghanesda and Vastan solar parks, plus additional Khavda solar units commissioned in 2025
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 0 delivered 0 missed 8 open- Total EBITDA open said Q4 FY26 Promised: INR950 crores to INR1,000 crores for FY27 Q4 FY26: this EBITDA margin of INR950 crores to INR1,000 crores will be there, as you rightly mentioned.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 34.1%, net profit up 177.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 276 | 322 | 338 | 372 | 321 +16% | 370 +15% | 428 +27% | 499 +34% |
| EBITDA | 81 | 89 | 119 | 113 | 108 +33% | 122 +37% | 195 +64% | 242 +114% |
| Net profit | 35 | 39 | 70 | 57 | 21 −40% | -3 −108% | 327 +367% | 158 +177% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +1.2% 1Y
1Y: ₹197.38 on 10 Sept 2025 → ₹199.72. High ₹208.04 (3 Sept 2026), low ₹120.8 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +0.7%
- 10 Jul
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 3.2% a year over 3 years, FY23 to FY26. Operating margin widened to 36.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.5k Cr |
| Operating profit | ₹408 Cr | ₹382 Cr | ₹405 Cr | ₹538 Cr |
| Operating margin | 30.1% | 28.3% | 32.2% | 36.1% |
| Interest | ₹38 Cr | ₹37 Cr | ₹32 Cr | ₹110 Cr |
| Depreciation | ₹165 Cr | ₹168 Cr | ₹170 Cr | ₹278 Cr |
| Net profit | ₹189 Cr | ₹198 Cr | ₹212 Cr | ₹402 Cr |
| Net margin | 14.0% | 14.7% | 16.9% | 27.0% |
| Cash from operations | ₹410 Cr | ₹562 Cr | ₹610 Cr | ₹649 Cr |
| Free cash flow | ₹284 Cr | ₹100 Cr | ₹-1.6k Cr | ₹-1.7k Cr |
| ROCE | 8.0% | 8.0% | 6.0% | 5.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹151 Cr | ₹151 Cr | ₹151 Cr | ₹151 Cr | ₹155 Cr | ₹155 Cr |
| Reserves | ₹2.7k Cr | ₹2.9k Cr | ₹3.0k Cr | ₹3.2k Cr | ₹3.4k Cr | ₹3.7k Cr |
| Borrowings | ₹480 Cr | ₹529 Cr | ₹493 Cr | ₹614 Cr | ₹2.8k Cr | ₹3.6k Cr |
| Other liabilities | ₹794 Cr | ₹830 Cr | ₹839 Cr | ₹1.3k Cr | ₹2.2k Cr | ₹2.0k Cr |
| Total liabilities | ₹4.1k Cr | ₹4.4k Cr | ₹4.5k Cr | ₹5.2k Cr | ₹8.6k Cr | ₹9.4k Cr |
| Fixed assets | ₹2.6k Cr | ₹3.1k Cr | ₹3.0k Cr | ₹3.0k Cr | ₹4.5k Cr | ₹6.0k Cr |
| Capital work in progress | ₹292 Cr | ₹41 Cr | ₹75 Cr | ₹437 Cr | ₹2.3k Cr | ₹2.1k Cr |
| Investments | ₹88 Cr | ₹148 Cr | ₹106 Cr | ₹124 Cr | ₹103 Cr | ₹96 Cr |
| Other assets | ₹1.1k Cr | ₹1.2k Cr | ₹1.4k Cr | ₹1.7k Cr | ₹1.7k Cr | ₹1.2k Cr |
| Total assets | ₹4.1k Cr | ₹4.4k Cr | ₹4.5k Cr | ₹5.2k Cr | ₹8.6k Cr | ₹9.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +7.76 pp while the government trimmed −6.01 pp. The shareholder count shrank 2% to 90,955.
- Promoters
- 56.6%
- FIIs
- 2.9%
- DIIs
- 5.0%
- Government
- 1.4%
- Public
- 34.1%
Since Jun 2025
- Public +7.76 pp
- Government −6.01 pp
- FIIs −1.16 pp
How it drifted, 12 quarters
Over this window the public went from 26.8% to 34.1% — +7.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 55.7%, FIIs 3.9%, DIIs 6.0%, Government 7.6%, Public 26.8%.Dec '23: Promoters 55.4%, FIIs 3.9%, DIIs 6.0%, Government 7.6%, Public 27.1%.Mar '24: Promoters 55.4%, FIIs 5.0%, DIIs 5.9%, Government 7.6%, Public 26.1%.Jun '24: Promoters 55.4%, FIIs 4.7%, DIIs 5.9%, Government 7.6%, Public 26.4%.Sep '24: Promoters 55.4%, FIIs 4.5%, DIIs 6.3%, Government 7.6%, Public 26.2%.Dec '24: Promoters 55.4%, FIIs 4.8%, DIIs 6.0%, Government 7.6%, Public 26.1%.Mar '25: Promoters 56.6%, FIIs 4.2%, DIIs 5.7%, Government 7.5%, Public 26.1%.Jun '25: Promoters 56.6%, FIIs 4.0%, DIIs 5.6%, Government 7.5%, Public 26.4%.Sep '25: Promoters 56.6%, FIIs 3.7%, DIIs 5.2%, Government 7.5%, Public 27.1%.Dec '25: Promoters 56.6%, FIIs 2.6%, DIIs 5.0%, Government 7.5%, Public 28.4%.Mar '26: Promoters 56.6%, FIIs 2.7%, DIIs 5.1%, Government 7.5%, Public 28.2%.Jun '26: Promoters 56.6%, FIIs 2.9%, DIIs 5.0%, Government 1.4%, Public 34.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Gujarat Energy Limited newly disclosed 2.38% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Gujarat Industries Power Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gujarat Urja Vikas Nigam Limited | 24.73% | unchanged |
| Gujarat Alkalies And Chemicals Limited | 16.15% | unchanged |
| Gujarat State Fertilizers & Chemicals Limited | 15.68% | unchanged |
| HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund | 4.08% | unchanged |
| Gujarat Power Corporation Limited | 3.21% | unchanged |
| Gujarat Energy Limited | 2.38% | newly disclosed |
| Gujarat State Electricity Corporation Limited | 1.42% | unchanged |
| First Water Fund AIF | 1.41% | −0.10 pp |
| Liquidators Petrofills Cooperative Limited | 0.00% | unchanged |
| Gujarat State Petroleum Corporation Limited | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GIPCL
Filings to Jul 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹102 Cr
- 1 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹102 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹102 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Jul 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +97%
- vs est. average cost
- Held by funds
- ₹102 Cr
- 1 schemes · ≈ 3.3% of the company
Shares held by these funds −10%
Aug '23 63.27 L shares Jul '26
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