GPPL

Gujarat Pipavav Port share price & financials

Price
₹151.22
Market cap
₹7.8k Cr
Sector
Services
Calls analysed
6
Latest concall · Q1 FY27 · call held 13 Aug 2026

Gujarat Pipavav Port Limited Q1 FY27

Revenue — +33%EBITDA — +45%EBITDA Margin 64% Net Profit — +46%

What went well

  • Revenue for the quarter was higher by 33% YoY.
  • EBITDA was higher by 45% YoY with margins at 64%.
  • Net profit was higher by 46% YoY.

What to watch

  • Dry Bulk volumes were down by 7% YoY, largely due to minerals and limestone.
  • Liquids volumes were down by 47% YoY, with a significant 63% decline in LPG volumes.
Read the full call →

What Gujarat Pipavav Port Limited does

Gujarat Pipavav Port Limited builds, operates and maintains an all-weather, multi-cargo, multi-user port at Pipavav in Amreli district on India's West Coast, under a concession from the Gujarat Maritime Board. It earns port charges by handling four cargo types — containers, dry bulk, liquid cargo and RoRo (automobile) units — for shipping lines, cargo owners and OEMs, and serves as a gateway for the cargo belt of North and North-West India via direct rail linkage to the Western Dedicated Freight Corridor. The port is promoted by APM Terminals (part of the Maersk Group), which also renders port-operations-related services to vessels calling at Pipavav under a related-party arrangement.

Segments

  • Container
  • Dry Bulk
  • Liquid Cargo
  • RoRo
Port concession agreement validity
Until September 2028 (Gujarat Maritime Board)
Rail connectivity
Direct rail link to the Western Dedicated Freight Corridor (since September 2021), supporting double-stack container trains
Car-rake handling infrastructure
Additional rail siding commissioned to handle 2 car rakes simultaneously for automobile exports
RoRo (automobile) handling capacity
~250,000 cars currently handled, capacity for 300,000-350,000; new NYK PDI facility (under development) to raise capacity to ~500,000 cars
Liquid cargo handling capacity
2 million MT currently; a second liquid berth under construction (environment clearance received) will raise capacity to 5.2 million MT
Port location/gateway
West Coast India gateway serving the cargo belt of North and North-West India
Headquarters Pipavav Port, Post Office Rampara No. 2, Via Rajula, District Amreli, Gujarat 365560, India Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 8 delivered 6 missed 11 open
  • Sustainable Operating Profit Margins delivered said Q4 FY26 Promised: 59% to 61% on an ongoing basis Q1 FY27: Q1 FY27 underlying EBITDA margin was 61%, which is within the guided range.
  • Q1 FY27 Container Volumes Growth missed said Q4 FY26 Promised: 5-7% growth Q1 FY27: Actual container volume growth was 3% YoY, below the guided range of 5-7%. Management attributes this to the suspension of the Shaheen service.
  • New Liquid Jetty Go-Live delayed said Q4 FY25 Promised: Q3 next financial year (Q3 FY26) Q1 FY27: Delayed again. New target is March 2027 (Q4 FY27), a slip from the previous Q3 FY27 target.

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 32.8%, net profit up 42.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue227 263 252 250 299 +32%292 +11%317 +26%332 +33%
EBITDA133 139 157 147 178 +34%160 +15%223 +42%214 +46%
Net profit75 99 112 104 161 +115%108 +9%142 +27%148 +42%
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 +6.5% 1Y

₹140₹160₹180Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 11 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 13 Aug 2026

1Y: ₹151.48 on 10 Sept 2025 → ₹161.32. High ₹193.61 (19 Dec 2025), low ₹142.39 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.3%
13 Aug
Q4 FY26
−1.1%
29 May
Q3 FY26
−3.3%
11 Feb
Q2 FY26
+5.6%
6 Nov

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 8.0% a year over 3 years, FY23 to FY26. Operating margin widened to 61.1%.

Year endingFY23FY24FY25FY26
Revenue₹918 Cr₹989 Cr₹988 Cr₹1.2k Cr
Operating profit₹503 Cr₹570 Cr₹579 Cr₹708 Cr
Operating margin54.8%57.6%58.6%61.1%
Interest₹8 Cr₹10 Cr₹7 Cr₹6 Cr
Depreciation₹117 Cr₹116 Cr₹117 Cr₹125 Cr
Net profit₹292 Cr₹342 Cr₹396 Cr₹515 Cr
Net margin31.8%34.6%40.1%44.5%
Cash from operations₹370 Cr₹489 Cr₹449 Cr₹510 Cr
Free cash flow₹312 Cr₹417 Cr₹354 Cr₹220 Cr
ROCE20.0%23.0%23.0%28.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹483 Cr₹483 Cr₹483 Cr₹483 Cr₹483 Cr₹483 Cr
Reserves₹1.8k Cr₹1.8k Cr₹1.8k Cr₹1.8k Cr₹1.7k Cr₹1.9k Cr
Borrowings₹47 Cr₹47 Cr₹79 Cr₹79 Cr₹51 Cr₹37 Cr
Other liabilities₹363 Cr₹442 Cr₹479 Cr₹544 Cr₹475 Cr₹598 Cr
Total liabilities₹2.6k Cr₹2.7k Cr₹2.9k Cr₹2.9k Cr₹2.7k Cr₹3.0k Cr
Fixed assets₹1.5k Cr₹1.4k Cr₹1.4k Cr₹1.4k Cr₹1.3k Cr₹1.3k Cr
Capital work in progress₹53 Cr₹49 Cr₹95 Cr₹81 Cr₹26 Cr₹286 Cr
Investments₹290 Cr₹294 Cr₹315 Cr₹321 Cr₹83 Cr₹355 Cr
Other assets₹839 Cr₹981 Cr₹1.1k Cr₹1.2k Cr₹1.2k Cr₹1.1k Cr
Total assets₹2.6k Cr₹2.7k Cr₹2.9k Cr₹2.9k Cr₹2.7k Cr₹3.0k 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, FIIs added +2.57 pp while DIIs trimmed −2.43 pp. The shareholder count shrank 2% to 2,40,608.

Promoters
44.0%
FIIs
22.1%
DIIs
13.8%
Public
20.1%

Since Jun 2025

  • FIIs +2.57 pp
  • DIIs −2.43 pp
  • Public −0.14 pp

How it drifted, 12 quarters

Over this window DIIs fell from 21.2% to 13.8% — −7.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 44.0%, FIIs 20.1%, DIIs 21.2%, Public 14.7%.Dec '23: Promoters 44.0%, FIIs 19.8%, DIIs 20.0%, Public 16.2%.Mar '24: Promoters 44.0%, FIIs 18.3%, DIIs 17.4%, Public 20.3%.Jun '24: Promoters 44.0%, FIIs 18.5%, DIIs 17.0%, Public 20.4%.Sep '24: Promoters 44.0%, FIIs 19.8%, DIIs 16.4%, Public 19.8%.Dec '24: Promoters 44.0%, FIIs 20.5%, DIIs 16.8%, Public 18.8%.Mar '25: Promoters 44.0%, FIIs 19.4%, DIIs 17.1%, Public 19.4%.Jun '25: Promoters 44.0%, FIIs 19.5%, DIIs 16.3%, Public 20.3%.Sep '25: Promoters 44.0%, FIIs 19.8%, DIIs 15.7%, Public 20.4%.Dec '25: Promoters 44.0%, FIIs 21.0%, DIIs 14.9%, Public 20.0%.Mar '26: Promoters 44.0%, FIIs 22.1%, DIIs 15.0%, Public 18.9%.Jun '26: Promoters 44.0%, FIIs 22.1%, DIIs 13.8%, Public 20.1%.

Who was buying across the market this quarter →

Who is on the register

Every holder of Gujarat Pipavav Port Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
APM Terminals Mauritius Limited —off the list
HDFC Trustee Company Ltd. A/C HDFC Balanced Advant Mutual fund—off the list
ICICI Prudential Retirement Fund-Pure Equity Plan —off the list
Government Pension Fund Global Sovereign—off the list
Tata Mutual Fund - Tata Small Cap Fund Mutual fund—off the list
Plutus Wealth Management LLP —off the list
Ishares Core Msci Emerging Markets ETF Global fund house—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 GPPL

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹530 Cr
5 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹346 Cr · 0.3% of that fund
SchemeHoldingLast month
HDFC Balanced Advantage Fund HDFC Mutual Fund₹346 Crheld
HDFC Small Cap Fund HDFC Mutual Fund₹132 Crheld
HDFC Infrastructure Fund HDFC Mutual Fund₹25 Crheld
HDFC Equity Savings Fund HDFC Mutual Fund₹18 Crheld
HDFC Dividend Yield Fund HDFC Mutual Fund₹9 Crheld

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
+45%
vs est. average cost
Held by funds
₹530 Cr
5 schemes · ≈ 6.8% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹346 Cr · 0.3% of that fund

Shares held by these funds −16%

Aug '23 3.53 cr shares Jul '26

What the price assumes

Attractive

To justify its price of ₹161, this stock must grow earnings at 8% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹255 — upside of 58%.

Growth the price implies
8.1% a year
for 7 years, fading to 4%
It has actually compounded at
16.7% a year
net profit, FY23–FY26 · EPS 16.7%
The gap
-0.1 pp
58% downside if it only repeats history
Price today ₹161.32 Value at the reference growth ₹254.75

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Gujarat Pipavav Port Limited

Guides on how to read this kind of business and the numbers that matter.