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Gujarat Industries Power Company Limited (GIPCL)

₹169.36 +0.06% last close, 16 Oct

📊 NSE: GIPCL 🏢 Power Generation And Supply 📢 Latest filing: 17 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Gujarat Industries' revenue was ₹499 Cr (+34.4% year on year, +16.7% on the previous quarter), and net profit ₹158 Cr (+174.8% year on year); the operating margin was 48.4%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹499	+34.4%	+16.7%
Operating profit	₹242	+114.5%	+23.9%
Net profit	₹158	+174.8%	-51.7%
EPS (₹)	10.17	+174.9%	-51.7%
Operating margin	48.4%	—	—

Full quarterly financials → Results calendar →

GIPCL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 40.9% of the GIPCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.21%. That is lower than usual for this stock.

40.9%Delivery, 16 Oct

54.21%Own 20-session average

0.6×Volume vs its average

₹169.36NSE close · +0.07%

Delivery in the last 5 sessions: 50.5% · 48.9% · 52.5% · 55.8% · 40.9%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

GIPCL Issues LoI to Bondada Engineering for 20 MW/120 MWh Battery Storage Project

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 17 Oct 2026, 03:10 PM

Gujarat Industries Power Company Limited (GIPCL) has announced that M/s. Bondada Engineering Limited accepted a Letter of Intent (LoI) on 17/10/2026. The contract entails the design, engineering, supply, erection, commissioning, and 10-year O&M of a Battery Energy Storage System (BESS) with a capacity of 20 MW/120 MWh at GIPCL's 132 kV substation. This follows formal approval received from GUVNL. The project contract value was not disclosed in the filing.

BESS project rated capacity of 20 MW/120 MWh at GIPCL's 132 kV substation
Contract includes comprehensive Operation & Maintenance (O&M) for 10 years
Letter of Intent (LoI) accepted by Bondada Engineering on 17/10/2026 following GUVNL approval
Continuation of earlier contract intimation disclosed on 11/08/2026

💡 Track the execution timeline, commissioning updates, and total capex outgo for the 20 MW/120 MWh BESS project in forthcoming quarterly disclosures.

GIPCL Submits Demat Compliance Certificate for Q2 Ended September 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 02:08 PM

Gujarat Industries Power Company Limited (GIPCL) has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the second quarter ended September 30, 2026. It confirms through its Registrar and Share Transfer Agent, MUFG Intime India Private Limited, that all share certificates received for dematerialisation during the period were properly processed and confirmed to depositories. This is a standard quarterly regulatory submission with no financial impact.

Confirmation certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the second quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited (SEBI Reg No: INR000004058)
Filing submitted to stock exchanges on October 6, 2026

💡 No action needed. Investors should track upcoming Q2 FY27 financial results and operational performance updates instead of administrative compliance filings.

GIPCL Trading Window Closes from October 1, 2026 for Q2 FY27 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 25 Sep 2026, 10:54 AM

Gujarat Industries Power Company Limited (GIPCL) has announced the closure of its trading window effective October 1, 2026. This closure complies with SEBI (Prohibition of Insider Trading) Regulations for the upcoming Q2 and H1 FY27 standalone unaudited financial results for the period ending September 30, 2026. The window will reopen 48 hours after the financial results are declared to the exchanges. The exact date of the board meeting to consider these results will be notified separately.

Trading window closes effective October 1, 2026
Applies to Q2 and H1 FY27 results ending September 30, 2026
Window will reopen 48 hours after board approval and declaration of results
Date of Board Meeting will be communicated in due course

💡 Track the upcoming corporate intimation regarding the specific date of the Board Meeting for Q2 FY27 earnings release.

GIPCL Shareholders Approve Dividend and Key AGM Resolutions with Over 99.9% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Sep 2026, 10:31 AM

Gujarat Industries Power Company Limited (GIPCL) concluded its 41st Annual General Meeting on September 19, 2026. Shareholders approved all eligible resolutions, including the adoption of audited financial statements, dividend declaration, and director re-appointment, each passing with more than 99.99% votes in favor. Resolution 3, regarding the re-appointment of nominee director Shri Kanyo Sadhuram Badlani, was dropped as his nomination was withdrawn by GSFC effective August 31, 2026. A total of 108,303,874 votes were polled across 90,947 shareholders as of the record date.

Adoption of financial statements passed with 108,303,531 votes (99.9997%) in favor
Dividend declaration approved with 108,303,557 votes (99.9997%) in favor
Resolution 3 for nominee director re-appointment was dropped following nomination withdrawal effective August 31, 2026
Total votes polled stood at 108,303,874 representing 69.78% of the total 155,215,944 equity shares
Meeting conducted via Video Conferencing with 62 shareholders attending (2 promoter group, 60 public)

💡 Monitor upcoming quarterly financial filings and progress on the execution of the 1,175 MW Khavda solar project.

GIPCL Appoints Dr. Rajender Kumar, IAS as Additional Director (GSFC Nominee)

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Sep 2026, 02:47 PM

Gujarat Industries Power Company Limited (GIPCL) has appointed Dr. Rajender Kumar, IAS, as an Additional Director representing promoter Gujarat State Fertilizers & Chemicals Limited (GSFC) effective September 19, 2026. Dr. Kumar is a 2004-batch IAS officer and currently Managing Director of GSFC. The appointment fills a nominee board seat representing GSFC, which is one of GIPCL's promoter shareholders and key off-takers. The move is administrative and maintains institutional representation without impacting operational capacity or financials.

Appointment of Dr. Rajender Kumar, IAS as Additional Director effective September 19, 2026
Appointed as a nominee of promoter Gujarat State Fertilizers & Chemicals Limited (GSFC)
Dr. Kumar is a 2004-batch IAS officer with over two decades of public policy experience
Board meeting approving the appointment concluded at 02:15 p.m. on September 19, 2026

💡 Track operational milestones regarding GIPCL's 1,175 MW solar expansion at Khavda, which remains the primary catalyst for earnings growth.

GIPCL Appoints Dr. Rajender Kumar, IAS as Additional Director Nominated by GSFC

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Sep 2026, 02:45 PM

Gujarat Industries Power Company Limited (GIPCL) has appointed Dr. Rajender Kumar, IAS, as an Additional Director effective September 19, 2026. Dr. Kumar represents Gujarat State Fertilizers & Chemicals Limited (GSFC), a key promoter shareholder and client. He brings over two decades of public policy, administrative, and global institution experience, including roles in the Prime Minister's Office and the World Bank. The appointment is routine governance representation and does not alter the company's financial or operational metrics directly.

Appointment of Dr. Rajender Kumar, IAS (DIN: 07161855) effective September 19, 2026
Appointed as Additional Director nominated by promoter entity GSFC
Dr. Kumar is a 2004-batch IAS officer with over 20 years of public administration and policy experience
Board meeting approving the change was held on September 19, 2026, from 01:00 p.m. to 02:15 p.m.

💡 Track progress on GIPCL's 1,175 MW Khavda solar project and quarterly operational PLFs; this board change is procedural and requires no specific portfolio adjustment.

GIPCL Independent Director Narendra Nath Misra Completes 10-Year Term, Ceases Directorship

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 19 Sep 2026, 01:42 PM

Gujarat Industries Power Company Limited (GIPCL) has announced the cessation of Shri Narendra Nath Misra (DIN: 00575501) as an Independent Director effective September 19, 2026. Misra completed his maximum permissible tenure comprising a second consecutive term of five years under Section 149(11) of the Companies Act, 2013. The cessation concluded with the company's 41st Annual General Meeting. This is a statutory, routine board rotation with no operational or financial disruption to the company.

Cessation effective from September 19, 2026
Completed second term of 5 years under Section 149(11) of the Companies Act, 2013
Cessation finalized upon conclusion of the 41st AGM
Director DIN cited: 00575501

💡 Track subsequent board appointments to observe if an incoming independent director maintains appropriate governance and committee quorum balances.

GIPCL Concludes 41st AGM; Drops Re-Appointment Resolution for GSFC Nominee

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Sep 2026, 01:38 PM

Gujarat Industries Power Company Limited (GIPCL) conducted its 41st Annual General Meeting on September 19, 2026, via Video Conferencing with 62 members present. The meeting covered adoption of FY26 financial statements, dividend declaration for FY26, director appointments, and cost auditor remuneration. Resolution 3 regarding the re-appointment of Nominee Director Shri Kanyo Sadhuram Badlani was dropped as GSFC withdrew his nomination effective August 31, 2026. Detailed e-voting results and scrutiny reports will be declared separately.

41st Annual General Meeting held on September 19, 2026, with 62 members attending via video conference
Remote e-voting held from September 16, 2026 (9:00 AM IST) to September 18, 2026 (5:00 PM IST)
Resolution No. 3 seeking re-appointment of Nominee Director Shri Kanyo Sadhuram Badlani was dropped due to nomination withdrawal effective August 31, 2026
Considered FY26 financial statements and dividend declaration for FY 2025-26

💡 Track the formal disclosure of AGM voting results to verify final dividend approval and watch for ongoing progress on the 1,175 MW Khavda solar project.

GIPCL Sets September 11, 2026 as Record Date for Rs 4.10 per Share Dividend

🟡 NEUTRAL ⭐ 5/10

DIVIDEND 📅 08 Sep 2026, 09:36 AM

Gujarat Industries Power Company Limited (GIPCL) has fixed Friday, September 11, 2026, as the record date to determine shareholder entitlement for a dividend of Rs 4.10 per share for FY 2025-26. The dividend is subject to approval at the 41st Annual General Meeting scheduled for September 19, 2026. The share transfer books will remain closed from September 12, 2026, to September 19, 2026. At the current share price of Rs 200.70, the proposed dividend corresponds to an approximate dividend yield of 2.04%.

Dividend declared at Rs 04.10 per equity share for FY 2025-26
Record date and cut-off date for e-voting fixed as Friday, September 11, 2026
Book closure scheduled from Saturday, September 12, 2026, to Saturday, September 19, 2026
41st Annual General Meeting to be conducted via Video Conferencing on September 19, 2026, at 11:30 AM

💡 Investors seeking dividend eligibility must hold shares before the September 11, 2026 record date. Track the outcome of shareholder voting at the AGM on September 19, 2026.

GIPCL Drops AGM Resolution on Nominee Director Re-appointment Post GSFC Nomination Withdrawal

🟡 NEUTRAL ⭐ 2/10

MANAGEMENT 📅 03 Sep 2026, 04:33 PM

Gujarat Industries Power Company Limited (GIPCL) has issued an addendum to the notice of its 41st Annual General Meeting (AGM) scheduled for September 19, 2026. Consequent upon the withdrawal of nomination by Gujarat State Fertilizers & Chemicals Limited (GSFC), Nominee Director Shri Kanyo Sadhuram Badlani ceased to be on the Board effective August 31, 2026. As a result, Resolution Item No. 3 regarding his re-appointment has been dropped, and only Resolution Nos. 1, 2, 4, and 5 will be put to vote.

GSFC withdrew the nomination of its Nominee Director Shri Kanyo Sadhuram Badlani (DIN: 10237996).
Shri Badlani ceased to be a Director on GIPCL's Board effective August 31, 2026.
Resolution No. 3 in the AGM notice seeking his re-appointment has been declared infructuous and dropped.
Shareholders will vote on Resolution Nos. 1, 2, 4, and 5 at the 41st AGM on September 19, 2026.

💡 Shareholders participating in remote e-voting or the AGM on September 19, 2026, should note that Item No. 3 is excluded from the voting agenda.

GIPCL Schedules 41st AGM for September 19, 2026; Dispatches FY26 Annual Report & KYC Notice

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 04:20 PM

Gujarat Industries Power Company Limited (GIPCL) has announced that its 41st Annual General Meeting (AGM) will be held on Saturday, September 19, 2026, at 11:30 AM IST through Video Conferencing. The company has dispatched notices containing the web-link to the FY2025-26 Annual Report to shareholders without registered email addresses as of the August 21, 2026 cut-off date. The communication also reminds physical shareholders to update KYC details and dematerialize their shares per SEBI regulations.

41st Annual General Meeting scheduled for Saturday, September 19, 2026, at 11:30 AM IST via VC/OAVM
Dispatched FY2025-26 Annual Report web-link and KYC reminders to physical security holders
Cut-off date for identifying unregistered email holders set as August 21, 2026
Issued under SEBI Master Circular dated February 6, 2026 for physical shareholding compliance

💡 Shareholders holding physical certificates should submit mandatory KYC forms to the RTA to prevent electronic payout disruptions. Investors may review the published FY26 Annual Report ahead of the AGM on September 19, 2026.

GIPCL Announces Cessation of GSFC Nominee Director Shri K S Badlani Effective Aug 31, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 31 Aug 2026, 05:53 PM

Gujarat Industries Power Company Limited (GIPCL) has announced the cessation of Shri Kanya Sadhuram Badlani (DIN: 10237996) as Nominee Director of Gujarat State Fertilizers & Chemicals Limited (GSFC) on the Board of GIPCL, effective August 31, 2026. The cessation follows the withdrawal of nomination by GSFC, which had approved the nomination of Dr. Rajender Kumar, IAS, Managing Director of GSFC, in its board meeting on August 12, 2026. This is a routine nominee director change reflecting GSFC's representation on GIPCL's board and has no operational or financial impact on the company.

Shri Kanya Sadhuram Badlani ceases to be Nominee Director of GSFC on GIPCL Board effective August 31, 2026
Cessation triggered by withdrawal of nomination via communication from GSFC on August 31, 2026
GSFC Board had approved nomination of MD Dr. Rajender Kumar, IAS, at its meeting on August 12, 2026
No disruption to regular power generation operations across GIPCL's 1,184.40 MW operational capacity

💡 Track subsequent formal filings regarding the formal appointment of the incoming nominee director, Dr. Rajender Kumar, IAS, to the GIPCL Board.

GIPCL Sets Sep 11, 2026 Record Date for ₹4.10/Share Dividend; 41st AGM on Sep 19

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 24 Aug 2026, 04:17 PM

Gujarat Industries Power Company Limited (GIPCL) has scheduled its 41st Annual General Meeting (AGM) for Saturday, September 19, 2026, via Video Conferencing. The Board has recommended a dividend of ₹4.10 per equity share for FY 2025-26, subject to shareholder approval. The record date and e-voting cut-off date to determine eligible shareholders have been fixed as Friday, September 11, 2026. Share transfer books will remain closed from September 12 to September 19, 2026.

Dividend declared at ₹4.10 per equity share for FY 2025-26 (~2.3% yield on current share price)
Record date and cut-off date for e-voting fixed as Friday, September 11, 2026
41st AGM scheduled for Saturday, September 19, 2026 at 11:30 AM IST
Remote e-voting window open from September 16, 2026 (9:00 AM) to September 18, 2026 (5:00 PM)

💡 Investors seeking dividend eligibility should ensure shares are in demat accounts prior to the record date of September 11, 2026. Track AGM proceedings and subsequent quarterly capacity rollout updates in the Khavda solar park.

GIPCL Sets Record Date as Sep 11, 2026 for ₹4.10/Share Dividend; 41st AGM on Sep 19

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 24 Aug 2026, 04:05 PM

Gujarat Industries Power Company Limited (GIPCL) has notified the exchange of its 41st Annual General Meeting (AGM) scheduled for September 19, 2026. The company has fixed Friday, September 11, 2026, as the Record Date for the entitlement of a dividend of ₹4.10 per equity share for FY 2025-26, subject to shareholder approval. The Register of Members and Share Transfer Books will remain closed from September 12, 2026, to September 19, 2026. The dividend of ₹4.10 translates to an approximate dividend yield of 2.3% at the current market price of ₹176.3.

Dividend recommended at ₹04.10 per equity share for FY 2025-26.
Record date for dividend entitlement fixed as Friday, September 11, 2026.
Book closure period scheduled from September 12, 2026, to September 19, 2026.
41st AGM to be conducted via Video Conferencing on Saturday, September 19, 2026, at 11:30 AM.

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date prior to September 11, 2026, and track AGM voting outcomes on September 19, 2026.

GIPCL Sets Sep 11, 2026 Record Date for ₹4.10/Share Dividend; 41st AGM on Sep 19

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 24 Aug 2026, 04:00 PM

Gujarat Industries Power Company Limited (GIPCL) has scheduled its 41st Annual General Meeting for September 19, 2026, to approve a dividend of ₹4.10 per equity share for FY 2025-26. The record date to determine shareholder eligibility for the dividend is set as September 11, 2026. Book closure will take place from September 12 to September 19, 2026. The AGM agenda also covers routine ordinary business and ratification of ₹1.60 lakh cost auditor remuneration for FY 2026-27.

Dividend of ₹4.10 per equity share proposed for FY 2025-26, subject to shareholder approval.
Record date and cut-off date for dividend and e-voting fixed as Friday, September 11, 2026.
Book closure scheduled from Saturday, September 12, 2026 to Saturday, September 19, 2026.
Remote e-voting open from September 16, 2026 (9:00 AM IST) to September 18, 2026 (5:00 PM IST).

💡 Investors seeking dividend entitlement must hold shares before the September 11, 2026 record date; track AGM voting outcomes post September 19, 2026.

View All GIPCL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Operating Income (TOI) was INR 1,349 Cr in FY24, a marginal decline of 0.5% from INR 1,356 Cr in FY23 due to lower tariff realizations following a decrease in fuel prices. Lignite-based thermal power remains the primary revenue driver, while renewable capacity (374.40 MW) provides stable revenue through compulsory off-take agreements.

Geographic Revenue Split

100% of revenue is generated within India, specifically in Gujarat, as the company is a state-promoted entity serving Gujarat-based PSUs and the state grid.

Profitability Margins

Profitability has remained stable; PAT margin improved from 13.90% in FY23 to 15% in FY24 and further to 17% in FY25. This stability is driven by the cost-plus tariff structure in PPAs which ensures a 13.5% ROE on lignite plants, though actual ROE has historically been lower due to fixed cost under-recovery.

EBITDA Margin

EBITDA margin stood at 29% in FY24 (INR 381 Cr) compared to 30% in FY23 (INR 408 Cr). In Q1FY25, the margin improved significantly to 36% (INR 116 Cr) due to better Plant Availability Factors (PAF) and Plant Load Factors (PLF) at lignite-based facilities.

Capital Expenditure

Planned CapEx includes INR 1,353 Cr for developing a 2,375 MW solar park at Khavda and approximately INR 5,105 Cr for 1,100 MW of solar power projects. The solar park is funded via 30% MNRE subsidy, 40% user charges, and 30% internal accruals; solar projects are funded at an 80:20 debt-to-equity ratio.

Credit Rating & Borrowing

GIPCL maintains a strong credit profile with an overall gearing of 0.19x as of FY24. Interest coverage was 10.86x in FY23. Borrowing costs are minimized through low leverage and strong parentage from GUVNL, GACL, and GSFC (all rated CARE AA+ or AA).

⚙️ Operational Drivers

Raw Materials

Lignite (approx. 3 MMT consumed in FY25) and Natural Gas (for 310 MW capacity). Lignite is the primary fuel for the 500 MW SLPP plants.

Import Sources

Lignite is sourced locally from captive mines in Gujarat. Natural gas is sourced through Administered Price Mechanism (APM) and spot market purchases.

Key Suppliers

Captive mines provide lignite; natural gas is sourced from various domestic suppliers under APM and spot tie-ups.

Capacity Expansion

Current installed capacity is 1,184.40 MW (Thermal: 810 MW, Solar: 262 MW, Wind: 112.40 MW). Planned expansion includes doubling capacity by adding 1,175 MW of solar power by December 2026.

Raw Material Costs

Fuel costs are a pass-through in the cost-plus tariff model for thermal plants. Lignite costs are stabilized by captive mining, while gas-based plants (310 MW) remained non-operational in FY24/Q1FY25 due to high natural gas prices making them unviable.

Manufacturing Efficiency

Lignite plants target an assured 13.5% ROE. Efficiency is measured by PAF and PLF, which showed improvement in Q1FY25, driving the 36% EBITDA margin.

Logistics & Distribution

Power is distributed through the state grid with GUVNL as the primary counterparty, minimizing distribution-related credit risks.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

The company plans to double its operational capacity from 1,184 MW to over 2,350 MW by 2026. This will be achieved through the development of a 2,375 MW solar park in Khavda, with GIPCL developing 1,175 MW for itself and sub-letting the remainder. Strategic MoUs with NHPC and IOCL for renewable solutions and exploration of pumped storage and offshore wind projects further support this CAGR.

Products & Services

Electrical power generated from lignite, natural gas, solar radiation, and wind energy.

Brand Portfolio

GIPCL (Gujarat Industries Power Company Limited).

New Products/Services

Expansion into green hydrogen and renewable energy solutions through MoUs with NHPC and IOCL; 600 MW of new solar capacity expected by September 2025.

Market Expansion

Focusing on the Khavda region in Kutch for massive solar expansion and exploring group captive modes for C&I customers.

Market Share & Ranking

A major power generation player in Gujarat; specific state-wide market share percentage not disclosed.

Strategic Alliances

MoUs signed with NHPC Ltd. and Indian Oil Corporation Limited (IOCL) for joint exploration of renewable energy solutions.

🌍 External Factors

Industry Trends

The industry is shifting toward renewables; GIPCL is positioning itself to double capacity with a focus on solar and wind to align with state and central government green energy objectives.

Competitive Landscape

Competes with other state and central power utilities, but protected by long-term PPAs with promoter-group off-takers.

Competitive Moat

Moat is derived from strong state parentage (Gujarat Govt PSUs), captive lignite mines ensuring fuel security, and long-term PPAs that guarantee fixed cost recovery. These are highly sustainable due to the strategic importance of GIPCL to Gujarat's power sector.

Macro Economic Sensitivity

Highly sensitive to fuel price volatility (Gas/Coal) and interest rate changes for the INR 5,105 Cr project debt.

Consumer Behavior

Increasing demand for green energy from C&I customers is driving the shift toward renewable group captive models.

Geopolitical Risks

Geopolitical disruptions near project sites previously delayed the first 100 MW of solar commissioning.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by CERC/GERC regulations, pollution norms for thermal plants, and MNRE guidelines for solar park development.

Environmental Compliance

The company is mitigating environmental risks by transitioning to a renewable-heavy portfolio and selling fly ash to the real estate sector for green cement.