Gujarat Pipavav Port Limited (GPPL)
₹166.29 -1.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gujarat Pipavav's revenue was ₹332 Cr (+32.5% year on year, +4.7% on the previous quarter), and net profit ₹148 Cr (+41.8% year on year); the operating margin was 64.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹332 | +32.5% | +4.7% |
| Operating profit | ₹214 | +44.4% | -4.0% |
| Net profit | ₹148 | +41.8% | +4.2% |
| EPS (₹) | 3.06 | +41.7% | +4.1% |
| Operating margin | 64.5% | — | — |
GPPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.23% of the GPPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.56%. That is close to its usual level.
Delivery in the last 5 sessions: 41.9% · 41.1% · 42.2% · 56.3% · 56.2%
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
Gujarat Pipavav Port Limited (GPPL) reported its operational data for Q2 FY27 and H1 FY27. Container volumes in Q2 FY27 grew 17.1% YoY to 192,000 TEUs compared to 164,000 TEUs in Q2 FY26. However, dry bulk cargo declined 10.5% YoY to 0.94 Mn MT and liquid cargo dropped 15.8% YoY to 0.32 Mn MT. RoRo volumes showed modest growth to 58,000 units against 56,000 units in Q2 FY26.
- Container cargo rose 17.1% YoY to 192,000 TEUs in Q2 FY27 (vs 164,000 TEUs in Q2 FY26)
- Dry bulk cargo fell 10.5% YoY to 0.94 Mn MT (vs 1.05 Mn MT in Q2 FY26)
- Liquid cargo handled declined 15.8% YoY to 0.32 Mn MT (vs 0.38 Mn MT in Q2 FY26)
- RoRo cargo increased 3.6% YoY to 58,000 units in Q2 FY27 (vs 56,000 units in Q2 FY26)
- H1 FY27 total container volume stood at 360,000 TEUs compared to 328,000 TEUs in H1 FY26
Gujarat Pipavav Port Limited (GPPL) has submitted the voting results of its Annual General Meeting held on September 09, 2026. The submission is a standard regulatory requirement following the conclusion of shareholder voting. As a routine statutory filing, it contains no new operational or financial surprises for the Rs 7,846 crore market cap port operator. GPPL continues to operate with a strong balance sheet, carrying minimal debt of Rs 37 crore and TTM revenue of Rs 1,240 crore.
- Annual General Meeting was conducted on September 09, 2026
- Voting results formally submitted to exchanges on September 11, 2026
- Filing fulfills standard statutory compliance under SEBI LODR regulations
Gujarat Pipavav Port Limited (GPPL) submitted the Scrutinizer's report following its Annual General Meeting held on September 09, 2026. The filing is a statutory compliance requirement reporting shareholder voting outcomes on AGM resolutions. As GPPL maintains a market cap of ₹7,846 Cr and TTM revenue of ₹1,240 Cr, this routine post-meeting administrative update carries no immediate impact on earnings or ongoing operations.
- Annual General Meeting conducted on September 09, 2026
- Filing submitted to exchanges on September 11, 2026
- Submission covers the Scrutinizer's voting report per regulatory requirements
Gujarat Pipavav Port Limited (GPPL) resubmitted the proceedings of its 34th Annual General Meeting held on September 9, 2026. Key business transacted included shareholder approval for a final dividend of ₹5.00 per equity share, confirming an earlier interim dividend of ₹5.40 (totaling ₹10.40 per share for FY26). The AGM also approved a special resolution for commission payments to Independent Directors capped at ₹85 lakh per annum through FY30, and the appointment of Mrs. Harjeet Kaur Joshi as Independent Director for 5 years. Total attendance recorded was 46 shareholders representing 44.01% of the equity capital.
- Declared final dividend of ₹5.00 per share, taking total FY26 dividend to ₹10.40 per share (interim of ₹5.40 previously paid)
- Approved commission to Independent Directors capped at ₹85,00,000 per annum from FY27 to FY30
- Appointed Mrs. Harjeet Kaur Joshi as Independent Director for a 5-year term from July 1, 2026 to June 30, 2031
- Meeting attended by 46 shareholders representing 21,27,77,685 shares or 44.01% of capital
- Record date for the final dividend was September 2, 2026
Gujarat Pipavav Port Limited (GPPL) conducted its 34th Annual General Meeting (AGM) on September 9, 2026. A total of 46 shareholders attended the meeting via video conferencing, representing 212,777,685 equity shares or 44.01% of the total share capital. Promoter group attendance accounted for 212,738,931 shares (44.01%), while 45 public shareholders represented 38,754 shares. The record date for dividend entitlement was set as September 2, 2026, with 245,534 total shareholders on record.
- 34th AGM held on September 9, 2026, starting at 3:00 PM and concluding at 3:36 PM
- 46 shareholders attended via video conference, representing 44.01327% of total capital
- Promoter representation stood at 212,738,931 shares (44.00525% of capital)
- Total shareholders on the record date (September 2, 2026) stood at 245,534
Gujarat Pipavav Port Limited (GPPL) has received a Comfort Letter from the Gujarat Maritime Board (GMB) to process the company's proposal for an extension of its port Concession Period. GPPL is required to submit relevant documentation, including its past performance track record and an Investment and Business Plan for the extended period, within 90 days. Concession renewal is structurally critical to GPPL's long-term operating visibility and terminal value.
- Received Comfort Letter from Gujarat Maritime Board (GMB) for concession period extension processing
- Company mandated to submit Investment and Business Plan along with performance records within 90 days
- Formal intimation filed with stock exchanges on 26th August 2026
Gujarat Pipavav Port Limited (GPPL) has released its FY26 Annual Report and issued the notice for its 34th Annual General Meeting scheduled for September 9, 2026. The company confirmed a record total dividend of Rs 10.40 per share for FY26 (Rs 5.40 interim + Rs 5.00 final), aggregating to Rs 502.78 crore. The Chairperson highlighted that construction of the USD 90 million new liquid berth is progressing on schedule for commissioning by December 2026, which will expand liquid capacity from 2.0 MT to 5.2 MT. GPPL also entered into an agreement with ONGC for an offshore supply base and continues discussions with authorities regarding the extension of its concession agreement.
- Total FY26 dividend payout of Rs 10.40 per share (Interim: Rs 5.40, Final: Rs 5.00) aggregating Rs 5,027.77 million
- USD 90 million liquid berth capex on track for commissioning by December 2026, boosting liquid capacity from 2 MT to 5.2 MT
- Partnered with ONGC to lease land inside the port for an offshore supply base for oil exploration
- FY26 standalone net profit increased over 25% YoY to Rs 5,004.77 million
- 34th Annual General Meeting scheduled for September 9, 2026
GPPL reported a strong Q1 FY27 with revenue growing 33% YoY to ₹331.8 Cr and Net Profit increasing 46% to ₹146.9 Cr. While container volumes grew marginally by 3%, RoRo units saw a significant 53% jump to 65,411 units, driven by OEM exports. However, liquid cargo volumes fell sharply by 47% to 221,180 MT, primarily due to Middle East conflict impacts on LPG and fuel oil imports. EBITDA margins improved significantly to 64% from 59% in the year-ago quarter.
- Net Profit increased 46% YoY to ₹146.9 Cr for the quarter ended June 2026
- RoRo volumes grew 53% YoY to 65,411 units, driven by higher OEM exports
- Liquid cargo volumes declined 47% YoY to 221,180 MT due to geopolitical conflicts
- EBITDA margin expanded by 500 basis points YoY to 64%
- Revenue from operations grew 33% YoY to ₹331.8 Cr, representing ~28.6% of TTM revenue
Gujarat Pipavav Port Limited (GPPL) reported a strong start to FY27, with Q1 revenue from operations rising 32.6% YoY to ₹331.8 Cr. Net profit for the quarter grew 45.8% YoY to ₹146.9 Cr, supported by the recognition of SEIS Duty Credit Scrips worth ₹30.95 Cr. While sequential revenue grew 4.6%, other expenses increased significantly to ₹48.5 Cr from ₹31.7 Cr in the preceding quarter. The company maintains a healthy balance sheet with a low debt-to-equity ratio of 0.02.
- Revenue from operations increased 32.6% YoY to ₹331.77 Cr from ₹250.13 Cr.
- Net Profit rose 45.8% YoY to ₹146.88 Cr compared to ₹100.73 Cr in the same period last year.
- Recognized ₹30.95 Cr (₹309.49 million) from SEIS Duty Credit Scrips pertaining to FY 2015-16 and FY 2016-17.
- Earnings Per Share (EPS) improved to ₹3.04 from ₹2.08 YoY.
- Maintained a bank guarantee of ₹60.14 Cr (₹601.36 million) with the Registrar regarding an ongoing arbitration dispute from 1998.
Gujarat Pipavav Port Limited (GPPL) has announced the appointment of Mr. Zeeshan Mukhi as its new Chief Commercial Officer (CCO), filling the vacancy left by Mr. Amit Bhardwaj who resigned effective June 30, 2026. Mr. Mukhi brings over 22 years of experience in container shipping and logistics, including leadership roles at AP Moller Maersk and DP World. The appointment is slated to begin by mid-October 2026. This leadership transition is significant given GPPL's 23% revenue dependency on Maersk Line and its ongoing efforts to expand liquid cargo capacity by FY2027.
- Mr. Zeeshan Mukhi appointed as Chief Commercial Officer with over 22 years of industry experience.
- Appointment to become effective by mid-October 2026.
- Previous CCO, Mr. Amit Bhardwaj, vacated the position on June 30, 2026.
- New CCO has a decade of leadership experience at major firms including AP Moller Maersk and DP World.
- GPPL currently manages a TTM revenue of ₹1,159 Cr with a high OPM of 61.2%.
GPPL's operational update for Q1 FY27 shows a mixed performance across segments. RoRo volumes grew significantly by 54.8% YoY to 65,000 units, reflecting the company's focus on automobile exports. However, liquid cargo volumes fell sharply by 46.3% YoY to 0.22 Mn MT, and container train handling dropped 22.6% to 346 trains. Container volumes remained largely stable with a marginal 2.4% increase to 168,000 TEUs.
- RoRo units handled increased to 65,000 in Q1 FY27 from 42,000 in Q1 FY26.
- Liquid cargo volumes declined to 0.22 Mn MT compared to 0.41 Mn MT in the year-ago period.
- Container volumes saw a slight uptick to 168,000 TEUs from 164,000 TEUs YoY.
- Container trains handled decreased to 346 from 447 in Q1 FY26, a 22.6% drop.
- Dry bulk volumes remained relatively flat at 0.52 Mn MT versus 0.55 Mn MT YoY.
Gujarat Pipavav Port Limited (GPPL) has appointed Mrs. Harjeet Kaur Joshi as an Additional Non-Executive Independent Director for a five-year term starting July 1, 2026. Mrs. Joshi is a seasoned industry veteran with over 40 years of experience, notably serving as the former Chairperson and Managing Director of the Shipping Corporation of India (SCI). She will also join the Audit Committee, bringing significant financial and strategic expertise to a company currently generating ₹1,159 Cr in TTM revenue with a high 61.2% operating margin. The appointment is subject to shareholder approval at the AGM on September 9, 2026.
- Appointment of Mrs. Harjeet Kaur Joshi for a 5-year term starting July 1, 2026
- Mrs. Joshi brings over 40 years of experience, including a tenure as CMD of Shipping Corporation of India
- Shareholder approval for the appointment is scheduled for the AGM on September 9, 2026
- GPPL maintains a strong financial profile with a 30.0% ROCE and low Debt/Equity of 0.02
- Mrs. Joshi will also serve as a member of the Audit Committee effective July 1, 2026
Gujarat Pipavav Port Limited (GPPL) has announced the mandatory closure of its trading window for the quarter ending June 30, 2026. The closure will be effective from July 1, 2026, and will continue until August 14, 2026. This action is taken in accordance with SEBI (Prohibition of Insider Trading) Regulations to prevent trading by insiders before the financial results are made public. The specific date for the board meeting to approve the unaudited financial results will be communicated at a later date.
- Trading window closure effective from July 1, 2026.
- Window to remain closed until August 14, 2026, following the Q1 result announcement.
- Pertains to the unaudited financial results for the quarter ending June 30, 2026.
- Compliance with SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2018.
APM Terminals Mauritius Limited, the promoter of Gujarat Pipavav Port Limited (GPPL), has filed its annual disclosure for the financial year ended March 31, 2026. The promoter confirmed that its entire shareholding in the company remains unencumbered, meaning no shares are pledged or used as collateral. Furthermore, the promoter declared that there are no persons acting in concert (PAC) holding shares in the company. This filing is a standard annual requirement under SEBI Takeover Regulations to ensure transparency regarding promoter holdings.
- Promoter APM Terminals Mauritius Limited confirmed zero direct or indirect encumbrance on its shares.
- Disclosure submitted in compliance with Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
- The confirmation covers the full financial year ending March 31, 2026.
- The promoter stated there are no 'Persons Acting in Concert' (PAC) holding shares in GPPL.
- The filing was officially signed and submitted to both BSE and NSE on April 7, 2026.
Gujarat Pipavav Port Limited (GPPL) reported a strong financial performance for FY26, with annual revenue growing 17.5% YoY to ₹11,583.78 million. Net profit for the full year surged by 25.3% to ₹5,003.55 million, supported by robust operational growth. The Board has recommended a final dividend of ₹5.00 per share, highlighting strong cash generation. For the March 2026 quarter, the company saw a 28% YoY increase in net profit, reaching ₹1,400.14 million.
- Annual Revenue from operations increased to ₹11,583.78 million in FY26 from ₹9,860.43 million in FY25.
- Net Profit for FY26 grew 25.3% YoY to ₹5,003.55 million compared to ₹3,991.60 million in the previous year.
- Recommended a final dividend of ₹5.00 per equity share, subject to shareholder approval.
- Q4 FY26 Net Profit rose to ₹1,400.14 million, up from ₹1,090.36 million in Q4 FY25.
- Full-year Basic EPS improved significantly to ₹10.35 from ₹8.26 in the prior fiscal year.
Financial Performance
Revenue Growth by Segment
In Q2 FY2026, revenue grew 32% YoY to INR 299.3 Cr. Segment performance varied: Dry Bulk volume surged 124% to 1.03 million MT, RoRo units grew 72% to 56,864 units, and Liquid cargo grew 17% to 387,690 MT. However, Container volumes declined 9% to 164,159 TEUs. For FY2025, Container and Dry Bulk traffic degrew 14% and 18.5% respectively, while Liquid and RoRo grew 15% and 71%.
Geographic Revenue Split
Not explicitly disclosed by region, but the port serves as a critical gateway for the Gujarat region and the Northern Indian hinterlands, leveraging its rail and road connectivity to industrial hubs.
Profitability Margins
Operating Profit Margin improved to 58.5% in FY2025 from 57.9% in FY2024 due to lower costs. Net Profit Margin increased to 40.41% in FY2025 from 35.79% in FY2024, driven by a better cargo mix and operational efficiencies. Return on Net Worth stood at 19% in FY2025, up 2% YoY.
EBITDA Margin
EBITDA margin reached 59% in Q2 FY2026, a 100 basis point increase from 58% in Q2 FY2025. Core profitability is supported by high-margin RoRo and Liquid cargo growth, which offset volume moderation in the container segment.
Capital Expenditure
GPPL is executing a major expansion of its liquid berth with a planned capex of approximately INR 700-750 crore (USD 90 million) scheduled over fiscals 2025 to 2027. This investment aims to increase the scale of operations in the high-growth liquid cargo segment.
Credit Rating & Borrowing
Short-term rating reaffirmed at CRISIL A1+. The company remains debt-free with no interest-bearing obligations, maintaining a robust financial risk profile with a cash balance of approximately INR 1,000 crore as of December 2024.
Operational Drivers
Raw Materials
As a port operator, GPPL does not have traditional raw materials; its primary costs are Operating Expenses (INR 62 Cr in Q2 FY26, up 67% YoY), Employee Benefits (INR 22.9 Cr), and Other Expenses (INR 36.6 Cr).
Import Sources
Not applicable for port services; however, the port facilitates the import of fertilizers, coal, and LPG from global markets into India.
Key Suppliers
Not disclosed, but the company relies on renewable energy suppliers for 45% of its power requirements and maintains a 1,000 kWp solar power plant.
Capacity Expansion
Current container capacity is 1.35 MTEU (utilized at 51% in FY25) and dry bulk capacity is 4 MTPA (utilized at 55% in FY25). Planned expansion includes a new liquid berth to be completed by FY2027 to handle increasing LPG and fuel oil demand.
Raw Material Costs
Operating expenses represent approximately 20.7% of revenue in Q2 FY2026. These costs increased 67% YoY due to higher volume handling in bulk and RoRo segments.
Manufacturing Efficiency
Container capacity utilization was 57% in FY2023 and 61% in 9M-FY2024. Dry bulk utilization fluctuated from 105% in FY2022 to 73% in 9M-FY2024 and 55% in FY2025 due to lower coal and fertilizer volumes.
Logistics & Distribution
Distribution is handled via rail and road connectivity to the Northern hinterland; efficiency in these links is critical for maintaining competitive tariffs against neighboring ports.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth will be driven by the expansion of liquid cargo capacity by FY2027 to capture 8-10% annual growth in LPG demand. RoRo traffic is expected to grow over 10% per annum. The company leverages its parent APM Terminals' global network to attract new shipping lines and optimize cargo mix.
Products & Services
Port services including Container handling, Dry Bulk handling (coal, fertilizer), Liquid Bulk handling (LPG, fuel oil), and Roll-on/Roll-off (RoRo) services for automobiles.
Brand Portfolio
APM Terminals Pipavav (Gujarat Pipavav Port Limited).
New Products/Services
Expansion into VLGC (Very Large Gas Carriers) handling for LPG imports is expected to be a significant revenue contributor following the liquid berth expansion.
Market Expansion
Targeting increased market share in the automobile export/import segment (RoRo) and LPG imports for the Government's UJALA scheme.
Market Share & Ranking
GPPL is a key private port in Gujarat but faces intense competition from larger neighbors like Mundra (Adani) and JNPT.
Strategic Alliances
Strong business linkages with parent APM Terminals BV and the A.P. Moller-Maersk group, providing access to modern technology and a global customer base.
External Factors
Industry Trends
The industry is shifting toward larger vessels (VLGCs) and specialized cargo like RoRo. GPPL is positioning itself by expanding liquid capacity and maintaining high operating margins of 57-59% to remain competitive.
Competitive Landscape
Intense competition from Adani Ports (Mundra) and JNPT, which have significantly larger scales of operation and can attract higher traffic volumes from surrounding industrial hubs.
Competitive Moat
Moat is derived from its strategic location, specialized RoRo facilities, and deep integration with the Maersk global network. However, this is challenged by the finite concession period ending in 2028.
Macro Economic Sensitivity
Highly sensitive to EXIM (Export-Import) trade volumes and global shipping cycles. Revenue growth is tied to Indian GDP and industrial activity in the Northern hinterland.
Consumer Behavior
Increased domestic demand for LPG (driven by government schemes) is shifting the cargo mix toward liquid bulk.
Geopolitical Risks
Global supply chain challenges and geopolitical tensions affecting shipping routes (e.g., Red Sea) impact container traffic volumes.
Regulatory & Governance
Industry Regulations
Operations are governed by the concession agreement with the Gujarat Maritime Board (GMB). Renewal of this agreement before September 2028 is the most critical regulatory monitorable.
Environmental Compliance
Committed to 45% renewable energy usage and zero fatality targets. ESG profile is noted as a strength for attracting foreign portfolio investors.
Taxation Policy Impact
Tax expense for Q2 FY2026 was INR 53.6 Cr, representing an effective tax rate of approximately 25.3% of Profit Before Tax.
Legal Contingencies
The company recovered INR 43.1 Cr from an insurance claim in Q2 FY2026. No other specific pending litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
The primary uncertainty is the renewal of the port concession agreement beyond September 2028. Additionally, large debt-funded capex or excessive dividend payouts that deplete the INR 1,000 Cr cash balance are listed as downward rating factors.
Geographic Concentration Risk
100% of operations are concentrated at a single location in Pipavav, Gujarat, making it vulnerable to regional disruptions like Cyclone Biparjoy (which suspended operations for 16 days in 2023).
Third Party Dependencies
High dependency on Maersk Line for 23% of revenue and on GMB for the right to operate.
Technology Obsolescence Risk
Low risk; the company maintains modern technology through its association with APM Terminals.
Credit & Counterparty Risk
Strong; primarily deals with major global shipping lines and has a strong liquidity position with no debt.
