Gujarat Pipavav Port logo

Gujarat Pipavav Port

GPPL NSE

Key Fundamentals

MicrocapPort & Port ServicesTransport
Market Cap
₹7,792 Cr
Volatility
Moderate
P/E Ratio
13.97
EBITDA
₹782 Cr
Return on Equity
21.57%
Debt to Equity
0.02
Book Value
₹49.4
EPS
₹8.51
52W High
₹200.09
52W Low
₹141.55

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is providing a good dividend yield of 6.45%.
  • Company has been maintaining a healthy dividend payout of 100%

Weaknesses

1
  • The company has delivered a poor sales growth of 9.57% over past five years.

Growth Rate

Revenue Growth
15.25% higher than 3Y
Net Income Growth
29.81% higher than 3Y
Cash Flow Change
13.65% higher than 3Y
ROE
27.03% higher than 3Y
ROCE
23.43% lower than 3Y
EBITDA Margin (Avg.)
2.95% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk high

Gujarat Pipavav Port Ltd operates at a market cap of ₹7,538 Cr with a PE of 14.5x, ROE of 21% (last year), and a dividend yield of 3.49%. The company is nearly debt-free and has grown profits at a 14% CAGR over three years, but faces a critical concession expiry in September 2028 and reported a decline in container volumes to 668,000 TEUs in FY26 from 694,000 TEUs in FY25.

Bull Case 8
  • Nearly debt-free balance sheet with reduced debt, allowing high free cash flow conversion and a dividend payout ratio of 83.3%
  • Attractive dividend yield of 3.49%, supported by consistent payout history including ₹4 per share interim dividend in FY25
  • Return on equity improved to 21% in the last year, up from a 5-year average of 16%, indicating improving capital efficiency
  • Compounded profit growth of 26% TTM and 14% CAGR over 3 years significantly outpaces revenue growth, reflecting operating leverage
  • PE of 14.5x is moderate for a port infrastructure asset with monopoly-like characteristics in its hinterland
  • APM Terminals (parent) has pledged ₹3,320 Cr for expansion including new liquid berth, container berth, and RoRo capacity expansion to 500,000 CEUs from current 250,000 CEUs
  • Diversified cargo mix with RoRo volumes surging 68% YoY in Q2 FY25 to 33,043 units and liquid cargo expected at 1.4 million MT for FY25
  • TTM sales growth of 17% shows acceleration from the 5-year compounded sales CAGR of 10%
Bear Case 8
  • Concession agreement expires in September 2028 with no formal extension yet confirmed, creating significant uncertainty over the asset's long-term value
  • Container volumes declined to 668,000 TEUs in FY26 from 694,000 TEUs in FY25, a 3.7% drop indicating competitive pressure
  • 5-year compounded sales growth of only 10% and historical 5-year average of 9.57% reflects limited top-line momentum for an infrastructure asset
  • Stock has delivered negative 1% CAGR over 10 years and negative 2% over the last 1 year, underperforming broader market indices significantly
  • Q2 FY25 standalone revenue fell to ₹2,270 Mn from ₹2,526 Mn YoY and net profit dropped to ₹908 Mn from ₹1,071 Mn, a 15% decline
  • Proposed ₹17,000 Cr investment plan is entirely contingent on concession extension, meaning capex visibility is near-zero without regulatory clarity
  • Single-port operator with geographic concentration risk in Gujarat's Saurashtra region, unlike diversified port peers
  • PB ratio of 3.13x is elevated for an asset with only 2 years of confirmed concession life remaining

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Headwinds 2
  • Container volumes declined 4% in FY26 Jun 16

    Container segment fell 4% in FY26 due to Middle East conflict disruptions and shipping route changes, though sequential improvement of 7% was seen in Q3.

  • Concession expiry looming in 2028 Jun 16

    The port concession agreement expires in 2028; while management says discussions with Gujarat Maritime Board are positive, formal resolution remains pending and creates uncertainty for long-term investments.

Positives 5
  • Revenue up 17%, margins hit 70% Jun 16

    FY26 revenue grew 17% to ₹1,158 crore with OPM expanding to 61.1%; Q4 was even stronger at ₹317 crore revenue (+26% YoY) with 70% operating margins.

  • Vehicle exports surged 39% in FY26 Jun 16

    RoRo volumes jumped 39% to 229,326 units in FY26, with Q4 alone handling 67,000+ vehicles; capacity being expanded from 250-300K to 400-450K vehicles annually via new 60,000 sqm staging area.

  • Dry bulk volumes up 35% Jun 16

    Dry bulk cargo grew 35% to nearly 3 million metric tonnes driven by strong fertilizer imports, while liquid cargo also rose 8%.

  • New liquid jetty by Dec 2026 Jun 16

    A new liquid cargo jetty operational by December 2026 will add 3.2 MMTPA capacity, nearly doubling total liquid handling to ~5 MMTPA.

  • Near-zero debt, 28% ROCE Jun 16

    Debt-to-equity at just 0.02 with interest coverage of 99x; ROCE at 28%, ROE at 21.2%, and dividend yield of 5.3% at ₹154 stock price.

Neutral 2
  • New independent director appointed Jun 30

    Harjeet Kaur Joshi appointed as Additional Director (Non-Executive Independent) effective July 1, 2026, for five years subject to shareholder approval.

  • Promoter shares fully unencumbered Jun 9

    APM Terminals Mauritius confirmed its entire shareholding in GPPL remains unencumbered for FY26.

TL;DR: Gujarat Pipavav Port delivered a strong FY26 with 17% revenue growth, margin expansion to 70% in Q4, and impressive diversification across RoRo (+39%), dry bulk (+35%), and liquid cargo segments. The balance sheet is pristine with near-zero debt and 28% ROCE. Key risks are the 2028 concession expiry uncertainty and continued weakness in the container segment. The trend is clearly improving as non-container segments drive record performance, and capacity expansions through 2026 suggest management is positioning for sustained multi-year growth.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
215
253
270
251
246
227
263
252
250
299
292
317
332
Expenses
109
102
110
97
96
94
124
95
103
122
132
94
118
Operating Profit
106
151
159
154
150
133
139
157
147
178
160
223
214
OPM %
49%
60%
59%
61%
61%
58%
53%
62%
59%
59%
55%
70%
64%
Other Income
16
26
25
-32
25
25
25
23
25
70
19
0
17
Interest
3
2
2
3
2
2
1
2
2
1
2
1
1
Depreciation
29
29
29
29
29
29
31
28
31
32
32
30
31
PBT
90
146
153
91
144
126
132
150
139
215
144
192
198
Tax %
25%
37%
24%
27%
24%
40%
25%
25%
25%
25%
25%
26%
26%
Net Profit
68
92
116
66
110
75
99
112
104
161
108
142
148
EPS in Rs
1.4
1.91
2.4
1.36
2.27
1.56
2.06
2.32
2.16
3.32
2.23
2.94
3.06
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
660
683
649
702
735
733
741
917
988
986
1,158
1,240
Expenses
278
262
275
313
289
311
331
414
415
410
450
465
Operating Profit
382
421
374
389
447
422
411
503
574
576
708
775
OPM %
58%
62%
58%
55%
61%
58%
55%
55%
58%
58%
61%
62%
Other Income
61
66
59
76
78
48
30
35
31
99
114
105
Interest
0
0
0
0
7
6
5
8
9
6
7
6
Depreciation
97
107
104
113
131
133
129
116
116
117
126
126
PBT
345
379
330
352
386
330
307
413
479
552
689
749
Tax %
34%
26%
33%
33%
17%
33%
36%
24%
29%
28%
25%
—
Net Profit
227
282
221
237
319
222
197
313
342
397
515
559
EPS in Rs
4.71
5.84
4.57
4.9
6.61
4.59
4.08
6.48
7.07
8.21
10.66
11.55
Div. Payout %
40%
65%
74%
71%
85%
98%
98%
94%
103%
100%
98%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
483
483
483
483
483
483
483
483
483
483
483
Reserves
1,604
1,659
1,676
1,714
1,805
1,756
1,760
1,827
1,830
1,854
1,905
Borrowings
0
0
0
0
58
47
47
79
79
60
37
Other Liabilities
282
331
296
348
282
363
442
479
544
538
598
Total Liabilities
2,369
2,473
2,456
2,546
2,629
2,649
2,733
2,869
2,936
2,935
3,024
Fixed Assets
1,342
1,676
1,686
1,590
1,583
1,467
1,408
1,363
1,358
1,329
1,295
CWIP
392
92
32
45
6
53
49
95
81
83
286
Investments
174
206
228
259
286
290
294
315
321
338
355
Other Assets
462
499
509
651
754
839
981
1,096
1,177
1,186
1,088
Total Assets
2,369
2,473
2,456
2,546
2,629
2,649
2,733
2,869
2,936
2,935
3,024
Figures in ₹ Crores

Cash Flow

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
389
406
315
299
343
388
380
370
489
449
510
Investing
-285
-245
-129
-126
-85
-105
-166
-82
-111
-56
-18
Financing
0
-227
-204
-198
-250
-296
-220
-273
-370
-404
-495
Net Cash Flow
104
-66
-18
-25
8
-13
-6
15
8
-11
-3
Free Cash Flow
23
263
261
268
329
343
329
312
417
354
220
CFO/OP
123
110
98
95
91
106
107
95
109
102
96
Figures in ₹ Crores

Ratios

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
16
15
14
26
23
24
26
34
21
18
14
Cash Conversion Cycle
16
15
14
26
23
24
26
34
21
18
14
Working Capital Days
-93
-101
-91
-69
-59
-75
-79
-52
-106
-98
-11
ROCE %
—
18%
15%
16%
17%
15%
14%
20%
23%
23%
28%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others4.43%Promot.44.01%DIIs13.82%Public15.70%FIIs22.04%As ofJun 2026

Documents

Frequently Asked Questions about Gujarat Pipavav Port

What does Gujarat Pipavav Port Ltd do?
Gujarat Pipavav Port is India's first private sector port located on the south west coast of Gujarat near Bhavnagar. The port is strategically placed to on International Maritime Trade route which connects India with US, Europe, Africa, Middle East on one side and Far east on the other side.
Where is Gujarat Pipavav Port Ltd (GPPL) listed?
Gujarat Pipavav Port Ltd trades as GPPL on the NSE and under code 533248 on the BSE.
Which sector does Gujarat Pipavav Port Ltd belong to?
Gujarat Pipavav Port Ltd is classified under the Transport sector, in the Port & Port Services industry.
What is the market capitalisation of Gujarat Pipavav Port Ltd?
Gujarat Pipavav Port Ltd has a market capitalisation of ₹7,792 Cr, which places it in the Mid Cap band.
What is the PE ratio of Gujarat Pipavav Port Ltd?
Gujarat Pipavav Port Ltd trades at a PE ratio of 13.97, on earnings per share of ₹8.51, against a book value of ₹49.4 per share.
What is the 52-week high and low of Gujarat Pipavav Port Ltd?
Over the last 52 weeks Gujarat Pipavav Port Ltd has traded between ₹141.55 and ₹200.09.
Does Gujarat Pipavav Port Ltd pay dividends?
Gujarat Pipavav Port Ltd has a dividend yield of 6.41%.
What is the Return on Equity (ROE) of Gujarat Pipavav Port Ltd?
Gujarat Pipavav Port Ltd reported a return on equity of 21.57%. Its debt-to-equity ratio is 0.02.

Company Information

Gujarat Pipavav Port is India's first private sector port located on the south west coast of Gujarat near Bhavnagar. The port is strategically placed to on International Maritime Trade route which connects India with US, Europe, Africa, Middle East on one side and Far east on the other side.

Website apmterminals.com
CEO Mr. Girish Aggarwal
Employees 456
Listed 2010-09-09
Face Value ₹ 10
Issued Size 48,34,39,910

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