GIPCL H1 profit rises to Rs 197 crore as revenue gains 34%

Gujarat Industries Power Company Limited reported standalone unaudited profit of Rs 197.13 crore for the half year ended 30 September 2026, up from Rs 78.76 crore a year earlier, as revenue from operations rose 34% to Rs 930.43 crore. GIPCL’s Board approved the results on 5 November 2026.

How did GIPCL perform in H1 FY 2026-27?

GIPCL’s profit for H1 FY 2026-27 was Rs 197.13 crore, an increase of Rs 118.37 crore from Rs 78.76 crore in the corresponding half year ended 30 September 2025. Revenue from operations increased by Rs 237.51 crore to Rs 930.43 crore from Rs 692.92 crore, while total income rose to Rs 1,064.93 crore from Rs 733.12 crore. GIPCL identifies Power Generation as its only reportable business segment.

The increase in total income also included other income of Rs 134.50 crore in H1 FY 2026-27, compared with Rs 40.20 crore in H1 FY 2025-26. Profit before tax rose to Rs 263.19 crore from Rs 125.59 crore, while tax expense was Rs 66.06 crore against Rs 46.83 crore. Basic and diluted earnings per equity share were Rs 12.70 for the half year, compared with Rs 5.07 a year earlier, and GIPCL states that these figures are not annualised.

What changed in GIPCL’s second-quarter results?

GIPCL reported profit of Rs 39.24 crore for the quarter ended 30 September 2026, compared with Rs 21.30 crore in the corresponding quarter of FY 2025-26. Q2 revenue from operations rose to Rs 431.16 crore from Rs 321.40 crore a year earlier. Basic and diluted earnings per equity share were Rs 2.53, compared with Rs 1.37 in the year-earlier quarter.

Quarter on quarter, Q2 profit was lower than the Rs 157.90 crore reported for the quarter ended 30 June 2026, while revenue from operations declined from Rs 499.28 crore. Other income fell to Rs 22.47 crore in Q2 from Rs 112.03 crore in Q1, taking total income down to Rs 453.62 crore from Rs 611.31 crore. Profit before tax was Rs 52.01 crore in Q2, compared with Rs 211.18 crore in Q1 and Rs 46.27 crore in the corresponding prior-year quarter.

Q2 tax expense was Rs 12.78 crore, compared with Rs 53.29 crore in Q1 and Rs 24.97 crore in the year-earlier quarter. The filing provides the financial line items but does not provide a narrative explanation for the movement between Q1 and Q2. The half-year comparison therefore differs from the sequential quarterly picture because H1 includes the Rs 157.90 crore profit reported in the June 2026 quarter.

Which costs moved during GIPCL’s half year?

GIPCL’s total expenses were Rs 801.74 crore in H1 FY 2026-27, up from Rs 607.53 crore in H1 FY 2025-26. Cost of material consumed was Rs 296.71 crore, marginally below Rs 303.72 crore a year earlier. Generation expenses increased to Rs 113.12 crore from Rs 91.16 crore, while employee benefits expense rose to Rs 83.15 crore from Rs 56.04 crore.

Finance costs increased to Rs 102.30 crore in H1 FY 2026-27 from Rs 25.09 crore a year earlier, and depreciation and amortisation rose to Rs 183.90 crore from Rs 109.96 crore. Total income increased by Rs 331.81 crore, exceeding the Rs 194.21 crore increase in total expenses. That difference was reflected in the Rs 137.60 crore rise in profit before tax.

In Q2 alone, cost of material consumed was Rs 132.89 crore, compared with Rs 163.82 crore in Q1 and Rs 120.83 crore in the corresponding prior-year quarter. Generation expenses were Rs 65.37 crore in Q2, up from Rs 47.75 crore in Q1, while finance costs were Rs 51.22 crore after Rs 51.09 crore in Q1. These figures show that the quarterly decline in total income occurred alongside changes in the mix of reported costs.

What do GIPCL’s balance sheet and cash flows show?

GIPCL’s total assets were Rs 10,034.12 crore at 30 September 2026, compared with Rs 9,426.00 crore at 31 March 2026. Capital work-in-progress increased to Rs 2,516.25 crore from Rs 2,065.72 crore, while property, plant and equipment declined to Rs 5,679.43 crore from Rs 5,724.25 crore. Inventories rose to Rs 422.26 crore from Rs 208.33 crore during the six-month period.

Total equity was Rs 3,976.51 crore at 30 September 2026, compared with Rs 3,840.24 crore at 31 March 2026. Non-current borrowings increased to Rs 3,758.41 crore from Rs 3,247.67 crore, and current borrowings rose to Rs 174.40 crore from Rs 129.90 crore. Cash and cash equivalents stood at Rs 228.80 crore, down from Rs 261.13 crore at the March 2026 year end.

Net cash flow from operating activities was Rs 381.72 crore for H1 FY 2026-27, compared with Rs 308.93 crore in H1 FY 2025-26. Investing activities used Rs 807.64 crore, including Rs 784.76 crore for capital work-in-progress and capital advances, compared with Rs 1,189.11 crore for that line a year earlier. GIPCL reported net cash flow from financing activities of Rs 393.59 crore and a net decrease in cash and cash equivalents of Rs 32.33 crore.

Conclusion

GIPCL’s H1 FY 2026-27 result combined a 34% increase in revenue from operations to Rs 930.43 crore with profit of Rs 197.13 crore, compared with Rs 78.76 crore a year earlier. Other income of Rs 134.50 crore also contributed to the rise in total income, while finance costs and depreciation increased to Rs 102.30 crore and Rs 183.90 crore, respectively.

The filing does not disclose a future earnings target or a scheduled operating milestone. Subsequent disclosures can be assessed for changes in the Rs 2,516.25 crore capital work-in-progress balance, the Rs 3,932.81 crore combined current and non-current borrowings, and the revenue pattern following Q2 revenue of Rs 431.16 crore.