Overview

Detailed Summary

Gujarat Pipavav Port Limited operates an all‑weather multipurpose deep‑water port at Pipavav, Gujarat, providing container, dry bulk, liquid and RoRo handling services with integrated rail connectivity and marine services; APM Terminals is the lead promoter and the port’s container handling capacity is about 1.35 million TEUs while bulk and liquid capacities range between 4–5 million MT and ~2 million MT respectively.
Q3 FY26 showed a strong operational print: RoRo volumes surged c.39% quarter‑on‑quarter with over 62,000 cars—the highest quarterly tally—while dry bulk grew c.25%; nine‑month EBITDA margin expanded to 58% (up 100 bps YoY), reflecting a favourable cargo mix and operational leverage, although containers and liquids were broadly flattish in the quarter.
Management has multiple visible capacity projects on track: a new liquid jetty targeted for December 2026, staged RoRo yard expansion completing by mid‑2026, incremental rail sidings and a broader Rs.17,000 crore investment program that is explicitly contingent on concession renewal, making the concession process a material strategic catalyst for future growth.
Container volumes show tentative signs of recovery with a 7% sequential uptick led by Maersk‑linked services and reported Maersk growth of c.15% Jan‑Dec; reopening of Suez/Red Sea transit and easing tariff headwinds are constructive, while a January tariff increase of about 5% is expected to translate to a c.3–4% blended revenue uplift.

Sector: Transport Infrastructure
Industry: Port & Port services
Market Cap: 7,776 Cr
Volatility: Moderate Risk
P/E Ratio: 15.3
Industry P/E: 29.6
PEG Ratio: 2.7
P/B Ratio: 3.2
52W High: 200.00
52W Low: 128.55

Sales CAGR

1Y: -0.08%
3Y: 10.03%
5Y: 6.08%
10Y: 4.58%

Profit CAGR

1Y: 16.05%
3Y: 27.36%
5Y: 6.42%
10Y: 8.52%

ROE

TTM: 19.88%
3Y: 16.61%
5Y: 14.07%
10Y: 12.66%

ROCE

TTM: 25.78%
3Y: 20.35%
5Y: 17.96%
10Y: 16.79%

Technicals

Oscillators

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

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Peers

Services Services Transport Infrastructure Port & Port services

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
INTERISE		113.00	11,440 Cr	-163.77	2.41	7.36	2.87	8.51	0.73
MIT		145.60	10,022 Cr	-42.57	1.59	0.00	-2.48	4.61	-1.34
GPPL		153.45	7,776 Cr	15.30	3.24	5.10	19.88	25.78	16.39
INDUSINVIT		124.46	5,577 Cr	13.01	1.13	3.63	9.21	8.72	5.93
IRBINVIT		60.55	4,860 Cr	20.14	0.69	9.56	9.76	4.50	2.16
ROADSTAR		62.00	3,097 Cr	-775.00	0.74	13.09	-2.54	3.83	-1.24
ANANTAM		105.02	2,333 Cr	0.10	0.90	0.00	—	—	0.00
Median: 7 Co.	—	113.00	5,577 Cr	0.10	1.13	5.10	6.04	6.56	0.73

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	253	270	251	246	227	263	252	250	299	292
Expenses	102	110	94	96	94	124	95	102	122	132
Operating Profit	151	159	157	150	133	139	157	148	178	160
OPM %	59.64	59.08	62.59	60.79	58.39	52.77	62.25	59.15	59.41	54.89
Other Income	26	25	-35	25	25	25	23	24	70	18
Interest	2.17	2.02	2.60	1.69	1.60	1.01	1.58	1.87	1.47	2.39
Depreciation	29	29	29	29	29	31	28	31	32	32
Profit Before Tax	146	153	91	144	126	132	150	139	215	144
Tax %	36.64	24.03	27.31	23.73	40.29	24.76	25.15	25.08	25.13	24.94
Net Profit	92	116	66	110	75	99	112	104	161	108
EPS in Rs	1.91	2.40	1.36	2.27	1.56	2.06	2.32	2.16	3.32	2.23

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	683	649	702	735	733	741	917	988	988	992
Expenses	265	275	313	289	311	331	415	415	410	416
Operating Profit	419	374	389	447	422	410	502	573	578	576
OPM %	61.28	57.65	55.40	60.73	57.55	55.36	54.76	57.98	58.48	58.07
Other Income	68	60	76	78	48	30	35	31	98	97
Interest	0.40	0.35	0.37	7.38	6.31	4.77	7.96	9.32	5.87	6.06
Depreciation	107	104	113	131	133	129	116	116	117	119
Profit Before Tax	379	330	352	386	330	307	413	479	552	548
Tax %	25.60	32.98	32.75	17.18	32.77	35.64	24.22	28.67	28.15	28.53
Net Profit	282	221	237	319	222	197	313	342	397	392
EPS in Rs	—	—	4.92	6.61	4.59	4.08	6.48	7.07	8.21	10.03
Dividend Payout %	65.07	74.40	71.72	84.72	98.04	98.04	94.14	103.25	99.88	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	483	483	483	483	483	483	483	483	483	483
Reserves	1,519	1,659	1,676	1,714	1,805	1,756	1,760	1,827	1,830	1,854
Borrowings	0.00	0.00	0.00	0.00	58	47	47	79	79	63
Other Liabilities	461	331	296	348	282	363	442	479	544	535
Total Liabilities	2,464	2,473	2,456	2,546	2,629	2,649	2,733	2,869	2,936	2,935
Fixed Assets	1,339	1,676	1,686	1,590	1,583	1,467	1,408	1,363	1,358	1,329
CWIP	392	92	32	45	5.70	53	49	95	81	83
Investments	169	206	228	259	286	290	294	315	321	338
Other Assets	564	499	509	651	754	839	981	1,096	1,177	1,186
Total Assets	2,464	2,473	2,456	2,546	2,629	2,649	2,733	2,869	2,936	2,935

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	389	406	315	299	343	388	380	370	489	446
Cash from Investing Activity	-285	-245	-129	-126	-85	-105	-166	-82	-111	-56
Cash from Financing Activity	-0.16	-227	-204	-198	-250	-296	-220	-273	-370	-401
Net Cash Flow	104	-66	-18	-25	8.16	-13	-5.98	15	7.89	-11

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%	44.01%
FIIs	21.90%	21.02%	20.12%	19.81%	18.31%	18.53%	19.80%	20.50%	19.44%	19.48%	19.82%	21.04%
DIIs	22.13%	22.66%	21.24%	20.02%	17.39%	17.06%	16.43%	16.75%	17.10%	16.25%	15.73%	14.93%
Public	11.97%	12.31%	14.64%	16.16%	20.29%	20.40%	19.76%	18.75%	19.45%	20.27%	20.45%	20.02%
Total Shareholders	1,39,831	1,40,258	1,61,167	1,69,217	2,15,960	2,26,625	2,43,604	2,30,147	2,37,378	2,45,885	2,46,649	2,38,563

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

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