Gujarat Pipavav Port Ltd(GPPL)

NSE: GPPLBSE: 533248

₹ 156-2.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,542 crNext results: 4 Nov 2026Website: www.pipavav.comUpdated: 24 Oct 2026

About

Gujarat Pipavav Port Ltd (GPPL) operates a multi-cargo port at Pipavav, Gujarat, handling containers, RoRo (vehicles), dry bulk, and liquid cargo under a concession from Gujarat Maritime Board. In FY26, the port handled 668,166 TEUs of containers, 229,326 RoRo units, 2,974,540 MT of dry bulk, and 1,591,614 MT of liquid cargo, generating INR 11,584 mn in revenue. APM Terminals (Maersk Group) is a key shareholder, and the port has signed an MOU with GMB for a ~INR 17,000 cr expansion over 30 years contingent on a concession extension.^[1][2][3]

Cargo volumes by type

Container: 668,166 TEUs in FY26 (-4% YoY) and 165,218 TEUs in Q1 FY27 (Q4FY26 basis, -4% YoY), impacted by Middle East conflict disruptions.^[1]
RoRo (vehicles): 229,326 units in FY26 (+39% YoY) and 67,609 units in Q4FY26 (+39% YoY), driven by higher OEM exports.^[1]
Dry bulk: 2,974,540 MT in FY26 (+35% YoY); Q4FY26 volumes dipped 4% YoY to 451,352 MT. Growth driven by higher fertiliser imports.^[1]
Liquid: 1,591,614 MT in FY26 (+8% YoY); Q4FY26 volumes fell 5% YoY to 383,265 MT due to lower LPG imports and Middle East conflict.^[1]

Realisations and tariffs

Container realisation: INR 9,500 - 10,500 per TEU in Q3FY26.^[4]
Dry bulk realisation: INR 550 - 650 per MT in Q3FY26.^[4]
Liquid realisation: INR 550 - 600 per MT in Q3FY26.^[4]
GPPL implemented a ~5% tariff increase from 1 January 2026 on containers and marine services; management expected 3 - 4% flow-through to realised revenue.^[4]

Installed capacity and utilisation

Liquid jetty current capacity is ~1.6 - 1.75 mn MT annually; volumes running at ~400 - 420k MT per quarter in FY26, indicating near-full utilisation.^[4]
RoRo staging area capacity prior to expansion: ~250 - 300k units annually. Expansion to ~400 - 450k units annually underway.^[4]
Approximately 60 - 65% of total revenue is dollar-denominated or dollar-linked (container business plus marine services).^[5]

Key operating metrics

FY26 EBITDA margin: 61%; Q4FY26 EBITDA margin: 70%; Q4FY26 EBIT margin: 65%, up 300 bps YoY on operating leverage from RoRo revenue.^[1]
9M FY26 EBITDA margin: 58%, +100 bps YoY.^[4]
Fertiliser volumes in Q3FY26: 629k MT; management guided 1.5 - 2 mn MT annually.^[4]

Customers and distribution

Maruti and Honda are the principal RoRo customers; management guided at least 20% CAGR in RoRo volumes over the three years to FY28.^[2]
Maersk container volumes grew 15% over the Jan - Dec 2025 period; Maersk is a key container line customer.^[4]
US-exposed cargo is ~10 - 12% of container EXIM volumes; US tariff impacts drove container declines in H1 FY26.^[2]
GPPL serves as ONGC's offshore supply base for Arabian Sea installations under a 5-year contract effective 1 October 2025, providing jetties for supply vessels and warehousing.^[2][4]

Expansion and capex

New liquid jetty (GP6, 3.2 mn MT capacity) under construction; commissioning targeted November - December 2026. Total liquid capacity to expand to ~5 mn MT upon completion.^[4][2]
GP6 capex is ~INR 720 cr (~$90 mn), to be funded entirely from internal accruals with no debt raised; majority of spend in FY26.^[2][5]
Medium-term vision: two VLGC-compliant liquid jetties totalling ~6.4 mn MT capacity.^[5]
RoRo staging area: 60,000 sq m expansion in two phases - 30,000 sq m targeted by March 2026 and remaining 30,000 sq m by May - June 2026.^[4]
MOU signed with GMB for ~INR 17,000 cr port expansion (liquid, bulk, container, RoRo, landside) over 30 years, contingent on concession extension; no timeline given.^[2][4]

Recent developments

MOU with GMB signed in presence of Gujarat Chief Minister and Robert Maersk Uggla for a ~INR 17,000 cr port expansion, announced during Q2FY26.^[2]
AVTL's cryogenic LPG tanks at Pipavav commissioned in July 2025, providing incremental LPG handling throughput.^[5]
Kandla - Gorakhpur pipeline (KGP) expected to connect to GPPL between March and June 2026, opening central India LPG evacuation markets with ~1.5 mn MT capacity.^[4][2]
Board declared an interim dividend of INR 5.40 per share for Q2FY26.^[2]

Market Cap

₹7,542 Cr

High / Low

₹200 / 142

Stock P/E

13.5

Price / Book

3.2

Book Value

₹49

EPS

₹10.7

No. of Shares

48.34 Cr

ROCE

28.2%

ROE

21.8%

OPM

53.2%

Debt / Equity

0.00

Sales

₹1,158 Cr

Net Profit

₹515 Cr

Promoter holding

44.0%

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