Gujarat Industries Power Co Ltd(GIPCL)

NSE: GIPCLBSE: 517300

₹ 154.2+0.33%refreshed 26 Oct, 10:29 am ISTMarket cap: ₹ 2,393 crWebsite: www.gipcl.comUpdated: 24 Oct 2026

About

Gujarat Industries Power Co Ltd (GIPCL) is a Gujarat state-owned power generation company operating lignite thermal, solar, and wind assets with 1,574.4 MW installed capacity as of Q2 FY26. GIPCL sells power predominantly to Gujarat Urja Vikas Nigam Ltd (GUVNL) under long-term PPAs and is mid-way through a large renewable capacity build-out centred on the Khavda RE Park in Gujarat.^[1][2][3]

Business segments

Lignite thermal (SLPP1 and SLPP2): Rs 1,103 cr revenue in FY26, the dominant segment.^[3]
Existing solar (excluding Khavda 600 MW): Rs 152 cr revenue in FY26.^[3]
Wind: Rs 86 cr revenue in FY26.^[3]
75 MW group-captive solar (Vastan): Rs 38 cr revenue in FY26.^[3]
Khavda 600 MW solar (commissioned mid-year): Rs 111 cr revenue in FY26 - partial-year contribution.^[3]

Installed capacity and plant locations

Total installed capacity: 1,574.4 MW as of Q2 FY26.^[1]
Lignite thermal: two 250 MW units - SLPP Phase-I (SLPP1) and Phase-II (SLPP2) - both operating and effectively debt-free.^[3]
600 MW Khavda solar, located at the Khavda RE Park near Bhuj, Gujarat, commissioned in phased manner from June 2025; fully operational by December 2025.^[3][1]
75 MW group-captive solar at Vastan Mine reclaimed land, commissioned by April 2025.^[1]
Gas-based stations: 310 MW at Baroda - currently stranded due to high gas costs and geopolitical factors.^[3]

Key operating numbers

Khavda 600 MW CUF: 33.24% in Q1 FY27, up from ~23% in Q4 FY26, after full evacuation allocation granted by CTUIL in November 2025.^[3]
PLF - SLPP1: >75% in Q4 FY26 (66.27% in HY 2025-26); PLF - SLPP2: >80% in Q4 FY26 (70.41% in HY 2025-26), above the All-India coal/lignite provisional PLF of 65.54%.^[3][1]
Wind portfolio CUF: 24.03% in HY 2025-26, up from 17.30% in FY 2024-25, led by Nakhatrana SN-5 at 31.07%.^[1]
Solar portfolio CUF (overall): 19.37% in HY 2025-26, down from 22.94% in FY 2024-25, as newly commissioned Khavda (20.66%) and Vastan (14.65%) plants diluted the average.^[1]
PPA tariff for Khavda 600 MW and 500 MW projects: Rs 2.73/unit.^[3]

Customers and offtake structure

GUVNL is the primary offtaker; lignite thermal capacity is contracted under Section 62 cost-plus PPAs.^[3]
Khavda RE Park (2,375 MW total): GIPCL develops 1,100 MW for its own account; remaining 1,275 MW allocated to Coal India, SJVN, and SAEL, who sell directly to GUVNL.^[3]
As Khavda RE Park developer, GIPCL earns O&M income from third-party developers - estimated at Rs 50 - 60 cr gross and Rs 20 - 25 cr net over the 25-year PPA life.^[3]

Expansion and capex pipeline

500 MW Khavda solar (second tranche): advanced commissioning stage as of Q4 FY26; 200 MW expected post-monsoon (Q3 FY27), followed by 200 + 100 MW within months; evacuation via KPS-2 line awaited from CTUIL.^[3]
Additional 200 MW solar at Khavda identified from land optimisation within the 4,750-hectare allotment; estimated capex Rs 800 - 1,000 cr.^[3]
750 MW (3×250 MW) lignite thermal expansion: GUVNL in-principle approval obtained; tender floated and under evaluation by BHEL and others; order expected by end FY27; commissioning targeted FY32 - 33; estimated capex ~Rs 6,000 cr (80:20 debt-equity).^[3]
BESS phase-1 (20 MW / 120 MWh) at the stranded Baroda gas plant site: GUVNL approval obtained, tender in place, capex Rs 250 - 300 cr, operational in ~1 year, fixed tariff ~Rs 6/unit from GUVNL.^[3]
BESS phase-2 (30 MW / 160 MWh) at Baroda planned for the following year after phase-1.^[3]

Recent developments

600 MW Khavda solar commissioned in phased manner from June 2025; CTUIL granted full evacuation allocation in November 2025.^[3][1]
75 MW Vastan group-captive solar commissioned; 25 MW tranche added April 2025 on mine reclaimed land.^[1]
Term loan rose from Rs 390.77 cr (March 2024) to Rs 2,581.51 cr (September 2025), reflecting debt drawdowns for Khavda and Vastan renewable projects.^[1]
MoUs signed with NHPC Ltd and Indian Oil Corporation Ltd (IOCL) for joint exploration of renewable energy solutions.^[1]
Management is evaluating a possible hive-off of the stranded 310 MW Baroda gas-based stations within the next 2 - 3 years.^[3]

Market Cap

₹2,393 Cr

High / Low

₹212 / 120

Stock P/E

4.2

Price / Book

0.4

Book Value

₹247

EPS

₹25.9

No. of Shares

15.52 Cr

ROCE

5.2%

ROE

10.9%

OPM

22.4%

Debt / Equity

0.88

Sales

₹1,491 Cr

Net Profit

₹402 Cr

Promoter holding

56.6%

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