Gujarat Industries Power Company Limited (GIPCL)

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Gujarat Industries Power Company Limited (GIPCL) · mywealthgrid

About

GIPCL operates power generation within India's utilities sector, with a market cap of ₹2,728 Cr. Quarterly standalone revenues range from ₹300–₹500 Cr, with recent growth of 81% from Sep 2024 to Jun 2026.

Face value: ₹10

Market cap

₹2,713 Cr

P/E

5.4×

P/B

0.7×

Dividend yield

4.7%

ROE

10.9%

ROCE

4.5%

Debt / equity

0.88

OPM

36.1%

EPS (TTM)

₹32.4

Book value

₹247.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profitability is highly erratic: net profit ranged from a loss of ₹3.2 Cr (Dec 2025) to ₹326.85 Cr (Mar 2026) in recent quarters, raising questions about earnings quality and sustainability. - ROE of 10.93% is modest for a power utility; verify whether this reflects industry norms, cyclical factors, or structural underperformance versus cost of capital. - Stock has declined 8.4% over the past year despite 81% revenue growth since Sep 2024, suggesting market concern; investigate what fundamentals or risks are priced into the 5.43 PE multiple. - Audit the root causes of Dec 2025's loss and Mar 2026's exceptional profit spike to determine if earnings are stable or driven by one-time items like fuel hedging, forex, or maintenance.

Generated analysis · source review pending

Growth drivers

Quarterly revenue has grown 81% from ₹276 Cr (Sep 2024) to ₹499 Cr (Jun 2026); verify if driven by new contracts, volume ramp, or price increases. - Operating margin has expanded from 27.78% (Dec 2024) to 48.4% (Jun 2026), indicating cost discipline or pricing advantage; confirm sustainability at current levels. - Jun 2026 posted strong results with ₹499 Cr revenue and ₹157.9 Cr profit; track whether this quarter represents a sustainable new baseline or reflects one-time items.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹174.8-3.7%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 36.1%
+Profit CAGR of 17% over the last 5 years
+Dividend yield of 4.7%
+Dividend payout of 25.3% of profit

Cons

−Low return on equity of 7.8% (3-yr avg)
−Modest revenue growth of 2.2% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 39
Growth: 77
Valuation

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—
Clean Max Enviro Energy Solutions LimitedCLEANMAXCLEANMAX	₹15,234 Cr	₹27,644 Cr	₹1,913 Cr	₹1,132 Cr	59.2%	₹94 Cr	4.5%	6.4%	2.6%	-1,192
Vedanta Power LimitedVEDPOWERVEDPOWER	₹12,814 Cr	₹18,646 Cr	₹5,453 Cr	₹1,040 Cr	19.1%	₹-1,713 Cr	-31.4%	11%	-88.4%	76
Jaiprakash Power Ventures LimitedJPPOWERJPPOWER	₹10,143 Cr	₹13,523 Cr	₹5,756 Cr	₹1,525 Cr	24.6%	₹641 Cr	8.1%	6.9%	3.6%	93
Reliance Power LimitedRPOWERRPOWER	₹8,028 Cr	₹22,840 Cr	₹7,690 Cr	₹2,361 Cr	31%	₹-319 Cr	-4.4%	6.1%	-2.1%	139

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Standalone figures · ₹ crore · years without a filed annual are summed from quarters

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,346	1,307	1,364	1,407	1,379	1,335	1,172	1,356	1,349	1,256	1,491
COGS	-733	-662	619	620	590	611	478	651	619	531	596
Gross profit	—	—	745	787	789	724	694	705	729	726	895
	1,695	1,578	252	239	284	279	288	297	348	320	357
	384	390	493	548	505	446	406	408	381	406	538
OPM %	28.5%	29.9%	36.1%	39%	36.6%	33.4%	34.6%	30.1%	28.3%	32.3%	36.1%
Depreciation	113	—	160	168	191	162	151	165	168	170	278
Interest	62	73	67	50	51	42	29	38	37	32	111
	35	71	51	-101	42	30	21	48	76	69	95
Profit before tax	250	301	317	228	305	272	247	253	253	273	245
Tax	61	72	73	52	57	89	76	65	54	62	-158
Tax %	24.5%	23.8%	23%	22.7%	18.8%	32.6%	30.7%	25.6%	21.4%	22.5%	-64.5%
	188	229	245	176	248	183	171	189	199	211	402
PAT margin %	14%	17.5%	17.9%	12.5%	18%	13.7%	14.6%	13.9%	14.7%	16.8%	27%
EPS (₹)	12.5	15.2	16.2	11.7	16.4	12.1	11.3	12.5	13.1	14	25.9
EPS adjusted (₹)	—	—	16.2	11.7	16.4	12.1	11.3	12.5	13.1	13.6	25.9
	21.7%	17.8%	16.7%	24.9%	17.7%	22.3%	22.1%	30%	30.1%	29.3%	15.8%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	151	151	151	151	151	151	151	155	155
Reserves	—	2,419	2,597	2,704	2,893	3,003	3,154	3,369	3,685
	—	425	387	475	519	484	409	1,816	3,378
	—	835	795	799	840	849	1,504	2,226	2,208
Total equity & liabilities	—	3,831	3,930	4,129	4,403	4,487	5,218	7,566	9,426
	2,681	2,632	2,883	2,628	3,056	2,951	2,981	2,830	6,018
CWIP	—	166	5	292	41	75	437	3,266	2,066
Investments	—	90	60	88	148	106	124	106	96
	—	943	982	1,121	1,158	1,355	1,678	1,364	1,245
Total assets	—	3,831	3,930	4,129	4,403	4,487	5,218	7,566	9,426

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Ratios

Annual operating, return, leverage and working-capital ratios.

No ratio history

Ratios derive from annual statements, which haven't been ingested yet.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.69%	55.43%	55.43%	55.43%	55.43%	55.43%	55.43%	56.57%	56.57%	56.57%	56.57%	56.57%
	3.88%	3.86%	4.97%	4.68%	4.49%	4.79%	4.32%	4.03%	3.69%	2.63%	2.74%	2.89%
	6%	5.97%	5.92%	5.87%	6.28%	6.04%	5.83%	5.6%	5.15%	4.96%	5.07%	4.99%
	0%	0%	0%	0%	0%	0%	0%	0%	7.44%	7.44%	7.44%	1.44%
	34.43%	34.74%	33.68%	34.02%	33.8%	33.74%	34.42%	33.8%	27.15%	28.4%	28.18%	34.11%
No. of shareholders	—	—	—	—	—	—	—	—	93,707	93,141	91,261	90,955

Promoter holding up 0.88 percentage points since Sep 2023.

15 deals · 11 Sept 2023 – 20 Oct 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Oct 2025	SUMIT BILGAIYAN	Bulk	NSE	Buy	7,77,925	₹181.49	₹14.12 Cr
18 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,77,437	₹256.45	₹25.07 Cr
18 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,77,437	₹256.22	₹25.04 Cr
3 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,07,389	₹200.29	₹18.17 Cr
3 Jun 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,07,389	₹200.22	₹18.17 Cr
29 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	14,40,599	₹222.44	₹32.04 Cr
29 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	14,40,599	₹222.26	₹32.02 Cr
6 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,95,640	₹177.07	₹17.63 Cr
6 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,95,640	₹177.02	₹17.62 Cr
11 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	14,79,115	₹171.51	₹25.37 Cr

1–10 of 15

1 / 2

Ms. JAYANTI RAVINon-Executive - Nominee Director-Chairperson
Ms. SHALINI AGARWALNon-Executive - Nominee Director
Mr. JENU DEVANNon-Executive - Nominee Director
Mr. BHATT SANJYAKUMAR SHUKDEVNon-Executive - Nominee Director
Mr. KANYO SADHURAM BADLANINon-Executive - Nominee Director
Mr. NARENDRA NATH MISRANon-Executive - Independent Director
Mr. PRABHAT SINGHNon-Executive - Independent Director
Mr. NITIN CHANDRASHANKER SHUKLANon-Executive - Independent Director
Mr. DHOLAKIA RAVINDRARAI HARSHADRAINon-Executive - Independent Director
Ms. MAMATA BISWALNon-Executive - Independent Director
Mr. VISHAL GUPTANon-Executive - Independent Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 2 fund houses

Held by these funds

0.03%

of the company's equity

All mutual funds

4.37%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

2 schemes · 2 fund houses

		Shares
IB13-Groww Value FundNEW	Groww Mutual Fund	53,630	1.07	1.44%	0.035%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	166	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

21 Sept 2026, 10:22 amAGM/EGM

E-Voting Result And Scrutinizer Report

AGM PDF

19 Sept 2026, 2:37 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

19 Sept 2026, 2:35 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting

Outcome without intimation PDF

19 Sept 2026, 1:34 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

19 Sept 2026, 1:28 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

4 Sept 2026, 9:41 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 9:39 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

3 Sept 2026, 4:24 pmAGM/EGM

GIPCL Addendum To The Notice Of 41St Annual General Meeting Of The Company Scheduled To Be Held On 19/09/2026.

AGM PDF

Date	Category	Subject	Filing
21 Sept 2026, 10:22 am	AGM/EGM AGM	E-Voting Result And Scrutinizer Report	PDF
19 Sept 2026, 2:37 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management

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₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	232	433	337	611	450	193	362	410	562	1,127	649
	-178	-459	-389	-265	-119	-231	-340	-128	-217	-2,665	-2,238
	-228	-161	103	-137	-222	-47	-25	-110	-190	1,397	1,381
Net cash flow	-174	-187	51	209	109	-85	-2	172	155	-141	-208
Free cash flow	—	—	—	611	450	-46	21	283	111	-1,580	-1,670
CFO / Operating profit %	60.5%	110.9%	68.4%	111.5%	89.1%	43.4%	89.2%	100.6%	147.3%	277.4%	120.7%

Gujarat Industries Power Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Peers

Financials

Ratios

No ratio history

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

No ratio history

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

20

1

Compounded sales growth

Compounded profit growth

Return on equity

Gujarat Industries Power Company Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Peers

Financials

Profit & loss

Balance sheet

Ratios

No ratio history

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

No ratio history

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends20

Board meetings1

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

20

1