Gujarat Pipavav Port Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Gujarat Pipavav Port Ltd trades at ₹151, in a downtrend and 17 weeks into that stage. That is −5.9% against its own 200-day average. It sits at 12% of a 52-week range of ₹146 to ₹194. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (23 weeks and counting).

Today the stock is in a downtrend — week 17 of stage 4, confirmed. At ₹151 it trades −5.9% versus its 200-day average and sits at 12% of its 52-week range (₹146–₹194).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved −5% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (23 weeks and counting; last ahead the week of 2026-02-27) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 8th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Gujarat Pipavav Port Ltd trades at 14.4× P/E, near the bottom of its own range — cheaper only 8% of the time. Its long-run median P/E is 19.9×, measured across 10.0 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 14.4× is near the bottom of its own range — cheaper only 8% of the time, against a long-run median of 19.9× measured over 10.0 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +29.8% against a −7.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +7.3%/yr price move, ~+17.6%/yr came from earnings growth and ~−10.3 pp from the multiple (compressing); over 10y, of the −1.8%/yr price move, ~+8.0%/yr came from earnings growth and ~−9.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Gujarat Pipavav Port Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 26.8% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

78.6/100 — rank 1 of 3 in Marine Port & Services · 87% evidence confidence

Gujarat Pipavav Port Ltd scores 78.6 out of 100 against the 3 companies it is compared with in Marine Port & Services, ranking 1. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -1.5% and the one-year return is -7.3%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 32 + 22.6 + 17.9 + 6.1 = 78.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Gujarat Pipavav Port Ltd reported ₹317 Cr of revenue in the Mar 26 quarter, +25.8% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 5.8% a year. The last full year, FY26, came in at ₹1,158 Cr. The last four reported quarters add to ₹1,158 Cr.

Gujarat Pipavav Port Ltd reported ₹317 Cr of revenue in the Mar 26 quarter, +25.8% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 5.8% a year. The last full year, FY26, came in at ₹1,158 Cr. The last four reported quarters add to ₹1,158 Cr.

FY26 revenue came in at ₹1,158 Cr (+17.2% on the year), capping 10 years at 5.8% compound. The latest quarter (Mar 26) printed ₹317 Cr, +25.8% year on year — the 5th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +17.5% growth against the decade's 5.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +17.2% over the last 4 quarters against +8.2%/yr over the last 8 — accelerating; TTM profit +30.1% vs +22.7%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 70.0% this quarter (+8.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Gujarat Pipavav Port Ltd's operating margin is 70.0% in the Mar 26 quarter, +8.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 55.0% to 62.0%. The current quarter is running above every full year in that window.

Gujarat Pipavav Port Ltd's operating margin is 70.0% in the Mar 26 quarter, +8.0 percentage points against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 55.0% to 62.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 70.0%, +8.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 55.0%–62.0%.

Why the margin moved: operating margin went +8.1 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins held — did that reach the bottom line? Next: profit +26.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Gujarat Pipavav Port Ltd earned ₹142 Cr of net profit in the Mar 26 quarter, +26.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹515 Cr. The 10-year compound rate is 8.5%. That is 44.8% of the quarter's revenue. The same quarter a year earlier earned ₹112 Cr.

Gujarat Pipavav Port Ltd earned ₹142 Cr of net profit in the Mar 26 quarter, +26.8% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹515 Cr. The 10-year compound rate is 8.5%. That is 44.8% of the quarter's revenue. The same quarter a year earlier earned ₹112 Cr.

Mar 26 profit was ₹142 Cr, +26.8% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹515 Cr (+29.7%), and the 10-year compound rate is 8.5%.

Why profit moved: revenue contributed +25.8% and the margin +8.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +36.3% vs revenue +17.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 115% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 115% of Gujarat Pipavav Port Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹510 Cr of operating cash against ₹515 Cr of profit. After ₹295 Cr of capital spending, ₹215 Cr was left as free cash.

FY26: operating cash of ₹510 Cr against reported profit of ₹515 Cr, leaving free cash of ₹215 Cr after ₹295 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 115% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 115%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 14-day cycle and ₹482 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Gujarat Pipavav Port Ltd's cash conversion cycle runs 14 days in FY26, down from 24 days in FY21. Capital spending ran ₹482 Cr over the last 3 years. At FY26 sales of ₹1,158 Cr each day of that cycle holds about ₹3.2 Cr, so roughly ₹44.0 Cr sits inside the business at any moment.

FY26: debtors at 14 days (an asset-light business — no inventory to speak of) — for a full cycle of 14 days, tighter than FY21's 24.

In money terms: at FY26 sales of ₹1,158 Cr, each day of the cycle holds about ₹3.2 Cr — so the 14-day loop keeps roughly ₹44.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹482 Cr over the last 3 fiscal years against ₹359 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹286 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 28% and the ROIC − WACC spread is +15.2 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Gujarat Pipavav Port Ltd earns a ROCE of 28% in FY26. That is up from a trough of 14% in FY22. Return on invested capital clears the cost of that capital by +15.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 44.5% net margin on 0.38× asset turns.

FY26 ROCE is 28%, recovered from a FY22 trough of 14% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 44.5% net margin × 0.38× asset turns × 1.27× balance-sheet leverage ≈ 21.5% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 27.2% − 12.0% = a +15.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.02.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Gujarat Pipavav Port Ltd carries total debt of ₹37.0 Cr against shareholder equity of ₹2,388 Cr as of Mar 26, a debt-to-equity of 0.02 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.02 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹37.0 Cr against shareholder equity of ₹2,388 Cr — a debt-to-equity of 0.02. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.02 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 3.5 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 3.5 points of Gujarat Pipavav Port Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 22.1% of the company. Domestic institutions moved −3.2 points over the same window, to 13.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +3.5 points over 8 quarters to 22.1%; Domestic institutions: −3.2 points over 8 quarters to 13.8%; Promoters: +0.0 points over 8 quarters to 44.0%.

Why the register moved: rotation — foreign institutions +3.5 points against domestic institutions −3.2 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Gujarat Pipavav Port Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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