# Gujarat Pipavav Port share price today (Gujarat Pipavav Port Ltd, NSE: GPPL)

> Gujarat Pipavav Port share price today: ₹164.98 at the NSE close on 4 November 2026, down 8.1% in a year. Gujarat Pipavav Port (NSE: GPPL) is worth ₹7,980 crore, trades at a P/E of 14.6 and has closed between ₹145.58 and ₹193.61 over the past 52 weeks. > Gujarat Pipavav Port Ltd's results are improving, while its P/E is near the low end of its own history over 10 years, higher than only 10% of past readings. GPPL · Marine Port & Services · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/gujarat-pipavav-port-ltd

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## Key numbers

- Business trend: Growing steadily, from the last 12 quarters
- Price: ₹164.98 (−8.1% in a year)
- P/E: 14.6× (lower than 90% of the last 10 years)
- Revenue (Jun 2026): ₹332 Cr (+32.8% on a year ago)
- Profit (Jun 2026): ₹148 Cr (+42.3% on a year ago)
- Operating margin: 64.0% (+5.0 points on a year ago)
- ROCE: 28%, FY26
- ROIC: 27.7%, against a 12.0% cost of capital: +15.7 points

The main question: yearly earnings per share moved +29.8% while the share price moved −8.1%. ## What is the Gujarat Pipavav Port share price today? Gujarat Pipavav Port Ltd's share price was ₹164.98 at the close on 4 November 2026. It has been rising for 4 weeks. That is 2.4% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹146 and ₹194, and at that close it sat 40% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 13 weeks in a row. Over the last 11 years the share price moved +4% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at Gujarat Pipavav Port this quarter? Three changes stood out: revenue up on a year earlier for 6 quarters in a row, profit up on a year earlier for 4 quarters in a row and highest quarterly revenue in 15 quarters. 1. Revenue up on a year earlier for 6 quarters in a row In the June 2026 quarter revenue was ₹332 crore, +32.8% on a year earlier. Why: Revenue rose partly because one time items lifted reported sales, including government duty credits, money released from earlier provisions, and ad hoc transshipment and storage revenue. Next results: check whether revenue growth holds without ad hoc transshipment and storage revenue. From the earnings call on 13 Aug 2026. 2. Profit up on a year earlier for 4 quarters in a row In the June 2026 quarter profit was ₹148 crore, +42.3% on a year earlier. Why: Profit rose partly because one time items lifted reported profit, including government duty credits and money released from earlier provisions. Next results: check whether profit growth holds without ad hoc transshipment and storage revenue. From the earnings call on 13 Aug 2026. 3. Highest quarterly revenue in 15 quarters Revenue of ₹332 crore in the June 2026 quarter is the highest of the last 15 quarters. ## What dividend does Gujarat Pipavav Port pay? Gujarat Pipavav Port paid ₹10.40 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 6.30% at the ₹164.98 close on 4 November 2026. The last was a dividend of ₹5 a share, ex-date 2 September 2026. ### Gujarat Pipavav Port dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 2 Sep 2026 | ₹5 | Dividend | same day |
| 12 Nov 2025 | ₹5.40 | Interim | same day |
| 28 Aug 2025 | ₹4.20 | Dividend | same day |
| 19 Nov 2024 | ₹4 | Interim | same day |
| 14 Aug 2024 | ₹3.70 | Dividend | n/a |
| 21 Nov 2023 | ₹3.60 | Interim | same day |
| 26 Jul 2023 | ₹3.40 | Dividend | n/a |
| 18 Nov 2022 | ₹2.70 | Interim | 21 Nov 2022 |
| 26 Jul 2022 | ₹2.40 | Dividend | n/a |
| 24 Nov 2021 | ₹1.60 | Interim | 25 Nov 2021 |
| 5 Aug 2021 | ₹2.40 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. Gujarat Pipavav Port Ltd paid out 98% of its profit as dividends in FY26, and it paid a dividend in each of its last 11 reported years. (From the NSE corporate-actions record, read 5 November 2026.)

## What are Gujarat Pipavav Port's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), Gujarat Pipavav Port reported revenue of ₹332 crore, up 32.8% from ₹250 crore a year earlier, and a profit of ₹148 crore, up 42.3% from ₹104 crore. ### Gujarat Pipavav Port results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹332 crore | ₹250 crore | +32.8% |
| Profit | ₹148 crore | ₹104 crore | +42.3% |
| Earnings per share | ₹3.06 | ₹2.16 | +41.7% |
| Operating margin | 64.0% | 59.0% | +5.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). Gujarat Pipavav Port's management discussed these results on a call held on 13 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the Gujarat Pipavav Port share price history? Gujarat Pipavav Port closed at ₹164.98 on 4 November 2026, down 8.1% from ₹179.60 a year earlier (7 November 2025) and up 43.8% over five years. Its highest weekly close since March 2016 was ₹232.55 on 23 August 2024. ### Gujarat Pipavav Port share price: then and now

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹159.09 | +3.7% |
| 1 month ago · 1 Oct 2026 | ₹165.88 | −0.5% |
| 6 months ago · 8 May 2026 | ₹158.90 | +3.8% |
| 1 year ago · 7 Nov 2025 | ₹179.60 | −8.1% |
| 3 years ago · 3 Nov 2023 | ₹127.10 | +29.8% |
| 5 years ago · 4 Nov 2021 | ₹114.75 | +43.8% |
| 10 years ago · 4 Nov 2016 | ₹167.55 | −1.5% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹158.70 | +4.0% |
| Highest weekly close since March 2016 · 23 Aug 2024 | ₹232.55 | −29.1% |
| Lowest weekly close since March 2016 · 27 Mar 2020 | ₹53.15 | +210.4% |
| 52-week high (weekly close) · 19 Dec 2025 | ₹193.61 | −14.8% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹145.58 | +13.3% |

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (561 weekly closes from 11 March 2016 to 4 November 2026.)

## What is the latest news on Gujarat Pipavav Port? 4 Nov 2026: Gujarat Pipavav Port closed at ₹164.98, up 3.7% on the week and down 0.5% on the month. 2 Sep 2026: ex-date for a dividend of ₹5 a share. ### Earlier

- 13 Aug 2026: Gujarat Pipavav Port held its results call for April to June 2026. Management guided: FY27 EBIT growth of 20-24% on a year earlier. - Results for April to June 2026: Revenue up 32.8% and profit up 42.3% on a year earlier. - 12 Nov 2025: ex-date for an interim dividend of ₹5.40 a share. ## What did Gujarat Pipavav Port management say on the latest results call? On the call for April to June 2026, held on 13 August 2026, Gujarat Pipavav Port's management guided: FY27 EBIT growth of 20-24% on a year earlier. > “We are now assuming that it will remain suspended for the full financial year, or the remainder of the year. That represents a substantial volume of 70,000-80,000 TEUs that we will lose this year because of Shaheen.”
> Girish Aggarwal, Managing Director, on the call for April to June 2026

### What management guided

- FY27 container volume approximately 700,000 TEUs, up 4-5%. - FY27 RoRo volume 260,000-270,000 cars. - FY27 liquid volume 1.3-1.4 million metric tons; overall decline framed at 15-20%, with LPG catch-up expected from US channels. - FY27 dry bulk volume 2.4-2.6 million metric tons. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijoristack.ai/concall/transcript/5648-13-Aug-2026.pdf). (From the call for April to June 2026, 13 August 2026.)

## What is the future of Gujarat Pipavav Port? What is changing in the business? The changes showing up in Gujarat Pipavav Port's own numbers are costs spread over more sales. It is too early to say whether they last. Costs spread over more sales too early to call

More car-export (RoRo) cargo is moving over the same berths and land, so the port's largely fixed cost base is spread over more paid volume. RoRo volume rose 39% in the March 2026 quarter and 53% in the June 2026 quarter, and management says it can handle 300,000-350,000 cars a year (against 250,000 today) without new spending. Operating profit rose from ₹147 crore (Jun 2025) to ₹214 crore (Jun 2026). A second leg, a ₹720 crore liquid jetty, sits in plant still being built (cwip ₹286 crore at Mar 2026 versus ₹26 crore at Sep 2025) but has slipped to March 2027 and adds nothing this year. Why it may last: The extra volume rides on the car-export cycle and on Middle East shipping disruption (liquids -47%, one Maersk feeder suspended), and the whole concession expires in September 2028 with renewal terms unknown, so this cannot be called a lasting change the company owns. What could be flattering it: One-off income dressed up as operating gains: export-incentive scrips booked inside revenue (₹49.6 crore in the March quarter, ₹31.6 crore in the June quarter), a ₹18.8 crore bank-guarantee settlement benefit, and in the June quarter a further ~5% of revenue from provision reversals, ad hoc transshipment and storage that management would not call sustainable. Part of the realisation rise is also the January 3% tariff increase and a favourable exchange rate, not volume. Next check: September 2026 quarter operating profit, after removing any scrip or provision-reversal income the call names, stays above ₹178 crore (the Sep 2025 figure) while RoRo volume keeps growing. Quarter by quarter, 2 quarters

January to March 2026

Reported operating profit ₹223 crore at a 70% operating margin, but the call names two one-offs inside it: ₹49.6 crore of export-incentive scrips and an ₹18.8 crore bank-guarantee settlement benefit. Removing only the scrips leaves about ₹173 crore (223 - 49.6), +10% on the ₹157 crore a year earlier. Removing both leaves about ₹154.6 crore (223 - 49.6 - 18.8), about 1.5% BELOW a year earlier, on about ₹267 crore of revenue (a margin near 58%, against 62% a year earlier). The summary's 65% 'underlying' margin matches removing the scrips only, so it is unclear whether the settlement benefit sits in operating profit; on the less favourable reading this quarter does not pass. Containers fell 4% and liquids fell 5%, so any growth came from RoRo and dry bulk. ✓ fact

From our notes of the call for January to March 2026: Q4 RoRo volumes up 39% both on the previous quarter and on a year earlier with underlying growth momentum accelerating into April to June 2026. April to June 2026

Revenue ₹332 crore versus ₹250 crore a year earlier; operating profit ₹214 crore versus ₹147 crore. Without the ₹31.6 crore of scrips, operating profit was about ₹182 crore on about ₹300 crore of revenue (a 61% margin versus 59%), still +24% on the year. RoRo +53% and containers +3% offset liquids -47% and dry bulk -7%. Depreciation was flat at ₹31 crore. ✓ fact

From our notes of the call for April to June 2026: Excluding ₹31.6 crore of duty-benefit scrips, underlying revenue grew 20%, operating profit 25% at 61% margin (+200 basis points), EBIT 31% and profit 24%. We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Checked against results and calls up to April to June 2026, 10 October 2026.)

## What could change the Gujarat Pipavav Port story? What are the risks? A concession renewal that raises the royalty or forces a dividend cut large enough to lower steady-state profit by more than 15%, or two consecutive quarters of underlying profit growth below 10% once scrips are removed. ### Each change stops working if

- Car-export volume ramp: Indian car exports slow and quarterly car volume growth falls below 15% year on year. - Tariff rise and dollar billing: The rupee strengthens sharply or container realisation falls back below 9,000 rupees per unit. - Liquid jetty capacity (deferred): The jetty misses March 2027, or LPG and ammonia volumes have not recovered to pre-conflict levels by then. - New container services offsetting lost ones: FI2 call frequency does not build, or a second Gulf service is suspended. ### The main risks

- Concession renewal terms: The concession ends in September 2028 and the renewal, its royalty and the 17,000 crore plan are all undecided. ✓ fact
- One-off income in reported profit: Export scrips and other one-offs inflated the March 2026 and June 2026 margins and the September 2025 profit. ⚠ estimate
- Middle East conflict: Liquids fell 47% and LPG 63% in June 2026, and the Shaheen service is assumed lost for the whole year. ✓ fact
- Project dates keep slipping: The liquid jetty moved three times and the LPG pipeline once, none with a reason given. ✓ fact

(Our read after the April to June 2026 results, written 10 October 2026.)

## What to watch in Gujarat Pipavav Port's next results? When Gujarat Pipavav Port reports July to September 2026, these are the 5 checks that show whether the story is still on course. First: September 2026 quarter operating profit, after removing any scrip or provision-reversal income the call names, stays above ₹178 crore (the Sep 2025 figure) while RoRo volume keeps growing. | What to check | Why |
| --- | --- |
| September 2026 quarter operating profit, after removing any scrip or provision-reversal income the call names, stays above ₹178 crore (the Sep 2025 figure) while RoRo volume keeps growing. | Costs spread over more sales |
| Container volume recovery and FI2 ramp - check whether transshipment capture offsets the suspended Shaheen service. | From the call |
| Liquid cargo recovery through US-sourced LPG and Aegis ammonia operations - check for reversal of conflict-led weakness. | From the call |
| Liquid jetty construction and commissioning progress - check whether the updated completion schedule lasts. | From the call |
| GMB concession-extension disclosure - check for timeline, methodology and terms enabling the master plan. | From the call |

## Which stock lists is Gujarat Pipavav Port on? Gujarat Pipavav Port is on 4 of our India lists: Multibagger study list, Undervalued stocks, Breakout stocks and Dividend stocks. - [Multibagger study list Study stage: early](https://www.sectoralpha.in/multibagger-stocks-india)
- [Undervalued stocks Profit growth x: 1.4333333333333333](https://www.sectoralpha.in/markets/in/deep-value-stocks)
- [Breakout stocks Breakout date: 23 October 2026](https://www.sectoralpha.in/breakout-stocks-india)
- [Dividend stocks Regular dividend yield (%): 6.3](https://www.sectoralpha.in/dividend-stocks-india)

## Is Gujarat Pipavav Port profitable? Gujarat Pipavav Port Ltd earned ₹148 Cr of net profit in the Jun 2026 quarter, +42.3% on the same quarter a year earlier. That is the 4th quarter in a row of profit growth. Full-year FY26 profit was ₹515 Cr. Over 10 years profit has grown 8.5% a year on average. That is 44.6% of the quarter's revenue. The same quarter a year earlier earned ₹104 Cr. For the full year, FY26 profit was ₹515 Cr (+29.7% on the year before). Why profit moved: revenue changed +32.8% on a year earlier and the margin moved +5.0 percentage points. Most of the change came from keeping more of each sale. On average over the last four quarters, profit changed +48.2% and revenue +25.3%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does Gujarat Pipavav Port make, and is it growing? Gujarat Pipavav Port Ltd reported ₹332 Cr of revenue in the Jun 2026 quarter, +32.8% on the same quarter a year earlier. That is the 6th quarter in a row with growth on the year before. Over 10 years it has grown 5.8% a year on average. The last full year, FY26, came in at ₹1,158 Cr. The last four reported quarters add to ₹1,240 Cr. FY26 revenue was ₹1,158 Cr, +17.4% on the year before. Recent pace: the last four quarters grew +25.3% on average, against 5.8% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +25.0%, against +10.3% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +43.3%, against +20.7% a year (accelerating). ## How much of every ₹100 of sales does Gujarat Pipavav Port keep? Gujarat Pipavav Port Ltd's operating margin was 64.0% in the Jun 2026 quarter, 5.0 percentage points higher than the same quarter a year ago. Across 11 years it has been between 55.0% and 62.0%. The latest quarter is above every full year in that period. Why this happened. Realisation per container moved from 9,000-9,500 rupees in May to 9,500-10,000 in August. About 60-65% of revenue is billed in dollars, so a weaker rupee lifts revenue with no extra cost. Who keeps it: the port, since realisations carry no take-or-pay and only minimal storage income. Competitors can respond: Mundra has a deeper draft on containers, which caps how far Pipavav can push container pricing. This is a price lever, already largely in the June print; the remaining runway is the next tariff round. Why the margin moved: operating margin changed +5.6 percentage points on the year while gross margin changed +0.0 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales. ## Is Gujarat Pipavav Port's profit turning into cash? Over the last 3 years, 115% of Gujarat Pipavav Port Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹510 Cr of operating cash against ₹515 Cr of profit. After ₹295 Cr of spending on assets, ₹215 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 115% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does Gujarat Pipavav Port's cash go? Gujarat Pipavav Port Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 14 days in FY26, down from 24 days in FY21. It spent ₹482 Cr on assets over the last 3 years. Why this happened. India's car exports through Pipavav are the fastest-growing line: up 39% in the March quarter and 53% in June, with FY27 guided at 260,000-270,000 cars. Who keeps the benefit: the port, because waterfront and land are already in place, so extra cars drop largely to profit, the operating-leverage catapult in its plain form. NYK's planned on-port pre-delivery facility aims at half a million cars a year. Already delivered: the March and June quarter jumps; remaining: the step from about 250,000 to 300,000 cars, then the NYK leg. Management will not guide beyond one year because the concession is unresolved, and per-car pricing is not disclosed. At FY26 sales of ₹1,158 Cr, each day of that cycle ties up about ₹3.2 Cr, so roughly ₹44.0 Cr is tied up in the business at any time. Spending on assets: ₹482 Cr over the last 3 years, against ₹359 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹286 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is Gujarat Pipavav Port's P/E ratio, and how does it compare with its own history? Gujarat Pipavav Port Ltd's P/E is 14.6×, near the low end of its own history: it has been lower only 10% of the time. Its usual P/E (the middle reading) is 19.8×, over 10 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹11.55. Why the multiple is where it is: over the past year earnings per share moved +29.8% while the price moved −8.1%. Earnings did better than the price, which pulled the multiple down within its own range. Where the price move came from: over 5 years the price moved +7.5% a year; about +20.6% a year came from earnings growth and about −13.1 percentage points from the multiple (the market paying less); over 10 years the price moved −0.2% a year; about +9.0% a year came from earnings growth and about −9.2 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple. ## What growth does the Gujarat Pipavav Port share price assume? Worked out from its price on 11 October 2026, Gujarat Pipavav Port Ltd's share price assumed profit growth of about 5.6% a year. Over the past 10 years its profit actually grew 8.5% a year. Today its P/E is 14.6×, lower than 90% of its own last 10 years. This is a one-day reading, taken on 11 October 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements. ## Is the Gujarat Pipavav Port business getting better or worse? Gujarat Pipavav Port Ltd's business is growing steadily. Revenue, profit and EPS growth have stayed positive throughout, and ROCE is steady at 29.1%. This is based on 12 quarters of 4 measures. Why it matters: steady growth with healthy returns is how a business compounds over time. ## What is the Gujarat Pipavav Port story, and has it been checked? Gujarat Pipavav Port Ltd's story is not scored yet against the checks our research set on 10 October 2026. Where it sits in its own cycle: MID EXPANSION. Our read, 10 October 2026. From the numbers. Earnings are mid-way through an expansion: profit has risen from 197 crore in FY22 to 559 crore over the last four quarters, with operating margin and car volumes rising. From the price. Price stage 2, week 4, below its 200-day line, relative strength rising. From the research. Where they disagree. Earnings are mid-way through an expansion: profit has risen from 197 crore in FY22 to 559 crore over the last four quarters, with operating margin and car volumes rising. The open question is not the earnings cycle but the concession cycle, which resets in September 2028. What is proven. What is not proven yet. A concession renewal that raises the royalty or forces a dividend cut large enough to lower steady-state profit by more than 15%, or two consecutive quarters of underlying profit growth below 10% once scrips are removed. What would change our mind. A concession renewal that raises the royalty or forces a dividend cut large enough to lower steady-state profit by more than 15%, or two consecutive quarters of underlying profit growth below 10% once scrips are removed. The test written in advance. A concession renewal that raises the royalty or forces a dividend cut large enough to lower steady-state profit by more than 15%, or two consecutive quarters of underlying profit growth below 10% once scrips are removed. Measured by: the thesis as written as stated by the next result. The test written in advance. Concession renewal terms. Measured by: Concession renewal terms by the next result. The test written in advance. One-off income in reported profit. Measured by: One-off income in reported profit Reported operating margin falling below 59% once scrips stop. by the next result. What the company does. Underlying June 2026 quarter growth was about 20% in revenue and 24% in profit once 31.6 crore of export scrips are removed; car exports rose 53%. The concession ends in September 2028; renewal terms, royalty and the 17,000 crore expansion plan are all undecided, and the liquid jetty has slipped three times. The dot is where the company is now; the dashed line is the level that would settle the question; a tinted band is where management says it is heading. What the surface reading misses. The surface reading is: Net profit up about 42% year on year and revenue up about 33% looks like earnings accelerating. The research reads it further: The reported revenue carries 31.6 crore of duty-benefit scrips, a government export incentive booked in this quarter. Stripping it, management puts underlying revenue growth at 20% and profit growth at 24%. The underlying drivers are car-export volumes (up 53%), a January tariff rise of about 3%, and a weaker rupee lifting dollar-billed container revenue. Liquids fell 47% because of the Middle East conflict, so the quarter grew despite one segment being cut almost in half. What the surface reading misses. The surface reading is: 161 crore in the September 2025 quarter, up from 75 crore a year earlier, looks like profit more than doubling. The research reads it further: Both ends are distorted. The base quarter (September 2024) carried a 40% tax rate, about 19 crore of one-off tax. The September 2025 quarter carried 70 crore of other income against about 25 crore normally, about 45 crore of profit that is non-operating. Operating profit rose only from 133 to 178 crore. Lever 10 · New geographies: building. Car-export volumes rose 53% in the June 2026 quarter, with spare capacity to 300,000-350,000 cars without new spending. What proves it keeps working: Car-export volume ramp. It stops working if Indian car exports slow and quarterly car volume growth falls below 15% year on year. Lever 2 · Value-added mix: building. A 3% tariff rise from January and a weaker rupee lifted container realisation to 9,500-10,000 rupees per unit. What proves it keeps working: Tariff rise and dollar billing. It stops working if The rupee strengthens sharply or container realisation falls back below 9,000 rupees per unit. Sources: our stock research file (10 October 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Gujarat Pipavav Port management deliver what it promised? What Gujarat Pipavav Port Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Liquid Jetty Completion Delayed · 13 August 2026. Management's latest completion goal is March 2027, later than the November-December 2026 goal in Nov 2025 and the December 2025-March 2026 range in Nov 2024. The latest call gave no reason for the additional delay, which matters because the jetty is the stated basis for expanding liquid capacity and revenue. Kandla-Gorakhpur Pipeline Completion Delayed · 13 August 2026. In Nov 2025, management expected the Kandla-Gorakhpur pipeline to be commissioned around March-April 2026, with approximately 1.5 million metric tons of LPG evacuation capacity. In Aug 2026, management said 7 kilometers remained and moved completion to October 2026, a material delay with no explanation provided for the slippage. Container Realization Range Downgrade · 29 May 2026. In the Nov 2025 call, management stated that the container realization range was 9,500 to 10,500 rupees per TEU. However, in the May 2026 call, management guided to a significantly lower range of 9,000 to 9,500 rupees per TEU without explaining the material drop in unit economics, despite also noting a recent tariff increase. Liquid Jetty Timeline Delayed · 29 May 2026. During the Nov 2024 call, management projected the liquid jetty expansion would be completed between December 2025 and March 2026. By the May 2026 call, this timeline had shifted out to December 2026, representing a delay of over nine months for a major 3.2 million metric ton capacity addition without clear management justification for the slip. Every quote above is taken word for word from the company’s own earnings calls. ## What is Gujarat Pipavav Port management's track record? Management has disclosed temporary earnings benefits and held cash-generating operations through cargo stress; prior FY25 call excerpts also show a downturn rather than only an up-leg. Capital is still being returned while renewal funding remains unknown, so the record is mixed rather than strong. ### Regulatory and governance record

The annual report discloses a small historical late related-party-filing fine, not fraud or a live material misconduct case. Jetty/pipeline date slips and uncertain concession terms are not proven lies or an outright failed flagship. Associate export-obligation and environmental-clearance references lack evidence of a qualifying current conduct finding against GPPL or its key officers. 0% Promoter shares pledged

Sources:

- [stockanalysis.com](https://stockanalysis.com/quote/nse/GPPL/transcripts/)
- [nsearchives.nseindia.com](https://nsearchives.nseindia.com/corporate/GPPL_17082026095846_AR.pdf)
- [trendlyne.com](https://trendlyne.com/equity/share-holding/487/GPPL/latest/gujarat-pipavav-port-ltd)

(Checked 14 October 2026.)

## How much does Gujarat Pipavav Port earn on its capital? Gujarat Pipavav Port Ltd earned a ROCE of 28% in FY26. That is up from a low of 14% in FY22. Its return on capital used (ROIC) is 15.7 percentage points above its cost of capital, so growth here adds value, not just size. It comes from a 44.5% net margin and 0.38× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 44.5% net margin × 0.38× asset turnover × 1.27× leverage (assets divided by equity) ≈ 21.5% on equity. The margin does most of the work; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 27.7% − 12.0% = +15.7 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. A gap this wide means each rupee put back into the business creates more than a rupee of value. ## Does Gujarat Pipavav Port have too much debt? Gujarat Pipavav Port Ltd has total debt of ₹37.0 Cr against shareholder equity of ₹2,388 Cr as of Jun 2026, so its debt is 0.02× its equity, which is very little. Year by year, that ratio went from 0.02 in FY22 to 0.02 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the Gujarat Pipavav Port shareholding pattern? Foreign institutions raised their stake in Gujarat Pipavav Port Ltd by 3.4 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 23.2% of the company. Domestic institutions moved −3.3 points over the same period, to 13.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: +3.4 points over 8 quarters, to 23.2%; Domestic institutions: −3.3 points over 8 quarters, to 13.1%; Promoters: +0.0 points over 8 quarters, to 44.0%. Why the owners changed: foreign institutions moved +3.4 points and domestic institutions −3.3 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Gujarat Pipavav Port from balance-sheet trouble? For Gujarat Pipavav Port Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Gujarat Pipavav Port rank in its industry? 83.5 out of 100, rank 1 of 3 in Marine Port & Services, with 78% of the evidence available. Gujarat Pipavav Port Ltd scores 83.5 out of 100 against the 3 companies it is compared with in Marine Port & Services, ranking 1. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 32.8 + 22 + 17.8 + 10.9 = 83.5. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Gujarat Pipavav Port compared with? Gujarat Pipavav Port ranks 1 of 3 Marine Port & Services companies on the 4-Factor Sector Score, with 83.5 out of 100. 1. Gujarat Pipavav Port Ltd this page GPPL · breaking out · Sector-leading setup · 78% evidence 83.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 32.8/35 · Revenue 25% · Profit 43.3% · Operating margin change 5 points · 88% evidence Capital efficiency 22.0/25 · ROCE 28.1% · Operating margin 64% · 100% evidence Valuation 17.8/20 · P/E 14.1× · PEG 0.57 · 85% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 1.8% · 1 year -4.5% · 25% evidence · 8 of 12 weeks ahead Exact sum: 32.8 + 22 + 17.8 + 10.9 = 83.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Adani Ports & Special Economic Zone Ltd](https://www.sectoralpha.in/stocks/adani-ports-special-economic-zone-ltd) ADANIPORTS · turning · Evidence leans up · 97% evidence 57.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue 22.6% · Profit 14.3% · Operating margin change 2 points · 100% evidence Capital efficiency 14.2/25 · ROCE 14.1% · Operating margin 60% · 100% evidence Valuation 3.9/20 · P/E 30.8× · PEG 2.77 · 85% evidence Relative strength 17.7/20 · Lead over its industry 6.3% · Lead over NIFTY 500 19.4% · 1 year 27.5% · 100% evidence · 2 of 12 weeks ahead Exact sum: 21.4 + 14.2 + 3.9 + 17.7 = 57.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [JSW Infrastructure Ltd](https://www.sectoralpha.in/stocks/jsw-infrastructure-ltd) JSWINFRA · leader · Evidence leans down · 97% evidence 45.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.0/35 · Revenue 17% · Profit -8.4% · Operating margin change -2 points · 100% evidence Capital efficiency 14.8/25 · ROCE 13.6% · Operating margin 46% · 100% evidence Valuation 10.3/20 · P/E 48.9× · PEG 1.38 · 85% evidence Relative strength 11.0/20 · Lead over its industry 0.5% · Lead over NIFTY 500 12.9% · 1 year 9.1% · 100% evidence · 11 of 12 weeks ahead Exact sum: 9 + 14.8 + 10.3 + 11 = 45.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Marine Port & Services](https://www.sectoralpha.in/sectors/marine-port-services), all 3 compared on one page. ## Which companies are close to Gujarat Pipavav Port in size? Gujarat Pipavav Port is the 3rd largest of 3 Marine Port & Services companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Adani Ports & Special Economic Zone and JSW Infrastructure. It is the smallest. ### Marine Port & Services companies close in size

1. [Adani Ports & Special Economic Zone Ltd](https://www.sectoralpha.in/stocks/adani-ports-special-economic-zone-ltd) ₹4,26,232 crore
2. [JSW Infrastructure Ltd](https://www.sectoralpha.in/stocks/jsw-infrastructure-ltd) ₹73,651 crore
3. Gujarat Pipavav Port Ltd ₹7,691 crore

[All 3 Marine Port & Services companies, largest first](https://www.sectoralpha.in/sectors/marine-port-services#all-companies)

### Companies close in size in other industries

1. [Jupiter Wagons Ltd](https://www.sectoralpha.in/stocks/jupiter-wagons-ltd) ₹7,769 crore · Railways
2. [Steel Strips Wheels Ltd](https://www.sectoralpha.in/stocks/steel-strips-wheels-ltd) ₹7,763 crore · Auto Ancillaries - Wheels
3. Gujarat Pipavav Port Ltd ₹7,691 crore
4. [Raghav Productivity Enhancers Ltd](https://www.sectoralpha.in/stocks/raghav-productivity-enhancers-ltd) ₹7,648 crore · Refractories
5. [Clean Science & Technology Ltd](https://www.sectoralpha.in/stocks/clean-science-technology-ltd) ₹7,606 crore · Speciality Chemicals

## What else do people ask about Gujarat Pipavav Port? ### What is Gujarat Pipavav Port's share price today? Gujarat Pipavav Port Ltd's share price is ₹164.98, −8.1% over the past year. The whole company is worth ₹7,980 Cr on the market. In the last 52 weeks it traded between ₹146 to ₹194; today it is 40% of the way up from the low, 2.4% above its 200-day average (as of 4 November 2026). ### What were Gujarat Pipavav Port's latest quarterly results? Gujarat Pipavav Port Ltd reported revenue of ₹332 Cr and net profit of ₹148 Cr for the Jun 2026 quarter. Revenue rose 32.8% and profit rose 42.3% compared with a year earlier. Earnings per share were ₹3.06. The operating margin was 64.0%, 5.0 percentage points higher than a year earlier (as of 4 November 2026). ### What is Gujarat Pipavav Port's market cap? Gujarat Pipavav Port Ltd's market capitalisation is ₹7,980 Cr at a share price of ₹164.98. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Gujarat Pipavav Port performing? Gujarat Pipavav Port Ltd's share price has been rising for 4 weeks. In its latest quarter, revenue rose 32.8% and profit rose 42.3% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 13 weeks running (as of 4 November 2026). ### Will Gujarat Pipavav Port's share price go up? This page does not forecast Gujarat Pipavav Port Ltd's share price. What it shows instead: the share price is ₹164.98, and it has been rising for 4 weeks. Its P/E of 14.6× is higher than 10% of its own last 10 years (as of 4 November 2026). ### Who owns Gujarat Pipavav Port? Promoters own 44.0% of Gujarat Pipavav Port Ltd, foreign institutions 23.2%, domestic institutions 13.1% and the public 19.7% (latest quarter). The biggest change over the last two years: Foreign institutions raised their stake by 3.4 percentage points over 8 quarters (as of 4 November 2026). ### Where is Gujarat Pipavav Port in its business cycle? Gujarat Pipavav Port Ltd's FY26 operating margin was 61.0%, against a 11-year range of 55.0% to 62.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 64.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Gujarat Pipavav Port story? The main question: yearly earnings per share moved +29.8% while the share price moved −8.1%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Gujarat Pipavav Port a stock worth studying right now? What the numbers show: Gujarat Pipavav Port Ltd's results are improving, while its P/E is near the low end of its own history over 10 years, higher than only 10% of past readings. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Gujarat Pipavav Port share price forecast for 2026? What management itself guided: FY27 EBIT growth of 20-24% on a year earlier. The changes showing up in Gujarat Pipavav Port's own numbers are costs spread over more sales. It is too early to say whether they last. What would change the story: A concession renewal that raises the royalty or forces a dividend cut large enough to lower steady-state profit by more than 15%, or two consecutive quarters of underlying profit growth below 10% once scrips are removed. ### Where does this page get Gujarat Pipavav Port's management information? From Gujarat Pipavav Port's results calls, its filings and public records on governance, each dated on the page. Management’s plans are shown as plans, never as results. ## Lists

- Multibagger study list: https://www.sectoralpha.in/multibagger-stocks-india
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