Gujarat Pipavav Port (GPPL) Q2 26/27 earnings summary

Executive summary

• Q2 revenue rose 13% YoY, EBITDA 19% and EBIT 24%; reported net profit fell 6%, but increased 18% excluding the prior-year insurance recovery.

• H1 reported revenue rose 22% and EBITDA 31%; excluding duty benefit scrips and prior-year cyclone recovery, revenue grew 16%, EBITDA 21%, EBIT 27% and net profit 20%.

• An interim dividend of ₹3 per share was declared, aggregating ₹1,450.32 million.

Financial highlights

• Q2 FY27 revenue was ₹3,391.52 million, EBITDA ₹2,118.20 million and EBIT ₹1,807.17 million; reported net profit was ₹1,484.85 million, down 6% YoY.

• Q2 consolidated net profit was ₹1,526.90 million versus ₹1,607.31 million a year earlier; prior-year results included a ₹431.35 million insurance recovery.

• H1 FY27 revenue was ₹6,709.19 million, EBITDA ₹4,258.03 million, EBIT ₹3,632.88 million and consolidated net profit ₹3,005.90 million.

• Q2 EBITDA margin was 62%, up 300 bps YoY; H1 reported margin was 63%, up 400 bps, and underlying margin was 62%, up 300 bps.

• H1 consolidated operating cash inflow was ₹4,432.13 million versus ₹2,036.83 million; period-end cash and cash equivalents were ₹121.19 million.

Outlook and guidance

• FY EBIT growth outlook increased to 22%-26%; expected volumes are 260,000-270,000 RoRo cars, container growth of 8%-10%, bulk ~2.9 million tonnes and liquid ~1.4 million tonnes.

• Liquid volumes are forecast at 2.5 million tonnes in FY2028 and 3.5 million tonnes in FY2029, driven by LPG, ammonia and petroleum products.

• Container volumes are expected to reach ~850,000 TEUs in FY2028; RoRo is forecast to exceed 300,000 cars, up 10%-15%.

• The Kandla-Gorakhpur pipeline and liquid berth are expected to go live around end-March or early April; liquid berth commissioning slipped three months due to construction delays.