Gujarat Pipavav Port (GPPL) Q4 25/26 earnings summary

Executive summary

• Q4 FY26 revenue rose 26% quarter-over-quarter and year-over-year, driven by strong RoRo volumes despite declines in container and bulk segments; EBIT up 50%, EBITDA margin at 70% with exceptional items.

• Full-year FY26 revenue increased 17%, with EBIT up 27%, EBITDA margin at 61%, and net profit up 26%-29% year-over-year.

• Board recommended a final dividend of INR 5 per share, totaling INR 2,417.20 million, in addition to an interim dividend of INR 5.40, subject to AGM approval.

• Net profit for FY26 stood at INR 5,151.65 million, compared to INR 3,968.96 million in FY25.

Financial highlights

• Q4 revenue: ₹3,172 million (+26% YoY); EBITDA: ₹2,232 million (+43% YoY); Net profit: ₹1,408 million (+29% YoY).

• FY26 revenue: ₹11,584 million (+17% YoY); EBITDA: ₹7,082 million (+23% YoY); Net profit: ₹5,005 million (+26% YoY).

• Exceptional income of INR 49.6 crore from SEIS scrips (2017-2019) recognized in other income.

• INR 18.8 crore cost provisioned for BG matter with GMB as per expert committee recommendation.

• Basic and diluted EPS for FY26 was INR 10.66, up from INR 8.21 in FY25.

Outlook and guidance

• No full-year guidance due to Middle East geopolitical uncertainties; June quarter EBIT expected to improve 16%-18% over last quarter.

• Container volumes expected to grow 5%-7%, RoRo volumes 45%-50% up, bulk to decline 8%-10%, liquids to decline 35%-40% quarter-on-quarter in June quarter.

• Company continues to monitor regulatory changes, including new Labour Codes.