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    Regulated Electric
Gujarat Industries Power Company Limited

Gujarat Industries Power Company Limited

GIPCL.BO
Gujarat Industries Power Company LimitedIN flagBombay Stock Exchange
159.50
INR
-2.85
- -
24.76BMarket Cap
Gujarat Industries Power Company Limited
GIPCL.BO
(Bombay Stock Exchange)

Recent

price

159.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
71.76
85.97
93.62
91.03
80.31
89.4
86.21
89.14
92.61
90.82
88.15
77.15
89.16
88.63
83
- -
96.44
Revenue per Share
10.77
7.83
14.47
12.3
8.35
12.45
15.16
10.98
11.66
16.4
11.89
11.33
12.48
13.12
13.97
- -
26.03
Basic EPS, GAAP
-98.29
23.49
26.55
24.61
15.79
3.04
-9.01
-3.13
23.68
21.83
-3.09
1.24
18.74
6.49
-104.38
- -
- -
Free Cash Flow per Basic Share
2.49
2.49
2.48
2.46
2.42
2.43
2.63
2.63
2.7
2.9
2.9
2.7
2.5
3.75
3.95
- -
- -
Dividend per Share
68.22
73.14
10
10
15.7
17.18
18.43
14.23
15.89
16.73
10.22
12.87
16.85
19.76
23.91
- -
10.04
Book Value per Share
90.13
95.02
106.58
115.92
124.73
134.22
147.46
156.99
169.64
181.42
188.55
201.03
208.37
218.42
232.73
- -
248.32
Tangible Book Value per Share
151
151
151
151
151
151
151
151
151
151
151
151
151
151
151
- -
155
Basic Weighted Avg Shares
10,854
13,002
14,160
13,768
12,147
13,522
13,039
13,483
14,008
13,737
13,333
11,669
13,486
13,405
12,563
14,911
14,911
Sales/Revenue/Turnover
17.04
20.36
27.51
23.53
25.61
22.15
23.38
23.99
27.11
23.08
20.2
21.85
18.01
16.17
18.79
17.45
17.45
Operating Margin (%)
1,266
1,712
1,608
1,581
1,316
1,299
1,272
1,597
1,684
1,908
1,550
1,509
1,650
1,679
1,701
2,775
2,775
Depreciation Expense
1,629
1,184
2,188
1,860
1,263
1,883
2,293
1,660
1,764
2,480
1,798
1,713
1,887
1,985
2,114
4,024
4,024
Net Income, GAAP
- -
16.39
38.09
27.77
49.36
24.61
23.83
22.99
22.73
18.79
33.05
30.73
25.55
21.39
22.54
- -
196.62
Effective Tax Rate (%)
15.01
9.1
15.45
13.51
10.4
13.92
17.58
12.32
12.59
18.05
13.48
14.68
13.99
14.81
16.83
26.99
26.99
Profit Margin (%)
-3,316
-2,943
723
1,820
2,543
2,218
-857
-468
1,716
4,589
4,711
4,881
7,310
5,391
3,153
-4,699
-4,699
Working Capital
8,522
7,471
6,419
5,368
4,317
3,266
2,715
3,613
3,666
3,872
3,990
4,086
3,996
5,118
19,352
34,539
34,539
LT Debt
13,651
14,395
16,141
17,558
18,911
20,334
22,361
23,807
25,707
27,481
28,550
30,444
31,543
33,055
35,238
38,402
38,402
Total Equity
- -
9.54
10.4
9.89
6.48
9.02
8.96
8.76
9.53
8.11
5.52
5.11
5
4.5
3.86
- -
3.18
Return on Invested Capital (%)
- -
10.96
19.98
29.2
20.04
28.74
38.46
27.02
26.01
37.99
29.9
28.08
29.38
27.4
14.3
- -
9.21
Return on Capital (%)
20.43
11.07
34.8
122.96
65
75.71
85.13
67.23
77.43
100.52
88.22
98.1
83.94
71.7
63.99
155.63
155.63
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
795
- -
1,403
LT Borrowings
25,161
- -
32,477
LT Finance Leases
2,073
- -
2,062
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
155
- -
155
Market Capitalization
27,785
24,078
18,677

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
7,656
- -
8,170
Cash, Cash Equivalents & STI
2,637
- -
2,812
Accounts Receivable, Net
2,279
- -
2,619
Inventories
2,381
- -
2,083
Total Current Liabilities
4,945
- -
12,869
Payables & Accruals
- -
- -
- -
ST Debt
795
- -
1,403
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.58%
6.12%
8.98%
Free Cash Flow
-193.26%
-98.53%
5.7%
Net Income, GAAP
12.1%
21.49%
90.32%
Sales/Revenue/Turnover
1.37%
2.98%
18.7%
Total Cash Common Dividend
- -
9.46%
6.26%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3,422
2,802
3,536
3,646
13,405
2025
3,200
2,761
3,220
3,382
12,563
2026
3,715
3,214
3,699
4,283
14,911

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3.79
1.87
3.08
- -
13.12
2025
4.48
2.3
2.59
4.6
13.97
2026
3.7
1.37
-0.21
21.06
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
3.75
2025
- -
- -
- -
- -
3.95
2026
- -
- -
- -
- -
- -
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Business
Gujarat Industries Power Company Limited (GIPCL) engages in electrical power generation with a diversified portfolio encompassing thermal power from lignite and gas sources; renewable energy from solar and wind installations; and captive lignite and limestone mining operations to support its Surat Lignite Power Plant. The company operates gas-based combined cycle power plants at Vadodara, including a 145 MW facility commissioned in 1992 and a 165 MW dual-fuel unit added in 1998, both currently under preservation amid high gas prices; the 500 MW Surat Lignite Power Plant (SLPP) across Phase-I (2x125 MW, 2000) and Phase-II (2x125 MW, 2010) featuring circulating fluidized bed combustion boilers; solar assets totaling 802 MW, comprising a 600 MW project at Khavda RE Park (465 MW commissioned in phases through November 2025), 100 MW at Raghanesda Solar Park, 75 MW and 80 MW at Charanka, a 75 MW group captive plant at Vastan Mine (June 2025), and smaller agri-solar and rooftop installations; and 112.4 MW wind capacity across Saurashtra and Kutch regions. GIPCL supplies power primarily to Gujarat Urja Vikas Nigam Ltd. (GUVNL) and subsidiaries under long-term power purchase agreements, along with Solar Energy Corporation of India (SECI), while offering operational management, project consultancy, testing, and commissioning services for power plants. Incorporated in 1985 and headquartered at P.O. Ranoli, Vadodara, Gujarat, India, the company functions under the Gujarat government's Energy and Petrochemicals Department and was promoted by state enterprises including GUVNL, Gujarat State Fertilizers & Chemicals Ltd. (GSFC), and Gujarat Alkalies & Chemicals Ltd. (GACL), with equity shares listed on the BSE and NSE. Its current installed capacity stands at 1724.40 MW, concentrated in Gujarat with ambitions for expansion including a 2375 MW hybrid RE park at Khavda (infrastructure nearing completion in 2025), 700 MW lignite plant at Valia, two pump storage hydro projects (1300 MW at Kaprada and 1000 MW at Wilson Ghat, approvals in 2025), 1100+ MW additional solar at Khavda, scaling Vastan solar to 500 MW, repurposing gas plants for battery storage, and renovation of SLPP Phase-I; recent developments feature memorandums of understanding with NHPC Ltd., Indian Oil Corporation Ltd., and the Gujarat government for RE solutions and the Khavda park (January 2024), alongside phased Khavda solar commissions (105 MW in October 2025, 150 MW in November 2025).