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  2. •

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    Regulated Electric
Gujarat Industries Power Company Limited

Gujarat Industries Power Company Limited

GIPCL.NS
Gujarat Industries Power Company LimitedIN flagNational Stock Exchange of India
159.40
INR
-2.94
- -
24.74BMarket Cap
Gujarat Industries Power Company Limited
GIPCL.NS
(National Stock Exchange of India)

Recent

price

159.40

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
27,814
24,072
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 through a diversified portfolio of thermal, renewable, and mining operations primarily in Gujarat, India. Incorporated in 1985 and headquartered at P.O. Ranoli, Vadodara, the company, promoted by Gujarat State Fertilizers and Chemicals Ltd., Gujarat Alkalies and Chemicals Ltd., and Gujarat Urja Vikas Nigam Ltd., maintains an installed capacity of 1724.40 MW, encompassing gas-based combined cycle plants at Vadodara (145 MW Station-I and 165 MW Station-II, currently under preservation due to high gas prices); lignite-based Surat Lignite Power Plant (SLPP) Phases I and II totaling 500 MW equipped with CFBC boilers; solar power assets totaling 802 MW including 600 MW phased project at Khavda RE Park (465 MW commissioned by November 2025), 75 MW Vastan Group Captive on mine reclaimed land (June 2025), 100 MW at Raghanesda Solar Park (2021), 75 MW and 80 MW at Gujarat Solar Park Charanka (2019 and 2017), 2x1 MW agri-solar pilots (2016), and various rooftop installations; wind farms of 112.4 MW across Saurashtra and Kutch regions; and captive lignite (5.4 MTPA) and limestone mines at Vastan and Mangrol-Valia to fuel SLPP. GIPCL supplies power under long-term PPAs to GUVNL, SECI, and promoter companies, with operations focused on state grid integration, merit-order dispatch efficiency, and environmental compliance through award-winning plants. Recent developments include commissioning 465 MW solar at Khavda RE Park by November 2025 with 1200 MW pooling substations operational (April 2025); 75 MW Vastan captive solar (June 2025); EPC contract award and debt syndication approval for 500 MW solar Phase-II at Khavda and 75 MW at Vastan (December 2024); land allocation of 4750 Ha for 2375 MW Khavda RE Park with infrastructure nearing completion; state approvals for 700 MW lignite plant at Valia (July 2025), two pump storage hydro projects (Kaprada 1300 MW, Wilson Ghat 1000 MW, August 2025); MoUs with NHPC Ltd., IOCL for renewables, and Gujarat government for Khavda projects (January 2024); and plans for gas plant repurposing to battery storage, SLPP renovation, and further solar/wind/hybrid expansions targeting C&I customers.