Gujarat Pipavav Port (GPPL) Q1 25/26 earnings summary

Executive summary

• Revenue grew 2% year-over-year, driven by 21% growth in liquid and 11% in bulk business, while container volumes were flat or down 1% year-over-year.

• EBIT declined 3% year-over-year due to one-off expenses and higher maintenance costs; excluding one-offs, EBIT would have been down 1%.

• EBITDA margin for the quarter was 59%, with EBITDA down 1% year-over-year.

• Net profit declined 4% year-over-year, reflecting higher expenses and lower container volumes.

• Standalone and consolidated unaudited financial results for the quarter ended 30 June 2025 were approved and released, with statutory auditor review reports confirming no material misstatements.

Financial highlights

• Revenue from operations reached INR 2,504.47 million, up from INR 2,459.76 million year-over-year.

• EBITDA was INR 1,481 million, down 1% year-over-year.

• EBIT declined 3% to INR 1,167 million year-over-year.

• Net profit was INR 1,007.27 million (standalone) and INR 1,043.25 million (consolidated), both down year-over-year.

• Realizations remained stable: INR 9,000–9,500 per TEU for containers, INR 600–650 per metric ton for bulk.

Outlook and guidance

• Liquid volumes expected to grow ~20% and bulk by ~25% for FY26.

• Container volumes guidance revised to flat for the year due to geopolitical factors and new 50% U.S. tariffs impacting retail/garment exports.

• EBIT for the full year expected to grow 5–7% year-over-year.

• Annual EBITDA margin expected to be maintained at 60–61%.

• Management continues to pursue insurance claims related to cyclone Tauktae and is in discussions with the insurer for the balance claim amount.