Gujarat Pipavav Port (GPPL) Q2 25/26 earnings summary

Executive summary

• Revenue for Q2 FY26 increased by 32% year-over-year, driven by strong bulk and RoRo volumes despite a decline in container volumes.

• EBITDA rose by 34% year-over-year, with margins stable at 59%.

• Net profit surged by 74% year-over-year, including a one-off insurance recovery of INR 431 million.

• Interim dividend of INR 5.40 per share declared for FY26, with record date 12 Nov 2025 and payout by 25 Nov 2025.

• Board approved unaudited standalone and consolidated results for Q2 and H1 FY26, with unmodified auditor review reports.

Financial highlights

• Q2 FY26 revenue reached INR 2,993.5 million, up from INR 2,270.4 million YoY; net profit was INR 1,583.06 million, up from INR 1,007.27 million YoY.

• EBITDA for the quarter was INR 1,778 million, a 34% increase year-over-year.

• EBIT grew by 41% to INR 1,461 million compared to Q2 FY25.

• Half-year revenue rose 16% to INR 5,498 million, and net profit increased 32% to INR 2,584 million.

• Basic and diluted EPS (Q2 FY26): Standalone ₹3.27, Consolidated ₹3.32.

Outlook and guidance

• EBIT outlook revised upward to 12%–15% growth for the year (from 5%–7%).

• Dry bulk expected to grow 30%–40%, RoRo 20%–25%, liquids ~10%, containers flat for the year.

• Bulk volumes expected to remain elevated for the next two quarters.

• Forward-looking statements caution that actual results may differ due to economic conditions, regulatory changes, and market demand/supply factors.

• No explicit forward-looking guidance provided, but dividend declaration and strong profit growth signal positive outlook.