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

Executive summary

• Revenue for the quarter increased by 32% year-over-year, with EBITDA up 34% and net profit up 74%, including a one-off insurance recovery of INR 431 million.

• EBIT for the quarter rose 41% year-over-year; margins improved by 100 basis points to 59%.

• 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.

• Final dividend of ₹4.20/share for FY25 paid on 16 Sep 2025.

Financial highlights

• Standalone and consolidated Q2 FY26 revenue from operations: ₹2,993.5 million, up from ₹2,270.4 million YoY.

• Standalone Q2 FY26 net profit: ₹1,583.06 million, consolidated net profit: ₹1,607.31 million, both up significantly YoY.

• EBITDA was INR 1,778 million, up 34% year-over-year, with margin at 59%.

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

• Net cash from operating activities for H1 FY26: Standalone ₹1,998.83 million, Consolidated ₹2,036.83 million.

Outlook and guidance

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

• Forward-looking statements note potential impact from economic conditions, regulatory changes, and market demand/supply.

• Dividend declaration and strong profit growth signal a positive outlook.

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

• RoRo segment expected to deliver at least 20% CAGR over the next three years.