Gujarat Pipavav Port (GPPL) Q3 25/26 earnings summary

Executive summary

• EBIT increased 18% quarter-on-quarter, driven by a 39% rise in RoRo volumes and 25% growth in dry bulk; liquids and containers were flat, with containers up 7% sequentially.

• Revenue increased by 11% year-over-year in Q3 FY26, reaching INR 2,923 million, with net profit rising 8% to INR 1,013 million, and consolidated revenue from operations at INR 2,922.51 million.

• Net profit for Q3 FY26 stood at INR 1,177.41 million, compared to INR 993.74 million in Q3 FY25.

• EBITDA margin for the nine-month period reached 58%, up 100 basis points year-over-year.

• The company operates a single segment: Port Services at Pipavav.

Financial highlights

• RoRo volumes hit a record high of over 62,000 cars in the quarter, with a 39% year-over-year increase to 62,163 units.

• EBITDA grew 16% year-over-year to INR 1,604 million, with a margin of 55%.

• Operating expenses for Q3 FY26 were INR 571.60 million, with total expenses at INR 1,666.48 million.

• Realizations remained stable: containers at INR 9,500–10,500/TEU, bulk at INR 260–650/MT, liquid at INR 550–600/MT.

• Extraordinary item: INR 4.8 crore gratuity provision due to new labor laws; recognized exceptional item of INR 43.29 million in Q3 FY26 for new Labour Codes.

Outlook and guidance

• Container segment showed 7% sequential growth, with cautious optimism for sustained recovery pending further data.

• Positive market developments include resumption of Suez Canal transit and easing of US tariffs on textiles.

• Fertilizer volumes expected to dip in the upcoming quarter due to stocking, with a seasonal uptick anticipated around the monsoon.

• RoRo capacity expansion underway, with full capacity expected by June, increasing from 250,000–300,000 to 400,000–450,000 cars.

• Management continues to monitor regulatory changes, especially regarding new Labour Codes, and will recognize further impacts as clarifications are issued.