GPPL
Micro CapGujarat Pipavav Port Limited
Services
Gujarat Pipavav Port Limited (GPPL) operates a port in Gujarat, India, providing services for container, bulk, liquid, and RORO cargo. It is part of APM Terminals, offering integrated port and logistics solutions.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is supportive, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 85/100Rev +26% YoY · PAT +27% YoY · margin expansion · +9% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹317 Cr | +25.8% | +8.6% |
| EBITDA | ₹223 Cr | +42.0% | +39.4% |
| Operating margin | 70.0% | +800 bps | +1500 bps |
| PAT | ₹142 Cr | +26.8% | +31.5% |
| PAT margin | 44.8% | +35 bps | +780 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
GPPL reported robust financial growth for FY26, with revenue up 17%, EBITDA up 23%, and Net Profit up 26%. Q4 FY26 also saw significant YoY financial improvement, despite mixed cargo volume trends.
The company delivered strong financial performance for FY26, driven by higher Dry Bulk and RORO revenue. Q4 FY26 also showed strong YoY financial growth. However, container and liquid volumes were impacted by the Middle East conflict, and Q4 bulk volumes declined QoQ. The overall margin expansion is positive.
RORO Exports
Higher exports by OEM drove significant RORO volume growth in Q4 and FY26 (+39% YoY for both periods).
Dry Bulk (Fertilizer)
Higher fertilizer volumes contributed to overall dry bulk growth in FY26 (+35% YoY).
Liquid (LPG Imports)
Higher LPG imports supported liquid cargo growth in FY26 (+8% YoY).
OEM Export Demand
Strong demand from OEMs led to higher RORO exports, driving a 39% YoY increase in RORO units for Q4 and FY26.
Fertilizer Import Growth
Increased fertilizer imports boosted dry bulk volumes for the full year FY26.
LPG Import Growth
Higher LPG imports contributed to liquid cargo growth for the full year FY26.
Middle East Conflict
The Middle East conflict impacted container and liquid volumes in Q4 and FY26.
Lower Mineral Imports
Lower mineral imports contributed to a 4% YoY decline in bulk volumes for Q4 FY26.
Economic Conditions
Economic conditions affecting demand/supply and price conditions in the markets in which the company operates.
Regulatory Changes
Changes in Government regulations, tax laws, and other statutes could impact operations.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document provides both Q4 vs Q4 (YoY) and FY vs FY (YoY) comparisons, which are crucial for assessing annual performance and seasonal trends. It also includes QoQ data for volumes, which helps track sequential momentum and immediate operational shifts.
Container Throughput (TEUs)
Q4 FY26: 165,218 (-4% YoY); FY26: 668,166 (-4% YoY)
Dry Bulk Throughput (MT)
Q4 FY26: 451,352 (-4% YoY); FY26: 2,974,540 (+35% YoY)
Liquid Throughput (MT)
Q4 FY26: 383,265 (-5% YoY); FY26: 1,591,614 (+8% YoY)
RORO Throughput (Units)
Q4 FY26: 67,609 (+39% YoY); FY26: 229,326 (+39% YoY)
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Container Volumes | Q4 FY26 at 165,218 TEUs (-4% YoY) | Recovery from Middle East conflict impact and sequential growth in container throughput. |
| RORO Volumes | Q4 FY26 at 67,609 units (+39% YoY) | Sustained OEM export demand and continued strong growth in RORO throughput. |
| EBITDA Margin | FY26 at 59% (+100 bps YoY) | Continued margin expansion and effective cost control measures. |
| Bulk Cargo Mix | Q4 FY26 bulk volumes impacted by lower mineral imports. | Diversification and stability in bulk cargo types to mitigate commodity-specific volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
45NeutralSMA20 -10.2% / mo
Technical chart
GPPLweekly · 6M-18.0%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 42.
- RSI(14) at 42 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 23% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 59.6%.
Main drags
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Growth is weaker at 18/25; verify the latest quarterly trend.
- Quality is weaker at 15/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 95th percentile of the scored universe and 98th percentile within Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Services: 98th pctile, median 66 · Micro: 92nd pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 5.3%.
- ▸10 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 14.80
- P/B
- 3.10
- EV/EBITDA
- 8.94
- Market Cap
- 7420.00Cr
Profitability
- ROE
- 21.20%
- ROCE
- 28.00%
- ROA
- 17.03%
- Dividend Y
- 5.35%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 101.14×
- Altman Z
- 8.29
- Book Value
- 49.40
Cash Flow
- FCF Yield
- 6.63%
- FCF Positive Y
- 11/5
- OCF
- 510.00 Cr
- EPS TTM
- 10.66
Shareholding
- Promoter Hold
- 44.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 19%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.