Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Company Ir
Gujarat Pipavav Port Limited (GPPL)
Micro CapServices stocks · Micro cap · NSE
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.
₹166.08
-0.21 · -0.13%
Market cap ₹8,036 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result16 Aug, 12:31 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
55NeutralSMA20 +1.8% / mo · MACD −
Stock trend: 55
Sector RS: —
Services FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Technical chart
GPPLD candles · FIT view+7.5%Latest close ₹166.08 on 2026-10-19
Bar
-0.6%
RSI
50
MACD hist
-0.27
52W pos
42%
2026-10-19O ₹167.00H ₹168.60L ₹165.40C ₹166.08Vol 5.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GPPLNifty 500
- GPPL
- +9.6%
- Nifty 500
- -5.6%
- Vs Nifty 500
- +15.2 pp
Chart stats
19 Oct 2026- From 52W high
- -17.0%
- 52W range position
- 42%
- ATR (14)
- 3.1%
- Volume vs 20D
- 0.37x
- Avg traded value
- ₹22.3 Cr
- 20D price channel
- ₹157.7 - ₹178.7
₹200.1
₹141.6 - ₹200.1
₹5.2
Latest completed session
20-session average
32.9% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED71
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +32.8% · PAT +42.3% YoY
Technical
Neutral55
Price trend and sector-relative-strength timing.
Valuation
Legacy model+45.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence87
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +33% YoY · PAT +42% YoY · margin expansion · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹332 Cr | +32.8% | +4.7% |
| EBITDA | ₹214 Cr | +45.6% | -4.0% |
| Operating margin | 64.0% | +500 bps | -600 bps |
| PAT | ₹148 Cr | +42.3% | +4.2% |
| PAT margin | 44.6% | +298 bps | -21 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.80
- P/B
- 3.36
- EV/EBITDA
- 8.96
- Market Cap
- 8036.00Cr
Profitability
- ROE
- 20.80%
- ROCE
- 28.10%
- ROA
- 18.49%
- Dividend Y
- 6.25%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.02
- Interest Coverage
- 129.17×
- Altman Z
- 8.39
- Book Value
- 49.40
Cash Flow
- FCF Yield
- 6.12%
- FCF Positive Y
- 11/5
- OCF
- 510.00 Cr
- EPS TTM
- 11.55
Shareholding
- Promoter Hold
- 44.01%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 332+4.7% vs prev
Net Profit
₹ CrLatest: 148+4.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 50. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~1.8% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 17% off 52W high · 17% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
70
RS percentile
Stage 3 Topping
1M return
+3.6%
3M return
+9.6%
6M return
+5.1%
1Y return
+4.5%
RS 1D
+3
RS 20D
+14
Sector rank
#12
Industry rank
#40
Stage evidence
- 14.2% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+0.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price above
200-DMA
price above
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 109.52+0.90%
RS vs Nifty 500110
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 71 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation13/30
Growth17/25
Quality16/20
Balance Sheet11/15
Cash Flow9/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
71
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
71/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 6.1%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 45.8%.
Main drags
- Valuation is weaker at 13/30; verify the latest quarterly trend.
- Growth is weaker at 17/25; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
Sector valuation model
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.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
14.8
PB
3.4
EV/EBITDA
9.0
ROE
20.8%
ROCE
28.1%
FCF Yield
6.1%
Debt/Equity
0.0
MoS
+45.8%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
71
Previous: 71
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+45.8%
Previous: +45.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
71
71
71
71
69
69
69
69
71
71
71
71
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹113.3
-46.6% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹306.65
+45.8% MoS
PEG
0.96
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NUCLEUS
Small
Nucleus Software Exports Limited
Logistics
match 73
36
14.7
13.1%
-86%
WATCHLIST
TOTAL
Small
Total Transport Systems Limited
Logistics
match 73
53
12.4
8.4%
+53%
FAIR VALUE
TVSSCS
Micro
TVS Supply Chain Solutions Limited
Logistics
match 56
32
78.6
9.7%
-213%
WATCHLIST
BLACKBUCK
Micro
BLACKBUCK LIMITED
Logistics
match 55
32
63.2
12.2%
-136%
WATCHLIST
TCI
Small
Transport Corporation of India Limited
Logistics
match 54
65
14.8
19.2%
+46%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T07:41:40.040Z
Management commentary snapshot
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.
Growth engines
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).
Tailwinds
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.
Headwinds
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.
Risk radar
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.
Management accountability
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.
Analyst reading lens
Compare BOTH
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.
Sector KPIs management disclosed
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)
Thesis monitor
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.
Trust Score
87Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
86 docs text-extracted · 8 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Services: 100th pctile, median 66 · Micro: 99th pctile, median 73
Evidence depth
Financial-only
86 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
77
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.3%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.02.
Trust risks
- ▸OPM spread across recent quarters is 17%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Gujarat Pipavav Port Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement Of A Material Update 26 Aug - GMB issued comfort letter to process Pipavav Port concession extension proposal; documents due within 90 days.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Bse
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Bse
Concall transcriptFeb 2026
Feb 2026 · Transcript
Source: Company Ir
Investor presentationFeb 2026
Feb 2026 · PPT
Source: Bse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.