Guj Pipavav Port Q2 FY27 Results (NSE: GPPL)
Signal: Margin expansion
The read
Operating momentum strengthened in Q2FY27: revenue rose 13% to ₹3,391.52 million, EBITDA grew 19% and margin expanded 300bps to 62%, led by containers and RoRo; however, PAT fell 6% to ₹1,484.85 million because the year-ago ₹431.35 million exceptional item and lower other income obscure the underlying EBIT improvement.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹339.15 Cr | 13% | 2% |
| EBIT | ₹180.72 Cr | 24% | |
| Net profit | ₹148.48 Cr | -6% | |
| EBIT margin | 62% |
P&L walk
Revenue increased 13% YoY on higher container and RoRo activity, while EBITDA rose 19% and margin expanded to 62%; EBIT grew 24%, but PAT declined 6% because September 2025 included a ₹431.35 million exceptional item and current other income fell 13%.
Segments
Container volume rose 18% YoY to 192,944 TEUs and RoRo volume rose 3% to 58,515 units, supporting revenue growth, while dry bulk fell 10% to 942,575 MT and liquid volume fell 15% to 328,868 MT amid the Middle East conflict.
Key positives
- Container volume increased 18% YoY to 192,944 TEUs and RoRo volume increased 3% to 58,515 units, supporting 13% revenue growth to ₹3,391.52 million.
- EBITDA rose 19% YoY to ₹2,118.20 million and EBITDA margin expanded 300bps to 62%, while total expenditure increased only 5% YoY.
- EBIT grew 24% YoY to ₹1,807.17 million, indicating stronger operating performance despite a 13% decline in other income.
Key concerns
- Dry bulk volume declined 10% YoY to 942,575 MT and liquid volume declined 15% to 328,868 MT, with the company citing lower fertilizer, mineral and LPG imports amid the Middle East conflict.
- Employee benefits expense rose 15% YoY to ₹263.13 million, faster than revenue growth of 13%.
- PAT declined 6% YoY to ₹1,484.85 million despite EBIT growth of 24%, making reported bottom-line momentum weaker than operating momentum.
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