GIPCL

Gujarat Industries Power Company Limited

Power generation utility with lignite, coal and renewable assets

Utilities›Power›Power›Power Generation

gipcl.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹169.36
Market cap
2,629 Cr
Stock P/E
5.2
P/B
0.68
Dividend yield
2.4%
ROE (FY19)
9.9%
ROCE (FY19)
13.6%
Operating margin (FY19)
27.0%
Debt / equity (FY19)
0.02
OCF / EBITDA (FY26)
120.7%
OCF / EBITDA (3Y)
176.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

GIPCL (Gujarat Industries Power Company) generates electricity from lignite, gas, solar and wind plants and is adding large solar capacity at Khavda under a power purchase agreement with GUVNL.

Company snapshot

18thBy market cap

Ranked among 27 companies in Power Generation.

What we see

Positives
  • ✓Net margin of 18.1% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales280 Cr354 Cr373 Cr320 Cr276 Cr322 Cr338 Cr372 Cr321 Cr370 Cr428 Cr499 Cr
Operating expenses (approx.)218 Cr259 Cr254 Cr204 Cr195 Cr233 Cr219 Cr259 Cr214 Cr248 Cr233 Cr258 Cr
EBITDA62 Cr95 Cr119 Cr116 Cr81 Cr89 Cr119 Cr113 Cr108 Cr122 Cr195 Cr242 Cr
OPM %22.1%26.7%31.9%36.3%29.5%27.8%35.3%30.3%33.5%33.1%45.5%48.4%
Other income26 Cr16 Cr17 Cr21 Cr17 Cr15 Cr15 Cr19 Cr21 Cr13 Cr42 Cr112 Cr
Interest10 Cr9 Cr9 Cr9 Cr8 Cr8 Cr7 Cr7 Cr18 Cr36 Cr49 Cr51 Cr
Depreciation42 Cr42 Cr42 Cr42 Cr43 Cr43 Cr42 Cr46 Cr64 Cr78 Cr90 Cr91 Cr
Profit before tax36 Cr59 Cr85 Cr86 Cr48 Cr53 Cr86 Cr79 Cr46 Cr21 Cr98 Cr211 Cr
Tax %20.5%20.6%22.3%21.4%27.5%26.5%18.5%27.6%54.0%115.1%-234.0%25.2%
Net profit28 Cr47 Cr66 Cr68 Cr35 Cr39 Cr70 Cr57 Cr21 Cr-3 Cr327 Cr158 Cr
EPS (₹)₹1.87₹3.08₹4.38₹4.48₹2.30₹2.59₹4.60₹3.70₹1.37₹-0.21₹21.06₹10.17

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,311 Cr1,364 Cr1,407 Cr1,379 Cr1,335 Cr1,172 Cr1,356 Cr1,349 Cr1,256 Cr1,491 CrSign in free for the trailing twelve months
Operating expenses (approx.)880 Cr871 Cr859 Cr874 Cr890 Cr767 Cr948 Cr967 Cr850 Cr953 CrSign in free for the trailing twelve months
EBITDA430 Cr493 Cr548 Cr505 Cr446 Cr406 Cr408 Cr381 Cr406 Cr538 CrSign in free for the trailing twelve months
OPM %32.8%36.1%39.0%36.6%33.4%34.6%30.1%28.3%32.3%36.1%Sign in free for the trailing twelve months
Other income71 Cr51 Cr117 Cr42 Cr30 Cr21 Cr48 Cr76 Cr69 Cr95 CrSign in free for the trailing twelve months
Interest73 Cr67 Cr50 Cr51 Cr42 Cr29 Cr38 Cr37 Cr32 Cr111 CrSign in free for the trailing twelve months
Depreciation127 Cr160 Cr168 Cr191 Cr162 Cr151 Cr165 Cr168 Cr170 Cr277 CrSign in free for the trailing twelve months
Profit before tax301 Cr317 Cr228 Cr305 Cr272 Cr247 Cr253 Cr253 Cr273 Cr245 CrSign in free for the trailing twelve months
Tax %23.8%23.0%22.7%18.8%32.6%30.7%25.5%21.4%22.5%-64.5%Sign in free for the trailing twelve months
Net profit229 Cr245 Cr176 Cr248 Cr183 Cr171 Cr189 Cr199 Cr211 Cr402 CrSign in free for the trailing twelve months
EPS (₹)₹15.16₹16.17₹11.66₹16.40₹12.12₹11.33₹12.48₹13.12₹13.97₹25.93Sign in free for the trailing twelve months
Dividend payout %————23.9%23.8%20.0%28.6%28.3%15.8%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital151 Cr151 Cr151 Cr151 Cr151 Cr151 Cr151 Cr151 Cr155 Cr155 Cr
Reserves2,085 Cr2,308 Cr2,419 Cr2,597 Cr2,760 Cr2,893 Cr3,003 Cr3,154 Cr3,369 Cr3,685 Cr
Borrowings312 Cr468 Cr425 Cr387 Cr426 Cr519 Cr484 Cr409 Cr1,816 Cr3,378 Cr
Other liabilities866 Cr859 Cr835 Cr795 Cr889 Cr840 Cr849 Cr1,504 Cr2,226 Cr2,208 Cr
Total liabilities3,414 Cr3,786 Cr3,831 Cr3,930 Cr4,226 Cr4,403 Cr4,487 Cr5,218 Cr7,566 Cr9,426 Cr
Fixed assets (net)2,413 Cr2,615 Cr2,569 Cr2,749 Cr2,595 Cr2,898 Cr2,801 Cr2,667 Cr2,527 Cr5,728 Cr
CWIP24 Cr5 Cr166 Cr5 Cr292 Cr41 Cr75 Cr437 Cr3,266 Cr2,066 Cr
Investments281 Cr328 Cr90 Cr60 Cr87 Cr148 Cr106 Cr124 Cr106 Cr96 Cr
Inventories160 Cr152 Cr166 Cr160 Cr222 Cr223 Cr259 Cr223 Cr231 Cr208 Cr
Trade receivables248 Cr260 Cr214 Cr193 Cr295 Cr325 Cr307 Cr281 Cr200 Cr262 Cr
Cash & bank1 Cr52 Cr261 Cr370 Cr285 Cr282 Cr454 Cr609 Cr467 Cr261 Cr
Other assets288 Cr375 Cr366 Cr393 Cr449 Cr487 Cr485 Cr877 Cr768 Cr805 Cr
Total assets3,414 Cr3,786 Cr3,831 Cr3,930 Cr4,226 Cr4,403 Cr4,487 Cr5,218 Cr7,566 Cr9,426 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity433 Cr341 Cr611 Cr450 Cr193 Cr362 Cr410 Cr562 Cr1,127 Cr649 Cr
Cash from investing-459 Cr-383 Cr-265 Cr-119 Cr-231 Cr-340 Cr-128 Cr-217 Cr-2,665 Cr-2,238 Cr
Cash from financing-161 Cr92 Cr-137 Cr-222 Cr-47 Cr-25 Cr-110 Cr-190 Cr1,397 Cr1,381 Cr
Net cash flow-187 Cr51 Cr209 Cr109 Cr-85 Cr-2 Cr172 Cr155 Cr-141 Cr-208 Cr
Free cash flow (OCF − Capex)-45 Cr-37 Cr358 Cr335 Cr-46 Cr21 Cr283 Cr98 Cr-1,580 Cr-1,670 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019
ROCE %14.7%10.7%13.6%
ROE %10.3%7.0%9.9%
Debtor days696955
Inventory days888997
Days payable576089
Cash conversion cycle1009964
OCF / EBITDA %100.5%69.2%—
Debt / equity0.140.200.02
Current ratio0.851.031.34
Net debt / EBITDA0.72—-0.37