1. At a Glance
India’s first private port, GPPL, continues to print profits like a duty-free shop on a cruise ship. Q1 FY26 revenue clocked in at ₹250 crore, PAT at ₹101 crore, and an OPM north of 59%. For context, that’s fatter than Adani Ports’ margins and without the debt-induced heartburn.
2. Introduction
Located near Bhavnagar, Gujarat, GPPL is strategically on the international maritime trade route — connecting India to the US, Europe, Africa, Middle East, and Far East. Its concession with Gujarat Maritime Board runs until September 2028 — so, yes, there’s an expiry date before someone else gets to park ships here.
3. Business Model (WTF Do They Even Do?)
Four main cargo segments:
- Containers:Main revenue driver, benefitting from India’s export/import flows.
- Dry Bulk:Coal, fertilisers, agri commodities.
- Liquid Bulk:Petroleum, chemicals.
- RoRo:Roll-on/Roll-off — mainly vehicles.
The concession model means stable, regulated operations, but expansion is time-bound unless extended.
4. Financials Overview
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 250.45 | 246.00 | 252.00 | 1.8% | -0.6% |
| EBITDA (₹ Cr) | 148.00 | 150.00 | 157.00 | -1.3% | -5.7% |
| PAT (₹ Cr) | 100.73 | 104.00 | 109.00 | -3.1% | -7.6% |
| EPS (₹) | 2.08 | 2.16 | 2.26 | -3.7% | -8.0% |
Commentary:Revenue and profit flat to down slightly — signs of global trade slowdown or cargo mix shifts. Margins still world-class.
5.
Valuation (Fair Value RANGE)
P/E Method:
- FY25 EPS = ₹8.26
- Peer P/E range (ports): 18×–25×
- FV range = ₹149 – ₹206
EV/EBITDA Method:
- FY25 EBITDA ≈ ₹578 Cr
- EV/EBITDA range 10×–13×
- FV range = ₹144 – ₹187
DCF Method:
- Discount rate 10%, terminal growth 4%, moderate cargo growth.
- FV range = ₹140 – ₹180
Combined FV Range:₹145 – ₹190
Disclaimer:This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Liquid Berth Project:USD 90M approved — capacity expansion for petroleum/chemicals.
- Concession Expiry 2028:Big renewal decision pending — watch for updates.
- Operational Disruptions (Past):Cyclone Biparjoy (2023) and power supply issues — nature
