Gujarat Industries Power Co Ltd

₹ 184 1.38%

10 Oct - close price

About

Incorporated in 1985, Gujarat Industries is a Public Limited company of the Government of Gujarat.
The company is engaged in the business of Electrical Power Generation with a present installed generation capacity of 1184.40MW. The Company has a diversified portfolio of Thermal (Gas and Lignite), Wind, and Solar Power Plant Assets in the State of Gujarat.^[1]

Key Points

Projects^[1]
1. Thermal
Gas - 2 projects in Vadodara with total 310 MW capacity.
** Lignite** - 2 projects in Nani Naroli with total 500 MW capacity.

Website BSE NSE

Market Cap ₹ 2,850 Cr.
Current Price ₹ 184
High / Low ₹ 268 / 148
Stock P/E 14.2
Book Value ₹ 227
Dividend Yield 2.22 %
ROCE 6.44 %
ROE 6.19 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.81 times its book value
Company has been maintaining a healthy dividend payout of 30.1%
Company's working capital requirements have reduced from 60.7 days to 37.5 days

Cons

The company has delivered a poor sales growth of -1.84% over past five years.
Company has a low return on equity of 6.14% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Utilities Power Power Power Generation

Part of BSE SmallCap BSE Allcap BSE Utilities

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025
	303	252	376	424	342	280	354	373	320	276	322	338	372
	178	177	294	299	236	218	259	254	204	195	233	219	259
Operating Profit	125	76	82	125	106	62	95	119	116	81	89	119	113
OPM %	41%	30%	22%	29%	31%	22%	27%	32%	36%	29%	28%	35%	30%
	6	14	19	9	18	26	16	17	21	17	15	15	19
Interest	9	9	10	10	9	10	9	9	9	8	8	7	7
Depreciation	41	41	42	41	42	42	42	42	42	43	43	42	46
Profit before tax	81	39	49	84	73	36	59	85	86	48	53	86	79
Tax %	23%	32%	31%	22%	21%	21%	21%	22%	21%	27%	27%	18%	28%
	63	27	34	65	57	28	47	66	68	35	39	70	57
EPS in Rs	4.16	1.76	2.25	4.30	3.79	1.87	3.08	4.38	4.48	2.30	2.59	4.49	3.70
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	1,377	1,215	1,352	1,311	1,354	1,407	1,379	1,335	1,172	1,356	1,349	1,256	1,308
	906	793	946	878	871	859	874	911	767	948	967	850	905
Operating Profit	470	422	407	432	483	548	505	424	406	408	381	406	403
OPM %	34%	35%	30%	33%	36%	39%	37%	32%	35%	30%	28%	32%	31%
	31	25	36	69	51	-101	42	30	21	48	76	69	67
Interest	88	78	76	73	57	50	51	31	29	38	37	32	30
Depreciation	156	120	118	127	160	168	191	155	151	165	168	170	174
Profit before tax	257	248	250	301	317	228	305	268	247	253	253	273	266
Tax %	28%	49%	25%	24%	23%	23%	19%	33%	31%	26%	21%	23%
	186	126	188	229	244	176	248	180	171	189	199	211	201
EPS in Rs	12.29	8.35	12.45	15.16	16.17	11.66	16.40	11.89	11.33	12.48	13.12	13.62	13.08
Dividend Payout %	20%	30%	22%	18%	17%	25%	18%	23%	22%	30%	30%	30%

Compounded Sales Growth
10 Years:	0%
5 Years:	-2%
3 Years:	2%
TTM:	-1%

Compounded Profit Growth
10 Years:	5%
5 Years:	-3%
3 Years:	7%
TTM:	-4%

Stock Price CAGR
10 Years:	9%
5 Years:	22%
3 Years:	29%
1 Year:	-22%

Return on Equity
10 Years:	8%
5 Years:	6%
3 Years:	6%
Last Year:	6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	151	151	151	151	151	151	151	151	151	151	151	155
Reserves	1,605	1,685	1,882	2,085	2,308	2,419	2,597	2,704	2,893	3,003	3,154	3,369
	716	606	475	417	617	573	447	480	529	493	614	2,027
	521	559	639	761	710	688	734	794	830	839	1,298	2,015
Total Liabilities	2,992	3,002	3,148	3,414	3,786	3,831	3,930	4,129	4,403	4,487	5,218	7,566
	1,991	1,890	1,859	2,522	2,680	2,632	2,883	2,628	3,056	2,951	2,981	2,830
CWIP	87	41	153	24	6	167	5	292	41	75	437	3,266
Investments	160	207	250	281	328	90	60	88	148	106	124	106
	754	863	885	587	772	942	982	1,121	1,158	1,355	1,678	1,364
Total Assets	2,992	3,002	3,148	3,414	3,786	3,831	3,930	4,129	4,403	4,487	5,218	7,566

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	398	405	232	433	337	590	445	193	362	410	562	1,127
	-86	-124	-178	-459	-389	-239	-113	-231	-340	-128	-217	-2,665
	-272	-230	-228	-161	103	-142	-222	-47	-25	-110	-190	1,397
Net Cash Flow	40	50	-174	-187	51	209	109	-85	-2	172	155	-141

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	59	39	72	69	70	56	51	81	101	83	76	58
Inventory Days
Days Payable
Cash Conversion Cycle	59	39	72	69	70	56	51	81	101	83	76	58
Working Capital Days	-35	-40	8	-23	-12	-8	38	65	79	86	58	38
ROCE %	14%	14%	13%	15%	13%	16%	11%	9%	8%	8%	8%	6%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	55.69%	55.69%	55.69%	55.69%	55.43%	55.43%	55.43%	55.43%	55.43%	56.57%	56.57%	56.57%
	2.91%	2.90%	4.42%	3.88%	3.86%	4.97%	4.67%	4.49%	4.78%	4.21%	4.04%	3.69%
	6.81%	6.15%	5.99%	5.99%	5.97%	5.91%	5.86%	6.27%	6.04%	5.68%	5.60%	5.16%
	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.45%	7.45%	7.45%
	26.94%	27.62%	26.26%	26.80%	27.11%	26.07%	26.40%	26.16%	26.11%	26.10%	26.35%	27.14%
No. of Shareholders	72,832	72,252	67,858	74,802	82,412	99,346	97,729	96,409	91,133	93,480	92,374	93,707

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	58.21%	58.21%	55.69%	55.69%	55.69%	55.69%	55.69%	55.43%	56.57%	56.57%
	3.91%	3.35%	2.87%	0.95%	1.50%	1.64%	2.90%	4.97%	4.21%	3.69%
	10.93%	12.65%	15.42%	14.88%	11.70%	7.22%	6.15%	5.91%	5.68%	5.16%
	7.64%	7.84%	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.45%	7.45%
	19.31%	17.96%	18.38%	20.84%	23.46%	27.81%	27.62%	26.07%	26.10%	27.14%
No. of Shareholders	58,158	53,522	52,293	52,887	67,352	78,446	72,252	99,346	93,480	93,707

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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