Gujarat Industries Power Co Ltd

₹ 166 1.73%

09 Jun - 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 ₹ 2,578 Cr.
Current Price ₹ 166
High / Low ₹ 224 / 120
Stock P/E 6.41
Book Value ₹ 247
Dividend Yield 2.46 %
ROCE 5.47 %
ROE 10.9 %
Face Value ₹ 10.0

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Pros

Stock is trading at 0.67 times its book value
Company has been maintaining a healthy dividend payout of 25.2%

Cons

The company has delivered a poor sales growth of 2.23% over past five years.
Tax rate seems low
Company has a low return on equity of 7.87% 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 Utilities BSE 1000

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	424	342	280	354	373	320	276	322	338	372	321	370	428
	299	236	218	259	254	204	195	233	219	259	214	248	233
Operating Profit	125	106	62	95	119	116	81	89	119	113	108	122	195
OPM %	29%	31%	22%	27%	32%	36%	29%	28%	35%	30%	34%	33%	46%
	9	18	26	16	17	21	17	15	15	19	21	13	42
Interest	10	9	10	9	9	9	8	8	7	7	18	36	49
Depreciation	41	42	42	42	42	42	43	43	42	46	64	78	90
Profit before tax	84	73	36	59	85	86	48	53	86	79	46	21	98
Tax %	22%	21%	21%	21%	22%	21%	27%	27%	18%	28%	54%	115%	-234%
	65	57	28	47	66	68	35	39	70	57	21	-3	327
EPS in Rs	4.30	3.79	1.87	3.08	4.38	4.48	2.30	2.59	4.49	3.70	1.37	-0.21	21.06
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,215	1,352	1,311	1,354	1,407	1,379	1,335	1,172	1,356	1,349	1,256	1,491
	793	946	878	871	859	874	911	767	948	967	850	953
Operating Profit	422	407	432	483	548	505	424	406	408	381	406	538
OPM %	35%	30%	33%	36%	39%	37%	32%	35%	30%	28%	32%	36%
	25	36	69	51	-101	42	30	21	48	76	69	95
Interest	78	76	73	57	50	51	31	29	38	37	32	111
Depreciation	120	118	127	160	168	191	155	151	165	168	170	278
Profit before tax	248	250	301	317	228	305	268	247	253	253	273	245
Tax %	49%	25%	24%	23%	23%	19%	33%	31%	26%	21%	23%	-64%
	126	188	229	244	176	248	180	171	189	199	211	402
EPS in Rs	8.35	12.45	15.16	16.17	11.66	16.40	11.89	11.33	12.48	13.12	13.62	25.93
Dividend Payout %	30%	22%	18%	17%	25%	18%	23%	22%	30%	30%	30%	15%

Compounded Sales Growth
10 Years:	1%
5 Years:	2%
3 Years:	3%
TTM:	19%

Compounded Profit Growth
10 Years:	8%
5 Years:	17%
3 Years:	29%
TTM:	90%

Stock Price CAGR
10 Years:	7%
5 Years:	13%
3 Years:	20%
1 Year:	-19%

Return on Equity
10 Years:	8%
5 Years:	7%
3 Years:	8%
Last Year:	11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	151	151	151	151	151	151	151	151	151	151	155	155
Reserves	1,685	1,882	2,085	2,308	2,419	2,597	2,704	2,893	3,003	3,154	3,369	3,685
	606	475	417	617	573	447	480	529	493	614	2,027	3,594
	559	639	761	710	688	734	794	830	839	1,298	2,015	1,992
Total Liabilities	3,002	3,148	3,414	3,786	3,831	3,930	4,129	4,403	4,487	5,218	7,566	9,426
	1,890	1,859	2,522	2,680	2,632	2,883	2,628	3,056	2,951	2,981	2,830	6,018
CWIP	41	153	24	6	167	5	292	41	75	437	3,266	2,066
Investments	207	250	281	328	90	60	88	148	106	124	106	96
	863	885	587	772	942	982	1,121	1,158	1,355	1,678	1,364	1,245
Total Assets	3,002	3,148	3,414	3,786	3,831	3,930	4,129	4,403	4,487	5,218	7,566	9,426

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	405	232	433	337	590	445	193	362	410	562	1,127	649
	-124	-178	-459	-389	-239	-113	-231	-340	-128	-217	-2,665	-2,238
	-230	-228	-161	103	-142	-222	-47	-25	-110	-190	1,397	1,381
Net Cash Flow	50	-174	-187	51	209	109	-85	-2	172	155	-141	-208
Free Cash Flow	302	47	-43	-41	337	330	-47	29	284	100	-1,574	-1,566
CFO/OP	106%	70%	112%	85%	117%	100%	57%	100%	111%	160%	289%	128%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	39	72	69	70	56	51	81	101	83	76	58	64
Inventory Days												128
Days Payable												35
Cash Conversion Cycle	39	72	69	70	56	51	81	101	83	76	58	157
Working Capital Days	-40	8	-23	-12	-8	38	65	79	86	58	38	-88
ROCE %	14%	13%	15%	13%	16%	11%	9%	8%	8%	8%	6%	5%

Insights

In beta

Mar 2010

Mar 2012

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Total Installed Capacity
MW

xxx.xx	xxx.xx	xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx		x,xxx.xx	x,xxx.xx	x,xxx.xx
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			xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
			xx	xx	xx	xxx	xxx	xxx	xxx	xxx	xxx
			x.xx	x.xx	x.xx	x.xx	x.xx		x.xx	x.xx	x.xx
			xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx		xxx.xx	xxx.xx	xxx.xx
											xxx

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Capacity Utilization Factor (CUF) - Solar Power Plants overall
%

Capacity Utilization Factor (CUF) - Wind Power Plants overall
%

Plant Load Factor (PLF) - 250MW Lignite Phase I
%

Plant Load Factor (PLF) - 250MW Lignite Phase II
%

Solar Installed Capacity
MW

Lignite Production
MMT

Wind Installed Capacity
MW

Mineable Reserves
MMT

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	55.69%	55.69%	55.43%	55.43%	55.43%	55.43%	55.43%	56.57%	56.57%	56.57%	56.57%	56.57%
	4.42%	3.88%	3.86%	4.97%	4.67%	4.49%	4.78%	4.21%	4.04%	3.69%	2.63%	2.74%
	5.99%	5.99%	5.97%	5.91%	5.86%	6.27%	6.04%	5.68%	5.60%	5.16%	4.96%	5.07%
	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.64%	7.45%	7.45%	7.45%	7.45%	7.45%
	26.26%	26.80%	27.11%	26.07%	26.40%	26.16%	26.11%	26.10%	26.35%	27.14%	28.39%	28.17%
No. of Shareholders	67,858	74,802	82,412	99,346	97,729	96,409	91,133	93,480	92,374	93,707	93,141	91,261

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	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%	2.74%
	10.93%	12.65%	15.42%	14.88%	11.70%	7.22%	6.15%	5.91%	5.68%	5.07%
	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%	28.17%
No. of Shareholders	58,158	53,522	52,293	52,887	67,352	78,446	72,252	99,346	93,480	91,261

* 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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