Utilities · Q2FY27 · Standalone

Revenue fell -13.64% QoQ as GIPCL margin narrowed 8.21 points

Expenses were broadly flat, but lower other income drove profit before tax down -75.37% and net profit down -75.15%.

By Ashutosh

Filed 05 Nov 2026, 16:31 IST · after market close · Gujarat Industries Power Co Ltd (GIPCL)

Key takeaways

  • GIPCL's standalone operating profit fell -28.30% QoQ as revenue declined -13.64% while expenses rose +0.10%.
  • Other income fell -79.94% QoQ and still accounted for 43.20% of standalone profit before tax.
  • Operating margin narrowed 8.21 percentage points to 40.19%, but remained 11.29 percentage points above the 25-peer Utilities median.

Price around the results

Revenue fell while costs stayed flat

GIPCL reported standalone revenue of Rs 431.16 cr in Q2FY27, down -13.64% QoQ, while expenses rose +0.10% to Rs 257.89 cr. That mismatch reduced operating profit by -28.30% to Rs 173.26 cr. Profit before tax fell -75.37% and net profit fell -75.15% QoQ.

Lower other income weakened profit quality

Operating margin narrowed 8.21 percentage points to 40.19% because revenue fell while expenses were almost unchanged. Interest rose +0.25% and depreciation rose +1.20% QoQ, adding to the pressure below operating profit. Other income fell -79.94% to Rs 22.47 cr, yet still represented 43.20% of profit before tax; the tax rate declined 0.67 percentage points to 24.56%.

Margin stayed above the Utilities peer median

GIPCL's 40.19% operating margin was 11.29 percentage points above the 28.90% median among 25 Utilities peers that had reported the same quarter. The only prior quarter in the trend provided was Q1FY27, when the margin was 48.40%, so Q2FY27 marked a sequential decline rather than an established multi-quarter pattern.

Filed after market close

The standalone results were filed at 16:31 IST on 5 November 2026, after market close. This update therefore does not include a market reaction.

Q2FY27 at a glance

Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.

Line itemQ2FY27Q1FY27QoQ
Revenue₹431 cr₹499 cr-13.64%
Other income₹22 cr₹112 cr-79.94%
Expenses₹258 cr₹258 cr+0.10%
Operating profit₹173 cr₹242 cr-28.30%
Operating margin (%)40.19%48.40%—
Interest₹51 cr₹51 cr+0.25%
Depreciation₹93 cr₹91 cr+1.20%
Profit before tax₹52 cr₹211 cr-75.37%
Tax₹13 cr₹53 cr-76.02%
Net profit₹39 cr₹158 cr-75.15%
EPS (₹)₹2.53₹10.17-75.12%

Operating margin of 40.19% compares with a Utilities sector median of 28.90% across 25 peers that have reported Q2FY27.

How the stock reacted

WindowStockvs NIFTY
Results day-4.92%-6.93%

Volume on the results session was 2.52× its 20-day average.

What to watch

  • Whether revenue recovers from Rs 431.16 cr without expenses rising from Rs 257.89 cr.
  • Whether operating margin holds above 40.19%.
  • Whether other income remains a material contributor after accounting for 43.20% of profit before tax.