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%.
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 item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| 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
| Window | Stock | vs 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.