Gujarat Industries Power Company Limited (GIPCL) was incorporated in 1985 as a Public Limited Company under the auspices of the Government of Gujarat. The company is engaged in the business of Electrical Power Generation with a present installed generation capacity of 1184.40 MW. GIPCL possesses a diversified portfolio of Thermal (Gas and Lignite), Wind, and Solar Power Plant Assets within the State of Gujarat.
GIPCL has been promoted by leading Gujarat State Enterprises such as Gujarat Urja Vikas Nigam Ltd. (GUVNL), Gujarat Fertilizers and Chemicals Ltd. (GSFC), and Gujarat Alkalies and Chemicals Ltd. (GACL). The Company is registered with the Registrar of Companies, Gujarat, under the Companies Act, 1956, with its Registered and Corporate Office located at P.O. Ranoli, Vadodara - 391 350, Gujarat, India.
GIPCL operates a comprehensive power generation ecosystem across multiple technologies. The company has thermal gas projects totaling 310 MW capacity across 2 projects in Vadodara. Additionally, it operates lignite-based power projects with 2 projects in Nani Naroli, having a combined capacity of 500 MW. The Company operates captive Lignite and Limestone Mines to meet the fuel requirement of the 500 MW Surat Lignite Power Plant.
Its non-renewable power plants include Vadodara Station - I, Vadodara Station - II, and Surat Lignite Power Plant (SLPP) - Phase I and II. The Company's renewable power plants include solar power plants and wind farms, with projects such as a 15 MW wind power project, a 26 MW wind power project, a 50.4 MW wind power project, a 21 MW wind power project, an 80 MW solar power project, a 75 MW solar power project, and a 100 MW solar power project.
GIPCL has been actively expanding its renewable energy portfolio. The company commissioned 105 MW of a 600 MW solar project at Khavda in a 2,375 MW renewable park in June 2025. Gujarat Industries Power Co. announced that the balance capacity and second phase of 50 MW has also entered commercial operation, and power supply has commenced, making the 75 MW Vastan group captive solar power plant now fully commissioned and commercially operationalized.
With the commissioning of the 97.4 MW Wind Farms at various locations in 2017, 112.4 MW Wind Power Projects in 2018, and the 100 MW Solar Power Plant at Raghanesda in 2021, GIPCL is poised to be an integral part of Gujarat's power supply.
As of June 27, 2025, the market capitalization of Gujarat Industries Power Company Ltd (GIPCL) is ₹3,212.66 Cr. The 52-week high for Gujarat Industries Power Company Ltd (GIPCL) is ₹268.50 and the 52-week low is ₹148.10. The P/E (price-to-earnings) ratio of Gujarat Industries Power Company Ltd (GIPCL) is 15.19.
- For the full year, net profit rose 6.51% to ₹211.43 crore in the year ended March 2025, as against ₹198.51 crore during the previous year ended March 2024.
- Sales declined 6.85% to ₹1,256.26 crore in the year ended March 2025, as against ₹1,348.64 crore during the previous year ended March 2024.
- Net profit rose 5.36% to ₹69.73 crore in the quarter ended March 2025, as against ₹66.18 crore during the previous quarter ended March 2024.
- Sales declined 9.24% to ₹338.25 crore in the quarter ended March 2025, as against ₹372.69 crore during the previous quarter ended March 2024.
The Board of Directors, at its meeting held on May 22, 2025, recommended a final dividend of ₹4.09 per equity share (i.e., 40.9%), subject to the approval of the shareholders. The current dividend yield of Gujarat Industries Power Company Ltd (GIPCL) is 1.93%.
Promoter holding has increased by 1.14% over the last quarter. The promoter holding stands at 56.6%. This indicates strong government backing and confidence in the company's prospects.
The company's working capital requirements have reduced from 87.2 days to 64.2 days, indicating improved operational efficiency. However, the company has delivered a poor sales growth of -1.84% over the past five years. The company has a low return on equity of 6.14% over the last 3 years.
Gujarat Industries Power Company Ltd (GIPCL) belongs to the Utilities sector & Power Generation sub-sector. The company is strategically positioned in Gujarat's power sector and continues to focus on renewable energy expansion. The company was originally promoted in 1985 by the Government of Gujarat with the objective of setting up a 120 MW coal-based power plant. Over the years, their total capacity of Vadodara and Mangrol plants has increased to 810 MW, and further expansion plans are in place to increase this capacity to 1000 MW.
The company's diversified generation portfolio across thermal, wind, and solar technologies positions it well for India's energy transition. With an increasing focus on renewable energy and government support for clean power generation, GIPCL's ongoing solar and wind projects are expected to contribute significantly to its future growth trajectory.
