Gujarat Industries Power Company Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Gujarat Industries Power Company Ltd filed with BSE on 15 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Management discussed the Q4 and full-year FY26 results of Gujarat Industries Power Company, focusing largely on the ramp-up of the 600 MW Khavda solar plant and plans for the 500 MW second phase, a new 750 MW lignite thermal expansion, and BESS projects at the Baroda gas location. Executives gave CUF, revenue and EBITDA figures for the solar portfolio and outlined expected increases in depreciation and interest costs as new capacity is commissioned. The call also covered debt levels, park development revenue from third-party developers at Khavda, and the status of the idle gas-based stations.
Numbers mentioned
EBITDA from 600 MW Khavda: INR350 to INR360 crores (FY27)
p. 6
“INR350 to INR360 crores you can roughly assume.”
K.K. Bhatt, page 6 of the filed PDF · View the filing
Solar division EBITDA: 332 crores (FY26)
p. 12
“It was only 332 crores.”
K.K. Bhatt, page 12 of the filed PDF · View the filing
PBT for solar division: INR62 crores (FY26)
p. 12
“PBT for solar division was INR62 crores.”
K.K. Bhatt, page 12 of the filed PDF · View the filing
Interest and depreciation combined: INRI 07 crores to INRl 10 crores (FY26)
p. 12
“See, right now, it is INRI 07 crores to INRl 10 crores.”
K.K. Bhatt, page 12 of the filed PDF · View the filing
Depreciation: INR187 crores to INR345 crores to INR350 crores (FY26 to FY27)
p. 12
“Depreciation would be from INR187 crores to INR345 crores to INR350 crores, it will go.”
K.K. Bhatt, page 12 of the filed PDF · View the filing
Group power plant revenue (75 MW): INR38 crores (9 months, FY26)
p. 19
“Last year, we got -it commissioned in the month of May and we have the revenue of around from that station just a minute INR3 8 crores.”
K.K. Bhatt, page 19 of the filed PDF · View the filing
Revenue - solar (ex-Khavda): INR152 crores (FY26)
p. 16
“See solar, this the revenue is INR152 crores, then wind is INR86 crores, 75-megawatt solar is INR38 crores. Khavda is INRl 11 crores.”
K.K. Bhatt, page 16 of the filed PDF · View the filing
Revenue from SLPP 1 and 2: INRl,103 crores (FY26)
p. 16
“Revenue from SLPP 1 and 2, it is around INRl,030 crores -- INRl,103 crores.”
K.K. Bhatt, page 16 of the filed PDF · View the filing
PBT for current year: around 220 crores (FY26)
p. 28
“The PBT for current year may be around 220 crores ..”
K.K. Bhatt, page 28 of the filed PDF · View the filing
PBT: around 244 crores (FY26)
p. 27
“see, this year, our EBITDA was around. Our PBT was around 244 crores.”
Ramakrishnan, page 27 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Depreciation — INR550 crores to INR600 crores · FY28
stated conditionally by K.K. Bhatt
p. 20
“Depreciation would be roughly, I mean, again it will go up after 500MW additions. See the depreciation would be around INR550 crores to INR600 crores.”
K.K. Bhatt, page 20 of the filed PDF · View the filing
Interest cost — INR400 crores to INR450 crores · FY28
stated conditionally by K.K. Bhatt
p. 20
“Interest would be INR400 crores to INR450 crores.”
K.K. Bhatt, page 20 of the filed PDF · View the filing
EBITDA (entire company, full operational year) — INR950 crores to INRl,000 crores · once 500 MW Khavda fully commissioned
stated conditionally by K.K. Bhatt
p. 9
“Once, all the stations are commissioned and full year of operation, this EBITDA margin of INR950 crores to INRl,000 crores will be there, as you rightly mentioned.”
K.K. Bhatt, page 9 of the filed PDF · View the filing
750 MW lignite thermal capacity commissioning — 3 x 250 MW · 2032-33
stated as an aspiration by K.K. Bhatt
p. 8
“3 into 250 capacity will be commissioned by : and '3 3. That is the right now target.”
K.K. Bhatt, page 8 of the filed PDF · View the filing
BESS second phase capacity — 30/160 megawatt · coming year
stated as an aspiration by K.K. Bhatt
p. 8
“we are also thinking to put another 30/ 160 megawatt BESS in the coming year in this place.”
K.K. Bhatt, page 8 of the filed PDF · View the filing
Additional solar capacity at Khavda — 200-megawatts · coming couple of months
stated conditionally by K.K. Bhatt
p. 18
“So we can have the availab_le land to put 200-megawatts over there and we are planning to have the 200-megawatt capacity with that and it will be coming int couple of months.”
K.K. Bhatt, page 18 of the filed PDF · View the filing
ROE — more than 13% to 14%
stated conditionally by K.K. Bhatt
p. 31
“See, ROE, you have to exclude this gas base station -- so you will get the ROE of more than 13% to 14%.”
K.K. Bhatt, page 31 of the filed PDF · View the filing
Concall frequency — every three months
stated firmly by K.K. Bhatt
p. 31
“Yes, yes. Definitely, Definitely.”
K.K. Bhatt, page 31 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management gave the CUF for Khavda and estimated annual revenue.
Answered by K.K. Bhatt
Asked by Prit Nagersheth: What is the PLF for solar and thermal plants for April-June and revenue conversion for the Khavda 600 MW plant?
p. 4
“It would be around Rs. 420 crores - for 600 MW Khavda only”
K.K. Bhatt, page 4 of the filed PDF · View the filing
Management said thermal has no evacuation issues, and Khavda's evacuation is at full allocation despite regional constraints.
Answered by K.K. Bhatt
Asked by Saket Kapoor: How is the company preparing for grid congestion and evacuation issues for solar assets, particularly at Khavda?
p. 5
“So that issue is there and it is being allowed on pro-rata basis by CTUIL. But as such, we don't have any issue with 600 MW Khavda.”
K.K. Bhatt, page 5 of the filed PDF · View the filing
Management estimated debt of around INR4,500 crores after commissioning, noting disbursement is still pending for the 500 MW project.
Answered by K.K. Bhatt
Asked by Saket Kapoor: What will the closing long-term debt be after the 500 MW commissioning?
p. 7
“We have not taken the full debt as of now. It is still disbursement is pending, work is going on.”
K.K. Bhatt, page 7 of the filed PDF · View the filing
Management clarified that the full INR950-1,000 crore EBITDA figure would only be realized in a subsequent full year of operations, not immediately.
Answered by K.K. Bhatt
Asked by Kiran Mehta: Will FY27 EBITDA reach around INR1,000 crores with the 500 MW plant operational?
p. 9
“You are absolutely correct. But this year, you will not see the EBITDA of INR950 crores to INRl,000 crores.”
K.K. Bhatt, page 9 of the filed PDF · View the filing
Management attributed it to insurance claims, an income tax refund, and government grant amortization.
Answered by K.K. Bhatt
Asked by Falguni Dutta: What was the breakup of the INR42 crores other income in Q4?
p. 11
“INRl 7 crores is towards the income tax refund. Various insurance claims, amortization of the Government grant, all those small liquidated damage maybe to the O&M contractors like that are other income.”
K.K. Bhatt, page 11 of the filed PDF · View the filing
Management explained the O&M-based revenue model and estimated net earnings after expenses.
Answered by K.K. Bhatt
Asked by Vipul Shah: What is the revenue model and expected net earnings from being a park developer for the 2,375 MW Khavda park?
p. 14
“See, it is basically, as of now, we are expecting around INR20 crores to INR25 crores revenue generation net of the expenditure from the park.”
K.K. Bhatt, page 14 of the filed PDF · View the filing
Management clarified the questioner was mixing FY27 and FY28 figures and that current-year PBT remains solid.
Answered by K.K. Bhatt
Asked by Ramakrishnan: With EBITDA near 950 crores and depreciation/interest near 1,000 crores combined, will PBT be negligible next year?
p. 28
“EBITDA. You are, I think, missing the figures of '25, '26 and '26, '27.”
K.K. Bhatt, page 28 of the filed PDF · View the filing
Management said ROE excluding the gas station would already be above 13-14%, and indicated the gas assets may eventually be hived off.
Answered by K.K. Bhatt
Asked by Janak Shah: When can ROE be expected to cross 14%, given the idle gas stations?
p. 31
“It exists in the books, but technically, they are not. we are thinking to hive off them in near future meaning next couple of years decision will be taken because nothing is going to happen on the gas front.”
K.K. Bhatt, page 31 of the filed PDF · View the filing
Risks flagged
Grid evacuation constraints at Khavda due to KPS 2 not being fully operational
p. 5
“There is power evacuation issue since the entire KPS 2 is still yet not ready. So there is a capacity addition which has taken place, but evacuation line is not fully operational.”
K.K. Bhatt, page 5 of the filed PDF · View the filing
Gas-based power stations remain unviable due to geopolitical situation affecting gas prices
p. 8
“See, the gas-based stations looking at the current geopolitical situation, I think it is not going to be revived now.”
K.K. Bhatt, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.