Gujarat Pipavav Port Limited (GPPL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+109.7%

₹342.22

vs ₹163.17 price

Levered DCF

₹344.91

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.36×	17.07×	31.68×	17.97×	18.73×	21.14×	9.11×	19.96×
P/B	2.88×	2.9×	4.68×	2.44×	1.65×	2.1×	1.27×	2.15×
P/S	5.94×	6.86×	11.76×	6.14×	4.97×	6.4×	4.24×	7.18×
EV / EBITDA	8.4×	10.36×	18.02×	11.03×	8.57×	10.35×	5.72×	10.14×
Gross margin	63.9%	62.3%	50.9%	45.2%	65.5%	45.3%	48.6%	45.7%
Operating margin	50.3%	47.8%	50.7%	43.2%	39.2%	41.5%	47.3%	43.9%
Net margin	44.5%	40.2%	37.1%	34.2%	26.5%	30.3%	46.5%	36.0%
Current ratio	2.54×	3.2×	3.04×	3.64×	3.87×	3.59×	3.86×	2.74×
Debt / equity	0.02×	0.03×	0.03×	0.03×	0.02×	0.05×	0.05×	0×
Interest coverage	84.81×	80.45×	50.11×	49.77×	61.16×	48.23×	44.19×	792.13×
Dividend yield	6.7%	5.5%	3.1%	4.4%	5.2%	5.8%	7.8%	4.2%
Payout ratio	90.1%	93.8%	98.9%	78.7%	98.0%	121.9%	71.1%	83.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.6%	17.0%	14.8%	13.6%	8.8%	9.9%	14.0%	10.8%
Return on invested capital	16.5%	12.9%	12.9%	11.6%	7.5%	8.2%	10.7%	8.4%
Return on assets	17.0%	13.5%	11.6%	10.9%	7.2%	8.4%	12.2%	9.3%
Free cash flow yield	4.0%	6.3%	3.9%	5.5%	8.9%	7.3%	11.3%	5.7%
Earnings yield	7.5%	5.9%	3.2%	5.6%	5.3%	4.7%	11.0%	5.0%
Enterprise value	₹69.1B	₹68.2B	₹108.8B	₹56.9B	₹37.4B	₹47.9B	₹30B	₹47.2B
Net debt / EBITDA	0.03×	0.07×	0.09×	0.12×	0.11×	0.21×	0.17×	-0.02×
Cash conversion cycle (days)	-26	-21	-16	1	-8	4	2	21