GIPCL

Surat, India Founded: 1985 • Age: 41 yrs Listed
Independent thermal, solar wind power producer
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About GIPCL

GIPCL is a publicly listed company based in Surat (India) founded in 1985. Independent thermal, solar wind power producer. The company has 664 employees. Its Indian entity Gujarat Industries Power Company Ltd. reported revenue of ₹1,586 Cr. GIPCL offers products and services including Thermal Power Generation, Solar Power Generation, and Wind Power Generation. Its focus areas include Energy, Solar Energy, Independent Power Producer and Distributed.

Company details

GIPCL independent thermal, solar wind power producer through working in the energy sector, developing solar energy systems, independent power producer, and distributed. Prioritizing client-centric approaches, it ensures high-quality outcomes, innovation, and sustainable practices in its field. It continues to evolve, meeting industry challenges with strategic approaches.

  • Headquarters Surat, India
  • Employees 664
  • Stage Public
  • Sectors
    Energy & Utilities
  • Email
    ••••••••
  • Phone
    •••• ••••
  • Website gipcl.com
  • Social LinkedIn X
  • Legal Name Gujarat Industries Power Co. Ltd.
Operational Areas
Energy & Utilities → Renewable & Sustainable Energy
Key Metrics
  • Market Cap
    ₹2,457 Cr

    GIPCL · NSE

  • Share Price
    ₹156.62

    -1.06% today

  • Revenue
    ₹1,407 Cr

    FY 2018-19 · +4.0% YoY

  • EBITDA
    ₹409 Cr

    Margin 29.0%

  • Net Profit
    ₹352 Cr

    FY 2018-19 · +111.9% YoY

  • P/E (TTM)
    3.2x

    P/B 0.4x

  • ROE
    14.2%

    ROCE 15.2%

  • Debt / Equity
    0.24

    Interest cover 20.9x

  • Employee Count
    664

Products & Services of GIPCL

GIPCL offers a comprehensive portfolio of products and services, including Thermal Power Generation, Solar Power Generation, and Wind Power Generation.

Thermal Power Generation
Power Plant

Generates electricity using lignite and gas fuels

Solar Power Generation
Renewable Energy

Produces electricity from solar panels in Gujarat

Wind Power Generation
Renewable Energy

Generates power through wind turbines

Board of directors of Gujarat Industries Power Company Ltd. (GIPCL)

Gujarat Industries Power Company Ltd. is the primary company behind GIPCL. The board of Gujarat Industries Power Company Ltd. currently have 12 directors; the longest-serving is Vatsala Vasudeva, appointed in 2018. 57 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Vatsala Vasudeva
DIN 07017455
Managing Director20 Aug 20188 yrs 2 moGujarat Industries Power Company Ltd.
Nitin Chandrashanker Shukla
DIN 00041433
Director07 Feb 20224 yrs 8 moGujarat Industries Power Company Ltd.
Mamata Biswal
DIN 07156141
Director07 Feb 20224 yrs 8 moGujarat Industries Power Company Ltd.
Ravindra Harshadrai Dholakia
DIN 00069396
Director07 Feb 20224 yrs 8 moGujarat Industries Power Company Ltd.
Vishal Gupta
DIN 06405808
Director18 Dec 20232 yrs 10 moGujarat Industries Power Company Ltd.
Susanta Kumar Roy
DIN 07940997
Director20 Feb 20251 yr 8 moGujarat Industries Power Company Ltd.
Suchita Gupta
DIN 08697650
Director20 Feb 20251 yr 8 moGujarat Industries Power Company Ltd.
Prabhat Singh
DIN 03006541
Director08 Apr 20251 yr 6 moGujarat Industries Power Company Ltd.
Jayanti Srinivasan Ravi
DIN 07327139
Nominee Director02 Aug 20251 yr 2 moGujarat Industries Power Company Ltd.
Sanjaykumar Shukdev Bhatt
DIN 02025125
Nominee Director12 Feb 20268 moGujarat Industries Power Company Ltd.
Jenu Devan
DIN 07852736
Nominee Director17 Mar 20267 moGujarat Industries Power Company Ltd.
Shalini Shivkumar Agarwal
DIN 08172014
Nominee Director22 Apr 20266 moGujarat Industries Power Company Ltd.

People of GIPCL

44 people are tracked at GIPCL (7 in leadership, 8 in board & advisors, 29 in team); the tracked headcount is 664.

NameRoleGroup
Vatsala Vasudeva
Managing DirectorLeadership
S N Purohit
Chief General Manager, RE & BOLeadership
N K Singh
Chief General ManagerLeadership
K R Mishra
General Manager, Commerce, Finance & LegalLeadership
Ranjan Kumar
Deputy General Manager, MinesLeadership
Minesh Jani
Chief Manager(it)Leadership
P C Goyal
General Manager, MinesLeadership
Mamata Biswal
DirectorBoard & advisors
Ravindra Harshadrai Dholakia
DirectorBoard & advisors
Nitin Chandrashanker Shukla
DirectorBoard & advisors
N N Misra
DirectorBoard & advisors
Jai Prakash Shivahare
DirectorBoard & advisors
A K Rakesh
ChairmanBoard & advisors
Prabhat Singh
DirectorBoard & advisors
Shri Swaroop
DirectorBoard & advisors
CS A S Thakkar
Company Secretary & Compliance OfficerTeam
Darshan Jethwa
Assistant ManagerTeam
Virendra Patel
ManagerTeam
Tanmay Gajjar
ManagerTeam
Shakilkhan Pathan
Desktop Support SpecialistTeam

24 more people are available in the full profile.

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IPO & Listings of GIPCL

GIPCL is a publicly listed company on the NSE with ticker symbol GIPCL in India, operating in the Utilities sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date08 Feb 1995
  • Listed onNSE: GIPCL
  • Listed entityGujarat Industries Power Co. Ltd.
  • Exchange sectorUtilities
  • ISININE162A01010
  • Share price₹172.74 (+3.59% on the day) · 2026-10-14
  • Market capitalisation₹2,590 Cr
  • Price to earnings5.3
  • EPS (diluted, trailing year)₹32.40
  • Dividend yield2.46%
  • Volume (last session)431,179

Financials of GIPCL

Exchange-reported figures of Gujarat Industries Power Company Ltd., the listed company behind GIPCL (NSE: GIPCL).

Financial Highlights

FY 2018-19 · Consolidated
Revenue
₹1,407 Cr
+4.0% YoY
EBITDA
₹409 Cr
-15.4% YoY
Profit After Tax
₹352 Cr
+111.9% YoY
Net Worth
₹2,571 Cr
+8.0% YoY
Total Assets
₹3,357 Cr
+5.0% YoY
Total Debt
₹573 Cr
-7.1% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Income statement
Revenue1,4071,3541,3111,3521,2151,3771,416
Revenue growth+4.0%+3.3%-3.1%+11.3%-11.8%-2.8%-
EBITDA409483430407403470542
EBITDA margin+29.0%+35.7%+32.8%+30.1%+33.2%+34.2%+38.3%
Profit before tax307318301250248258353
Net profit352166231188136186184
Net profit margin+25.0%+12.3%+17.6%+13.9%+11.2%+13.5%+13.0%
EPS (₹)16.8410.9815.1612.457.8411.8714.04
Balance sheet
Total assets3,3573,1972,8252,6622,5002,5062,499
Net worth2,5712,3812,2362,0331,8371,7561,614
Total debt573617417475606716855
Cash & bank26258.907.15193366316276
Net working capital43727169.69370408361285
Cash flow
Cash from operations582331433232342398407
Cash from investing(231)(383)(459)(178)(61.30)(86.32)54.90
Cash from financing(142)103(161)(228)(230)(272)(237)
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue1,4911,2561,3491,3561,1721,3351,379
Revenue growth+18.7%-6.9%-0.5%+15.6%-12.2%-3.2%-
EBITDA538406381408406424505
EBITDA margin+36.1%+32.3%+28.3%+30.1%+34.6%+31.8%+36.6%
Profit before tax245273253253247268305
Net profit402211199189171180248
Net profit margin+27.0%+16.8%+14.7%+13.9%+14.6%+13.5%+18.0%
EPS (₹)25.9313.6213.1212.4811.3311.8916.40
Balance sheet
Total assets8,4946,3524,6523,9723,8713,6113,506
Net worth3,8403,5243,3063,1543,0442,8552,748
Total debt3,5942,028614493529480447
Cash & bank263471610456284286372
Net working capital43.9586.90928870657604579
Cash flow
Cash from operations649610562410362193445
Cash from investing(2,238)(2,149)(217)(128)(340)(231)(113)
Cash from financing1,3811,399(190)(110)(24.53)(47.36)(222)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue499428370321372338322276
Revenue growth (YoY)+34.4%+26.6%+14.9%+16.4%+16.1%---
Other income11242.3212.5920.9119.2915.4214.7717.47
Total expenses258233248214259219233195
EBITDA24219512210811311989.4581.31
EBITDA margin+48.4%+45.5%+33.1%+33.5%+30.3%+35.3%+27.8%+29.5%
Depreciation91.4089.9777.5764.2245.7442.1143.0042.75
Interest51.0949.4836.1418.186.907.087.868.17
Profit before tax21197.8621.2146.2779.3285.5253.3647.86
Tax53.28(229)24.4124.9721.8615.7914.1613.14

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 28 Oct 2026
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Revenue1,4071,3541,3111,3521,2151,3771,416
Revenue growth+4.0%+3.3%-3.1%+11.3%-11.8%-2.8%-
Other income11751.2671.0536.2443.2430.8574.42
Total expenses999871880946811906874
Employee cost87.5790.7173.4568.2267.4360.5756.15
EBITDA409483430407403470542
EBITDA margin+29.0%+35.7%+32.8%+30.1%+33.2%+34.2%+38.3%
Depreciation168160127118120156158
Interest50.3256.8573.1975.5778.0088.27105
Profit before tax307318301250248258353
Tax51.8872.9871.7461.4512271.51135
Net profit352166231188136186184
Net profit margin+25.0%+12.3%+17.6%+13.9%+11.2%+13.5%+13.0%
EPS (₹)16.8410.9815.1612.457.8411.8714.04
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Equity & liabilities
Share capital151151151151151151151
Reserves & surplus2,4192,2292,0851,8821,6851,6051,463
Shareholders' funds (net worth)2,5712,3812,2362,0331,8371,7561,614
Minority interest0.000.000.000.000.000.000.00
Secured loans573617417475606700720
Unsecured loans0.000.000.000.000.0015.20136
Total debt573617417475606716855
Total liabilities3,3573,1972,8252,6622,5002,5062,499
Assets
Gross block3,2033,0832,7692,1063,8263,8063,794
Net block2,6322,6802,5221,9771,8901,9912,133
Capital work in progress1676.1524.4634.7198.8087.4083.29
Investments89.5524928025020716068.81
Inventories166152160151148120121
Sundry debtors214260248266128223171
Cash & bank balances26258.907.15193366316276
Loans & advances26.0268.8413.8928.8467.6045.9444.77
Total current assets668539429639710704613
Total current liabilities231268359268302344327
Net working capital43727169.69370408361285
Total assets3,3573,1972,8252,6622,5002,5062,499
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Opening cash52.191.4618936231627650.50
Net cash from operating activities582331433232342398407
Net cash from investing activities(231)(383)(459)(178)(61.30)(86.32)54.90
Net cash from financing activities(142)103(161)(228)(230)(272)(237)
Net change in cash20850.73(187)(174)50.1840.23225
Closing cash26258.907.15193366316276
ParticularsFY 2018-19FY 2017-18FY 2016-17FY 2015-16FY 2014-15FY 2013-14FY 2012-13
Growth
Sales growth+4.0%+3.3%-3.1%+11.3%-11.8%-2.8%-
EBITDA growth-15.4%+12.2%+5.8%+0.9%-14.3%-13.3%-
PBT growth-3.4%+5.5%+20.5%+0.5%-3.5%-27.2%+9997.0%
Net income growth+111.9%-28.0%+22.5%+38.6%-27.0%+1.0%-
Revenue CAGR (3Y)+1.3%+3.7%-1.6%-1.5%---
EBITDA CAGR (3Y)+0.2%+6.2%-2.9%-9.2%---
Profitability & leverage
Net income margin+18.1%+18.1%+17.5%+13.9%+10.4%+13.5%+15.5%
Return on capital employed+15.2%+12.4%+13.6%+12.6%+13.0%+13.8%+16.0%
Return on net worth+14.2%+10.6%+10.7%+9.7%+7.0%+11.0%+11.4%
Debt / equity0.240.220.210.280.370.470.53
Long-term debt / equity0.150.140.140.200.270.350.40
Interest cover20.9517.6024.1426.1427.5428.0327.37
Efficiency & per share
Fixed asset turnover0.450.460.540.460.320.360.37
Inventory turnover8.878.708.449.069.0711.4311.72
Debtors turnover5.935.335.106.866.926.998.26
EPS (₹)16.8410.9815.1612.457.8411.8714.04
Dividend per share (₹)2.902.702.702.702.502.502.50
Book value per share (₹)169.96157.40147.84134.44121.43116.09106.71
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue499428370321372338322276
Revenue growth (YoY)+34.4%+26.6%+14.9%+16.4%+16.1%---
Other income11242.3212.5920.9119.2915.4214.7717.47
Total expenses258233248214259219233195
EBITDA24219512210811311989.4581.31
EBITDA margin+48.4%+45.5%+33.1%+33.5%+30.3%+35.3%+27.8%+29.5%
Depreciation91.4089.9777.5764.2245.7442.1143.0042.75
Interest51.0949.4836.1418.186.907.087.868.17
Profit before tax21197.8621.2146.2779.3285.5253.3647.86
Tax53.28(229)24.4124.9721.8615.7914.1613.14
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue1,4911,2561,3491,3561,1721,3351,379
Revenue growth+18.7%-6.9%-0.5%+15.6%-12.2%-3.2%-
Other income95.1168.8376.4048.1221.1330.2841.89
Total expenses953850967948767911874
Employee cost14011814110398.47106108
EBITDA538406381408406424505
EBITDA margin+36.1%+32.3%+28.3%+30.1%+34.6%+31.8%+36.6%
Depreciation278170168165151155191
Interest11131.9337.2037.5428.7631.0450.73
Profit before tax245273253253247268305
Tax(158)61.5154.0164.7475.9888.7257.40
Net profit402211199189171180248
Net profit margin+27.0%+16.8%+14.7%+13.9%+14.6%+13.5%+18.0%
EPS (₹)25.9313.6213.1212.4811.3311.8916.40
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital155155151151151151151
Reserves & surplus3,6853,3693,1543,0032,8932,7042,597
Shareholders' funds (net worth)3,8403,5243,3063,1543,0442,8552,748
Secured loans3,3781,806383442519475447
Unsecured loans21722323250.979.404.660.00
Total debt3,5942,028614493529480447
Total liabilities8,4946,3524,6523,9723,8713,6113,506
Assets
Gross block7,8694,4104,4144,2034,1393,5663,680
Net block6,0182,8302,9812,9513,0562,6282,883
Capital work in progress2,0663,26643775.1141.282924.67
Investments96.4710612410614887.5059.81
Inventories208231224259223222160
Sundry debtors262200281307325295193
Cash & bank balances263471610456284286372
Loans & advances84.2356.4346.5739.0352.8546.7146.67
Total current assets8179581,1621,061884850771
Total current liabilities773871234191227246193
Net working capital43.9586.90928870657604579
Total assets8,4946,3524,6523,9723,8713,6113,506
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash469609454282285370261
Net cash from operating activities649610562410362193445
Net cash from investing activities(2,238)(2,149)(217)(128)(340)(231)(113)
Net cash from financing activities1,3811,399(190)(110)(24.53)(47.36)(222)
Net change in cash(208)(140)155172(2.29)(85.42)109
Closing cash263471610456284286372
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+18.7%-6.9%-0.5%+15.6%-12.2%-3.2%-
EBITDA growth+32.4%+6.5%-6.5%+0.5%-4.4%-16.0%-
PBT growth-10.4%+8.1%-0.4%+2.5%-7.9%-12.1%+33.8%
Net income growth+90.3%+6.5%+5.2%+10.2%-4.7%-27.5%-
Revenue CAGR (3Y)+3.2%+2.3%+0.3%-0.6%-5.9%-0.5%+1.7%
EBITDA CAGR (3Y)+9.7%+0.0%-3.5%-6.9%+7.1%-4.2%+5.5%
Profitability & leverage
Net income margin+27.0%+16.8%+14.7%+13.9%+14.6%+13.5%+18.0%
Return on capital employed+4.8%+5.5%+6.7%+7.4%+7.4%+8.4%+10.4%
Return on net worth+10.9%+6.2%+6.2%+6.1%+5.8%+6.4%+9.3%
Debt / equity0.760.390.170.160.170.170.19
Long-term debt / equity0.730.360.140.130.140.140.14
Interest cover42.5413.5317.4415.4611.2811.5316.14
Efficiency & per share
Fixed asset turnover0.240.280.310.320.300.370.40
Inventory turnover6.795.535.595.635.286.998.46
Debtors turnover6.465.224.584.293.785.476.78
EPS (₹)25.9313.6213.1212.4811.3311.8916.40
Dividend per share (₹)4.104.093.953.752.502.702.90
Book value per share (₹)247.41227.03218.54208.55201.28188.76181.69

Web traffic of GIPCL

The website of GIPCL (gipcl.com) receives about 6K visits a month.

  • Monthly visits
    6K

    ▼ 48.3% vs previous month

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Top companies in Renewable & Sustainable Energy

3 companies that operate in the same segment as GIPCL (Renewable & Sustainable Energy) in India, ranked by their profile score on The Company Check.

CompanyDescriptionFoundedLocationTotal fundingRevenueEmployees
Husk Power Systems
Hybrid renewable energy solutions are provided for rural communities.
2008Patna, Bihar, IndiaUSD 73.99 MUSD 3.46 M294
CleanMax
Solar energy projects are developed for commercial and industrial clients.
2011Mumbai, Maharashtra, IndiaUSD 442.67 MUSD 166.51 M365
Waaree Energies
Manufacturer of solar PV modules
1990Mumbai, Maharashtra, IndiaUSD 111.38 MUSD 2.77 B8,690
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Frequently Asked Questions about GIPCL

GIPCL was founded in 1985.

GIPCL is headquartered in Surat, India. It is registered at Surat, Gujarat, India.

GIPCL has 664 employees.

The primary company behind GIPCL, Gujarat Industries Power Company Ltd., reported revenue of ₹1,586 Cr for FY 2026, up 19% year on year.

GIPCL independent thermal, solar wind power producer through working in the energy sector, developing solar energy systems, independent power producer, and distributed. Prioritizing client-centric approaches, it ensures high-quality outcomes, innovation, and sustainable practices in its field. It continues to evolve, meeting industry challenges with strategic approaches.

GIPCL offers Thermal Power Generation, Solar Power Generation, and Wind Power Generation.

Yes, GIPCL is publicly traded on NSE under the ticker symbol GIPCL.

GIPCL operates through Gujarat Industries Power Company Ltd..

The legal entities of GIPCL currently have 14 directors, including Prabhat Singh, Nitin Chandrashanker Shukla, Mamata Biswal and others.

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