GIPCL Q2 FY27: standalone PAT up 84% YoY to ₹39 Cr, revenue +34% as margins expand
PAT +84.25% YoY · revenue +34.16% · margins expanding
₹431.16 Cr
+34.16% YoY
₹39.24 Cr
+84.25% YoY
8.65%
+2.4pp YoY
₹2.53
GIPCL's standalone revenue from operations rose 34.2% YoY to ₹431.16 Cr in the quarter ended 30 September 2026, with PAT up 84.3% YoY to ₹39.24 Cr and EPS of ₹2.53 versus ₹1.37 a year earlier. Sequentially both revenue (-13.6%) and PAT (-75.2%) fell from Q1 FY27 — a seasonal, high-base reversal rather than a core slowdown: Q1 FY27 revenue was itself lifted by pre-monsoon peak summer power demand, and its ₹157.9 Cr PAT print was flattered by an unusually large ₹112.03 Cr other-income line versus just ₹22.47 Cr this quarter. No analyst consensus or street preview for this thinly-covered utility turned up in a search, so vsStreet is unknown, and the company has no formal quarterly guidance on record for Q2 specifically.
Q2 FY-2027 vs prior quarters
Operating margin expanded meaningfully YoY — to 40.2% from 33.5% in Q2 FY26 — and net margin improved to 8.7% from 6.2%, both pointing to a genuinely stronger core quarter; EBIT (pre-finance-cost, pre-tax) grew a similar ~85% YoY. That said, the 84.3% PAT headline is partly amplified by tax-rate base effects: the effective tax rate normalized to 24.6% this quarter from an unusually high ~54% in Q2 FY26 (a larger deferred-tax origination charge of ₹18.28 Cr that quarter versus ₹6.96 Cr now) — an ordinary timing swing rather than a disclosed exceptional item, but material enough that readers shouldn't read the PAT percentage as pure operating uplift. Working against margins further down the P&L, finance costs nearly tripled YoY to ₹51.22 Cr (from ₹18.18 Cr) and depreciation rose 44% to ₹92.50 Cr (from ₹64.22 Cr), as ongoing Khavda solar and lignite-expansion capex gets capitalised — CWIP stands at ₹2,516.25 Cr, up from ₹2,065.72 Cr at FY26-end, funded by non-current borrowings that rose to ₹3,758.41 Cr from ₹3,247.67 Cr.
The stock went into the print at ₹174.59, up 0.3% over the past month of trading.
What the summary numbers don't show
No consolidated results — GIPCL has no subsidiary, associate or JV as of 30 September 2026 (note 4).
This quarter's board also cleared routine governance items — a senior management change (31 October) and an AGM voting-result filing — unrelated to the P&L. Just after quarter-close, GIPCL confirmed acceptance of a Bondada Engineering order for a 20 MW/120 MWh battery storage system (17 October), consistent with its broader capacity build-out. No standalone press release accompanied this filing, so there is no management quote to reconcile against the numbers. At its July 2026 analyst meet, management had flagged FY27 targets of ₹600 Cr solar EBITDA (versus ₹332 Cr in FY26) and an eventual ₹950–1,000 Cr company-wide EBITDA once the 1,100 MW Khavda solar park is fully online, alongside a ₹6,000–7,000 Cr new 750 MW lignite plant targeted for FY31–33 commissioning. This filing's single-segment ('Power Generation') disclosure doesn't break out solar EBITDA, so the print can't be directly graded against that target — but the rising capex, CWIP and borrowings load are directionally consistent with that expansion being executed.
W1
Effective tax rate trajectory — it has swung from ~54% (Q2 FY26) to ~23% (Q1 FY27) to ~24.6% (Q2 FY27); further swings will keep distorting headline PAT comparisons.
W2
Finance cost and depreciation ramp as the ₹2,516.25 Cr CWIP is capitalised — H1 FY27 finance cost already ₹97.24 Cr versus ₹23.42 Cr in H1 FY26, a ~4x jump that will keep pressuring PBT until new capacity scales revenue.
W3
Progress on the 750 MW/₹6,000–7,000 Cr lignite plant (management's FY31–33 commissioning target) and the 1,100 MW Khavda solar ramp toward the ₹600 Cr FY27 solar-EBITDA goal flagged at the July 2026 analyst meet.
Converted from ₹ Lakhs. Standalone only — no subsidiary/associate/JV exists (note 4), so no consolidated statement. PAT ties exactly to PBT−tax and Total Income ties exactly to Revenue+Other Income. The 75% QoQ PAT fall is mostly a high-base effect: Q1 FY27 (seasonally the peak-demand quarter) had an unusual ₹112 Cr other-income line vs ₹22.5 Cr now. Effective tax rate normalized to ~24.6% from an unusually high ~54% in Q2 FY26 (ordinary deferred-tax timing swing, not a flagged exceptional item), which inflates the raw YoY PAT growth optics beyond the underlying operating improvement.