Hold Gujarat Pipavav Port; target of Rs 135: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Gujarat Pipavav Port

Revenues de-grew 5.2% YoY to | 165.5 crore (I-direct estimate: | 171 crore). Container volumes grew 30% YoY to 205000 TEUs (I-direct estimate: 187400 TEUs). Growth was mainly on the back of new services & ad hoc calls. Bulk volumes de-grew 19% YoY to 0.27 MT vs. 0.33 MT in Q4FY17. Liquid volumes declined 16% YoY to 0.21 MMT vs. 0.25 MMT in Q4FY17. Volumes from Ro-Ro activity declined 4% YoY to 23000 cars vs. 24000 cars in Q4FY17

Outlook

The management foresees no issues regarding the extension of the concession agreement. Any unfavourable outcome on the same could impact our DCF based assumptions (till 2028). However, following the change in volume and realisation estimates, we revise our target price to | 135. We maintain HOLD recommendation on the stock.

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