Gujarat Pipavav Port Ltd (GPPL) Q3 FY26 Operational Review

Executive Summary Gujarat Pipavav Port Ltd (GPPL) has released its operational figures for the quarter ended December 31, 2025. The data indicates a divergent performance across segments: while core container volumes witnessed a marginal decline, the Non-Containerized segments—specifically Dry Bulk and Roll-on/Roll-off (Ro-Ro)—delivered robust year-on-year growth, highlighting the benefits of the port's diversified cargo mix. Key Operational Highlights (Q3 FY26 vs Q3 FY25) Container Segment (Softness): Container volumes stood at 174,000 TEUs, marking a decline of 1.7% compared to 177,000 TEUs in the corresponding quarter last year. Container train operations for the quarter were recorded at 438 trains. Dry Bulk (Strong Outperformance): The Dry Bulk segment surged by approximately 20.8% YoY, with volumes reaching 0.87 million tonnes (up from 0.72 million tonnes in Q3 FY25). Liquid Cargo (Stable): Volumes remained largely flat with a positive bias, recorded at 0.40 million tonnes compared to 0.39 million tonnes in the previous year. Ro-Ro Segment (High Growth): The auto-handling segment witnessed significant traction, handling 62,000 units, a sharp jump from the 44,000 units handled in Q3 FY25. Year-to-Date (9M FY26) Performance For the first nine months of FY26, GPPL has demonstrated steady aggregate performance: Containers: 502,000 TEUs Dry Bulk: 2.45 million tonnes Liquid Cargo: 1.20 million tonnes Ro-Ro: 161,000 units Strategic Developments Investors should note the long-term capex visibility following the Memorandum of Understanding (MoU) signed in October 2025 with the Gujarat Maritime Board. The MoU outlines proposed investments worth ₹17,000 crore, aimed at expanding capacity and infrastructure, which remains a key monitorable for future earnings growth. Market Reaction Following the release of the operational data, the stock witnessed mild selling pressure, trading at ₹186.64 (down ~1.29% intraday) on the NSE.