Gujarat Industries Power

GIPCL reported a transformative year with the 600 MW Khavda solar project now fully operational, achieving a CUF of 33%Current 33%. Reported change: +10pp QoQ. in Q4 FY26 vs 23% in Q3. The company guided to ~420 cr revenueCurrent reported value: ~420 cr revenue. No comparable prior figure is available in the source record. from this project in FY27 and expects total EBITDA to reach ~950-1,000 crCurrent reported value: ~950-1,000 cr. No comparable prior figure is available in the source record. once the 500 MW solar expansion is fully commissioned. Management confirmed the 500 MW project will be commissioned in phases starting Q3 FY27Current Q3 FY27. Reported change: Delayed from earlier target., with full-year benefits from FY28. The 750 MW lignite thermal expansion is under tendering, with capex of ~6,000 cr and a 4-year gestation. Key risks include potential PBT pressure in FY27 due to initial teething losses from the 500 MW project and stranded gas assets (310 MW) that remain idle with no revival in sight. The company plans to repurpose the gas plant site for battery storage (120 MW BESS) and is evaluating a 200 MW additional solar capacity at Khavda.