PBT pressure in FY27 from 500 MW teething losses
Initial teething problems for the 500 MW solar project could result in losses similar to the ~220 cr loss booked for 600 MW in FY26, impacting FY27 profitability.
GUJARATPOWER / bear-case history
Track the concerns that keep returning.
Gujarat Industries Power · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Stranded gas assets with no revival visibility
310 MW gas-based plant remains idle for 6+ years due to high gas prices. Management is considering write-off or repurposing, but no concrete timeline given.
Evacuation delays for 500 MW solar project
PGCIL evacuation line not fully ready; management expects readiness by end of monsoon, but any further delay could push commissioning beyond Q3 FY27.
Equity dilution risk for thermal expansion
6,000 cr capex requires ~1,200 cr equity. Management was non-committal on funding source, leaving open the possibility of equity issuance or promoter infusion.