{"id":180517,"date":"2026-02-12T14:33:19","date_gmt":"2026-02-12T19:33:19","guid":{"rendered":"https:\/\/alphastreet.com\/india\/gujarat-pipavav-port-ltd-gppl-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-12T14:33:19","modified_gmt":"2026-02-12T19:33:19","slug":"gujarat-pipavav-port-ltd-gppl-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/gujarat-pipavav-port-ltd-gppl-q3-2026-earnings-call-transcript\/","title":{"rendered":"Gujarat Pipavav Port Ltd (GPPL) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Gujarat Pipavav Port Ltd (NSE: GPPL) Q3 2026 Earnings Call dated Feb. 11, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Girish Aggarwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

Santosh Breed<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Everyone and welcome to q3fy26 earnings call of punjab port limited. Manisha neu3 we have managing director. We’ll have opening remarks from Girish and then we’ll take it forward for the Q A. What do you guys.<\/p>\n

Girish Aggarwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

Thank you, Manish. The company delivered a strong financial performance this quarter as well. The ebit was higher by 18 quarter on quarter. This was driven largely by an increase in RORO volumes by about 39. Let me start again. The company delivered a strong financial performance this quarter. Again, EBIT was higher by 18% quarter on quarter. This was driven by a 39% increase in rural volumes which were highest ever in the quarter 62,000 plus cars. Also dry bulk volume continued its strong growth and was 25% higher. Liquids and containers were broadly flattish. Containers however has shown a growth of approximately 7\/4 vis a vis the previous quarter.<\/p>\n

I will not Talk about the nine month result for this year. YTD. Overall YTD results are also strong with EBIT higher by 18% over previous year driven by 40% growth in rural volumes, 45% growth in dry bulk and 13% growth in the liquid business. Our EBITDA margins for the nine month period is 58% which is higher by 100 basis points over the previous year. This quarter, as per the new labor laws, we took a gratuity program provision of approximately 4.8 crores in the extraordinary items. I will pause here and we’ll open for questions.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you. Girish. Before I start the Q and A, I will request everyone to remain on mute. Only when you have to ask the questions, you can unmute yourself. Thank you. Deepak Maurya, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. Manish. I hope I’m coming through well.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yes,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

great. Thanks. Thank you. Girish. My first question is on the outlook for container volumes. When do you expect to see growth again? For this segment, we’ve seen several quarters of year on year decline so far. And so what will be the turnaround? When will be the turnaround likely? And. And what will be the key drivers for that? And in the same context, we’ve seen some India Middle east services to the Mediterranean returning via the Red Sea. So do you see any positive or negative impact from this development? So this is the first question on the container outlook. Do you want me to go through the rest of the questions or should we take it one by one?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Let me answer this question and then, you know, if it’s okay with you. Yeah, of course.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Please go ahead. Thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So essentially a again, there are some Green shoots this quarter where we grew 7% of our previous quarter. But again, I will wait for some more data points to say that this is a bit more structural in nature. However, we are clearly seeing some positives. As you rightly pointed out. Shipping lines have started, I’ll read slowly the transit through the Suez Canal, which augurs well because that releases capacity in the system, which was one of the reasons why some of the tonnages were pulled out of the services that were calling us and had negatively impacted us.<\/p>\n

So that is positive. Last quarter numbers along with previous quarter numbers were also impacted higher tariffs in the US on especially the textile and garment sector. I think that is now getting behind us. So I’m hopeful that some of those volumes will Meccal, which is a flagship service off Mask for the the east coast and starts passing through the Suez, creates a much better product our customers. So I, I do expect that product to increase as we move forward. So there are some structural positives that have happened in the market. There is one quarter data point to suggest that there is a little bit of growth. But I think it’ll be great if the right thing will be to just wait for this quarter as well in terms of performance on the container sector to see how things materialize.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just a clarification, the 7% quarter on quarter growth, which you’re saying, right. It is also possible that this is because of seasonality, that the third quarter.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Or the distance, this is not seasonality. This is certainly certain areas and specifically on the mass services that we have grown our volumes overall here on year, I mean Jan to December, if I were to look at that time frame, Mass grew its volumes by 15% and this is through some structural initiatives that we have done with Musk over the last two quarters which have started to show some results. But let’s wait for one more quarter. But I, I’m seeing positive, let’s say momentum, if you will, on the container growth. Also the, you know, some of the good news is around the, you know, Red Sea opening up.<\/p>\n

Suez opening up should definitely benefit us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so Jan to December, that is 1 5%, right.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

15% just for mask. I’m saying okay,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

this is for Maersk. Okay, okay. And then these are. Okay, fine, that makes sense. It’s very clear. My next question is, is on the operating expenses development during the right. This outpaced revenue growth both year on year and also on the quarter on quarter basis. Historically you’ve guided that whenever fertilizer volumes increase, that tends to suppress the margins because it’s More operating, expensive, intensive. But this quarter we saw that sequentially year on year of course there was a significant jump 25% overall dry bulk volumes. But when we see sequentially the fertilizer volumes did decline, but we did not see any benefit in the, in the opex. So what exactly is happening there? Could you help us out understand what is the true run rate over there.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So on. So you are basically comparing it with the immediate.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Either way, whether you look at it, when we look at the difference between EBITDA to revenue, right. The overall opex, when you look at it year on year also it has outpaced the revenue growth. And when you look at it quarter on quarter also it has like outpaced.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So basically if I just compare it first with the previous quarter, right. Then of course there’s some catch up which has been done on certain maintenance activities which has been done. These are more of preventive nature. Also some additional spend in our CSR activities which were conducted during the quarter. So those are the key drivers. Otherwise if I really look at my operating expenses in comparison with the immediate previous quarter, in line with the bulk volume, they have been lower actually sort of as compared to the previous quarter. And if you compare it with the same quarter last year, the main of course one is the operating expenses because of the volumes and second is the increments which happens on the employee benefits cost.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay, that makes sense. And my next question is, the final question which I have is about the realizations for the quarter. If you could provide some guidance on that. And also I saw a notification on your website that there has been some rate hikes since the first of Jan. So if you could help us understand how much of this will pass through in terms of actual realize or average realizations. And will it be across cargoes or is it specifically for containers?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, so first I’ll take the question for the realization. The realizations for the current quarter has been maintained so no major change as compared to the previous quarter. So for container it is in the range of 9,500 to 10,500 rupees per to for bulk to 650 rupees per metric ton. And for liquid it is in the range of 550 to 600 per metric ton. So no major change as such in the realization. Yes, we are taking a tariff increase of course is mainly on on container, also on our marine services which applicable across all the business streams. So this increase in general has been taken in the range of around 5% will get passed on to the customer based on our arrangement with them. So typically what we’ve seen on the top line should have an impact of around 3 to 4% is what our expectation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, that is helpful. And then any updates or any developments on the concession renewal. That will be my last question.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, so we continue to engage with the Gujarat Maritime Board. I think things are moving in the right direction. Again, there’s no specific update beyond what we said last time. But the engagement continues, the positive engagement continues. No red flags.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you very much and all the best for the future quarters. Thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you. Mr. Bhaveshpati, please go ahead with your questions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Congratulations on great set of numbers and thank you for this opportunity. So. So the question around the concession was just asked and you’ve answered. And, and it was in fact I, I suppose because we have that plans for almost 17, 000 crore investment. And, and I suppose that is contingent on, on, on the extension. Right? I mean that’s, that’s the.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Sorry. The investment of 17,000 crores is contingent on succession extension. Of course.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Okay, understood. And. And again we’ll wait for the positive announcement whenever that happens. But we are almost in 2026 and it’s ending in 2028 or so. So anyway, we’ll see on that. Sec, my question now is on the ONGC contract for the offshore supply base and that’s a significant win. So I just want to. Just want your help in terms of quantifying the expected revenue that we have over the let’s say a year in terms of timeline. And then are you in talks with any other upstream energy player in terms of similar. In terms of utilizing the liquid as well as specialized cargo facilities that we have.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

We will not be able to talk about ongoing commercial discussions with any other customers. So sorry about that. Also in terms of revenue etc, we are not giving any guidance to this single customer. You know, we do not intend to give any guidance on specific customer revenue stream.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, fine. Appreciate that. And. And again link with that. I mean what’s the progress in terms of our liquid jetty construction? And, and is the same timeline in terms of December 2027 we are targeting or any.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

No, no. December 2026. Sorry.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah, sorry. December 2026.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, yeah. On track for December 2026.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Perfect, perfect. Thank you on that. And, and last question again repeating. But GPPL, we have historically maintained almost 100 dividend payout ratio. Assuming that everything goes on and we continue to, you know, have the plans for spending that 17,000 crore investment plan as Shareholders, do we expect any shift in terms of capital allocation or so you know.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

It’s not. It’s not right for me to comment. It is for the board to recommend to the AGM and the AGM to approve. So it’s. It’s really not my place to comment, honestly.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Fine. Oh, I appreciate this. Thank you. And again, excited about the future. Best wishes for upcoming quarters. Thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you. Mr. Manil. Polaria, please. Go ahead, take questions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi, sir. Congratulations on a good set and thanks for the opportunity. I have a couple of questions for you. First on the liquid side, the Kanla Gorakhpur pipeline, I believe it was delayed earlier. Just curious on whether there’s an update on that and what time it should go live. Do you want me to go one by one or.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Let me ask you. And then we can do one by one, please. So we expect anywhere between March and June this year for the kgp. KGP to kind of connect to us.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right, sir. Perfect. Thank you. So, second question. I have a slightly bookkeeping question here on the liquid side again, what should be the depreciation number you should expect for the full year? 27 once it’s commissioned?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Depreciation of the jetty?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, of the jetty. Of the Capex that we are putting in.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

I’m really sorry, I don’t have that number with me.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. No problem, sir. Just a couple more on container volumes. I know you said you want to wait for a bit, but just curious how we’re thinking about that in the context of all the deals that have happened, plus the freight markets normalizing a little bit. If you could give me some color on that, that’d be great.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

No, I mean, it’s the same, right. What I talked about. I mean, with some of the positive news on the free trade agreements, bilateral agreements, it augurs well, especially on the government and textile sector, which kind of started to see a decline, clearly. So, so. And the Red Sea, Suez opening up, capacity coming back. You know, we do believe that, you know, things will definitely improve on the container side. But again, I. I really want to wait for, you know, Jan. Feb. March quarter to. To really then say, you know, things are moving structurally forward.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right, understood. So thank you for all your answers.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you. Please go ahead with your questions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi sir, thank you for the opportunity and good evening. I have two questions. First is can you provide some outlook on fertilizer volumes? How they have been trending for this quarter and how do you see them panning out for say, FY27?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, so. Okay, so so on. Fortunately of course this quarter also was, was a really good quarter for us because if you look at in terms of volume then we had done around 629000 metric ton in the current quarter on the, on the fertilizer side. So two back to back good quarters. However, this also means that there’s some stocking which has been done now, so we should see some depth. And then we also expect close to the monsoon. Again it picks up so roughly for.<\/p>\n

The last, I mean if I just look at the three month period, the fertilizer overall volumes will be close to about 1.6 1.7 million tons. Usually January, March is a, is a lean quarter for fertilizers and then it starts to pick up as monsoon starts. So April, May, June, July, August, September is usually the biggest quarters, you know, as we move forward. So I mean we will still maintain about 1 1\/2 million to 2 million tons of fertilizer. But again, let me give the overall outlook for the full financial year when we talk next time with the full financial year results.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you sir. And my second question was when do you expect your rhodo capacity expansion to come up and how do you see volume spanning out next year?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Okay, I’m sorry, which capacity expansion are you talking about?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The capacity expansion on RORO volumes.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So on the RORO side essentially we are now building a new staging area which expands our capacity. We expect it’s a 60,000 square meter expansion within March. We believe we should be closing about 30,000 and the rest of the 30,000 between May and June. That should give us additional capacity, you know, from an expansion perspective. But nevertheless this capacity is not impeding on any volumes. Today we are able to find space in the within the port premises as and when needed to ensure that we are able to handle all cargoes or all car volumes even today. So, so I mean that’s just for our future benefit. But in general, at least at this point in time we have enough and more capacity on handling the cars.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So what is our, what is our capacity now and what will it be after expansion in June?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, so I mean on the car side, you know, essentially the calculation is a little bit different, right? So it depends on how many dwell days the car stands, etc. Etc. But we believe we are in a position to handle anywhere between 250 to 300,000 cars today and we will go up to about 400 to 450,000 cars in June.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it sir. And do we have any exposure to South Africa? They have Been considering implementing a duty on exports of cars out of India.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, that you will have to ask the exporters. I will not be able to comment.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, sure. So those are my questions. Thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Okay. Please go ahead. You can go ahead. Mr. Kunal. We can’t hear you. You can go ahead. Maybe.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thanks Manish for the opportunity. I hope I’m audible to you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yes, yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Great. A few questions from my side. A. What is the exposure on the container side to US and Europe? And should one be thinking through the recent change in course in both these geographies as being positive for the company? No.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Essentially I think it’s difficult to say. Right. So. But it’s anywhere in the region of 15 to 25% in general, I would argue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Might you assume it is for the combined exposure to Europe and US that you’re saying this number?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah. Okay.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, Understood. On the container pricing fund which is a 5% increase, how much is kind of linked up to cost increases that the company foresees and how much is potentially catch up in pricing given the meaningful difference, let’s say versus the monster that already existed?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

No, no. So this is not how we look at our pricing. So our pricing is more dependent on market and you know, nothing else. So it’s very difficult for us to attribute increases to cost etc. Etc. So I mean that’s not how we will look at it. It’s a 5% increase. We as as Santosh alluded a 3 to 4% usually flows through.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So 3 to 4% on container revenues is what you’re saying. And then lesser so on overall revenues. Is that the way 3 to 4%.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Of overall revenue increase has been taken on container marine and that’s where it’s entire. But even also the other businesses we do take revenue increases contracts.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. The third question that I had was on container volumes as in if I see the revenue trajectory from Mars, it’s been kind of flattish to declining from a revenue perspective. And then you’re talking about this 15 growth that you’ve seen. How much more can be covered up in terms of growth if we really get the equation on volumes with musk. Right. And it still seems far distance away because a lot of the last five years have broadly kind of gone nowhere from a revenue perspective in that account.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So other than just to really understand your question, you are referring to the the volume growth coming from most line and what more we can expect is what your question is.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. As in our senses that when we see the annual report, the RPT transaction suggests that the most revenues have kind of gone over the last five years, last five, six years. They are stuck in a certain zone. So just wanted to get a sense of that. While 15 already has happened for nine month period, is there a lot more growth that can happen in that account to cover up for past losses of opportunities?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

I’m unsure. I mean I’ve already overall giving given you a color of how the market will grow. But you know the idea of giving at a customer level what will happen over the next five years is something that we don’t intend to do. The context of giving a 50, you know, the, the number of 15% was to just to attribute that there is some positive momentum. Structurally there are certain things that we are trying to put in place. But at a customer level we will not be in a position to kind of give a, you know, future plans in terms of what growth is possible, what growth is not possible. We will look at the container business overall and you know, we kind of will continue to give you a guidance of, you know, how we see the container overall volume developing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Maybe a slightly related question as in if you were to be doing the capex and kind of deepen the draft, can the likability of the port and thus container volumes see a meaningful uptick from here on obviously hinging on the capex but just trying to get a sense of the quantum or benefit can come one’s way.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

These are far fetched at least at this stage. Obviously you know, if we are in a position to do a capex the idea is to grow the business and make it profitable. Right. So otherwise it doesn’t make sense to do the capex. So I, I mean I think these are all far fetched questions at least at this point in time. So we will not like to kind of answer the question but in general any capex that we, we do has to result in profitable growth for the company.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Last question from my side. On the expenses that have kind of caught up in this quarter as we saw some uptick in expenses in the last year, same time in the third and fourth quarter, should one assume that on an annual basis these kind of expenses will be recurring in nature and how to think through margins in that context incrementally. That will be your final question.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Actually I don’t think we should, we should assume the same just because of the last two times we have seen this. As I explained, the main increases has come from, from you know, two main reasons. One is the repairs and maintenance cost and also the CSR maintenance of Course, to certain extent there are some preventive maintenance which are planned in a particular quarter. So we have some increases there. So in those cases can remain. But again, CSR is something which depends on what kind of activity has been done in the quarter. So it’s not right to assume that this is a run that we should consider for every third quarter of the year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got that? Those are my questions. Thank you for responses. Thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi. Thanks for the opportunity. So my question is what is our capacity for liquid and post the expansion of this liquid jetty, what will be the the capacity and how the ramp up of capacity utilization of expanded capacity will take place? So depending on the commodities, roughly our current capacity is around the 1.6 to 1.75 million metric tons. The new jetty is 3.2 million metric tons. So our capacity roughly expands to 5 billion metric tons. Okay. And capacity utilization of that JT will be very gradual or you can straight away utilize it at a very high rate.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, I don’t know, when you say high rate, very high rate, what do you mean by that? But. And when it’s very gradual, I don’t know what it means. But you know, fundamentally the idea really is that clearly we see more business coming our way on the liquid side. Our current jetty cannot handle beyond and we have reached the capacity, we need additional capacity to handle larger volumes, also the larger vessels that are coming in the market.<\/p>\n

So it is a critical component for our customers. I would rather say, of course, you know, we are not expecting 3 million metric tons to fill up in the first year or two years, but it will be a reasonable growth victory. We’ll talk about that once the jetty is up and running. And second question pertains to your arrangement with ongc, since you are reluctant to share the details meant what exactly ONGC is utilizing our infrastructure. What is the arrangement? If you can give some broad color, it will be helpful.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, so. So from a scope perspective, we are.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

The offshore supply base for ONGC for their installations in the Arabian Sea. They have a large base in Nava which is been their traditional and continues to be the largest offshore supply base for the installations in the Arabian Sea. We provide our jetties for their offshore supply vessels to come and take cargo for these from our port. We also provide them open space and closed warehousing space material that they stock in our port. So that’s broadly the scope of activities.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you for the opportunity. Sir, first question would be on the line of the cost which you have mentioned CSR and repairs and maintenance. Can you quantify the amount for both of them?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

No, no, not, not. I will not able to all these details. Right. But I have given the major, major component. Right. So I think you should.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So can we say X of that X of this repairs and maintenance and one off cost of csr? We would, we would have been able to achieve that 58, 59 margin which we achieve on a regular with sustainable basis.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, that’s right. That’s right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Thank you. And second on the line of container volume growth, are we seeing the container volume growth bottoming out for us and can we expect future growth volumes to grow in FY27 and FY28 from, from the current levels?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So, so as I answered earlier on this slide, so There is a 7% improvement over previous quarter. However, I would like to wait for one more quarter to see, you know, whether this is structural in nature or not. So we would like to comment a little bit more in details in the next quarter results. We will also have two quarter data points to kind of clearly there are several initiatives that we initiated with Maersk which are sort of started to yield results.<\/p>\n

We will see, you know, final this thing in the next quarter results. Also some structural improvements in terms of the tariffs. Bilateral free trade agreements. Bilateral trade agreements are passed. The Suez Canal opening up is in favor of us. So you know, we do expect those things to structurally benefit us. But again as I said, I think we should wait for one more quarter results to kind of quantify benefits, etc.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And the last question, on the line of liquid we are seeing 0.4 million metric ton million tons of every quarter. And you mentioned that we have a capacity of 1.6 to 1.75. So is it fair to assume that we will be in the same level of 0.4 million until December 26th?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, broadly we should, you know, see the 4, the 400K kind of a number because that’s broadly based on the mix that we are able to do. Maybe you know, 420ish kind of thing getting up to 1.7 million. But that’s be roughly the numbers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And last on the line of margin difference, if you could mention what kind of margins we have in container, fertilizer, liquid and RoRo.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

No, we don’t share margin split at a business level. Margins are known and, and that’s what we would like to kind of maintain.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. So can you just specify the pecking order which has a higher margin followed.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

By no, we can’t specify any pecking order. Please.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, thank you. That’s it from us. Thank you sir.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you. Mr. Jatin Parasha, please go ahead. We can’t hear you. You can go ahead and be one.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi. Thank you. I hope I’m coming through well. Yeah. Great. So I just had a follow up question, more of a clarification. You mentioned that you have made some adjustments or some structural changes with Maersk on some of their services. Right. If you could help us understand what kind of changes have you done which have yielded these positive results sequentially. And secondly is, has all the benefit been realized already or do you expect a further ramp up?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Yeah, so sorry, I’m. I’m not at liberty to share what kind of changes we are doing. These are all at a customer level, you know, customer level information, commercial information. We will not share that information. I have already said that we will wait for one more quarter results to kind of get back on on more details in terms of how the container volumes are shaping up.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay, fine. Totally understand. Makes sense as well. The other question I had was you mentioned that 15 to 25% is the exposure to the US and Europe routes. I think in the past couple of quarters when we spoke about the U.S. headwind, the U.S. tariff headwind mentioned about 10 to 12% of your EXIM containers are on the U.S. bound routes. So I understand that the rest 12 to 15% is from the Europe route. As far as the rest of the volumes are concerned, they’re mainly Middle east volumes or you have any Far east services. If you could help us understand the geographical exposure, how it stands today.<\/p>\n

Santosh Breed<\/strong><\/p>\n

Most is Far east in nature. I mean I very difficult to. Now it’s not, you know, in general the data is. I’m not having it handy. But in general that’s more Far East.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. Yeah. Okay. Okay. Okay. Thank you. That is very helpful. Good luck.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you. Mr. Jatin Barashiri. You still have some questions?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Just one question, sir. What you you mentioned about the realization. Of. Container, liquid and bulk. What kind of realization is from rural.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

I know we normally don’t. Don’t give the realization for right now. It’s with a limited customer. So you don’t want to share them right now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And can we share the revenues for ro? Yeah. Thank you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you. Anthony, please go ahead with your questions.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi sir. Most of my questions are answered. I briefly got disconnected when you were mentioning the regulation numbers. So any change on that front. And secondly the trade notice effect to the fourth quarter or the March quarter. Right. You know what would that hike be at a blended level of a container at a portfolio level. And then are you also planning any specific or can we expect similar increases in bulk and liquid as well?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Very difficult to understand your question. There’s a background noise.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So let me speak a bit louder maybe in that case. So most of the questions are answered. So my only question was, you know, on the realization front I briefly got disconnected when you, you are answering that. So just trying to understand what the realization for this quarter and.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Let me answer one question right now and then of course you can.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, sure.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

So on the realization on a quoting basis for container it is 9,500 10,500 per tu. It continues to be 550 to 650 rupees per meter and for liquid 550 to 600 rupees per metric ton.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And secondly for the trade notice that was issued. Right. Effective Jan, so what would the effect, I mean increase at the overall level? Could be. Should. Will it be around 5, 6%. So increase is 5% realization.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And can we expect similar hikes for bulk and liquid as well or should we assume flat?<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

We’ll let you know you know when that happens. But marine is an overall increase for everybody.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. Thank you sir and all the best.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

We have Any other follow up questions from anyone? Mr. Jatin Barasha, please go ahead. Sorry we can’t hear you still.<\/p>\n

Santosh Breed<\/strong><\/p>\n

Mr. Prasha, we can’t hear you.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Any other follow up questions? Doesn’t seem to be the case. Thank you very much for joining the call.<\/p>\n

Girish Aggarwal<\/strong><\/p>\n

Thank you everyone.<\/p>\n

Santosh Breed<\/strong><\/p>\n

Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gujarat Pipavav Port Ltd (NSE: GPPL) Q3 2026 Earnings Call dated Feb. 11, 2026 Corporate Participants: Girish Aggarwal \u2014 Managing Director Santosh Breed \u2014 Chief Financial Officer Analysts: Unidentified Participant Presentation: operator Everyone and welcome to q3fy26 earnings call of punjab port limited. Manisha neu3 we have managing director. We’ll have opening remarks from Girish […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13598,13842,10089],"class_list":["post-180517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-gppl","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":142065,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-gujarat-pipavav-port-limited-for-q3-fy23\/","url_meta":{"origin":180517,"position":0},"title":"Earnings Summary Of Gujarat Pipavav Port Limited For Q3 FY23","author":"Hardik Bhandare","date":"February 16, 2023","format":false,"excerpt":"Gujarat Pipavav Port Limited (NSE: GPPL) is a leading port operator in India, one at Mundra in Gujarat and the other at Dahej in the state of Maharashtra. 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