Gujarat Industries Power Company Ltd. (GIPCL) — Tipsheet https://tipsheet.markets/company/gipcl/ Every Tipsheet Editorial note covering Gujarat Industries Power Company Ltd. (GIPCL), newest first. Grounded in BSE/NSE primary-source filings. en-in Tue, 28 Jul 2026 14:38:34 GMT GIPCL pivots back to thermal with ₹6,000-7,000 cr lignite plant https://tipsheet.markets/gipcl-gipcl-pivots-back-to-thermal-with-6-000-7-000-cr-lignite-plant-120968/ https://tipsheet.markets/gipcl-gipcl-pivots-back-to-thermal-with-6-000-7-000-cr-lignite-plant-120968/ Fri, 10 Jul 2026 17:22:39 GMT New 750 MW thermal unit approved on cost-plus basis; Khavda renewable project delayed over 2 years and scope cut to 1,100 MW. Management sees earnings compression in FY27 before recovery from FY28. New 750 MW thermal unit approved on cost-plus basis; Khavda renewable project delayed over 2 years and scope cut to 1,100 MW. Management sees earnings compression in FY27 before recovery from FY28.

What’s new

  • Plans new 750 MW lignite thermal plant at ₹6,000-7,000 crore with GUVNL cost-plus approval.
  • Khavda renewable project delayed >2 years, scope reduced to 1,100 MW from 1,600 MW.
  • FY27 earnings seen compressed due to higher interest and depreciation; recovery from FY28.

Why it matters

GIPCL is making a strategic U-turn: after pushing renewables, it is betting big on lignite. The capex is sizeable relative to the company's ₹2,476 cr market cap. Cost-plus offtake with GUVNL provides revenue certainty, but execution risk remains high given the scale and long gestation (commissioning 2031-33).

What we’re watching

  • Financing mix for the ₹6,000-7,000 cr capex—debt vs internal accruals.
  • Execution timeline for Khavda renewable project—any further slippage.
  • Whether this thermal pivot invites regulatory or ESG pushback.

The full read

Gujarat Industries Power Company is shifting gears. It announced a new 750 MW lignite-based thermal power plant costing ₹6,000–7,000 crore. That is a big bet for a company with a market cap of just ₹2,476 crore. The board has in-principle approval from Gujarat Urja Vikas Nigam Ltd on a cost-plus basis, which de-risks revenue. Yet the scale is daunting. The company's debt/equity ratio stands at 0.52. Meanwhile, its Khavda renewable project has slipped by over two years and been cut to 1,100 MW from 1,600 MW. Management admits FY27 earnings will compress from higher interest and depreciation. Recovery is expected from FY28. The pivot is a clear bet on thermal, but the financing and execution are the open questions. Commissioning is targeted from 2031 through 2033; a long wait for returns.

Primary source: BSE · NSE

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