Gujarat Industries Power Company Limited has outlined its financial projections and expansion strategy during its Q4 and FY26 earnings conference call held on July 10, 2026. Management anticipates achieving an overall EBITDA of INR950-1,000 crores once all 1,100 MW of solar capacity at Khavda are fully operational for a full year. The company reported a solar division EBITDA of INR332 crores for FY26, with projections to reach INR600 crores in FY27, driven primarily by the 600 MW Khavda solar project.

Solar Capacity Expansion Guidance

The 500 MW Khavda solar project is expected to be commissioned in a phased manner post-monsoon in Q3 FY27, with full operational year revenue and EBITDA to be realized in FY28. Management projects approximately INR420 crores in revenue and INR350-360 crores in EBITDA for the 600 MW Khavda solar project for FY27. The Capacity Utilization Factor (CUF) for the 600 MW project is currently reported at 33.24%.

Financial Projections and Debt Outlook

The company provided detailed guidance on interest costs and depreciation estimates for the coming years. For FY27, interest costs are projected at INR250-260 crores, rising to INR400-450 crores in FY28. Depreciation is expected to range between INR425-450 crores in FY27 and INR550-600 crores in FY28. The long-term borrowing number post-commissioning of the 500 MW project is estimated at INR4,500 crores.

Thermal and BESS Expansion Plans

Beyond solar, the company plans a 750 MW lignite-based thermal power station with an estimated capital expenditure of INR6,000-7,000 crores. Three units are slated for commissioning by FY31, FY32, and FY33 respectively. Including this thermal expansion, management expects peak debt to reach INR6,000-6,500 crores. Additionally, the company is converting its Baroda gas-based plant location into a Battery Energy Storage System (BESS) facility, with approval secured for 20/120 MW and a tender already in place. The first phase of BESS capacity is being implemented, with plans for an additional 30/160 MW in the coming year.

Gujarat Industries Power Company Limited has appointed Shri Jenu Deva and Smt. Shalini Agarwal as directors to its board following the conclusion of a postal ballot process. The resolutions received approval from over 99.9% of the votes polled, as detailed in the scrutinizer's report submitted to the stock exchanges on June 12, 2026.

The postal ballot notice was issued on May 6, 2026, with the remote e-voting period open from May 14 to June 12. The record date for determining shareholder eligibility was May 8, 2026. CS Shailja Pandya of Shailja Pandya and Associates served as the independent scrutinizer for the process.

The first resolution sought the appointment of Shri Jenu Deva, IAS (DIN: 07852736), as a Director representing the Government of Gujarat. The second resolution proposed the appointment of Smt. Shalini Agarwal, IAS (DIN: 08172014), as a Director representing Gujarat Urja Vikas Nigam Limited. Both resolutions were classified as ordinary resolutions.

Voting Results

The voting results indicated strong shareholder support for both appointments. A total of 349 shareholders participated in the e-voting process. The table below summarizes the voting figures for each resolution:

The scrutinizer confirmed that both resolutions were passed with the requisite majority. The report noted that invalid or abstain votes and interested promoter category votes were not considered for calculating the percentage of votes in favour. The company submitted the results to BSE Ltd. and National Stock Exchange of India Ltd. in compliance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.