Gujarat Industries Power Company announced that Kanyo Sadhuram Badlani ceased to be a director on its board effective August 31, 2026. The exit follows the withdrawal of his nomination by Gujarat State Fertilizers & Chemicals Limited (GSFC).

Badlani, who served as Senior Vice President (Projects) at GSFC, was a nominee director for the state-owned fertilizer firm. The company disclosed the change pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Nomination Update

GSFC approved the replacement of Badlani with Dr. Rajender Kumar, IAS, Managing Director of GSFC. The GSFC board ratified this nomination during its meeting held on August 12, 2026.

The company stated there are no disclosed relationships between directors regarding this transition. Certified true copies of the board resolution were expected to be shared shortly after the announcement.

Gujarat Industries Power Company Limited submitted its 41st annual report for FY26 to stock exchanges on August 24, 2026. The company reported a net profit of ₹4,024 crore for the year ended March 31, 2026, up from ₹2,114 crore in the previous year. The Board has scheduled the 41st Annual General Meeting (AGM) for September 19, 2026.

The substantial increase in profitability was primarily driven by non-recurring tax benefits arising from the transition to the new concessional corporate tax regime effective April 1, 2026. This included a re-measurement of deferred tax liabilities and the recognition of Minimum Alternate Tax (MAT) credit entitlements.

Financial Performance

Revenue from operations rose 18.7% year-on-year to ₹14,911 crore from ₹12,563 crore in FY25. Operating profit increased to ₹5,378 crore from ₹4,061 crore. Profit before tax stood at ₹2,447 crore, lower than the previous year's ₹2,730 crore, reflecting higher operational costs and finance expenses before tax adjustments.

Finance costs increased significantly to ₹1,107 crore from ₹319 crore, largely due to term loans disbursed for newly commissioned renewable energy projects, including the 600 MW solar plant at Khavda and the 75 MW solar plant at Vastan.

Dividend and AGM Details

The Board recommended a dividend of ₹4.10 per equity share, subject to shareholder approval at the 41st AGM scheduled for September 19, 2026. The meeting will be held through Video Conferencing (VC) or Other Audio-Visual Means (OAVM) at 11:30 am. Shareholders holding equity shares on the record date of September 11, 2026, will be eligible for the payout.

The register of members and share transfer books will remain closed from September 12, 2026, to September 19, 2026. Remote e-voting will commence on September 16, 2026, at 9:00 am and conclude on September 18, 2026, at 5:00 pm. Central Depository Services (India) Limited (CDSL) is facilitating the e-voting process.

Members not liable to pay income tax must submit a declaration by September 10, 2026, to avail the benefit of non-deduction of tax at source on dividends.

Operational Highlights

The Surat Lignite Power Plant (SLPP) Phase-I generated 1,546.68 million units with a plant load factor of 70.62%. Phase-II generated 1,638.91 million units with a PLF of 74.84%. Renewable energy assets also saw expansion, with the commissioning of the 600 MW solar project at Khavda in phases between June and December 2025.

What the Numbers Show

The divergence between the decline in profit before tax (-10.4%) and the surge in net profit (+90.3%) highlights that the improved bottom line was not operational but structural. The ₹2,603 crore credit from the impact of the transition to the new tax regime accounted for more than half of the reported net profit, indicating that core operating profitability faced pressure from rising finance costs despite revenue growth.