Gujarat Industries Power Company reported a net profit of ₹40,240.72 lakh for the financial year ended March 31, 2026, a significant increase compared to the previous year, driven by operational performance and a one-time credit arising from the transition to a new concessional corporate tax regime. The company's board has recommended a dividend of ₹4.10 per equity share, or 41%, for the fiscal year, subject to the approval of shareholders at the ensuing 41st Annual General Meeting.

For the fourth quarter ended March 31, 2026, the company recorded a profit of ₹32,684.73 lakh, a sharp turnaround from the loss recorded in the preceding quarter. Revenue from operations for the quarter stood at ₹42,826.13 lakh, while total income reached ₹47,058.20 lakh. On an annual basis, revenue from operations for FY26 rose to ₹1,49,112.30 lakh from ₹1,25,625.72 lakh in the previous year.

The transition to the new tax regime, effective from April 1, 2026, resulted in the re-measurement of deferred tax liabilities and the recognition of Minimum Alternate Tax (MAT) credit entitlement. This led to a one-time credit of ₹11,512.36 lakh from the re-measurement of deferred tax liabilities and a credit of ₹14,518.47 lakh from the recognition of MAT credit entitlement. These non-recurring items favourably impacted the net profit for the year.

The board, in its meeting held on May 29, 2026, approved the standalone audited financial results for the quarter and financial year. The appointment of M/s. Dalwadi & Associates, Cost Accountants, as cost auditors for FY27 was also approved. The statutory auditors, M/s. K C Mehta & Co. LLP, issued an unmodified opinion on the audited financial results.

Financial Performance Summary

Gujarat Industries Power Company appointed M/s. Dalwadi & Associates, Cost Accountants, as the cost auditor for the financial year 2026-27. The board approved the appointment at its meeting held on May 29, 2026, based on the recommendation of the Audit Committee. The firm, registered under Firm Registration Number 000338, will serve a term of one year from April 1, 2026, to March 31, 2027.

Appointment Details

M/s. Dalwadi & Associates is a partnership firm established in 2012 and promoted by CMA Ashwin G. Dalwadi. The firm provides services in cost audit, cost accounting records maintenance, management consultancy, audit & assurance, indirect taxation & GST, financing & taxation, XBRL, KPO & training, and SAP & ERP consulting. The appointment was made pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Board Meeting Proceedings

The board meeting commenced at 02:30 p.m. and concluded at 04:30 p.m. on May 29, 2026. The company disclosed that there is no relationship between the directors and the newly appointed cost auditor. The filing was submitted by CS Shalin Patel, Company Secretary and Compliance Officer.