Earnings call transcript: Gujarat Pipavav Port Q2 2025 earnings beat forecasts

Gujarat Pipavav Port Ltd reported strong financial results for Q2 2025, surpassing market expectations with an earnings per share (EPS) of $2.15, compared to the forecasted $2.10. The company’s revenue also exceeded projections, reaching $2.64 billion against an anticipated $2.59 billion. Following the announcement, the company’s stock price increased by 5.43%, closing at $171.62, reflecting investor optimism.

Key Takeaways

• EPS of $2.15 beat the forecast of $2.10.
• Revenue rose 32% year-over-year, reaching $2.64 billion.
• Stock price surged 5.43% following the earnings announcement.
• Strong growth in the liquid and RoRo segments.
• Revised full-year EBIT guidance to 12-15% growth.

Company Performance

Gujarat Pipavav Port Ltd demonstrated robust growth in Q2 2025, with a 32% year-over-year increase in revenue. The company capitalized on its strong performance in the liquid and RoRo segments, which contributed significantly to its financial results. The port’s strategic focus on expanding its capacity and securing long-term contracts, such as the five-year ONGC supply base contract, has bolstered its competitive position.

Financial Highlights

• Revenue: $2.64 billion, a 32% increase YoY.
• EPS: $2.15, exceeding the forecast of $2.10.
• EBITDA: 34% increase YoY, with margins improving by 100 basis points to 59%.
• Net Profit: 74% increase YoY, including a significant insurance recovery.

Earnings vs. Forecast

Gujarat Pipavav Port’s Q2 2025 EPS of $2.15 surpassed the forecast of $2.10, marking a positive earnings surprise of 2.38%. The revenue of $2.64 billion also exceeded expectations, with a surprise of 1.93%. This performance highlights the company’s ability to outperform market predictions and its continued growth trajectory.

Market Reaction

The company’s stock price rose by 5.43% following the earnings release, reaching $171.62. This increase reflects investor confidence in Gujarat Pipavav Port’s financial health and future prospects. The stock’s movement aligns with the broader market trend, as investors responded positively to the company’s strong earnings performance.

Outlook & Guidance

Gujarat Pipavav Port has revised its full-year EBIT growth guidance to 12-15%, reflecting its confidence in sustaining strong performance. The company also anticipates a 20% compound annual growth rate in the RoRo segment over the next three years. Capital expenditures are planned at INR 720 crores, with significant investments expected in early 2026.

Executive Commentary

"Liquids continue to be extremely strong for us. We expect not only this year, but over the next several years liquids to deliver significant growth," stated Girish Agrawal, Managing Director. He also emphasized the company’s strategic focus, saying, "We will always like to be built which is an optimum capacity rather than peak capacity."

Risks and Challenges

• Potential impact of US tariffs on container volumes.
• Dependence on government policies for fertilizer market growth.
• Challenges in securing concession extensions for infrastructure expansion.
• Volatility in global trade dynamics affecting cargo volumes.
• Competition from other ports in the region.

Q&A

During the earnings call, analysts inquired about the progress of concession extension discussions and the company’s plans for growth in petro products and chemicals. Management expressed optimism about the concession talks and highlighted opportunities in expanding their product offerings.

Overall, Gujarat Pipavav Port Ltd’s Q2 2025 performance has positioned the company well for future growth, with strategic initiatives and market expansions underpinning its positive outlook.

Full transcript - Gujarat Pipavav Port Ltd (GPPL) Q2 2026:

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Morning everyone and welcome to the Q2 FY twenty six earnings call of Pujarat Pipa Port Lebertrich. This is Manish Agnihotri. Along with me, we have Girish Agrawal, managing director and Santosh Beet, CFO. We will start the call with the opening remarks by Gesh. And then we will open up the floor for Q and A.

Go to Desh.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Thank you. Good morning, everyone. The company delivered an extremely strong quarter. Our revenues for the quarter were higher by 32%, EBITDA was higher by 34%, margins higher by 100 basis points at 59, EBIT for the quarter was higher by 41% and net profit was higher by 74%. This includes an insurance recovery of INR43 crores excluding this like to like net profit year on year was higher by 38%.

For the first half, our EBIT is overall higher now by 17%. Net profit is higher by 32% without the one off insurance recovery, it’s higher by 16%. Overall, an extremely strong quarter. Volumes showed robust growth on the dry bulk RORO and liquid side. Container was slightly muted.

Overall, extremely strong quarter, we expect the strong performance to continue through the rest of the year. Thank you. The Board of Directors of the company also just one more thing, declared an interim dividend of 5 rupees 40 paisa per share.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Okay. So we are done with the opening remarks. We now open the floor for Q and A. Deepak, please go ahead with your question.

Deepak, Analyst: Yeah, hi, good morning. Thank you very much for the remarks. I had a few questions. Firstly, with respect to the cargo wise guidance and the EBIT guidance which you gave last quarter, do those guidances still remain in place or do you think that you need to revise them upwards given the strong performance which we saw for the bulk cargoes?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So we do revise our EBIT outlook upwards from 5% to 7% to 12% to 15%.

Deepak, Analyst: Okay and then the cargo wise outlook?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah, I think overall, dry bulk I think would increase by about 30% to 40%. RoRa would continue to be growing at 20% to 25%, liquids at around 10% growth, containers will be flat.

Deepak, Analyst: Okay. And if you could speak to us about the sustainability of this bulk volumes which we saw it was a very strong surge. I understand that some of it is because of the timing of the tenders. But do you think that these will taper back to the 500,000 level which we typically saw in the previous quarters or you would think it could remain elevated for a quarter or two?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So we expect the bulk volumes to be elevated for this quarter and for the next quarter. After that, we will see how the tenders go from the government on fertilizers.

Deepak, Analyst: Okay. And if you could also talk to us about the container recovery, we did not see I mean of course The U. S. Tariff probably had an impact, you could speak to us about how much of an impact that had and then when do you actually expect the container volumes to bottom out or show any signs of positive growth? We’ve been seeing six quarters of year on year decline now.

How do you expect this?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yes, fair comment. Essentially, think overall first half we are down by 5% on the container volume, largely down in this quarter. Last quarter was broadly flat. This quarter we declined by 9% essentially because of The US tariffs where we’ve seen significant degrowth in some of the services. I think broadly, we are now seeing some slight recovery, I expect container volumes to start to grow slightly in this quarter, flat to slightly grow in this quarter, and then the next quarter to have some recovering overall.

This year, should end at negative 2% to 0% on containers.

Deepak, Analyst: Okay. And if you could also provide some color on the margins because bulk is typically a margin dilutive kind of cargo. I think this is what we’ve heard from you in the many quarters before but given the significant surge in the bulk volumes particularly the fertilizer volumes margins have held up. Is it that the operating leverage is now too strong to offset any margin dilution from the cargo as such?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I think in general, overall, our EBITDA margins are at 59% with this kind of volume. Overall for the year, we expect margins to be between 5859%. So slightly still dilutive, we were at about 59.5 ish percentage last year, so slightly dilutive. But we also expect to boost the overall bulk numbers because of the fact that the volumes are beyond our breakeven volume, so they do contribute positively on the EBITDA margins and also EBIT margins.

Deepak, Analyst: Okay. And last question from me is about the realization range which you provide every quarter. If you could rerun or if you have spoken about it, could you please repeat it? I didn’t catch the initial few comments.

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: Yep. So on the realization, the realization continue remains same. So container is in the range of 9,500 to 10,500. For bulk, between $5.50 to $6.50 per metric ton, and for liquid $5.50 to 600 per metric ton.

Deepak, Analyst: Okay. Thank you. That will be from me. I’ll jump back in the queue.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Thank you. Dilip and Sao, please go ahead.

Dilip, Analyst: Hi, sir. Good morning. First of all, congratulations on a great set of numbers. My first question is on the Can you hear me? Sorry.

So first of all, on a great set of numbers. My first question is with respect to concession extension, if there is any update on that especially with the recent MOU that we have done with GMB about the 17,000 crores of CapEx?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah, so I think, we very recently signed an MOU with GMP in presence of the Honorable Centimeters and Robert Maes Googler. So I think things are going in the right directions. Of course, the final decision and communication will come through GMB. And we will, of course, tell you when that happens. But at least at this point in time, things are moving in the right direction with zero red flags.

Dilip, Analyst: And any sense on the sort of terms of the renewal or any direction we are getting on like the royalty rates?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No, no, no. We do not have any sense of any on the terms, etcetera. Right? And then it won’t be correct, at least at this point in time to talk about it.

Dilip, Analyst: Okay. Secondly, we have been growing by close to 20% in liquids. Is there any reason why we are guiding for like a 10% growth for the full year? Are we seeing any like downtick in volumes for the rest of the quarters?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Essentially, are very, very close to our capacity. The challenge is that our capacities which are 1,300,000 to 1,400,000, we’ve been kind of pushing the capacities up. Until our new liquid jetty comes, there’s a finite capacity of the jetty. I think our jetty can hold around 1.7. So our guidance is around 1.6 to 1,650,000 metric tons.

We’re very close to the capacity of the jetty. But I think liquids continue to be extremely strong for us. We expect not only this year, but over the next several years liquids to deliver significant growth.

Dilip, Analyst: Understood. And my last question is, can you help us with the LPG volume share within liquid volumes?

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: Normally, of course, we don’t split that between multiple liquid volumes. So I think I’m not able to give that split to you, but I can certainly share the bulk split if you’re if you’re looking for that.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Reliable volumes. Sorry? Bulge Yeah. Split, we have

Dilip, Analyst: Yeah. Bulge split, I think we have from the presentation. I was looking more from the sort

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: of Yeah.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So we

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: So we don’t don’t really split the liquid volumes further into each commodity. So we’re not able to share that.

Dilip, Analyst: Okay. Sure. Thank you. That’s all from my side.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Mr. Ripul Kumar Shah, please go ahead with your questions.

Ripul Kumar Shah, Analyst: Yeah. Thanks for the opportunity and congratulations for very good set of numbers. So you have signed one contract or MOU with ONGC. Can you share what is that about and what type of revenue we can generate from that?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah. So this is this is a contract, not an MOU. We have a five year contract with the ONGC to be their supply base or offshore supply base for their various oil fields in the Arabian Sea. This is their second supply base after their Nava supply base for these oil fields in the Arabian Sea. We provide various services like marine, storage facilities, etc.

For ONGC. This is a five year contract. I will not be able to share the revenue numbers with you on the same because that’s commercial information.

Ripul Kumar Shah, Analyst: So has it started? Yes,

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: it has started with effect from October 1.

Ripul Kumar Shah, Analyst: So then why don’t you share? I cannot This

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: is a confidential customer information.

Ripul Kumar Shah, Analyst: Okay. Okay, sir. Thank you. And you have signed a 17,000 crore MOU with Gujarat Maritime Board. So it’s a huge number.

So what type of investments are going into this, if you can share any details? Thank you.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So the investments are around infrastructure development in the Port Of The Power. This would be around new jetties, liquid, bulk, container, RORO, land site development, etcetera, etcetera. So it includes encompasses variety of infrastructure developments within the port.

Ripul Kumar Shah, Analyst: Okay. But that will be spread over how many years, sir?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Thirty years.

Ripul Kumar Shah, Analyst: Thirty years. Okay. Thank you.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you, Mr. Shah. Barneethar, please go ahead with your questions.

Barneethar, Analyst: Yeah. Am I audible?

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Yes.

Barneethar, Analyst: Yeah. So this MOU with the GMB, so any idea when the construction would be complete from the Jetty point of view for liquid, rural, and especially containers to comply or to fulfill this MOU?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Sorry. This is a MOU with GMP. This is not a binding contract with GMP. This is subject to concession extension. This spend will happen post the concession extension.

Barneethar, Analyst: Understood. Okay. And coming to container volume performance, we have seen, of course, impact for us in the first half, while competitors are showing growth in the same region. So can you give a color on the overall XIM cargo volume growth in Western Hinterland in containers? And within that, what is the reason why we are regrowing if the hinterland volumes is growing overall?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah, so overall, I think Gujarat as a region grew by 6% for the quarter quarter. I mean, this July, September 2025. We show a decline essentially because some of our services which cater to The US cargo showed declines. That was the large reason why we were unable to kind of grow. As we move forward, I think it looks like the tariff scene is bottoming out and we do I mean, we are hearing all positive feedback about the tariffs going away.

And I expect as we move forward, that volume to come back.

Barneethar, Analyst: So any commodities that you can highlight, which because of The US tariffs have seen lesser exports from this region?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah. But in general, the Government of India is also I mean, there’s news clearly that about 35% degrowth on the America, I mean, you would have seen that, right? The US exports have de grown by about 35%. It encompasses almost all commodities, including pharma, garments, textiles, etcetera.

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: So fisheries as well.

Barneethar, Analyst: Yeah. Understood. Coming to our the bulk volumes this quarter has seen good volumes on fertilizers. However, my sense is government of India is also trying to substitute imports over the long term in fertilizers. So, what is your sense how it will, you know, have an impact on our fertilizer volumes years to come?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I think you’re absolutely right. The government is focused on Make in India ensuring that we are on the urea front, right? This is specific to urea I’m talking about not of the other minerals, things like DAP, NOP, etc. But on the urea front, the government is focused on ensuring that capacities in India increase, there is more production in India also technology wise, they’re looking at nano urea technology to kind of ensure that the overall imports into India reduce. I would argue that that will have a impact overall in terms of growth of the urea fertilizer.

So in the coming years. So I would argue that you’re right.

Barneethar, Analyst: What percentage of our bulk fertilizer volume is urea, excluding other We

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: don’t we don’t get into the split here.

Barneethar, Analyst: Yeah. Thank you so much. Yeah. Thank

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: you. Mister Rishopsia, please go ahead with your questions.

Rishabh, Analyst: Yeah. Hello. Am I audible? So I’m a bit new to this business. I just wanted to know how do you measure the efficiency in this business?

How efficient are you from your competitors?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So I think without getting into a lot of details here, Rishabh, I think I would say as per the World Bank Index, the CPPI, which is globally published across global ports. The latest report for 2025 suggests we are the third most efficient port in India after think, Nava Sheva and Mantra. Hopefully, that answer is correct.

Rishabh, Analyst: But sir, I was just going into a bit more detail. How do you measure those efficiency, right? What are the main things do you see to measure the efficiency in your business?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: There are multiple aspects of efficiencies here, Roshav. If you’re specifically looking for something, I will be happy to answer. But having a conversation around efficiencies in this analyst call will be a little too difficult.

Rishabh, Analyst: Okay. Okay. So I’ll answer that separately. My next question is the new Europe service from Mark’s line, which we have started in 2018. It was the first connectivity to Europe since 2012.

How has that worked out for us, sir?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I’m unsure which service are you talking about, Roshup. I am not handling any Europe service, Musk Europe service out of the power, at least. Okay. Do you have a name in mind of that service?

Rishabh, Analyst: March service. I’m talking to March line.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Hello. I’m unsure what sorry. I I can’t understand. Which service are you talking about?

Rishabh, Analyst: The March line.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Barat line? I’m not handling any Barat line.

Rishabh, Analyst: No. I’ll jump back to your answers. My next question is, in a rural business, have you onboarded new customers?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Roshab, what are you saying?

Rishabh, Analyst: In our Roro business, have you onboarded any new customers?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Apart from whom? I mean, which customers do you consider old at this point in time, Prashup?

Rishabh, Analyst: Any new have you added in the recent times?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: In this quarter, no.

Rishabh, Analyst: Okay. Thank you.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Aditi Mungya, please go ahead with your questions. Yeah.

Aditi Mungya, Analyst: Thank you for the opportunity. Just wanted to get a better sense of in you’re talking about 40% growth in growth in bulk, which will make it closer to 3,000,000 tonnes or so. Should one be thinking of this as a more structural story from here on wherein growth which in the past has been difficult to project, can one think through a structural story over here or is it every quarter one has to take a sense of things and then think through?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I think, specifically for this 3,000,000, the largest story is the fertilizer, which is based on the government tenders. So I would still argue that we will continue to kind of monitor the situation, we believe the story is just not a one or two quarter story. It’s a little bit longer story, but it’s not a multi year story from a fertilizer import perspective that much I can

Kontinia, Analyst: say. Okay.

Aditi Mungya, Analyst: So in a sense, as of now, would you be thinking of adding capacities for this kind of commodity classes or would you rather

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No. No. We we have relevant and requisite capacity. So we don’t expect to add any further capacity on the fertilizer front.

Aditi Mungya, Analyst: How much are you utilized on those capacities at this point of time?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: At this point in time, 100%.

Aditi Mungya, Analyst: So as of now, going beyond 3,000,000 tons on bulk, is this something that you constrain the capacity right now?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No. I talked about fertilizer. But on bulk, we can certainly continue to grow.

Aditi Mungya, Analyst: Understood. And also just wanted to get a sense why you may not want to focus on certain contracts, but this liquid story, as you see through from a two, three years, you are adding capacities. How do you see the buildup happening in terms of volumes in this space and business field?

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Yeah.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I was not very clear. You are talking about which business line here?

Aditi Mungya, Analyst: The liquids line of business. Yeah.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah. So liquid essentially, we expect our new Jetty to come online 2026, November 2026. That adds about 3,200,000 metric tons of capacity. So we do expect to kind of fill that capacity from ’27 onwards over the next

Aditi Mungya, Analyst: three to four years.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So I mean, that’s the kind of growth that we are expecting. The Tandla Gauragpur pipeline should be commissioned towards March, April next year, which gives us an outro I mean, an evacuation capacity of almost 1.5 additional 1,500,000 metric tons for LPG. So I I I do believe that liquid is a strong structural growth story. There are also opportunities that we are now targeting on the petrol products side. But of course, the critical piece of infrastructure is that we need to go live on our liquid jetty, which we expect in December 26.

Aditi Mungya, Analyst: Got that. Also wanted to get a sense from you that obviously there is competition across your line items. So where do you see that the company is much better placed in terms of gaining share? Would it be container, liquid, rural or bulk? How would you think through your competitiveness versus other places?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah. But in general, what what’s really I we are competitive across the board in all business fields. But if your specific question is on gaining market share, we are gaining market share largely on the liquids, raw rose and the fertilizer business.

Aditi Mungya, Analyst: Those are my questions. Thank you for your response here.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Deepak Moria, please go ahead.

Deepak, Analyst: Yeah, hi. Thank you for entertaining my follow-up. With respect to the realizations which you mentioned, it seems like for the container segment, there has been an uptick versus the previous two quarters. So has there been any price increase which you have taken because last two quarters you guided for about not guided you mentioned that the range was about 9,000 to 9,500 but this time we are looking at 9,500 to 10,500. So has there been any price increase?

What is driving this increase?

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: There was a price increase which was taken actually effective January. So that’s the price increase which was taken which was around the 5% increase in the tariff. Typically, to translate those numbers into revenue, it was around 3%.

Deepak, Analyst: Okay. But this was already from the beginning of the year, right?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: That’s right.

Deepak, Analyst: Is it something which filtered through to this quarter a little more than the previous two quarters?

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: Not really. There would be some impact of some contracts which were revised, but nothing major to highlight here.

Deepak, Analyst: Okay. And if you could help us understand the CapEx for this year, I think you’ve spent about R700 million this first half. So how should we look at it for the full year and if you could provide some color for the next year?

Santosh Beet, CFO, Pujarat Pipa Port Lebertrich: CapEx, of course, we have initiated our liquid birth project, as Girish mentioned. So there will be a major spend which will happen from now till mid of next calendar year. So we will be spending as we announced that we’ll be spending around INR $7.20 crores. So most of that will get spent in the first half of the calendar year. I’m now speaking till June 2026.

So that

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: will be major spend there.

Deepak, Analyst: Okay. And just a clarification from Girish, you mentioned that for fertilizer you are capped out in terms of the capacity or did I hear it wrong?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No, you heard it right. I mean the capacity for fertilizer for us is more defined by our bagging capacity as well as warehousing capacity, largely the evacuation capacity. So we are maxed out.

Deepak, Analyst: Okay. And and if I have to look at it from a three year perspective, which of these cargoes would you believe will be the driver for your earnings? Is it liquid because you are obviously having the liquid jetty capacity coming through from December 2026. But beyond the liquid capacity addition, inherently do you see bulk or rural or container being one of these cargoes being much more dominant than the other?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I would say three things that I will pick up the container, RORO and liquid. These will be the three key drivers of our growth

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: over the next few Okay.

Deepak, Analyst: Okay. Thank you very much. That’s it from me and have a good day.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Priyanka, please go ahead with your questions.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich0: Yeah. Good morning, sir. My first question to you is, what I see is that our container utilizations are container yard utilizations are still low. So in the CapEx plan that you are suggesting based on the MOU, it seems that there is a container yard expansion as well. So what sort of expansions are we thinking of and what’s the rationale behind it?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: It’s a little premature to talk about details of the 17,000 crore expansion. As I said, the 17,000 crore MOU is subject to concession extension. It is based on a master plan that will span the overall concession period and we would decide how do we expand as we move forward. I think it is a little bit premature to get into details of the 17,000 crores.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich0: Okay, sir. Understood. Also what I understand there was once news articles that Hindustan Zinc may be importing ammonia for its fertilizer factory that is being set up. So how should we look at let’s say volume growth basis let’s say new liquids like ammonia going forward because I understand there was also MOU also signed by APM Terminals like last year for green hydrogen as well sometime back. So how should we look at that?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So I think as I was talking earlier to answering all the questions, clearly, there is a stated policy of the Government of India to manufacture urea in house as much as possible, expand the capacities of in house manufacturing of urea and hence reduce the dependence of urea on other countries. But you’re absolutely right. We believe that to manufacture urea, you would need to import other materials, especially liquids, ammonia being one of them and others as a requirement to generate and manufacture urea. So that is something that will happen. Believe there’s a big opportunity in India in terms of growth on the liquid side.

LPG, significant growth on LPG is expected as we move forward under the Prime Minister, Ujjwal Aujuna. We are already seeing it, it will only continue to go up over the next five to ten at least ten years, I think. And so would the other liquid. So I think there is a huge opportunity, the consumption of the country is growing. Premiumization is increasing, I would just argue that as a country on the cusp of great growth.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich0: So sir, would it be fair for me to say that in the long term, let’s say considering past participants questions, so even if let’s say urea imports were to eventually start falling, so should it be replaced by let’s say increased ammonia imports and we may benefit eventually in the long run?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Also, again, I mean over a period of time, urea is ammonia, is an end, so there is also P and K as minerals. As we move forward, farmers will also move towards the other minerals, which we do not manufacture. Some of them are actually mined, which we don’t have mines of. So they will continue to grow. While there is over the next five or maybe even seven years, there will be decline in the urea imports.

But there are other imports that will continue to grow. Today, most of the farmers are using urea. But that will also change, that will move to DPK, that will move to MOP, etcetera, etcetera.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich0: And then just last question if I can squeeze in. Would you comment on the RODO outlook? So what I understand is it has been quite strong for the last couple of years. So how do you see the growth for, let’s say, next two, three years in this segment based on whatever you are discussing with the customers? A growth range maybe?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I think roughly if you were to look at a three year horizon, we are looking at least a 20% CAGR growth over the next three years and so on.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich0: Sir, that’s all from my side. Thank you so much.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Kontinia, please go ahead with your questions.

Kontinia, Analyst: Yeah. Hi, Thanks for the opportunity. So firstly, with respect to the quarter on the EBITDA margin side, of course, you did mention about being that customer breakeven ratio on the bulk volumes. So just trying to understand, is it also partly to do with the volume mix having higher fertilizer? Or how should we read about this look at these margins on a sustainable basis from here?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Sorry, but Spondini, there is a lot of background. We can’t understand your question.

Kontinia, Analyst: Yeah. Sir, sir, I was trying to ask, you know, I mean, from a margin standpoint. Right? You know, if I were to look at it, you did speak about big breakeven on the bulk side. But is it also partly to do with the high volume mix by virtue of having higher fertilizer volumes?

And therefore, how should we look at the sustainability of this trend?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I’m really sorry, Kontenya. I I know you’re trying, but there is a lot of background noise. Maybe just can’t understand. Sir,

Kontinia, Analyst: okay. Is this better?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: It is not.

Kontinia, Analyst: Oh, sure. I’ll fall back in the queue maybe.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Sir, please go ahead. Mr. Konaldokas?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Now am I audible?

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Yes. Yes.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Okay. Am I clear?

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Yeah. Yeah. Please go ahead.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Okay. Okay. First area is, sir, out of the total land area in your concession, how much is utilized? How much is it it it is still baking? Vacant, but I mean, you can still build something over.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So you are asking how much of land is vacant in our concession?

Kontinia, Analyst: Yeah.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I can say there is sufficient land available for expansion as a percentage, etcetera, is something that we don’t get into.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Alright. Let’s just you answered this already, but I missed it, sorry for that. What was your guidance for RORO?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: 20% to 25% growth.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: For the next three, four years, I guess. Relatively, are your margins in RoRo, Beckett and other segments?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Relatively, are your margins in RoRo better than other segments? Yes.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Okay. Another clarification, please. What was the evacuation capacity of the KG pipeline that you

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: mentioned? I think it’s 1,500,000 metric tons.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Okay. And the last question would be other than LPG, what other liquids do you expect to contribute meaningfully to organic? Petroleum.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Petro products as well as some chemicals.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Okay. Alright. Thank you very much. Have a good day.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Mister Parimal Mithani, please go ahead. Mister Parimal Mithani?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich2: Yeah. Sir, can you hear me? Is it clear?

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Yes. Yes. Please go ahead.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich2: Yes, sir. This is regarding the parent commitment in terms of the MoU. I just wanted to know, if you get the approval and will the CapEx be front loaded in terms of when Gujarat’s people are going hard when you get it?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I would not like to get into the details of the MOU. As I said, I mean, it’s premature to talk about that. I think the first step is to sign the first get into us the next concession extension.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich3: Okay. Thank you. That was my question. Thanks.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Mr. Mayuj, please go ahead. Mr. Mayuj?

So Kunal Dokash, you still have some questions? You have raised your hand.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: I know I forgot to do it. Okay,

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: thank you. Mr. Mayu, do you have questions? Pandemia, please go ahead.

Kontinia, Analyst: Yeah. Hi, sir. I hope I’m audible this time around. So my question is, firstly, on the quarter. So how should we look at sustainability of this container realizations going ahead?

And also on the margin side, you did alluded to the fact that they’ve you were able to breakeven on the bulk side. But is it also something to do with by virtue of having higher fat lasers? If my understanding is correct, they tend to have better margins. So that’s the first question. The second question, I missed the part on concession agreement.

If you can help us understand the current status and also is the MOU partly contingent on this concession agreement going ahead? What is the kind of feedback that you’re hearing from GMV?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: In terms of margins, Kwameeler, we expect our margins to be in the range of 5859%. In terms of concession, the INR17000 crores of course is contingent on the concession expansion. You asked about

Aditi Mungya, Analyst: Such a couple of other

Kontinia, Analyst: things what couple of other things that I asked about one on how should we look at that container realization sustainability and then the status of concession agreement, what is it the feedback and what are where is it now? Because I missed that part when you were answering it.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Okay. Yeah. Yeah. So so container realization, yes, they are sustainable. In terms of concession extension, again, we’re moving in the right direction.

Of course, the final decision, we will only hear from GMB and the government of Gujarat. So and we’ll of course, let you know whenever that happens. But at least at this point in time, things are progressing in the right direction. And there are no red flags that we would like to call out. Hopefully, that answers your question.

Kontinia, Analyst: Sir, any timelines that you see with with us for the transaction extension that you hear from googlish.comgmv? Or when they want to do it or something like that?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: We don’t have any timeline at this point in time.

Kontinia, Analyst: Sure, sir. Thank you very much, and all the best.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Thank you.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you. Mister Parimand Guthani, please go ahead.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich2: Sir, thank you. Am I audible now?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yes, it is.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich2: Yes. Sir, you mentioned in your opening statement in terms of tariff in bottling oil. Is it fair to say the worst is over in terms of whatever was supposed to happen in the last two quarters?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: This is with respect to containers, I guess that’s what you are asking, right?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Yes,

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah, I mean, in the current geopolitical environment, I would say yes. But how that changes tomorrow is very difficult to say. So, I mean, we like to believe that we are seeing many positive statements on the tariff situation from multiple quarters. So we are hopeful that things will stabilize and get better for the country as a whole. And that would, of course, have a very positive impact on us as well.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich2: And so you continue to maintain your guidance, what you did since last two calls, right, in terms of EBITDA and the growth wise?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So we said our full year guidance is upwardly revised for EBIT to 12% to 15%.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich3: Okay. Okay. Thank you. Thank you.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Adithya Mumiya, please go ahead with your question.

Aditi Mungya, Analyst: Yes, thanks for the follow-up. I just wanted to get a sense that while you’re not giving the split between fertilizers of different kinds, exofuria, how much would have been the growth on that fertilizer segment for you?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No. I mean, we we don’t see it that way. I mean, even in our internal management reports, we are looking at overall fertilizer.

Aditi Mungya, Analyst: Yeah. I mean, I’m asking this question because since you do not want to invest incrementally as of now in urea capacities, then the growth beyond few million tons is more a function of what is what are trends being seen elsewhere? No.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: No. No.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No. I didn’t say I didn’t say I will not invest in the urea capacity. I’m saying overall fertilizer. I mean, it’s the same. We have the same bagging plant, whether any types of urea, there might be the bagging machines are capable of handling any types of fertilizer.

Right? So the expansion will happen for all types of fertilizers and not only specific type of fertilizer.

Aditi Mungya, Analyst: Understood. So if you’re not plan are you so so a large part of your bulk portfolio is fertilizers on which as of now, the utilization rate is 100%. And so in that way, in the absence of past conditions, this portfolio cannot meaningfully grow the fertilizer portfolio from here on. Is that what you’re saying?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: So you’re right. I mean, in terms of fertilizer specifically, we are at the max capacity. But again, I mean, fertilizer as a business is dependent on government tenders. We do not expect the government tenders to continue with this kind of range forever. So there is no which ways that we intend to build peak capacity.

We will always like to be built which is an optimum capacity rather than peak capacity. However, the growth of bulk fertilizer is a very strong mainstay, but there are other areas that we will continue to explore what the opportunity is.

Aditi Mungya, Analyst: Understood. And contact and yeah. I understand.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I think

Aditi Mungya, Analyst: that’s the only question I have. Thank you. Thank you.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: You. Mr. Preet Bhutani, please go ahead.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich4: Thank you for the opportunity, sir. I would like to ask on a container upfront. We have been continuously reducing our market share has been declining continuously for the past couple of years. If you could mention the reason and when can we see the bounce back on the same?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah, I think on the container side, you’re right that we’ve been losing market. The latest this quarter performance is essentially because of the tariffs imposed by the by United States that has led to reduction in our volumes on our westbound cargo or services. As I was suggesting, we are hearing news which are positive about resolution of the tariff situation between India and The United States. And that will have a positive impact. We are also seeing some growth on our overall volumes on the MERS side.

And as we move forward, I believe we are only going to grow on the container side. This full year, our guidance is roughly minus 2% to 0% on the container volumes. But I think this tariff situation as it gets resolved, we’ll only see positive momentum on the growth in Pipawa one containers.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich4: Thank you. And second is on the RORO side. Who are our customers? If you will name them.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah. Marupi, Honda, these are the two main customers. There are some smaller customer, but these are the two main customers.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich4: And third on the CapEx upfront, you have mentioned that we are planning around seven hundred seven twenty ks

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: road time is that part, if you could repeat. Yeah, so we had announced a INR 700 crore expansion for the liquid jetty, which goes which will get commissioned November 2026. Part of that INR700 crores has been spent this year, but a majority of the INR700 crores will be spent between January and June 2026.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich4: Thank you.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Thank you.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: There are some questions on the chat, so maybe we will try and answer that.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: So I will read it out for you. The first is, could you please share the status on concession agreement and how the talks have progressed? So as I said, mentioned, this is

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: a question from Mayur. So things are moving in the right direction. Of course, are no final sort of commitments, etc. But I would say that there are no red flags either. We’ll get back to you as

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: and then we’ll hear more from GMP and Government of Uttarak. The next one is from Mr. Ripul Kuparsha, which says that can you explain how RoRo services work and how do you charge the OEMs?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: How are RoRo service? I mean, essentially, what we so that so there from a from a RoRo perspective, a car OEM exports their cars, it includes movement of their cars from their factories into our port, storage of those cars in our port, PDI, what’s called the pre dispatch inspection of cards before they’re exported out and then stevedoring of those cards into a vessel. And of course, then there is the Ocean Lake. So these are the various services that automotive OEM has to go through from an export of car perspective. Out of these services, we provide the port infrastructure, our partnership with NYK automotives, they provide the PDI facility, as well as potentially some parts of the movement of cars from the OEM factories to our ports.

And of course, the Ocean Lake is provided by multiple carriers, including NYK, MOL etc. I hope that answers your question.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: The next one is what is our liquid capacity now and post expansion, what will be

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: our capacity? So our stated capacity for the Jetty at this point in time is 2,200,000 metric tons Based on the mix of commodities that we handle and their throughput, we can handle anywhere between 1.6 to 1,700,000 metric tons today. We will be adding 3,200,000 metric tons of capacity on the new liquid jetty is Samashank.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: Then the last one is from Barneera, what is the percentage of container volumes contributed by Bhaskar?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Bhaskar is our largest customer. And I would like to just state that without getting into a percentage of

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: our growth at a customer level. What percentage of our containers exist as US dependent?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yeah. So it’s roughly about 10 to 12%.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: That’s all we have on the chat. So Preet, do you have some questions?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Yes. I just have one question. The people of Railway Corporation, that is used mainly to transport containers. Right?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Yes. Yes. Sorry. I I missed that question, Kunal. Can you please repeat?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: The Pipawa Railway Corporation, that is used to transport mainly containers, right?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: No, no, no. So PRCL owns the line, the railway line between the Surinder Nagar node and the port. So all freight traffic that happens on that line is the revenue for PRCL and we are moving bulk liquids, containers, cars, all of them on rail.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: Okay. So are there any capacity constraints on that line?

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: I don’t know what you mean by capacity constraints, but

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich1: I think the volume of cargo you can transport, maybe you have to add a parallel line or more value.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Overall for the volume that we generate, no. But it is at the end of the day, one single line. There are also passenger rails that fly on that. At times, it could be a possibility that the freight trains get deprioritized over passenger. But in general, at least if I look at the overall capacity and volume throughput of our port, that single line currently is sufficient to cater to our needs.

Manish Agnihotri, Moderator, Pujarat Pipa Port Lebertrich: That answers your question, Mr. Kunal Dokus. Any last questions from anyone? Doesn’t seem to be the case. So thank you very much for joining and have a good day.

Girish Agrawal, Managing Director, Pujarat Pipa Port Lebertrich: Thank you. Thank you, everyone. Thank

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