1. Preferential issue ₹90 cr for 75 MW solar by September 2025 Delivered - At the February 2025 announcement, preferential issue proceeds of ₹90 cr were to be utilised for setting up the 75 MW Solar Power Plant by September 2025, a tentative timeline. The issue was allotted 27 March 2025 raising ₹89,99,99,612, and the 75 MW plant was commissioned in May 2025; ₹55.68 cr was utilised and ₹34.32 cr unutilised as on 30 June 2025.
2. MoU with Government of Gujarat - ₹7,953 cr investment On track - In the FY25 annual report, the Company signed an MoU with Government of Gujarat at Vibrant Gujarat Global Summit 2024 to set up projects with investment worth ₹7,953 cr. The 600 MW Khavda solar project under this MoU was commissioned in December 2025, the 500 MW project is under commissioning and the 750 MW thermal project initiated; no total investment figure against the MoU is yet disclosed.
3. Vastan solar - scale up to 500 MW in phased manner Pending - At the Q2 FY26 PPT, GIPCL planned to scale up solar capacity at Vastan up to 500 MW in a phased manner. The 75 MW Vastan solar plant was commissioned in May 2025; no further Vastan solar capacity is yet disclosed.
4. Second BESS - 30/160 MW at Baroda in coming year Pending - At the Q4 FY26 call, management said a second BESS of "another 30 into 160 megawatt" is being considered at the Baroda gas station location in the coming year, a consideration repeated at Q1 FY27. No second BESS project is yet disclosed beyond the consideration.
5. BESS capex - ₹250-300 cr, \~1 year to operational On track - At the Q4 FY26 call, management guided BESS capex of \~₹250-300 cr taking \~one year to be fully operational, with \~₹6 per unit fixed revenue from GUVNL, reiterated at Q1 FY27. GUVNL has approved a 120 MW BESS at the Baroda gas station location with tender already in place, and the 165 MW Station-II is being re-purposed as Long Duration BESS with EPC tender process underway.
6. 200 MW solar addition at Khavda - next couple of months On track - At the Q4 FY26 call, management planned a firm 200 MW solar project on surplus land at Khavda, "coming in the next couple of months", reiterated at Q1 FY27. Land optimisation leaves pockets sufficient for an additional 200 MW beyond the 75 MW balance under MNRE allotment; no project start is yet disclosed.
7. FY26-27 EBITDA - \~₹940-950 cr at full 600 MW commissioning On track - At the Q4 FY26 call, management guided FY26-27 EBITDA of \~₹940-950 cr at full 600 MW commissioning. No actual FY26-27 EBITDA is yet available; FY25-26 total top line was \~₹1,500 cr.
8. Peak debt - ₹6,000-6,500 cr including thermal expansion On track - At the Q4 FY26 call, management guided peak debt of \~₹6,000-6,500 cr at one point in time, including phased thermal addition of \~₹4,500 cr net of existing repayments, reiterated at Q1 FY27. Current non-current borrowings are ₹3,247-3,250 cr, and thermal expansion has not yet started with EPC tender floated in June 2026.
9. 750 MW lignite thermal - capex \~₹6,000 cr, phased 2027-2032-33 On track - At the Q4 FY26 call, management guided 750 MW lignite thermal capex of \~₹6,000 cr (also stated ₹6,500-7,000 cr), phased from 2027 till 2032-33 given a 3-4 year gestation period, reiterated at Q1 FY27. GUVNL gave in-principle approval in August 2025 and EPC tender was floated on 17 June 2026; land is in possession with project management and environment consultants appointed.
10. Khavda park O&M revenue - ₹55-60 cr at peak On track - At the Q4 FY26 call, management guided O&M revenue of ₹55-60 cr at the peak from the Khavda park, also stated as ₹50-60 cr per MNRE terms, reiterated at Q1 FY27. O&M income from park developers starts in FY26-27 as per PPA; no actual O&M revenue figure is yet available.
11. FY26-27 solar division EBITDA - \~₹600 cr On track - At the Q4 FY26 call, management guided solar division EBITDA of \~₹600 cr for FY26-27, up from ₹332 cr in FY25-26, and reiterated it at Q1 FY27. FY25-26 solar division EBITDA was ₹332 cr; no actual FY26-27 solar EBITDA is yet available.
12. Full-year EBITDA - ₹950-1,000 cr once 500 MW operational On track - At the Q4 FY26 call, management said full-year EBITDA of ₹950-1,000 cr will be visible once the 500 MW is commissioned and operational for a full year, "hopefully next year"; at Q1 FY27 this was explicitly not achievable in FY26-27. FY25-26 total top line was \~₹1,500 cr; no full-year EBITDA figure for FY26-27 or FY27-28 is yet available.
13. 500 MW Khavda - phased commissioning by end 2026 On track - At the Q4 FY26 call, management said the remaining 500 MW Khavda solar will be commissioned in phases - first 200 MW post-monsoon, then another 200 and 100 MW in the next couple of months - and at Q1 FY27 said "mostly commissioned capacity full by end 2026". The 500 MW project is at a very advanced stage of commissioning, waiting for CTUIL evacuation facility expected ready post-monsoon; CWIP of ₹2,065 cr at FY26 end pertains entirely to this project.
14. Long-term debt - \~₹4,500 cr after 500 MW commissioning On track - At the Q4 FY26 call, management guided long-term debt of \~₹4,500 cr after commissioning of the 500 MW plant and this year's repayment, reiterated at Q1 FY27. Non-current borrowings at 31 March 2026 were ₹3,247-3,250 cr, and the 500 MW project is not yet commissioned with CWIP of ₹2,065 cr.
15. FY26-27 EBITDA from 600 MW Khavda - ₹350-360 cr On track - At the Q4 FY26 call, management guided EBITDA of ₹350-360 cr from the 600 MW Khavda plant on ₹420 cr revenue, reiterated at Q1 FY27. No actual FY26-27 EBITDA is yet available; FY25-26 solar division EBITDA was ₹332 cr.
16. FY26-27 revenue from 600 MW Khavda - \~₹420 cr On track - At the Q4 FY26 call, management guided \~₹420 cr revenue from the 600 MW Khavda solar plant for FY26-27, an approximation that "may 5%, 10% go down, go up also", reiterated at Q1 FY27. The 600 MW plant is fully commissioned and operating at 33.24% CUF; no actual FY26-27 revenue is yet available as of Q1 FY27.
17. Gas plants - restart when gas cost $8-8.5/MMBtu Missed - At the Q2 FY23 call, management said the gas plants were viable if gas cost is between $8-8.5 per MMBtu and could be restarted at that range; by Q4 FY26 the stations were "not going to be revived now", and at Q1 FY27 management said they will not be revived in the current geopolitical situation and is thinking of hiving them off. The gas-based stations have been inoperative since FY21 due to high gas prices, and the 165 MW Station-II is being re-purposed as a Long Duration BESS using Vanadium Redox Flow Battery technology.
18. Dividend - may go back to ₹2.9/share Delivered - At the Q2 FY23 call, management said the dividend "may go back to the same level" - prior ₹2.9/share versus current ₹2.7 - depending on profitability. At the Q4 FY23 call a dividend of ₹3.75/share was declared, higher than ₹3 the year before, and at Q4 FY26 management committed to paying dividends at current levels.
19. Revenue outlook - flat for next 1 year, top line added after 200-300 MW commissioned Delivered - At the Q2 FY23 call, management guided revenue of ₹1,200-1,300 cr, flat for the next 1 year, with top line added once 200-300 MW capacity is commissioned a year down the line. FY24 revenue was ₹1,348.64 cr and FY25 revenue ₹1,256.26 cr, and FY26 top line reached approximately ₹1,500 cr after the 600 MW Khavda project commissioned in December 2025.
20. SLPP life extension - 10 years through R&M On track - At the Q2 FY23 call, management planned to extend the life of the 500 MW lignite plants by another 10 years through R&M; the plan was later scheduled for FY 2028-29 (first unit) and FY 2029-30 (second unit) per BHEL delivery following an April-2026 order. The SLPP Phase-I DPR was finalized in February 2024, GUVNL approved it in May 2025, and the order was placed on BHEL in April 2026.
21. Khavda own capacity revenue - ₹2.75-2.80/unit from 2025 Delivered - At the Q2 FY23 call, management gave thumb-rule revenue guidance for Khavda own capacity from 2025 at ₹2.75-2.80 per unit tariff, at 50% capacity and 29% to 27% CUF. The Khavda 600 MW solar tariff is ₹2.73 per unit, the plant achieved 33.24% CUF in FY26, and revenue is guided at \~₹420 cr for FY26-27.
22. Khavda park capex - ₹1,100 cr total, 30% MNRE subsidy Pending - At the Q2 FY23 call, management guided Khavda park capex at \~₹1,100 cr total with 30% subsidy from MNRE and a return of \~13-14%; by Q4 FY23 the park cost was stated as ₹1,000-1,200 cr with first phase \~₹600 cr by FY25. Park infrastructure - transmission line, PSS-1, PSS-2, roads, drainage - is complete, but no final total park capex figure is disclosed.
23. FY23 lignite production - 34 lakh metric tonnes Missed - At the Q4 FY22 call, management set a lignite production target of 34 lakh metric tonnes for FY23, to run SLPP-1 at 75% PLF and SLPP-2 at 80%. FY23 lignite production was 30 lakh metric tons against 29 lakh metric tonnes in FY22.
24. 75 MW solar expansion - operational in 18 months (\~September 2023) Partial - At the Q4 FY22 call, management guided the 75 MW solar project would be operational "down the line in 18 months"; the EPC contract was awarded on 22 April 2024 with an 11-month completion period, and preferential issue proceeds were earmarked for the plant by September 2025 tentative. The 75 MW group captive solar plant at Vastan was commissioned in May 2025 and generated \~₹38 cr revenue in nine months of FY26.
25. Khavda revenue - from Q4 FY23 or Q1 FY24 Missed - At the Q2 FY22 call, management expected revenue from Khavda, whether UDC or plant commissioning, only from the last quarter of FY23 or first quarter of FY24. UDC/user fee from park facilities was later expected only once the park was ready and projects allotted, i.e. FY24; actual revenue commenced only after the 600 MW project's December 2025 commissioning, with O&M income from park developers starting in FY26-27.
26. FY23 PBT - ₹300 cr+ (subject to plant shutdowns) Partial - At the Q2 FY22 call, management targeted ₹300 cr+ PBT for FY23, subject to plant shutdowns and full fixed-cost recovery; at Q4 FY22 this was guided as ₹250-300 cr for 2023-2024 in the normal scenario. FY23 PBT was \~₹253 cr, with Q4 FY23 the highest revenue and profit quarter of the year on normal income.
27. FY22 EBITDA - ₹510-520 cr company-wide Missed - At the Q2 FY22 call, management guided company-wide EBITDA of \~₹510-520 cr at year end, with RE division EBITDA of \~₹260-270 cr and thermal \~₹250 cr. FY22 EBITDA was \~₹406 cr - thermal around ₹200-215 cr and wind and solar around ₹200-220 cr - with the shortfall attributed to the gas station shutdown, SLPP-1 economizer beam issue and additional overhauling maintenance.
28. Khavda Phase I 600 MW - commercially operational by November 2023 Partial - At the Q2 FY22 call, management targeted the Phase I 600 MW at Khavda commercially operational by November 2023, Phase II by February 2024 and Phase III by May 2025; the commercial start was later moved to November 2024 at a likely ₹2.73/unit PPA. The 600 MW Khavda solar project was fully commissioned on 25 December 2025 with phased commissioning from June 2025, and was capitalized and commercialized as of March 2026.
29. 100 MW solar capacity - commissioned by June 2021 Delivered - At the Q4 FY21 call, management stated the 100 MW solar capacity addition was likely to be commissioned by the end of June 2021. The 100 MW solar PV project at Raghanesda was commissioned effective 10 August 2021 at a total capex of ₹500 cr, and generated 155.35 MUs at CUF of 28.14% in FY22.
30. Khavda own solar capacity - 1,500-1,800 MW by FY27-FY29 On track - At the Q4 FY21 call, management targeted building 1,600-1,700 MW of own solar capacity at Khavda over the next six years, restated at Q4 FY22 as at least 1,500 to 1,800 MW "in the next five to seven years down the line"; later revisions brought the plan to 1,100 MW being developed by GIPCL itself. The 600 MW project was fully commissioned on 25 December 2025, the 500 MW project is at an advanced stage of commissioning expected by end 2026, and a further 200 MW addition on surplus land is planned - 1,100 MW delivered or near-delivered, potentially 1,300 MW.
31. Khavda RE Park - 2,375 MW fully operational by December 2026 On track - At the Q4 FY21 call, management guided the 2,375 MW Khavda RE Park would be developed over six years with 50% by December 2024 and the balance in the following three years; after successive revisions, the FY25 and FY26 annual reports reset the target to full completion by December 2026. The 400 kV transmission line from PSS-1 to KPS-II was charged on 30 April 2025 with PSS-1 fully available for 1,200 MW evacuation, PSS-2 construction is completed, and GIPCL's own 600 MW was fully commissioned on 25 December 2025 with the remaining 500 MW at an advanced stage expected by end 2026; third-party developers hold the balance 1,275 MW.