*Gujarat Pipavav Port Ltd.* | *CMP* Rs. 148 | *M Cap* Rs. 7155 Cr | *52 W H/L* 251/121 (Nirmal Bang Retail Research) *Result marginally ahead of Expectation* Revenue from Operations came at Rs. 251.8 Cr (-4.2% QoQ, 0.2% YoY) vs expectation of Rs. 260 Cr, QoQ Rs. 262.9 Cr, YoY Rs. 251.3 Cr EBIDTA came at Rs. 156.7 Cr (13% QoQ, -0.3% YoY) vs expectation of Rs. 147.2 Cr, QoQ Rs. 138.7 Cr, YoY Rs. 157.3 Cr EBITDA Margin came at 62.3% vs expectation of 56.6%, QoQ 52.8%, YoY 62.6% Adj. PAT came at Rs. 109 Cr vs expectation of Rs. 98.8 Cr, QoQ Rs. 94 Cr, YoY Rs. 121.8 Cr Quarter EPS is Rs. 2.3 Stock is trading at P/E of 16.1x FY26E EPS