Gujarat State Petronet Ltd logo

Gujarat State Petronet Ltd

GSPL NSE

Gujarat State Petronet Limited is a Public Limited Company incorporated under The Companies Act,1956. Further it is a Government Company u/s 2(45) under the Companies Act,2013. Gujarat State Petronet Limited alongwith its subsidiaries is primarily engaged in transmission of Natural gas through pipeline. Further it is engaged in business of implementing and operating City Gas Distribution and generation of electricity through windmills. [1]

AI Verdict: HOLD Confidence: 5%

GSPL trades at an attractive PE of 9x with a near debt-free balance sheet, but TTM profit decline of -21% and compressing ROE from 20% (10-year) to 10% (last year) signal deteriorating earnings quality. With 44% analyst buy and 44% hold ratings, the stock is fairly priced for its current risk-reward but lacks a near-term catalyst.

Key Fundamentals

Volatility
Moderate
P/E Ratio
14.39
EBITDA
₹3,041 Cr
Return on Equity
18.46%
Debt to Equity
0.01
EPS
₹29.39
52W High
₹360.6
52W Low
₹226.35

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 19.9%

Weaknesses

1
  • The company has delivered a poor sales growth of 7.25% over past five years.

Growth Rate

Revenue Growth
1.37% ↗
Net Income Growth
-25.02% ↘
Cash Flow Change
-2.23% ↘
ROE
-30.63% ↘
ROCE
-28.96% ↘
EBITDA Margin (Avg.)
-15.96% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic Claude Opus 4.6 66d ago
HOLD
Risk medium

GSPL trades at an attractive PE of 9x with a near debt-free balance sheet, but TTM profit decline of -21% and compressing ROE from 20% (10-year) to 10% (last year) signal deteriorating earnings quality. With 44% analyst buy and 44% hold ratings, the stock is fairly priced for its current risk-reward but lacks a near-term catalyst.

Bull Case 8
  • Valuations are compelling with a PE of just 9x, well below the broader market average, offering a margin of safety for value investors
  • Company is virtually debt-free, giving it a fortress balance sheet and significant financial flexibility in a capital-intensive energy sector
  • Dividend yield of 1.98% with a consistent payout ratio of 19.9% provides a steady income floor for shareholders
  • 10-year compounded sales CAGR of 32% demonstrates the long-term structural demand story for gas pipeline infrastructure in Gujarat
  • Price-to-book ratio of 1.19x suggests the stock is trading close to its book value, limiting downside risk
  • 10-year ROE average of 20% reflects historically strong capital efficiency and a high-quality asset base
  • 44% of 18 analysts rate the stock a Buy, indicating meaningful institutional conviction despite recent headwinds
  • Market cap of Rs 15,388 Cr positions GSPL as a mid-to-large cap with adequate liquidity and index inclusion potential
Bear Case 8
  • TTM compounded profit growth is -21%, a sharp acceleration in earnings decline from -12% over 3 years, signaling worsening fundamentals
  • ROE has halved from 20% (10-year average) to just 10% last year, indicating a structural decline in return on capital
  • TTM sales growth of -8% shows the top line is now contracting, not just slowing, raising volume and tariff concerns
  • 5-year compounded profit CAGR of -8% means the company has been destroying earnings power over a meaningful period
  • 1-year stock CAGR of -13% reflects market recognition of deteriorating fundamentals with no signs of a reversal
  • 5-year sales CAGR of only 7.25% is poor for an infrastructure utility that should benefit from India's gas adoption push
  • 3-year stock CAGR of just 1% means shareholders have earned virtually no returns over a period when broader markets rallied significantly
  • 11% of analysts rate the stock a Sell and combined with 44% Hold, a majority 55% do not recommend buying at current levels

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic Claude Opus 4.6 66d ago
Positives 2
  • Tax assessment reduced via rectification Apr 11

    Income tax rectification order for AY 2024-25 reduced assessed income from Rs.1,683 crores to Rs.1,435 crores, resolving an earlier erroneous demand of Rs.77.76 crores from the Mar 23 scrutiny order. Company confirms no financial impact on operations.

  • New GM appointed for operations Mar 23

    Saarthak Gautam appointed as General Manager on a permanent basis effective March 23, 2026, overseeing D&E, Procurement, and O&M functions, strengthening operational leadership.

Neutral 1
  • Routine Q4FY26 SEBI compliance filed Apr 6

    GSPL submitted its quarterly compliance certificate under SEBI Depositories Regulations for Q4FY26, confirming adherence to dematerialization requirements. Standard regulatory filing with no material implications.

TL;DR: A quiet quarter for GSPL with no operational or strategic headwinds surfacing. The company successfully got an erroneous Rs.77.76 crore tax demand corrected and strengthened its management team with a permanent GM appointment. News flow is thin and largely procedural, suggesting stable but uneventful near-term outlook — watch for upcoming Q4FY26 earnings and any gas transmission volume updates for directional cues.

Quarterly Results

  Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales
3,998
4,270
4,108
4,265
4,389
4,532
4,727
3,992
4,360
4,291
4,107
4,008
3,885
Expenses
3,149
3,433
3,394
3,351
3,608
3,570
3,905
3,304
3,808
3,723
3,389
3,399
3,273
Operating Profit
849
837
715
914
781
962
822
688
553
567
718
609
612
OPM %
21%
20%
17%
21%
18%
21%
17%
17%
13%
13%
17%
15%
16%
Other Income
42
45
40
55
56
114
69
76
96
109
101
114
96
Interest
15
6
8
14
8
8
8
8
10
11
8
8
9
Depreciation
158
157
161
165
168
169
171
179
179
179
184
188
189
PBT
718
719
586
789
661
899
712
577
460
486
626
527
510
Tax %
26%
24%
26%
25%
25%
26%
26%
27%
27%
27%
26%
26%
26%
Net Profit
530
543
434
590
496
663
527
423
335
352
465
389
379
EPS in Rs
6.37
6.61
5.94
8.06
7
8.42
6.65
4.99
4.15
3.9
5.58
4.62
4.55
Figures in ₹ Crores

Profit & Loss

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1,051
1,065
992
5,901
7,261
9,345
12,244
11,535
17,991
18,117
17,295
17,370
16,290
Expenses
122
136
126
4,260
5,217
6,805
9,027
7,961
14,491
14,437
13,887
14,720
13,784
Operating Profit
929
928
866
1,642
2,044
2,540
3,217
3,574
3,500
3,680
3,407
2,650
2,506
OPM %
88%
87%
87%
28%
28%
27%
26%
31%
19%
20%
20%
15%
15%
Other Income
57
42
94
118
122
135
108
130
148
136
248
350
419
Interest
142
118
80
278
242
427
369
227
112
70
56
57
37
Depreciation
184
189
183
436
447
468
518
542
579
621
664
709
740
PBT
660
664
697
1,046
1,477
1,780
2,438
2,936
2,957
3,125
2,935
2,234
2,149
Tax %
36%
38%
33%
31%
35%
33%
7%
25%
25%
25%
26%
27%
—
Net Profit
417
488
465
718
958
1,190
2,279
2,192
2,231
2,342
2,184
1,637
1,585
EPS in Rs
7.39
8.64
8.26
9.84
13.15
17.71
30.65
28.48
29.04
29.09
29.41
19.69
18.65
Div. Payout %
14%
14%
18%
15%
13%
11%
7%
7%
7%
17%
17%
25%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
563
563
563
564
564
564
564
564
564
564
564
564
564
Reserves
2,823
3,217
3,423
3,962
1,865
2,731
4,320
5,827
7,355
8,885
10,261
11,082
11,377
Borrowings
1,429
1,157
1,067
2,989
5,386
4,579
3,629
2,003
713
149
140
138
140
Other Liabilities
811
931
785
4,293
4,148
4,587
4,837
5,775
6,662
7,718
8,091
9,023
9,843
Total Liabilities
5,625
5,868
5,838
11,808
11,963
12,461
13,350
14,169
15,294
17,316
19,056
20,807
21,923
Fixed Assets
3,205
3,169
3,123
8,069
8,208
8,897
9,256
9,497
9,946
10,481
10,779
11,695
11,636
CWIP
804
949
768
1,192
1,374
908
807
953
1,245
1,409
1,680
1,121
1,134
Investments
543
633
723
469
590
696
1,023
1,457
1,670
1,621
1,889
1,792
1,772
Other Assets
1,073
1,117
1,224
2,079
1,790
1,960
2,264
2,262
2,433
3,805
4,708
6,198
7,381
Total Assets
5,625
5,868
5,838
11,808
11,963
12,461
13,350
14,169
15,294
17,316
19,056
20,807
21,923
Figures in ₹ Crores

Cash Flow

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating
644
626
603
1,644
1,669
2,044
2,771
2,897
2,748
3,340
2,803
2,741
Investing
-708
-201
-321
-835
-3,593
-612
-806
-1,080
-1,359
-1,815
-2,142
-2,754
Financing
-338
-438
-297
-879
2,013
-1,382
-1,494
-2,096
-1,659
-805
-547
-544
Net Cash Flow
-402
-13
-15
-70
89
50
471
-279
-271
720
114
-556
Free Cash Flow
282
326
426
1,059
924
1,290
2,068
2,041
1,456
2,062
1,550
1,765
CFO/OP
92
91
93
117
102
95
104
101
100
111
102
123
Figures in ₹ Crores

Ratios

  Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
86
52
56
28
25
27
20
30
21
23
24
24
Cash Conversion Cycle
86
52
56
28
25
27
20
30
21
23
24
24
Working Capital Days
-91
-84
-57
-61
-113
-75
-61
-55
-23
-25
-9
-5
ROCE %
17%
16%
15%
19%
20%
25%
30%
31%
28%
27%
21%
15%

Shareholding Pattern

As of Mar 2026
Promoters 37.63%
DIIs 25.36%
Public 19.35%
FIIs 15.54%
Government 2.13%
Total 100.01%
  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
37.63%
FIIs
16.55%
16.00%
16.03%
15.67%
15.84%
15.21%
14.67%
14.75%
15.11%
15.47%
15.49%
15.54%
DIIs
25.20%
25.17%
24.77%
24.74%
23.57%
24.87%
25.80%
25.79%
25.70%
25.21%
25.08%
25.36%
Government
2.01%
2.01%
2.01%
2.01%
2.01%
10.00%
2.02%
2.01%
2.01%
2.01%
2.13%
2.13%
Public
18.62%
19.19%
19.56%
19.95%
20.95%
12.29%
19.89%
19.82%
19.55%
19.68%
19.68%
19.35%
No. of Shareholders
1,59,401
1,68,296
1,73,763
1,80,765
2,39,948
2,18,803
2,07,355
2,08,446
1,99,501
1,95,924
1,89,852
1,84,832

Documents

1
Concall - May 2019 May 2019
2
Concall - Aug 2019 Aug 2019
3
Concall - Nov 2019 Nov 2019
4
Concall - May 2019 May 2019
5
Concall - Aug 2019 Aug 2019

Frequently Asked Questions about Gujarat State Petronet Ltd

What does Gujarat State Petronet Ltd do?
Gujarat State Petronet Limited is a Public Limited Company incorporated under The Companies Act,1956. Further it is a Government Company u/s 2(45) under the Companies Act,2013. Gujarat State Petronet Limited alongwith its subsidiaries is primarily engaged in transmission of Natural gas through pi...
Where is Gujarat State Petronet Ltd (GSPL) listed?
Gujarat State Petronet Ltd is listed on the Indian stock exchanges. It is listed on NSE: GSPL and BSE: 532702. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Gujarat State Petronet Ltd belong to?
Gujarat State Petronet Ltd operates in the Energy sector within the Gas industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Gujarat State Petronet Ltd?
The Price-to-Earnings (PE) ratio of Gujarat State Petronet Ltd is 14.39. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Gujarat State Petronet Ltd?
Over the past 52 weeks, Gujarat State Petronet Ltd has traded between a low of ₹226.35 and a high of ₹360.6. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Gujarat State Petronet Ltd?
Gujarat State Petronet Ltd has a Return on Equity (ROE) of 18.46%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Gujarat State Petronet Ltd on Tapetide?
On Tapetide, you can view Gujarat State Petronet Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Gujarat State Petronet Limited is a Public Limited Company incorporated under The Companies Act,1956. Further it is a Government Company u/s 2(45) under the Companies Act,2013. Gujarat State Petronet Limited alongwith its subsidiaries is primarily engaged in transmission of Natural gas through pipeline. Further it is engaged in business of implementing and operating City Gas Distribution and generation of electricity through windmills. [1]

Website gspcgroup.com
CEO Ms. Rajeshwari Sharma
Employees 252
Listed 2006-02-16
Face Value ₹ 10
Issued Size 56,42,11,376

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