Gujarat Gas
Gujarat Gas
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 28.5%
Weaknesses
2- Promoter holding has decreased over last quarter: -22.0%
- Company has a low return on equity of 14.0% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Gujarat Gas Ltd has a market capitalisation of about ₹22,358 Cr. It trades at a P/E of 13x and a P/B of 1.2x, with a dividend yield of 3.78%. TTM sales grew 43% and TTM profit grew 54%, while 3-year profit CAGR was only 5%. ROE has fallen from a 10-year average of 20% to 13% last year, and the stock has returned -29% over 1 year and -13% CAGR over 5 years. The 22.0% quarterly drop in promoter holding matches the timing of the GSPC-GSPL composite amalgamation scheme, for which the MCA order was received in September 2025 and a shareholder meeting was set for 17 October 2025.
- TTM sales growth of 43% is well above the 3-year sales CAGR of 12%, which shows a sharp recent pickup in revenue.
- TTM profit growth of 54% is much faster than the 3-year profit CAGR of 5%, which suggests earnings momentum has turned up.
- The P/E of 13x and P/B of 1.2x are low for a city gas distribution business with a 10-year ROE average of 20%.
- A dividend yield of 3.78%, backed by a 28.5% payout ratio, gives shareholders a cash return. The modest payout also leaves room to fund growth from retained earnings.
- Over 10 years the business has compounded sales at 14% and profit at 24%, and the stock has delivered a 12% CAGR.
- The 5-year sales CAGR of 19% points to continued expansion of the distribution network and volumes over the medium term.
- Industry reports had estimated that the reverse merger of GSPC and GSPL into Gujarat Gas could improve profits. The TTM profit jump of 54% may partly reflect this consolidation.
- The stock has returned -29% over 1 year, -10% CAGR over 3 years and -13% CAGR over 5 years, so shareholder wealth has shrunk over the medium term.
- ROE has fallen steadily, from 20% (10-year) to 17% (5-year), 14% (3-year) and 13% last year, which points to weaker capital efficiency.
- Profit grew at a 5% CAGR over 3 years against 12% for sales, which suggests margins were squeezed. Likely causes include changes in gas costs and competition from alternate fuels.
- Promoter holding fell 22.0% last quarter. This is tied to the restructuring scheme, and a 2024 report estimated promoter stake would drop from 60.9% to about 25.9% after the merger, which changes the ownership structure.
- The 43% TTM sales and 54% TTM profit growth may be inflated by consolidation from the scheme of arrangement. That makes it harder to compare with past periods and to judge organic growth.
- The 5-year profit CAGR of 7% is far below the 24% 10-year CAGR, so the recent earnings trend is much weaker than the long-term record.
- A 3-year ROE of 14%, flagged as low, limits the case for a higher valuation even at a P/E of 13x.
- The debt-to-equity ratio, ROCE and 52-week price range are not available here. This makes it harder to judge balance sheet leverage after the merger of the GSPC and GSPL entities.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Morbi ceramics shifting to propane Sep 2
Gujarat Gas prices rose 14% from ₹79 to ₹90/scm between July and August, so Morbi's 700+ ceramic units are expected to cut Gujarat Gas's share of their sourcing to about 20% in September from 40% in July, with propane rising to about 80%. The Morbi Ceramic Association expects FY27 industry growth to slow to 3-5% from the usual 8-12%, citing West Asia and Strait of Hormuz supply risks.
- Returns trail peer medians Sep 18
ROE of 8.04% is 41.14% below the peer median of 13.66%, and ROCE of 11.32% is 33.25% below the 16.96% median. Weaker capital efficiency may keep the valuation at a discount.
- ₹8.90 FY26 dividend approved Oct 1
The final dividend of ₹8.90 per share, declared Sep 6, was approved with 99.99% support at the Sep 29 AGM, for a total payout of ₹835 crore across 93.82 crore shares. All five AGM resolutions passed, and Dr. T. Natarajan's re-appointment received 92.12% of votes.
- Stock gains 2.09% in mid-cap rally Sep 18
Shares closed at ₹244.60, up from ₹239.60, after an intraday high of ₹245.00, while the BSE Midcap 150 rose 0.82%. At 11.85x P/E and 1.16x P/B, the stock trades below the 15.3x peer median P/E, and its market cap is ₹22,892.83 crore.
- GSPL Transmission demerger and listing Sep 29
31.27 crore shares of GSPL Transmission Ltd start trading on BSE and NSE from Sep 30, 2026, under a demerger scheme effective May 1, 2026. Details of how shareholders should split their acquisition cost between GEL and GSPL Transmission were released on Sep 5.
- CAG appoints FY27 statutory auditor Sep 10
The CAG appointed M/s. Dhirubhai Shah & Co. LLP as statutory auditor for FY2026-27, effective Sep 10, 2026.
- FY26 BRSR filed Sep 5
Scope 1 emissions rose to 44,161.16 MT CO2e and water consumption was 17,296.47 KL. The company reported zero fatalities and an LTIFR of 0.068 for workers.
TL;DR: Shareholder returns are solid, with an ₹835 crore dividend approved almost unanimously and the stock gaining 2.09% to ₹244.60 at a P/E discount to peers. The main risk is industrial demand: a 14% price hike is pushing Morbi ceramic buyers toward propane, which could halve Gujarat Gas's share of their supply in September, and ROE and ROCE remain well below peers. These articles may refer to two different companies, since the corporate filings name Gujarat Energy Ltd (the parent of the demerged GSPL Transmission) while the market and Morbi articles name Gujarat Gas, so check which entity GUJENERGY refers to before drawing conclusions. Going forward, watch Q2 FY27 industrial volumes, LNG pricing tied to West Asia tensions, and how GSPL Transmission trades after listing.
Quarterly Results
| Particulars | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,929 | 3,782 | 3,845 | 3,929 | 4,134 | 4,450 | 3,782 | 4,153 | 4,102 | 3,871 | 3,780 | 3,658 | 5,792 |
| Expenses | 3,368 | 3,394 | 3,349 | 3,528 | 3,543 | 3,915 | 3,268 | 3,772 | 3,652 | 3,351 | 3,333 | 3,211 | 5,183 |
| Operating Profit | 560 | 388 | 497 | 401 | 591 | 536 | 514 | 380 | 450 | 520 | 447 | 447 | 609 |
| OPM % | 14% | 10% | 13% | 10% | 14% | 12% | 14% | 9% | 11% | 13% | 12% | 12% | 11% |
| Other Income | 33 | 25 | 28 | 24 | 88 | 39 | 40 | 58 | 75 | 60 | 72 | 56 | 34 |
| Interest | 6 | 7 | 8 | 7 | 7 | 8 | 8 | 9 | 7 | 8 | 8 | 9 | 46 |
| Depreciation | 109 | 115 | 118 | 120 | 121 | 123 | 130 | 129 | 129 | 131 | 134 | 135 | 224 |
| PBT | 478 | 290 | 399 | 297 | 551 | 444 | 417 | 300 | 389 | 441 | 377 | 359 | 374 |
| Tax % | 22% | 26% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 26% | 26% | 59% |
| Net Profit | 370 | 216 | 296 | 221 | 410 | 331 | 309 | 221 | 288 | 328 | 280 | 267 | 152 |
| EPS in Rs | 5.38 | 3.14 | 4.3 | 3.21 | 5.96 | 4.8 | 4.48 | 3.21 | 4.18 | 4.76 | 4.06 | 3.88 | 2.21 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,006 | 6,106 | 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 16,487 | 23,614 |
| Expenses | 7,894 | 5,367 | 4,331 | 5,261 | 6,758 | 8,652 | 7,761 | 14,354 | 14,338 | 13,787 | 14,579 | 20,562 |
| Operating Profit | 1,112 | 739 | 762 | 913 | 997 | 1,649 | 2,105 | 2,103 | 2,422 | 1,904 | 1,908 | 3,052 |
| OPM % | 12% | 12% | 15% | 15% | 13% | 16% | 21% | 13% | 14% | 12% | 12% | 13% |
| Other Income | 101 | 12 | 18 | 29 | 95 | 82 | 70 | 79 | 101 | 161 | 204 | 539 |
| Interest | 334 | 250 | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 52 | 251 |
| Depreciation | 238 | 245 | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 511 | 899 |
| PBT | 641 | 256 | 305 | 464 | 596 | 1,208 | 1,698 | 1,715 | 2,028 | 1,537 | 1,549 | 2,441 |
| Tax % | 31% | 26% | 28% | 37% | 30% | 1% | 25% | 25% | 25% | 26% | 26% | 31% |
| Net Profit | 447 | 190 | 221 | 292 | 418 | 1,199 | 1,270 | 1,287 | 1,528 | 1,144 | 1,148 | 1,678 |
| EPS in Rs | 0.99 | 2.76 | 3.2 | 4.25 | 6.08 | 17.41 | 18.45 | 18.7 | 22.2 | 16.61 | 16.68 | 24.37 |
| Div. Payout % | 15% | 18% | 19% | 19% | 16% | 7% | 11% | 11% | 30% | 34% | 35% | 17% |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 187 |
| Reserves | 1,872 | 1,386 | 1,526 | 1,729 | 2,068 | 3,180 | 4,340 | 5,492 | 6,890 | 7,585 | 8,352 | 18,251 |
| Borrowings | 3,226 | 2,357 | 2,359 | 2,328 | 2,213 | 2,055 | 983 | 629 | 152 | 150 | 150 | 3,243 |
| Other Liabilities | 1,679 | 2,189 | 2,353 | 2,467 | 2,739 | 2,553 | 3,079 | 3,329 | 3,747 | 3,819 | 4,011 | 5,864 |
| Total Liabilities | 6,915 | 6,069 | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 12,651 | 27,546 |
| Fixed Assets | 4,487 | 4,673 | 4,903 | 5,094 | 5,290 | 5,585 | 6,040 | 6,631 | 7,338 | 7,763 | 8,208 | 13,651 |
| CWIP | 357 | 468 | 506 | 478 | 489 | 569 | 731 | 992 | 983 | 918 | 839 | 836 |
| Investments | 1,118 | 144 | 92 | 41 | 42 | 43 | 48 | 52 | 63 | 168 | 172 | 1,010 |
| Other Assets | 953 | 784 | 875 | 1,049 | 1,337 | 1,728 | 1,719 | 1,912 | 2,544 | 2,842 | 3,433 | 12,049 |
| Total Assets | 6,915 | 6,069 | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 12,651 | 27,546 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 1,094 | 637 | 701 | 785 | 964 | 1,420 | 1,659 | 1,662 | 2,375 | 1,634 | 1,806 | 2,721 |
| Investing | -365 | 375 | -458 | -430 | -612 | -466 | -614 | -1,294 | -1,039 | -879 | -1,921 | -2,097 |
| Financing | -563 | -1,224 | -251 | -273 | -349 | -502 | -1,318 | -628 | -678 | -514 | -474 | -417 |
| Net Cash Flow | 166 | -212 | -9 | 82 | 3 | 451 | -273 | -260 | 658 | 241 | -589 | 206 |
| Free Cash Flow | 741 | 79 | 220 | 330 | 434 | 824 | 903 | 295 | 1,289 | 797 | 1,055 | 1,768 |
| CFO/OP | 112 | 94 | 98 | 97 | 97 | 103 | 99 | 100 | 117 | 103 | 111 | 100 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 18 | 25 | 23 | 24 | 18 | 29 | 21 | 22 | 24 | 23 | 27 |
| Inventory Days | 2 | 3 | 4 | 4 | 4 | 2 | 3 | — | — | — | — | 22 |
| Days Payable | 21 | 19 | 30 | 23 | 21 | 16 | 23 | — | — | — | — | 32 |
| Cash Conversion Cycle | -4 | 2 | -1 | 4 | 7 | 4 | 8 | 21 | 22 | 24 | 23 | 17 |
| Working Capital Days | -81 | -85 | -67 | -55 | -45 | -38 | -48 | -25 | -33 | -35 | -8 | 53 |
| ROCE % | — | 12% | 13% | 17% | 19% | 29% | 34% | 31% | 31% | 20% | 20% | 18% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY14–FY26.
Documents
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Company Information
Gujarat Gas Limited (GGL) is a government company u/s 2(45) of Companies Act 2013. Formerly Known as GSPC Distribution Networks Limited(GDNL), GGL is engaged in the business of Natural gas in India. The business of natural gas involves distribution of gas from sources of supply to centres of demand and to end customers. [1] GGL caters to its customers by providing CNG and PNG connections in domestic, Industrial, Commercial and Non commercial segments in the areas of South & Central Gujarat and Saurashtra. [2]
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