Gujarat Gas logo

Gujarat Gas

GUJENERGY NSE
₹221.80 0.18 (0.08%)
Market Cap
₹21,273 Cr
P/E
14.88

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹21,273 Cr
P/E (TTM)
14.88
EBITDA
₹3,600 Cr
Return on Equity
8.9%
Debt to Equity
0.18
Book Value
₹196.53
EPS (TTM)
₹14.91
52W High
₹443.75
52W Low
₹218.95

Price-based figures as of 13 Oct 2026, 15:29 IST · EPS basis: Consolidated · TTM

Peer Comparison

Energy › Oil & Gas › Gas Supplier › LPG/CNG/PNG/LNG Supplier

Adani Total Gas
₹572.20103.4762,931 Cr12.940.04%13.48%13.82%6,340 Cr608 Cr
Petronet LNG
₹290.0010.3343,500 Cr1.953.43%17.09%21.26%38,028 Cr4,208 Cr
Gujarat Gas (this company)
₹221.8014.8821,273 Cr1.133.98%8.90%12.17%23,304 Cr1,027 Cr
Indraprastha Gas
₹142.8514.7019,999 Cr1.743.25%13.39%16.39%17,510 Cr1,354 Cr
Mahanagar Gas
₹1,022.2014.0010,097 Cr1.572.88%13.05%16.45%8,654 Cr721 Cr
Confidence Petroleum
₹83.3620.632,770 Cr1.970.12%6.04%10.24%6,030 Cr138 Cr
IRM Energy
₹257.3514.461,057 Cr1.060.59%4.95%9.01%1,153 Cr74 Cr
Kotyark Industries
₹33.53—379 Cr2.341.39%10.62%17.25%325 Cr20 Cr
Median 8 companies₹239.5814.7015,048 Cr1.852.14%11.84%15.11%7,497 Cr665 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100. How it works →

As of 2026-10-12
v2.0.0
56 Good
Overall score
Data confidence 100/100

Category scores

Quality Strong 73
Returns, margins, earnings quality 22%
Valuation Strong 67
Cheap vs sector & own history 24%
Growth Strong 92
Sales & profit trajectory 9%
Financial Health Good 61
Solvency, leverage, coverage 9%
Momentum Poor 10
Trend strength, vol-adjusted 12%
Ownership Weak 44
FII/DII/promoter flows 24%

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Oscillators

BearishNeutralBullish

Bullish

Bearish
2
Neutral
4
Bullish
3

Overall

BearishNeutralBullish

Bearish

Bearish
12
Neutral
4
Bullish
3

Moving Averages

BearishNeutralBullish

Bearish

Bearish
10
Neutral
0
Bullish
0
Analyst Rating
Based on 26 analysts
BUY SHARE46%

12 of 26 analysts rate Buy, 10 Hold, 4 Sell.

Updated 13 Oct 2026

BUY
12
46.1%
HOLD
10
38.5%
SELL
4
15.4%

Growth Rate

Revenue Growth
44.72% higher than 3Y

change over 1 year

Net Income Growth
46.09% higher than 3Y

change over 1 year

Cash Flow Change
-19.25%

change over 1 year

EBITDA Margin Change
19.1%

change over 1 year Operating margin 11% · Mar 2026

AI Analysis — Bull vs Bear

Figures as of 8 Oct 2026
AI opinion · based on fundamentals
Risk medium

As of the 2026-10-08 close, Gujarat Gas Ltd traded at ₹219.86, a market cap of ₹21,086.49 crore. That price is 0.4% above its 52-week low of ₹219.04 and about 50% below its 52-week high of ₹443.75. The stock is valued at 14.75x TTM earnings and 1.12x book, with a 3.9% dividend yield and debt-to-equity of 0.18. TTM sales grew 43% and TTM profit grew 54%, but current ROE of 8.9% is well below the 5-year average of 17% and the 10-year average of 20%, and promoter holding fell by a reported 22.0% last quarter.

Bull Case 8
  • The P/E of 14.75x on TTM EPS of ₹14.91 and P/B of 1.12x are low compared with the company's past return profile, which includes a 10-year average ROE of 20%.
  • TTM revenue grew 43%, well above the 3-year sales CAGR of 12% and the 10-year CAGR of 14%, so top-line growth has picked up recently.
  • TTM profit grew 54%, far above the 3-year profit CAGR of 5% and 5-year CAGR of 7%, which suggests earnings may be recovering. It is not yet clear how much of this comes from the core business and how much from one-time or structural effects.
  • Debt-to-equity is low at 0.18, so the balance sheet has room to fund city gas distribution capex or absorb swings in gas prices.
  • The dividend yield is 3.9% at ₹219.86, and the company has kept a dividend payout of 28.5%, which gives investors income while they wait.
  • ROCE of 12.17% is above ROE of 8.9%. Combined with the low 0.18 debt-to-equity, this suggests returns on operating capital are better than headline ROE shows.
  • The stock has a 10-year price CAGR of 12% and a 10-year profit CAGR of 24%, so it has compounded over the long run despite recent weakness.
  • At ₹219.86, the stock is about 50% below its 52-week high of ₹443.75, so the market has already priced in a lot of pessimism.
Bear Case 8
  • ROE has fallen steadily: 20% over 10 years, 17% over 5 years, 14% over 3 years, 13% last year and 8.9% now. The company has also been flagged for a low 3-year ROE of 14.0%.
  • Promoter holding fell by a reported 22.0% over the last quarter. This could reflect corporate restructuring, but it changes the ownership structure and needs clarification.
  • The stock's price CAGR is negative over 1 year (-29%), 3 years (-10%) and 5 years (-13%), so shareholders have lost value across several time frames.
  • The price of ₹219.86 is only 0.4% above the 52-week low of ₹219.04 and about 50% below the 52-week high of ₹443.75, so the downtrend has not yet shown signs of stabilising.
  • Profit grew only 5% a year over 3 years and 7% a year over 5 years, against sales CAGRs of 12% and 19%. Profit lagging sales points to margin compression, likely from gas sourcing costs and competition from alternative fuels.
  • The 43% TTM sales growth and 54% TTM profit growth are well above the company's 3- to 5-year trends. That makes them hard to extrapolate and suggests base effects or a change in business structure, especially since current ROE is still 8.9%.
  • A P/B of 1.12x with ROE of 8.9% means the company is earning close to or below typical cost-of-equity levels. Unless returns improve, the low multiples may be justified rather than a sign of undervaluation.
  • The 28.5% dividend payout does not reconcile cleanly with a 3.9% yield at 14.75x P/E, which would imply roughly 57% of TTM EPS. Future dividends could depend on payout policy after the shareholding changes.

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

AI News Digest

17h ago
Headwinds 2
  • Return ratios trail peers 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 peer median of 16.96%. This points to weaker capital efficiency than other gas utilities.

  • Below sector benchmarks broadly Sep 18

    The company trades below sector benchmarks on key financial ratios. Its P/E of 11.85x sits under the 15.3x peer median and its P/B is 1.16x, which suggests the market is pricing in lower growth or returns.

Positives 3
  • ₹8.90 FY26 dividend approved Sep 29

    The 14th AGM approved a dividend of ₹8.90 per share for FY26, a total payout of about ₹835 crore. At the ₹244.60 price, that is a yield of roughly 3.6%.

  • Stock up 2.09% in midcap rally Sep 18

    Shares closed at ₹244.60, up 2.09% from ₹239.60, after an intraday high of ₹245.00 on turnover of ₹2.38 crore. The BSE Midcap 150 rose 0.82% the same day and Nifty crossed 23,300.

  • Valuation discount to peers Sep 18

    A P/E of 11.85x is cheaper than MGL at 14.79x and ATGL at 102.09x. Market cap is ₹22,892.83 crore, ahead of IGL at ₹20,811.02 crore.

Neutral 2
  • GSPL Transmission listing Sep 30 Sep 29

    31.27 crore equity shares of GSPL Transmission Limited will list and trade on BSE and NSE from September 30, 2026. This completes a key step in the group restructuring and may unlock value for the transmission business.

  • Dr. T. Natarajan re-appointed Sep 29

    Shareholders re-appointed Dr. T. Natarajan as director at the 14th AGM, which keeps board continuity in place.

TL;DR: Gujarat Energy (formerly Gujarat Gas) offers a solid ₹835 crore dividend payout (~3.6% yield) and trades at a discount to peers at 11.85x P/E, and the stock gained 2.09% on Sep 18 alongside a broad midcap rally. The main risk is weak capital efficiency, with ROE and ROCE trailing peer medians by 41% and 33%, which helps explain the valuation discount. The trend looks stable to slightly improving, and the GSPL Transmission listing on Sep 30 is the next catalyst to watch for value unlocking and any re-rating of the restructured entity.

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹943 Cr −41.1% vs Jun 26
Reported High Mean Low

Quarterly Results

Particulars Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 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 (₹)
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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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 (₹)
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%
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs24.23%Public6.80%Promot.38.94%Govt.7.23%FIIs10.85%Others11.94%As ofJun 2026

Documents

Frequently Asked Questions about Gujarat Gas

What does Gujarat Gas Ltd do?
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 dema...
Where is Gujarat Gas Ltd (GUJGASLTD) listed?
Gujarat Gas Ltd trades as GUJENERGY on the NSE and under code 539336 on the BSE.
Which sector does Gujarat Gas Ltd belong to?
Gujarat Gas Ltd is classified under the Oil & Gas sector, in the Gas Supplier industry.
What is the market capitalisation of Gujarat Gas Ltd?
Gujarat Gas Ltd has a market capitalisation of ₹21,273 Cr as of 13 Oct 2026, which places it in the Large Cap band.
What is the PE ratio of Gujarat Gas Ltd?
Gujarat Gas Ltd trades at a PE ratio of 14.88 as of 13 Oct 2026, on earnings per share of ₹14.91, against a book value of ₹196.53 per share.
What is the 52-week high and low of Gujarat Gas Ltd?
Over the last 52 weeks Gujarat Gas Ltd has traded between ₹218.95 and ₹443.75 as of 13 Oct 2026.
Does Gujarat Gas Ltd pay dividends?
Gujarat Gas Ltd has a dividend yield of 4.02%.
What is the Return on Equity (ROE) of Gujarat Gas Ltd?
Gujarat Gas Ltd reported a return on equity of 8.90%. Its debt-to-equity ratio is 0.18.

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]

Website gujaratgas.com
CEO Mr. Sandeep Dave
Employees 895
Listed 2015-09-15
Face Value ₹ 2
Shares Outstanding 95,90,87,130

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