Gujarat Gas Ltd
Gujarat Gas Ltd
Oil & GasKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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37 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
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 Energy Ltd (formerly Gujarat Gas Ltd) is India's largest city gas distribution company by volume, operating across 44 districts in 6 states with ~8.37 mmscmd gas distribution. The stock trades at a PE of 14.8x with a market cap of ₹25,799 Cr, and while TTM sales grew 43% and profit grew 54%, the stock has declined 29% over the past year and promoter holding dropped 22% in the last quarter following the GSPC group merger.
- Strong TTM revenue growth of 43% indicating robust demand recovery and gas trading expansion
- TTM profit growth of 54% demonstrates significant operating leverage and margin improvement
- Attractive valuation at PE of 14.8x, well below historical averages for CGD companies
- India's largest CGD company by sales volume at ~8.37 mmscmd across 44 districts in 6 states, providing scale advantages
- Healthy dividend payout of 28.5% with current dividend yield of 2.16%, offering income support
- CNG volumes growing 11-12% YoY (3.45 mmscmd in Q3 FY26 vs 3.12 mmscmd in Q3 FY25) driven by vehicle conversion trends
- 10-year compounded profit CAGR of 24% and sales CAGR of 14% reflect a long-term structural growth story
- Massive pipeline network of over 44,540 km and 834+ CNG stations creates a durable moat against new entrants
- Promoter holding decreased by 22% in the last quarter, signaling potential dilution or strategic restructuring risk
- Stock has declined 29% over the past 1 year and delivered a negative 10% CAGR over 3 years, indicating sustained underperformance
- 3-year ROE of only 14% is modest for a capital-intensive utility, below the 5-year average of 17%
- 3-year compounded profit CAGR of just 5% suggests earnings growth was weak before the recent TTM surge
- 5-year stock CAGR of -13% shows prolonged value destruction for medium-term holders despite business growth
- CNG volume saw annual decline of -12% in Q4 FY25, highlighting segment-level demand volatility
- Operating expenses per scm jumped 17% YoY in Q4 FY25, pressuring unit-level EBITDA margins
- Last year ROE dropped to 13% from 14% three-year average, showing declining capital efficiency trend
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 profit surges 78% YoY Aug 11
Standalone net profit rose 78% YoY to ₹997.97 crore in Q1FY27, driven by strong CGD and Gas Trading performance post-amalgamation.
- CGD volume hits 12.34 MMSCMD Aug 12
Q1FY27 investor presentation shows CGD volume reached 12.34 MMSCMD, led by CNG and PNG expansion following the merger.
- Board reshuffle approved by shareholders Aug 4
Eight resolutions passed via postal ballot appointing Manoj Kumar Das as Chairman and Avantika Singh Aulakh as MD, all with requisite majority.
- GSEG reclassification to public shareholder Aug 11
Board approved reclassifying Gujarat State Energy Generation Limited's 0.14% holding from Promoter to Public Shareholder category, simplifying post-amalgamation structure with no change in control.
- Fractional share dues settled Aug 11
Gujarat Energy completed distribution of net proceeds from sale of fractional shares arising from the composite amalgamation scheme.
- Q1 earnings call set Aug 12 Aug 3
Post-results conference call scheduled for 12 August 2026 at 4:00 PM IST with senior management.
TL;DR: Gujarat Energy delivered a strong Q1FY27 with 78% profit growth and robust CGD volumes at 12.34 MMSCMD, reflecting successful post-merger integration. No material headwinds emerged in recent news. Corporate housekeeping items like GSEG reclassification and fractional share settlements indicate orderly amalgamation completion. The trend is clearly improving with volume-led growth in the CGD segment providing forward momentum.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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]