Gujarat Gas Ltd logo

Gujarat Gas Ltd

GUJENERGY NSE

Key Fundamentals

Volatility
Moderate
P/E Ratio
18.98
EBITDA
₹2,902 Cr
Return on Equity
13.53%
Debt to Equity
0.18
52W High
₹452
52W Low
₹261.25

Insights

Beta

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

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37 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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

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

Revenue Growth
41.44% ↘
Net Income Growth
112.70% ↘
Cash Flow Change
10.52% ↗
ROE
-8.64% ↘
ROCE
-7.48% ↘
EBITDA Margin (Avg.)
-4.56% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 4d ago
AI opinion · based on fundamentals
Risk medium

Gujarat Gas Ltd (now Gujarat Energy) operates as India's largest city gas distribution company by volume at ~9.3 mmscmd, with a market cap of ₹26,183 Cr trading at a PE of 14.9x. FY25 EBITDA stood at ₹2,090 Cr and PAT at ₹1,146 Cr, while the stock has declined 29% over the past year amid volume headwinds in the industrial segment and a significant drop in promoter holding.

Bull Case 8
  • TTM sales growth of 43% indicates strong top-line momentum driven by volume and pricing recovery
  • TTM profit growth of 54% shows significant earnings acceleration in the most recent period
  • Record CNG volumes of 3.22 mmscmd in Q4 FY25, up 12% YoY, with further growth to 3.45 mmscmd in Q3 FY26 (+11% YoY)
  • Massive distribution network of 43,900 km pipeline, 834 CNG stations, and 23.8 lakh household connections provides a durable competitive moat
  • PE of 14.9x is modest for a utility-style business with 10-year compounded profit CAGR of 24%
  • Dividend yield of 2.19% with a healthy payout ratio of 28.5% provides income support
  • 10-year compounded sales CAGR of 14% and profit CAGR of 24% demonstrate long-term structural growth in gas distribution
  • CNG registrations growing 35% YoY in May 2026 at 13,200/month signals sustained demand tailwind from vehicle conversions
Bear Case 8
  • Promoter holding decreased by 22% in the last quarter, signaling potential reclassification or reduced promoter commitment
  • Stock price CAGR of -29% over 1 year and -10% over 3 years reflects sustained investor de-rating
  • Industrial PNG volumes (~54% of sales) declined 13% YoY in Q4 FY25, indicating demand weakness in the core Morbi ceramic cluster
  • Overall sales volumes fell to 9.31 mmscmd in Q4 FY25 from 9.69 mmscmd in Q4 FY24, a decline of ~4%
  • 3-year ROE of 14% is below the 5-year average of 17% and 10-year average of 20%, showing a declining return profile
  • 3-year compounded profit CAGR of only 5% versus 10-year CAGR of 24% suggests growth deceleration over the medium term
  • 5-year stock CAGR of -13% indicates the market has not rewarded shareholders despite revenue growth of 19% CAGR over the same period
  • FY25 PAT of ₹1,146 Cr was nearly flat versus FY24's ₹1,143 Cr despite higher EBITDA, suggesting margin or below-the-line pressures

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2d ago
Positives 3
  • Q1 profit surges 78% YoY Aug 11

    Standalone net profit jumped 78% YoY to ₹997.97 crore in Q1FY27, driven by strong City Gas Distribution and Gas Trading segments 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.

Neutral 3
  • GSEG reclassification to public shareholder Aug 11

    Board approved reclassifying Gujarat State Energy Generation Limited (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, certified by independent directors.

  • Q1 earnings call set for 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, benefiting from post-merger scale. No material headwinds surfaced in recent news. Corporate housekeeping around the amalgamation (GSEG reclassification, fractional shares) is proceeding smoothly. The trend is clearly positive, with the key monitorable being whether volume growth and margin expansion sustain in coming quarters.

Quarterly Results

  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 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
Figures in ₹ Crores

Profit & Loss

  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 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%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of May 2026
Promoters 38.94%
DIIs 24.64%
Public 18.57%
FIIs 10.57%
Government 7.29%
Total 100.01%
  Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026May 2026
Promoters
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
38.94%
FIIs
3.80%
3.34%
3.72%
4.31%
4.51%
4.53%
3.97%
3.86%
3.70%
3.82%
3.98%
10.57%
DIIs
13.09%
13.98%
15.04%
14.75%
14.38%
14.21%
14.81%
15.00%
14.97%
15.06%
14.76%
24.64%
Government
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.29%
Public
15.20%
14.78%
13.32%
13.04%
13.20%
13.35%
13.33%
13.25%
13.41%
13.23%
13.35%
18.57%
No. of Shareholders
2,11,378
2,13,432
1,78,664
1,74,549
1,72,026
1,78,067
1,80,178
1,71,466
1,69,570
1,66,450
1,73,919
3,27,682

Documents

Frequently Asked Questions about Gujarat Gas Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: GUJENERGY and BSE: 539336. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Gujarat Gas Ltd belong to?
Gujarat Gas Ltd operates in the Oil & Gas sector within the Gas Supplier industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the PE ratio of Gujarat Gas Ltd?
The Price-to-Earnings (PE) ratio of Gujarat Gas Ltd is 18.98. 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 Gas Ltd?
Over the past 52 weeks, Gujarat Gas Ltd has traded between a low of ₹261.25 and a high of ₹452. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Gujarat Gas Ltd?
Gujarat Gas Ltd has a Return on Equity (ROE) of 13.53%. 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 Gas Ltd on Tapetide?
On Tapetide, you can view Gujarat Gas 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 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
Issued Size 68,83,90,125

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