Gujarat Gas Ltd logo

Gujarat Gas Ltd

GUJGASLTD NSE

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]

AI Verdict: HOLD Confidence: 5%

Gujarat Gas trades at a PE of 20.9x with TTM sales growth of 43% and profit growth of 54%, but the stock has declined 17% over the past year and promoter holding dropped 22% last quarter. The valuation appears fair given moderate 3-year ROE of 14%, but near-term headwinds warrant caution.

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹33,678 Cr
Volatility
Moderate
P/E Ratio
23.07
EBITDA
₹2,902 Cr
Return on Equity
21.75%
Debt to Equity
0.02
Book Value
₹196.53
EPS
₹17.68
52W High
₹508.7
52W Low
₹301.5

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 1d ago
HOLD
Risk medium

Gujarat Gas trades at a PE of 20.9x with TTM sales growth of 43% and profit growth of 54%, but the stock has declined 17% over the past year and promoter holding dropped 22% last quarter. The valuation appears fair given moderate 3-year ROE of 14%, but near-term headwinds warrant caution.

Bull Case 8
  • TTM sales growth of 43% indicates strong revenue momentum driven by rising gas volumes
  • TTM profit growth of 54% shows significant earnings acceleration and improving margins
  • 10-year compounded profit CAGR of 24% demonstrates long-term earnings compounding ability
  • PE of 20.9x is reasonable for a utility-growth hybrid with 10-year sales CAGR of 14%
  • Healthy dividend payout of 28.5% with current yield of 1.56% provides income support
  • 10-year stock CAGR of 14% reflects sustained long-term wealth creation for investors
  • 5-year ROE of 17% and 10-year ROE of 20% indicate historically efficient capital deployment
  • Market cap of Rs 35,745 Cr provides large-cap stability with CGD sector tailwinds
Bear Case 8
  • Promoter holding decreased by 22.0% last quarter, signaling potential lack of confidence from promoters
  • Stock has delivered negative 17% returns over 1 year, underperforming broader markets significantly
  • 3-year stock CAGR of -7% and 5-year CAGR of -11% indicate prolonged shareholder value destruction
  • 3-year ROE of only 14% is below cost of equity for most investors and declining from 20% over 10 years
  • 3-year compounded profit growth of only 5% suggests the recent TTM spike may not be sustainable
  • 5-year compounded profit CAGR of just 7% versus sales CAGR of 19% indicates margin compression over time
  • Price-to-book of 1.9x combined with declining ROE trajectory limits valuation re-rating potential
  • Analyst consensus shows 17.86% sell ratings with only 42.86% buy, reflecting divided street opinion

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 2
  • Axis Capital's top CGD pick Jun 15

    Axis Capital ranks Gujarat Gas as its top pick among city gas distributors, citing recovery in industrial demand from Morbi, improved LNG availability, and merger synergies with LNG trading operations.

  • Attractive CGD valuations noted Jun 15

    Axis Capital sees city gas as its absolute top pick in oil & gas, noting valuations have turned attractive after prolonged weakness. Crude expected to average $85/bbl in FY27, declining to $70 long-term.

Neutral 5
  • Name change to Gujarat Energy Jun 24

    Gujarat Gas Limited officially changes name to Gujarat Energy Limited with trading symbol GUJENERGY effective July 01, 2026, as confirmed by NSE circular.

  • Merger shares listed on exchanges Jun 17

    62.27 crore equity shares credited to GSPC and GSPL shareholders and listed on NSE/BSE from June 18, 2026. 37.29 crore shares cancelled due to cross-holding.

  • Q4FY26 results with exceptional item Jun 1

    Gujarat Energy released Q4 and FY26 investor presentation on June 1, 2026, reporting a one-time exceptional item of ₹561 Crores.

  • Analyst meet on June 25 Jun 22

    Gujarat Gas officials to attend a virtual group meet organized by DAM Capital on June 25, 2026 at 05:00 PM IST, discussing publicly available information.

  • No promoter encumbrance in FY26 Jun 6

    Gujarat Gas promoters including Government of Gujarat created no encumbrance on shares during FY26, disclosed under SEBI regulations.

TL;DR: Gujarat Gas (now Gujarat Energy) is going through a transformative phase with its GSPC/GSPL merger completed and name change effective July 2026. The stock has a strong endorsement from Axis Capital as the top city gas pick, driven by Morbi demand recovery and merger synergies. No material headwinds are visible in recent news, though the ₹561 Cr exceptional item in Q4FY26 warrants monitoring. The trend appears improving with institutional interest rising and valuations considered attractive after prior weakness.

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 24.69%
Others 11.90%
FIIs 10.57%
Government 7.23%
Public 6.66%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 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%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
60.89%
38.94%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
3.72%
4.31%
4.51%
4.53%
3.97%
3.86%
3.70%
3.82%
3.97%
10.57%
DIIs
7.38%
7.90%
8.07%
8.03%
9.53%
10.01%
12.83%
12.55%
13.28%
13.11%
13.01%
13.96%
15.05%
14.76%
14.37%
14.21%
14.81%
14.99%
14.97%
15.06%
14.76%
24.69%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
7.08%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.01%
7.23%
Public
5.48%
5.56%
5.98%
5.85%
5.87%
5.74%
5.47%
5.59%
5.58%
5.79%
6.51%
6.26%
4.93%
4.79%
4.79%
5.00%
5.03%
4.92%
5.02%
4.87%
5.00%
6.66%
Others
26.25%
25.65%
25.06%
25.23%
23.70%
23.35%
13.72%
13.96%
13.24%
13.20%
12.57%
11.87%
8.41%
8.24%
8.43%
8.37%
8.28%
8.33%
8.41%
8.35%
8.36%
11.90%
No. of Shareholders
87,044
1,09,810
1,65,723
1,81,316
1,86,495
1,96,557
1,91,278
1,85,090
1,80,747
1,84,281
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: GUJGASLTD 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 Energy sector within the Gas industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Gujarat Gas Ltd?
Gujarat Gas Ltd has a market capitalisation of approximately ₹33678.34 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Gujarat Gas Ltd?
The Price-to-Earnings (PE) ratio of Gujarat Gas Ltd is 23.07. 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 ₹301.5 and a high of ₹508.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does Gujarat Gas Ltd pay dividends?
Yes, Gujarat Gas Ltd has a dividend yield of 1.65%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Gujarat Gas Ltd?
Gujarat Gas Ltd has a Return on Equity (ROE) of 21.75%. 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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