Gujarat Gas Limited (GUJGASLTD)

Oil Gas & Consumable Fuels · Gas · NSE · Updated 16 July 2026

₹327.05 ↓ 31.1% (1Y)

🎯 Key Takeaways

Gujarat Gas Limited (GUJGASLTD) is undergoing a structural transformation through the merger of Gujarat State Petroleum Corporation, Gujarat State Petronet, and Gujarat State Energy Generation into a single entity, now operating as Gujarat Energy Limited. The company is positioning itself as India's largest city gas distribution player with a strong ESG and digital transformation focus, while expanding gas trading under long-term contracts.
Revenue grew 9.7% QoQ to ₹4,333 in Q3FY25.
⚠️ Exposure to LNG price volatility could pressure gas trading margins despite management’s 4-6% EBITDA margin guidance.

Market Cap

₹25,464

P/E Ratio

20.1

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Gujarat Gas Limited (GUJGASLTD) is undergoing a structural transformation through the merger of Gujarat State Petroleum Corporation, Gujarat State Petronet, and Gujarat State Energy Generation into a single entity, now operating as Gujarat Energy Limited. The company is positioning itself as India's largest city gas distribution player with a strong ESG and digital transformation focus, while expanding gas trading under long-term contracts. Management highlights sustainable earnings visibility through volume growth targets and strategic demergers, including the planned separation of GTL.

📰 What's Happening

In the latest filing on 2026-06-05, management reported FY26 EBITDA of ₹3,772 crores and PAT of ₹2,299 crores, with a recommended dividend of ₹8.90 per share. CNG sales volume grew 12% YoY to 3.6 mmscmd, and the PNG customer base expanded to 24.18 lakh. The merger scheme became effective May 1, 2026, with share listing expected by June 10, 2026, and GTL demerger anticipated by July 31, 2026. Management projects gas trading volume growth of 25-30% by 2025-31 and guided EBITDA margins of 4-6% for gas trading. Segment EBITDA estimates for FY25 include gas trading at ₹1,200 crores, CGD at ₹2,000 crores, and renewables at ₹39 crores. Additional disclosures include INR1,000 crores capex guidance, INR100 crores E&P capex, and a tax loss carryforward of INR7,200 crores with INR1,900 crores usable over 8 years.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	4,074	3,924	3,991	4,084	4,294	4,615	3,949	4,333
Operating Profit	592	412	525	424	678	574	553	437
OPM %	13.8%	9.9%	12.4%	9.8%	13.8%	11.6%	13.0%	8.8%
Net Profit	371	216	296	221	410	331	309	221
EPS	₹5.38	₹3.14	₹4.30	₹3.21	₹5.96	₹4.80	₹4.48	₹3.21

Quarterly financials show revenue peaking at ₹4,615 crores in Q1FY25 before declining to ₹4,294 crores in Q4FY24, with a corresponding drop in net profit from ₹410 crores to ₹221 crores over the same period. Operating margins remained relatively stable between 9.8% and 13.8%, but net profit and EPS have shown volatility, with Q2FY25 reporting ₹309 crores PAT and ₹4.48 EPS, down from ₹331 crores and ₹4.80 EPS in Q1FY25. The most recent Q3FY25 data reflects revenue of ₹4,333 crores and PAT of ₹221 crores, indicating stabilization but no clear upward trajectory yet. These trends align with management’s focus on restructuring and margin management amid sectoral volume pressures.

🔮 Management Outlook & What's Next

Management provided forward-looking guidance including gas trading volume growth of 25-30% by 2025-31, EBITDA margins of 4-6% for gas trading, and capex of INR1,000 crores. They also highlighted a tax loss carryforward of INR7,200 crores with INR1,900 crores remaining usable over 8 years, supporting future profitability. Share listing is expected by June 10, 2026, and GTL demerger by July 31, 2026. No explicit revenue or profit targets were disclosed, but segment EBITDA estimates for FY25 suggest confidence in CGD and gas trading performance.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Gas

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
GAIL (India) Limited	1.07 L Cr	8.6	—	—	—
Adani Total Gas Limited	67,776	101.4	—	—	—
Petronet LNG Limited	39,540	10.9	—	—	—
Gujarat Gas Limited	25,464	20.1	—	—	—
Aegis Logistics Limited	23,663	24.4	15.7%	16.6%	0.62
Indraprastha Gas Limited	21,297	12.6	—	—	—
Gujarat State Petronet Limited	15,141	7.8	—	—	—
Mahanagar Gas Limited	10,743	10.3	—	—	—
Confidence Petroleum India Limited	2,047	26.1	—	—	—
IRM Energy Limited	1,176	23.6	—	—	—

🔗 Peer Stock Analyses

GAIL ATGL PETRONET AEGISLOG IGL

⚠️ Risk Factors

1. Exposure to LNG price volatility could pressure gas trading margins despite management’s 4-6% EBITDA margin guidance. 2. Outstanding contingent liabilities totaling INR2,908.66 crores, including ₹1,688.66 crores in disputed tax demands and a ₹1,200 crore Vedanta arbitration claim, pose potential financial and regulatory headwinds. 3. CGD sales volume declined to 8.69 mmscmd in FY26 from 9.62 mmscmd in FY25, reflecting soft demand in key clusters like Morbi, which could limit near-term volume growth. 4. Integration risks from the merger and demerger could disrupt operations or delay synergies if not executed smoothly.

📋 Recent Filings

🧠 Analyst's Read

Gujarat Gas is transitioning into a more integrated gas player with structural reforms, improved capital efficiency, and shareholder returns via dividends and share listings. Key near-term catalysts include the June 10, 2026 share listing and July 31 demerger of GTL. Investors should monitor execution of gas trading expansion, resolution of tax and arbitration disputes, and recovery in CGD volumes. While fundamentals appear strengthening, near-term volatility from restructuring and contingent liabilities warrants caution.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-16.

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