Gujarat Gas Limited (GUJGASLTD) — Financial Results

Investor Takeaways

FY26 EBITDA of ₹3,772 crores and PAT of ₹2,299 crores

Recommended dividend of ₹8.90 per share

CNG sales volume growth of 12% YoY to 3.6 mmscmd

PNG customer base increased to 24.18 lakh

Merger scheme effective May 1, 2026, with share listing expected by June 10, 2026

GTL demerger expected by July 31, 2026

Gas trading volume of 10.5 mmscmd in FY26

Segment EBITDA estimates for FY25: gas trading ₹1,200 crores, CGD ₹2,000 crores, renewables ₹39 crores

EBITDA margin for gas trading guided at 4-6%

Capex guidance of INR1,000 crores; E&P capex of INR100 crores

Tax loss carryforward of INR7,200 crores with INR1,900 crores remaining usable over 8 years

Cash and financial assets total INR6,800 crores

Market Cap: ₹25,463.55 Cr; P/E Ratio: 20.05

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	Not available	N/A
Net Profit	₹2,299 crores	Not available
EBITDA	₹3,772 crores	Not available
EPS	Not available	N/A
OPM	Not available	N/A

What Changed

The filing highlights structural changes and financial performance for Gujarat Gas Limited (GUJGASLTD) for FY26. EBITDA reached ₹3,772 crores and PAT was ₹2,299 crores, supported by 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 on May 1, 2026, with the company planning to list additional shares post-merger and demerge GTL by July 31, 2026. Gas trading volume in FY26 was 10.5 mmscmd, with segment EBITDA estimates for FY25 showing gas trading at ₹1,200 crores, CGD at ₹2,000 crores, and renewables at ₹39 crores. Forward guidance includes gas trading volume growth of 25-30% by 2025-31, EBITDA margin guidance of 4-6% for gas trading, capex of INR1,000 crores, E&P capex of INR100 crores, and a tax loss carryforward of INR7,200 crores with INR1,900 crores remaining usable over 8 years. Cash and financial assets totaled INR6,800 crores. The merger and dividend signal structural strengthening and shareholder returns, while long-term gas contracts and volume growth targets support sustainable earnings visibility.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Gujarat Gas Limited (GUJGASLTD)	20.05	Not available	Not available	25,463.55
Reliance Industries Limited (RELIANCE)	21.73	9.87%	11.18%	1,808,488.47
Oil & Natural Gas Corporation Limited (ONGC)	9.93	11.04%	14.13%	376,590.66
Coal India Limited (COALINDIA)	9.54	30.13%	37.18%	284,841.30

Gujarat Gas Limited has a higher P/E ratio than ONGC and Coal India but lower than Reliance Industries, indicating market expectations of moderate growth relative to peers.