GUJGASLTD
Gujarat Gas share price & financials
- Price
- ₹388.45
- Market cap
- ₹26.7k Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 7
Gujarat Gas Q4 FY26
What went well
- FY26 EBITDA of INR 3,772 crores, up 16.38% YoY from INR 3,241 crores in previous year.
- Q4 FY26 EBITDA of INR 943 crores, up 19.37% YoY from INR 790 crores.
- Highest-ever CNG segment sales volume of 3.6 mmscmd in Q4 FY26, representing 12% YoY growth.
What to watch
- FY26 PAT declined slightly to INR 2,299 crores from INR 2,308 crores in FY25 (-0.39% YoY).
- Gas market instability caused by the conflict in Middle East led to constrained LPG supplies and policy measures to boost PNG connections.
What Gujarat Gas does
Gujarat Gas Limited, renamed Gujarat Energy Limited after the GSPC Group Composite Scheme of Arrangement effective 1 May 2026, is an integrated natural gas company covering the full value chain. Its City Gas Distribution (CGD) business, India's largest, lays pipeline networks to supply piped natural gas (PNG) to homes, businesses and industry and compressed natural gas (CNG) for vehicles across licensed geographical areas. Its Gas Trading arm sources and imports LNG and sells it under long-term, medium-term and spot contracts to CGD, power, fertiliser, refinery and chemical customers, while its Exploration & Production business produces oil and gas from onshore Gujarat and offshore fields, and its Renewable business operates wind power assets under long-term power purchase agreements.
Segments
- City Gas Distribution
- Gas Trading
- Exploration & Production
- Renewable
- CGD Authorisations (Geographical Areas)
- 27
- CNG Stations
- 839
- PNG Domestic Connections
- 24.18+ lakh
- Pipeline Network
- ~45,250 km
- States & Union Territories Covered
- 6 states + 1 UT
- Total Districts Covered
- 44
Guidance record · Q4 FY26
what the last two calls moved 22 tracked 5 delivered 8 missed 9 open- EBITDA per SCM delivered said Q3 FY25 Promised: ₹4.5 to ₹5.5 per SCM Q4 FY26: Company reported full-year FY26 CGD EBITDA per SCM of ₹6.16, which is within the revised guidance range of ₹5.5 to ₹6.5.
- Planned Capex missed said Q3 FY25 Promised: ₹1,000 crores Q4 FY26: Company did not report the final capex for FY26. The guidance was repeatedly revised down from ₹1,000 crores to ₹650-₹700 crores, and the final number was not disclosed, implying a miss.
- Long-term Gas Sourcing Share on track said Q3 FY26 Promised: 60-70% Q4 FY26: Company announced signing new long-term SPAs for up to 4.9 mmscmd, progressing towards the FY27 target. Current sourcing mix includes 3.5 mmscmd of long-term contracts.
All 22 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 63.1%, net profit up 84.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,782 | 4,153 | 4,102 | 5,851 | 3,780 −0% | 3,658 −12% | 5,792 +41% | 9,545 +63% |
| EBITDA | 514 | 380 | 450 | 837 | 447 −13% | 447 +18% | 609 +35% | 1,381 +65% |
| Net profit | 309 | 221 | 288 | 547 | 280 −9% | 267 +21% | 152 −47% | 1,007 +84% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −44.4% 1Y
1Y: ₹434.5 on 10 Sept 2025 → ₹241.65. High ₹442.85 (16 Sept 2025), low ₹241.65 (11 Sept 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.1%
- 1 Jun
- Q3 FY26
- +1.2%
- 21 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 4.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹16.8k Cr | ₹15.7k Cr | ₹16.5k Cr | ₹19.1k Cr |
| Operating profit | ₹2.4k Cr | ₹1.9k Cr | ₹1.9k Cr | ₹2.3k Cr |
| Operating margin | 14.3% | 12.0% | 11.4% | 12.3% |
| Interest | ₹41 Cr | ₹29 Cr | ₹32 Cr | ₹121 Cr |
| Depreciation | ₹427 Cr | ₹474 Cr | ₹511 Cr | ₹713 Cr |
| Net profit | ₹1.5k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k Cr |
| Net margin | 9.1% | 7.3% | 7.0% | 6.5% |
| Cash from operations | ₹2.4k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹2.7k Cr |
| Free cash flow | ₹1.3k Cr | ₹797 Cr | ₹1.1k Cr | ₹1.8k Cr |
| ROCE | 31.0% | 20.0% | 20.0% | 18.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹138 Cr | ₹138 Cr | ₹138 Cr | ₹138 Cr | ₹138 Cr | ₹187 Cr |
| Reserves | ₹4.3k Cr | ₹5.5k Cr | ₹6.9k Cr | ₹7.6k Cr | ₹8.6k Cr | ₹18.3k Cr |
| Borrowings | ₹983 Cr | ₹629 Cr | ₹152 Cr | ₹150 Cr | ₹151 Cr | ₹3.2k Cr |
| Other liabilities | ₹3.1k Cr | ₹3.3k Cr | ₹3.7k Cr | ₹3.8k Cr | ₹4.5k Cr | ₹5.9k Cr |
| Total liabilities | ₹8.5k Cr | ₹9.6k Cr | ₹10.9k Cr | ₹11.7k Cr | ₹13.4k Cr | ₹27.5k Cr |
| Fixed assets | ₹6.0k Cr | ₹6.6k Cr | ₹7.3k Cr | ₹7.8k Cr | ₹8.3k Cr | ₹13.7k Cr |
| Capital work in progress | ₹731 Cr | ₹992 Cr | ₹983 Cr | ₹918 Cr | ₹832 Cr | ₹836 Cr |
| Investments | ₹48 Cr | ₹52 Cr | ₹63 Cr | ₹168 Cr | ₹171 Cr | ₹1.0k Cr |
| Other assets | ₹1.7k Cr | ₹1.9k Cr | ₹2.5k Cr | ₹2.8k Cr | ₹4.1k Cr | ₹12.0k Cr |
| Total assets | ₹8.5k Cr | ₹9.6k Cr | ₹10.9k Cr | ₹11.7k Cr | ₹13.4k Cr | ₹27.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, promoters trimmed −21.95 pp while DIIs added +9.18 pp. The shareholder count grew 91% to 3,27,344.
- Promoters
- 38.9%
- FIIs
- 10.8%
- DIIs
- 24.2%
- Government
- 7.3%
- Public
- 18.7%
Since Jun 2025
- Promoters −21.95 pp
- DIIs +9.18 pp
- FIIs +6.99 pp
How it drifted, 12 quarters
Over this window promoters fell from 60.9% to 38.9% — −21.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 60.9%, FIIs 3.8%, DIIs 13.1%, Government 7.0%, Public 15.2%.Dec '23: Promoters 60.9%, FIIs 3.3%, DIIs 14.0%, Government 7.0%, Public 14.8%.Mar '24: Promoters 60.9%, FIIs 3.7%, DIIs 15.0%, Government 7.0%, Public 13.3%.Jun '24: Promoters 60.9%, FIIs 4.3%, DIIs 14.8%, Government 7.0%, Public 13.0%.Sep '24: Promoters 60.9%, FIIs 4.5%, DIIs 14.4%, Government 7.0%, Public 13.2%.Dec '24: Promoters 60.9%, FIIs 4.5%, DIIs 14.2%, Government 7.0%, Public 13.3%.Mar '25: Promoters 60.9%, FIIs 4.0%, DIIs 14.8%, Government 7.0%, Public 13.3%.Jun '25: Promoters 60.9%, FIIs 3.9%, DIIs 15.0%, Government 7.0%, Public 13.3%.Sep '25: Promoters 60.9%, FIIs 3.7%, DIIs 15.0%, Government 7.0%, Public 13.4%.Dec '25: Promoters 60.9%, FIIs 3.8%, DIIs 15.1%, Government 7.0%, Public 13.2%.Mar '26: Promoters 60.9%, FIIs 4.0%, DIIs 14.8%, Government 7.0%, Public 13.3%.Jun '26: Promoters 38.9%, FIIs 10.8%, DIIs 24.2%, Government 7.3%, Public 18.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- The Governor Of Gujarat +32.27 pp 38.80% held
- ICICI Prudential PSU Equity Fund Mutual fund newly disclosed 5.79% held
- LICI Asm Non Par Insurer newly disclosed 4.47% held
- Mirae Asset Aggressive Hybrid Fund Mutual fund newly disclosed 3.79% held
- SBI Energy Opportunities Fund Mutual fund newly disclosed 3.07% held
- Gujarat Maritime Board newly disclosed 3.04% held
- Government Pension Fund Global Sovereign newly disclosed 1.43% held
- State Bank Of India Bank newly disclosed 1.31% held
The same filing shows 3 holders trimming and 4 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Gujarat Gas above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| The Governor Of Gujarat | 38.80% | +32.27 pp |
| ICICI Prudential PSU Equity Fund Mutual fund | 5.79% | newly disclosed |
| Gujarat State Fertilizers & Chemicals Limited | 5.08% | −1.74 pp |
| LICI Asm Non Par Insurer | 4.47% | newly disclosed |
| Mirae Asset Aggressive Hybrid Fund Mutual fund | 3.79% | newly disclosed |
| Gujarat Industrial Development Corporation | 3.54% | −0.33 pp |
| SBI Energy Opportunities Fund Mutual fund | 3.07% | newly disclosed |
| Gujarat Maritime Board | 3.04% | newly disclosed |
| Gujarat Alkalies And Chemicals Limited | 2.35% | −0.75 pp |
| Government Pension Fund Global Sovereign | 1.43% | newly disclosed |
| State Bank Of India Bank | 1.31% | newly disclosed |
| Gujarat State Energy Generation Limited | 0.14% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse Gujarat Gas
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