India's largest city gas distributor, now Gujarat Energy Ltd, spanning gas trading, E&P and wind power.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9,545 | +63.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 14.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,007 | +84.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 9.36 | −21.8 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 7.49 | −1.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 27.32 | −90.5 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
5 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA per SCM | ₹4.5 to ₹5.5 per SCM | Q3 FY25 | 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. | Achieved |
| Planned Capex | ₹1,000 crores | Q3 FY25 | 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. | Missed |
| Long-term Gas Sourcing Share | 60-70% | Q3 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. | On Track |
8 of Gujarat Gas's 22 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 19 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹415.85 on 24 Oct 2025 → ₹213.2. High ₹441 (5 Jan 2026), low ₹213.2 (27 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
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
close before → close after
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.
Guidance
5 of 13 judged targets kept · 9 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| EBITDA per SCM | ₹4.5 to ₹5.5 per SCM | Q3 FY25 | 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. | Achieved |
| Planned Capex | ₹1,000 crores | Q3 FY25 | 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. | Missed |
| Long-term Gas Sourcing Share | 60-70% | Q3 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. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 22 tracked commitments, with each call’s wording and source.
Call summaries
Gujarat Gas Q4 FY26
Gujarat Energy Limited (formerly Gujarat Gas) reported a robust Q4 and FY26, driven by strong EBITDA growth and record CNG sales, despite a decline in overall gas trading volumes. The company successfully completed its merger and name change, while navigating gas market instability. Strategic initiatives for growth and digital transformation are underway, and a significant dividend was declared.
Read the full callGujarat Gas Q3 FY26
Gujarat Gas delivered a resilient financial performance in Q3 FY26, with margin expansion offsetting a decline in industrial volumes. While the Morbi industrial cluster faced severe headwinds from cheaper propane alternatives, the company maintained profitability through higher EBITDA per SCM and robust double-digit growth in the CNG segment. Management is proactively addressing the industrial volume contraction by planning to offer propane as an alternate fuel and increasing long-term gas sourcing to 60-70% by FY27.
Read the full callGujarat Gas Q1 FY26
Gujarat Gas delivered a resilient Q1 FY26 performance characterized by record CNG volumes and strong margin expansion per SCM, despite a decline in overall revenue. The quarter was marked by a strategic pivot as the company announced its entry into the propane and LPG distribution market to counter volume loss in the Morbi industrial cluster. While industrial volumes faced pressure from cheaper alternate fuels, the management remains bullish on CNG growth and infrastructure expansion.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +84% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,782 | 4,153 | 4,102 | 5,851 | 3,780 | 3,658 | 5,792 | 9,545 |
| Expenses | 3,268 | 3,772 | 3,652 | 5,014 | 3,333 | 3,211 | 5,183 | 8,164 |
| Operating profit | 514 | 380 | 450 | 837 | 447 | 447 | 609 | 1,381 |
| Operating margin | 14.0% | 9.0% | 11.0% | 14.0% | 12.0% | 12.0% | 11.0% | 14.0% |
| Other income | 40 | 58 | 75 | 170 | 72 | 56 | 34 | 220 |
| Interest | 8 | 9 | 7 | 58 | 8 | 9 | 46 | 63 |
| Depreciation | 130 | 129 | 129 | 220 | 134 | 135 | 224 | 201 |
| Profit before tax | 417 | 300 | 389 | 728 | 377 | 359 | 374 | 1,337 |
| Tax rate | 26.0% | 26.0% | 26.0% | 25.0% | 26.0% | 26.0% | 59.0% | 25.0% |
| Net profit | 309 | 221 | 288 | 547 | 280 | 267 | 152 | 1,007 |
| EPS (₹ per share) | 4.48 | 3.21 | 4.18 | 8.55 | 4.06 | 3.88 | 5.10 | 10.65 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 16,759 | 15,690 | 16,487 | 19,081 |
| Expenses | 14,367 | 13,814 | 14,607 | 16,741 |
| Operating profit | 2,392 | 1,877 | 1,880 | 2,340 |
| Other income | 104 | 165 | 212 | 332 |
| Interest | 41 | 29 | 32 | 121 |
| Depreciation | 427 | 474 | 511 | 713 |
| Profit before tax | 2,028 | 1,537 | 1,550 | 1,838 |
| Net profit | 1,528 | 1,143 | 1,149 | 1,246 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 138 | 138 | 138 | 63 | 138 | 63 |
| Reserves | 5,492 | 6,890 | 7,585 | 23,375 | 8,561 | 18,251 |
| Borrowings | 629 | 152 | 150 | 3,151 | 151 | 3,243 |
| Other liabilities | 3,329 | 3,747 | 3,819 | 6,385 | 4,520 | 5,985 |
| Total liabilities | 9,587 | 10,927 | 11,692 | 32,974 | 13,370 | 27,543 |
| Fixed assets | 6,631 | 7,338 | 7,763 | 17,218 | 8,250 | 13,637 |
| Capital work in progress | 992 | 983 | 918 | 1,211 | 832 | 850 |
| Investments | 52 | 63 | 168 | 2,317 | 171 | 1,010 |
| Other assets | 1,912 | 2,544 | 2,842 | 12,228 | 4,116 | 12,046 |
| Total assets | 9,587 | 10,927 | 11,692 | 32,974 | 13,370 | 27,543 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,659 | 1,662 | 2,375 | 1,634 | 3,370 | 2,721 |
| Cash from investing | -614 | -1,294 | -1,039 | -879 | -3,840 | -2,138 |
| Cash from financing | -1,318 | -628 | -678 | -514 | -892 | -417 |
| Net cash flow | -273 | -260 | 658 | 241 | -1,362 | 166 |
| Free cash flow | 903 | 295 | 1,289 | 797 | 2,427 | 1,768 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 29 | 21 | 22 | 24 | 28 | 27 |
| Inventory days | 3 | — | — | — | 14 | 22 |
| Days payable | 23 | — | — | — | 25 | 32 |
| Cash conversion cycle | 8 | 21 | 22 | 24 | 18 | 17 |
| Working capital days | -48 | -25 | -33 | -35 | 19 | 53 |
| Return on capital employed | 34.0% | 31.0% | 31.0% | 20.0% | 18.0% | 12.0% |
| Dividend payout | 11.0% | 11.0% | 30.0% | 34.0% | 4.0% | 14.0% |
Ownership
Promoters hold 38.94% as of Jun 2026; institutions added 16.29 pts since Mar 2026.
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 3 holders trimming and 4 off the list — both are in the register beside this.
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 |
|---|---|---|
| 38.80% | +32.27 pp | |
| Mutual fund | 5.79% | newly disclosed |
| 5.08% | −1.74 pp | |
| Insurer | 4.47% | newly disclosed |
| Mutual fund | 3.79% | newly disclosed |
| 3.54% | −0.33 pp | |
| Mutual fund | 3.07% | newly disclosed |
| 3.04% | newly disclosed | |
| 2.35% | −0.75 pp | |
| Sovereign | 1.43% | newly disclosed |
| Bank | 1.31% | newly disclosed |
| 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.
Your own record
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