GSPL Transmission (GSPLTRANS) Q4 25/26 earnings summary

Executive summary

• FY26 was the first full year of gas transmission operations following the scheme’s retrospective demerger accounting; comparisons with the restated nine-month FY25 period are not like-for-like.

• The Gujarat grid operated across ~2,878 km and transported 10,506.38 MMSCM of gas; network volumes were down 8% YoY amid weaker sector demand and high LNG prices.

• Standalone PAT was ₹405.63 crore; consolidated PAT was ₹290.70 crore, including losses from equity-accounted joint ventures.

Financial highlights

• Standalone revenue from operations was ₹1,070.41 crore and total income ₹1,245.18 crore in FY26; PBT was ₹550.94 crore and PAT ₹405.63 crore.

• Standalone PBDITA was ₹782.97 crore; EPS was ₹12.97, versus ₹10.58 for the restated nine months ended March 2025.

• Consolidated revenue from operations was ₹1,070.41 crore; PBT after equity-accounted JV losses was ₹436.00 crore and PAT ₹290.70 crore; consolidated EPS was ₹9.29.

• Operating cash flow was ₹517.72 crore; investing cash outflow was ₹224.65 crore and financing cash outflow ₹176.57 crore in FY26.

Outlook and guidance

• ~670 km of pipeline infrastructure is under development; expansion priorities include removing grid bottlenecks, connecting demand centres, augmenting capacity and identifying new business opportunities.

• Future projects target connections to existing and upcoming gas sources and expanding CGD networks; demand from 29 connected geographical areas is expected to support transmission volumes.

• Long-term national demand prospects are supported by CGD and industrial growth; PNGRB’s base estimate projects ~38% growth over FY26 gas consumption.