Gujarat Energy (GUJENERGY) Q2 26/27 earnings summary

Executive summary

• H1 FY27 standalone revenue rose 61% YoY to ₹19,496 crore, EBITDA 43% to ₹2,502 crore and PAT 51% to ₹1,637 crore; CGD volumes and gas trading supported growth.

• Q2 consolidated revenue was ₹9,857.33 crore and PAT ₹489.77 crore; H1 consolidated PAT was ₹1,497.17 crore.

• Operations covered 27 geographical areas across six states and one union territory; three awards recognized operating performance and risk management.

Financial highlights

• Q2 standalone revenue from operations rose 59% YoY to ₹9,826.08 crore, EBITDA including other income rose 19% to ₹1,019 crore, and PAT rose 22% to ₹639.27 crore.

• H1 standalone revenue was ₹19,496 crore, EBITDA ₹2,502 crore and PAT ₹1,637 crore, up 61%, 43% and 51% YoY, respectively.

• Q2 consolidated revenue was ₹9,857.33 crore versus restated ₹6,172.05 crore; PAT was ₹489.77 crore versus ₹388.67 crore. H1 consolidated PAT was ₹1,497.17 crore versus ₹935.62 crore.

• Q2 consolidated segment results: CGD ₹609.86 crore, Gas Trading ₹328.80 crore, E&P ₹12.98 crore, Power loss ₹45.59 crore and Regasification loss ₹3.81 crore.

• H1 consolidated operating cash flow was ₹2,452.11 crore; investing and financing cash outflows were ₹420.85 crore and ₹800.60 crore.

Outlook and guidance

• FY27 capex guidance remains ~₹1,000 crore; H1 capex was ₹308 crore. Spending is focused on CGD infrastructure and volume growth.

• FY27 plans include 75+ new CNG stations and ~70 upgrades; H1 additions were 18 stations. CGD EBITDA guidance is ₹5–6/SCM excluding other income, versus ₹4.7/SCM in Q2.

• Gas trading margin guidance remains 5%–6%, subject to geopolitical uncertainty and supply disruptions.

• Long-term LNG strategy targets a net 4 MTPA book, covering 60%–70% of sales through long-term contracts while retaining spot exposure.

• Tax refunds near ₹900 crore are expected before FY27 year-end; broader growth investment plans are expected by the Q3 call.