Gujarat Gas (GUJGASLTD) Q1 25/26 earnings summary

Executive summary

• Scheme of arrangement to simplify group structure approved by BSE/NSE, pending MCA approval, with completion expected by November 2025 and listing by December 2025.

• Aggressive expansion in CNG infrastructure, achieving record CNG volumes at 3.72 MMSCMD in Q1 FY26, up 12% year-over-year, and entry into propane, oil, LNG, and LPG sourcing and sales to industrial customers.

• Strong ESG focus with hydrogen blending pilot completed at 8%, digitization initiatives, and industry awards for ESG and downstream projects.

• Board approved appointments of new Secretarial Auditor for five years and Cost Auditor for FY 2025-26.

• Maintained AAA Stable/A1+ credit ratings from CARE, India Ratings, and CRISIL.

Financial highlights

• Revenue from operations for Q1 FY26 at INR 4,065.41 crore, down from INR 4,614.83 crore year-over-year.

• EBITDA for Q1 FY26 at INR 579 crore, flat year-over-year.

• Consolidated net profit after tax for Q1 FY26 was INR 327.64 crore, slightly down from INR 330.71 crore year-over-year.

• Basic and diluted EPS (consolidated) for Q1 FY26 stood at INR 4.76, compared to INR 4.80 in Q1 FY25.

• Rupee-per-SCM EBITDA margin at INR 7.17, up from INR 5.75 sequentially.

Outlook and guidance

• Annual CapEx planned at INR 800–1,000 crore for FY26, with aggressive push for FDODO model and CNG station expansion.

• Estimated EBITDA margin for FY26 guided at INR 4.5–5.5 per SCM, with Q2 expected to be softer due to seasonality and price competition.

• CNG volume growth expected to exceed last year’s 11% due to new station additions and vehicle growth.

• Board reaffirmed commitment to becoming a total energy solution provider, with new initiatives in Propane/LPG sales.