Gujarat Gas (GUJGASLTD) Q2 25/26 earnings summary

Executive summary

• Board and shareholders approved a composite scheme of amalgamation and demerger to simplify group structure, with regulatory filings completed and final approval expected by December 2025; new transmission entity listing anticipated by February 2026.

• GGL operates in 27 areas across six states and one union territory, with a pipeline network of over 43,900 km, 834 CNG stations, and a customer base exceeding 2.3 million households.

• Achieved total quarterly volume of 8.65 MMSCMD in Q2 FY26, with CNG volume up 13% year-over-year to 3.32 MMSCMD, driven by infrastructure investments and FDODO station expansion.

• Aggressive expansion in CNG infrastructure, biogas injection, and green energy initiatives, with strong ESG focus and digitization efforts.

• Received PNGRB Excellence Awards for safety, integrity, technical excellence, and overall best performance in CGD.

Financial highlights

• Q2 FY26 revenue: ₹3,979 crore, up from ₹3,949 crore year-over-year; EBITDA: ₹520 crore (vs ₹553 crore YoY); profit after tax: ₹281 crore (vs ₹307 crore YoY).

• H1 FY26 revenue: ₹8,044 crore; EBITDA: ₹818 crore; profit after tax: ₹608 crore.

• Standalone and consolidated net profit for Q2 FY26: ₹281.01 crore and ₹279.81 crore, respectively.

• EBITDA margin per SCM: ₹6.54 (Q2 FY26); FY26 margin guidance: ₹4.5-5.5 per SCM.

• Capex for H1 FY26: ₹282 crore; full-year capex planned at ₹800 crore.

Outlook and guidance

• Scheme of Arrangement expected to complete by December 2025, with relisting of new transmission entity by February 2026.

• FY27 capex guidance: ₹800-1,000 crore.

• Volume guidance: FY26 sub-9 MMSCMD, FY27 between 9-10 MMSCMD, contingent on propane competitiveness.

• Margin guidance maintained at ₹4.5-5.5 per SCM.

• Aggressive CNG business expansion through FDODO model and infrastructure investments.