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, consolidate business verticals, and set up a new transmission entity, with regulatory approval expected by December 2025.

• 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.

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

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025, reviewed by the Audit Committee and auditors.

• Results prepared in accordance with Ind AS and SEBI regulations.

Financial highlights

• Q2 FY26 revenue from operations was ₹3,979 crore, up from ₹3,949 crore year-over-year; EBITDA was ₹520 crore, down from ₹553 crore; PAT was ₹281 crore versus ₹307 crore.

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

• Standalone net profit for Q2 FY26: ₹281.01 crore; consolidated net profit: ₹279.81 crore.

• EBITDA margin per SCM was ₹6.54, compared to ₹6.86 in Q2 last year.

• Capex for H1 FY26 was ₹282 crore; full-year capex guidance is ₹800 crore.

Outlook and guidance

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

• EBITDA margin guidance for FY26 remains at ₹4.5-5.5 per SCM.

• Volume guidance: sub-9 MMSCMD for FY26, 9-10 MMSCMD for FY27 if market conditions remain unchanged.

• Capex guidance for FY27 is ₹800-1,000 crore.

• Aggressive expansion in CNG business through FDODO model and infrastructure investments to drive future growth.