Gujarat Gas (GUJGASLTD) Q3 25/26 earnings summary

Executive summary

• Achieved record CNG volumes of 3.45 MMSCMD in Q3 FY26, up 11% YoY, with non-Gujarat areas growing 22% and Gujarat 9%.

• Domestic customer base expanded to over 2.383 million, with 38,600 new connections in Q3 FY26.

• Aggressive infrastructure expansion, including over 44,550 km of pipeline and 833 CNG stations, and expansion of the FDODO model.

• Significant digital transformation initiatives, including ERP and SCADA upgrades.

• Shareholders approved a major amalgamation and demerger scheme, with completion expected by April/May 2026.

Financial highlights

• Q3 FY26 revenue from operations: ₹3,865.11 crore (standalone), with consolidated net profit after tax of ₹266.84 crore, up from ₹221.62 crore YoY.

• Q3 FY26 EBITDA: ₹502 crore, a 14% increase YoY; nine-month EBITDA: ₹1,602 crore.

• For 9M FY26, standalone net profit was ₹873.36 crore and consolidated net profit was ₹874.29 crore.

• EBITDA margin per SCM improved to 6.52 from 5.04 YoY.

• Basic and diluted EPS for Q3 FY26 stood at ₹3.86 (standalone) and ₹3.88 (consolidated).

Outlook and guidance

• EBITDA margin guidance for FY26: 5.5–6.5 per SCM.

• Double-digit CNG volume growth expected to continue in both Gujarat and non-Gujarat areas.

• Capex guidance: ₹650–700 crore for FY26, with similar run rate expected in coming years.

• Morbi industrial volumes expected to recover to 3–3.2 MMSCMD in Q4, with potential for further growth if price differential to propane narrows.

• Scheme of Arrangement to reshape business structure, with new listings and business focus areas post-merger.