Gujarat Gas (GUJGASLTD) Q4 24/25 earnings summary

Executive summary

• Achieved overall gas volume of 9.62 MMS CMD in FY25, with record CNG volumes of 3.22 MMS CMD in Q4 FY25, up 12% year-over-year, driven by infrastructure expansion and robust domestic growth.

• Maintained AAA Stable/A1+ credit ratings and a debt-free balance sheet with cash reserves of ~₹1,600 crore as of March 2025.

• Board recommended a dividend of INR 5.82 per share (291% of face value), totaling INR 400.64 crore, subject to shareholder approval.

• Composite scheme of arrangement and amalgamation among GSPC Group companies, including demerger of gas transmission business, is progressing with regulatory approvals expected by September-October 2025.

• Statutory auditors issued an unmodified opinion on financial results, confirming compliance with regulatory and accounting standards.

Financial highlights

• FY25 revenue from operations rose to ₹17,394.94 crore (standalone), up from ₹16,400.72 crore in FY24; consolidated total income was ₹17,393.26 crore.

• FY25 EBITDA increased to ₹2,090 crore from ₹1,984 crore in FY24; PAT was ₹1,146 crore (standalone net profit at ₹1,145.51 crore), marginally up from previous year.

• Q4 FY25 revenue was ₹4,289 crore, EBITDA at ₹524 crore, and PAT at ₹287 crore.

• CapEx for FY25 was ₹1,634 crore; guidance for FY26 is ₹1,000 crore.

• Earnings per share for FY25 stood at ₹16.64 (standalone) and ₹16.68 (consolidated).

Outlook and guidance

• Maintains EBITDA margin guidance of 4.5-5.5 per SCM for FY26, with cyclical changes and market volatility expected.

• Aggressive CNG infrastructure expansion and FDODO model to accelerate future growth, with ~60 CNG FDODO agreements in execution.

• CNG volume growth guidance of 12% for FY26; new geographical areas expected to take 2-4 years to break even.

• Composite scheme of arrangement to consolidate business verticals and unlock value by October 2025.