Gujarat Gas (GUJGASLTD) Q4 24/25 earnings summary

Executive summary

• Achieved total gas volume of 9.62 MMS CMD in FY25, with record CNG volumes up 12% year-over-year and strong growth in domestic segments, supported by infrastructure expansion to 828 CNG stations and over 42,600 km of pipeline network.

• Board recommended a dividend of Rs. 5.82 per share (291% of face value), totaling Rs. 400.64 crore for FY25, subject to shareholder approval.

• Major composite scheme of arrangement and amalgamation among group companies, including demerger of the gas transmission business, is underway with regulatory approvals in progress and expected completion by October 2025.

• Maintained AAA Stable/A1+ credit ratings and a debt-free balance sheet with cash reserves of ~₹1,600 crore as of March 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 Rs. 17,394.94 crore (standalone), up from Rs. 16,400.72 crore; consolidated total income was Rs. 17,393.26 crore.

• FY25 EBITDA increased to Rs. 2,090 crore from Rs. 1,984 crore in FY24; PAT was Rs. 1,146 crore, marginally up from Rs. 1,143 crore.

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

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

• CapEx for FY25 was Rs. 742 crore (standalone) and Rs. 809 crore (consolidated), with guidance of Rs. 1,000 crore for FY26.

Outlook and guidance

• Maintains EBITDA margin guidance of 4.5-5.5 per SCM for FY26, with CNG volume growth guidance of 12% and continued double-digit growth expected.

• Aggressive CNG business expansion planned, including ~60 new FDODO agreements and new geographical areas expected to take 2-4 years to break even.

• No major uptick expected in Morbi industrial volumes; volumes to remain stable.

• Composite scheme of arrangement expected to complete by October 2025, consolidating business verticals and listing GTL.

• Board approved business development policy for structured growth, including organic and inorganic expansion.