Gujarat Gas (GUJGASLTD) Q4 25/26 earnings summary

Executive summary

• Completed merger of GSPC, GSPL, and GSPC Energy into Gujarat Gas, now renamed Gujarat Energy Limited, effective May 2026, creating an integrated energy company with expanded operations in city gas, gas trading, E&P, and renewables.

• Scheme of arrangement effective from May 2026, with financials restated for FY 2024/2025 and FY 2025/2026, and demerger of Gas Transmission Business into GSPL Transmission Limited.

• Achieved record CNG volumes and significant expansion in PNG connections, especially in response to the Middle East crisis.

• Board recommended a final dividend of INR 8.9 per share (445% of face value), totaling INR 835 crore, subject to shareholder approval.

• Engaged McKinsey for strategic growth planning, focusing on organic and inorganic expansion and future-ready portfolio.

Financial highlights

• FY 2025/2026 EBITDA: INR 3,772 crore; PAT: INR 2,299 crore; Q4 FY 2026 EBITDA: INR 943 crore, up from INR 790 crore in Q4 FY 2025.

• FY26 standalone revenue: ₹24,198 crore; consolidated revenue: ₹24,424.73 crore; standalone PAT: ₹4,204.02 crore; consolidated PAT: ₹3,978.72 crore.

• Standalone EPS for FY26: ₹44.81; consolidated EPS: ₹43.92.

• Segmental FY 2026 EBITDA: Gas trading INR 1,300 crore, CGD INR 1,900 crore, E&P INR 29 crore, renewables INR 46 crore.

• Highest ever CNG volume in Q4 FY26: 3.60 mmscmd, up 12% YoY.

Outlook and guidance

• Positioned as a diversified energy company with a focus on clean energy and integrated value chain expansion.

• Expect robust customer additions in domestic and commercial CGD segments as new geographies mature.

• Gas trading business projected to grow 25%-30% by 2030-31, with current volumes at 10-12 MMSCMD.

• CGD EBITDA guidance: INR 5.5–6.5 per SCM.

• Ongoing digital initiatives and asset-light expansion in city gas and renewables.