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, but not directly comparable due to demerger effects.

• Share allotment to GSPC and GSPL shareholders completed; listing of new shares and GTL shares expected by July 2026.

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

• Board approved re-appointments of Independent Directors, senior management changes, and updated registered office address.

Financial highlights

• FY26 revenue from operations: ₹24,198 crore; EBITDA: ₹3,772 crore; PAT: ₹2,299 crore (standalone PAT from continuing and discontinued operations: ₹4,204.02 crore; consolidated PAT: ₹3,978.72 crore).

• Q4 FY26 EBITDA: ₹943 crore, up 19% YoY; Q4 PAT: ₹521 crore.

• Standalone EPS for FY26: ₹44.81; consolidated EPS: ₹43.92; recommended final dividend: ₹8.90/share (445% of face value), total outgo ~₹835 crore.

• Segmental FY26 EBITDA: Gas trading ₹1,300 crore, CGD ₹1,900 crore, E&P ₹29 crore, renewables ₹46 crore.

• Standalone total assets as of 31 March 2026: ₹23,396.49 crore; consolidated assets: ₹27,545.92 crore.

Outlook and guidance

• CapEx guidance: CGD ~₹1,000 crore, E&P ~₹100 crore; no CapEx for trading.

• Gas trading business expected to grow 25%-30% by 2030-31; current volumes 10-12 MMSCMD.

• CGD EBITDA guidance: ₹5.5–6.5 per SCM; trading margins expected to remain stable at 4%-6%.

• Ongoing digital transformation with ERP, AI analytics, and automation to drive efficiency and asset-light expansion.

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