Gujarat Energy Ltd
Gujarat Gas Limited (GGL) is a government company u/s 2(45) of Companies Act 2013. Formerly Known as GSPC Distribution Networks Limited(GDNL), GGL is engaged in the business of Natural gas in India. The business of natural gas involves distribution of gas from sources of supply to centres of demand and to end customers. [1]
GGL caters to its customers by providing CNG and PNG connections in domestic, Industrial, Commercial and Non commercial segments in the areas of South & Central Gujarat and Saurashtra. [2]
- Market Cap ₹ 24,575 Cr.
- Current Price ₹ 262
- High / Low ₹ 392 / 246
- Stock P/E 11.6
- Book Value ₹ 269
- Dividend Yield 3.40 %
- ROCE 23.4 %
- ROE 17.4 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Stock is trading at 0.97 times its book value
- Stock is providing a good dividend yield of 3.40%.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 34.6%
Cons
- Promoter holding has decreased over last quarter: -22.0%
- Working capital days have increased from 6.32 days to 62.1 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,006 | 6,106 | 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 16,487 | 23,388 | 22,648 | |
| 7,894 | 5,367 | 4,331 | 5,261 | 6,758 | 8,652 | 7,761 | 14,354 | 14,338 | 13,787 | 14,579 | 20,236 | 19,675 | |
| Operating Profit | 1,112 | 739 | 762 | 913 | 997 | 1,649 | 2,105 | 2,103 | 2,422 | 1,904 | 1,908 | 3,151 | 2,972 |
| OPM % | 12% | 12% | 15% | 15% | 13% | 16% | 21% | 13% | 14% | 12% | 12% | 13% | 13% |
| 101 | 10 | 17 | 28 | 93 | 82 | 68 | 77 | 98 | 161 | 201 | 555 | 412 | |
| Interest | 334 | 250 | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 52 | 38 | 35 |
| Depreciation | 238 | 245 | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 511 | 579 | 556 |
| Profit before tax | 641 | 254 | 303 | 463 | 594 | 1,208 | 1,695 | 1,713 | 2,025 | 1,536 | 1,547 | 3,089 | 2,793 |
| Tax % | 31% | 26% | 28% | 37% | 30% | 1% | 25% | 25% | 25% | 26% | 26% | 26% | |
| 444 | 188 | 220 | 291 | 417 | 1,193 | 1,268 | 1,286 | 1,525 | 1,143 | 1,146 | 2,299 | 2,065 | |
| EPS in Rs | 0.99 | 2.74 | 3.19 | 4.23 | 6.06 | 17.33 | 18.42 | 18.68 | 22.16 | 16.60 | 16.64 | 33.39 | 26.14 |
| Dividend Payout % | 16% | 18% | 19% | 19% | 17% | 7% | 11% | 11% | 30% | 34% | 35% | 35% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 19% |
| 3 Years: | 12% |
| TTM: | 27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 27% |
| 5 Years: | 13% |
| 3 Years: | 15% |
| TTM: | 53% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | -15% |
| 3 Years: | -13% |
| 1 Year: | -30% |
| Return on Equity | |
|---|---|
| 10 Years: | 21% |
| 5 Years: | 18% |
| 3 Years: | 16% |
| Last Year: | 17% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 188 |
| Reserves | 1,853 | 1,372 | 1,507 | 1,709 | 2,046 | 3,153 | 4,311 | 5,462 | 6,858 | 7,552 | 8,316 | 18,329 |
| 3,226 | 2,357 | 2,359 | 2,328 | 2,213 | 2,055 | 983 | 629 | 152 | 150 | 150 | 170 | |
| 1,679 | 2,184 | 2,345 | 2,459 | 2,730 | 2,551 | 3,077 | 3,327 | 3,747 | 3,819 | 4,011 | 4,709 | |
| Total Liabilities | 6,896 | 6,050 | 6,348 | 6,633 | 7,127 | 7,897 | 8,509 | 9,555 | 10,895 | 11,658 | 12,615 | 23,396 |
| 4,487 | 4,673 | 4,903 | 5,094 | 5,290 | 5,585 | 6,040 | 6,631 | 7,338 | 7,763 | 8,208 | 8,819 | |
| CWIP | 357 | 468 | 506 | 478 | 489 | 569 | 731 | 992 | 983 | 918 | 839 | 829 |
| Investments | 1,099 | 122 | 68 | 16 | 16 | 17 | 20 | 22 | 30 | 135 | 136 | 2,275 |
| 953 | 787 | 871 | 1,045 | 1,333 | 1,725 | 1,717 | 1,909 | 2,544 | 2,842 | 3,433 | 11,474 | |
| Total Assets | 6,896 | 6,050 | 6,348 | 6,633 | 7,127 | 7,897 | 8,509 | 9,555 | 10,895 | 11,658 | 12,615 | 23,396 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,094 | 637 | 701 | 785 | 964 | 1,422 | 1,659 | 1,662 | 2,378 | 1,634 | 1,806 | 2,407 | |
| -365 | 375 | -458 | -430 | -612 | -467 | -612 | -1,294 | -1,041 | -879 | -1,921 | -1,955 | |
| -563 | -1,224 | -255 | -273 | -349 | -502 | -1,318 | -628 | -678 | -514 | -474 | -268 | |
| Net Cash Flow | 166 | -212 | -13 | 82 | 3 | 453 | -272 | -260 | 658 | 241 | -589 | 185 |
| Free Cash Flow | 741 | 79 | 221 | 330 | 434 | 826 | 903 | 295 | 1,292 | 797 | 1,055 | 1,582 |
| CFO/OP | 112% | 94% | 98% | 97% | 97% | 103% | 99% | 100% | 117% | 103% | 111% | 87% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 15 | 18 | 25 | 23 | 24 | 18 | 29 | 21 | 22 | 24 | 23 | 26 |
| Inventory Days | 2 | 3 | 4 | 4 | 4 | 2 | 3 | 19 | ||||
| Days Payable | 21 | 19 | 30 | 23 | 21 | 16 | 23 | 32 | ||||
| Cash Conversion Cycle | -4 | 2 | -1 | 5 | 7 | 4 | 8 | 21 | 22 | 24 | 23 | 14 |
| Working Capital Days | -81 | -85 | -67 | -55 | -45 | -38 | -48 | -25 | -33 | -35 | -8 | 62 |
| ROCE % | 19% | 12% | 14% | 17% | 19% | 29% | 34% | 31% | 31% | 21% | 20% | 23% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CNG Stations count |
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| PNG Domestic Connections Lakhs |
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| Gas Pipeline Network '000 KMs |
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| Total CGD Gas Sales Volume MMSCMD |
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| CNG Gas Sales Volume MMSCMD |
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| PNG Industrial Gas Sales Volume MMSCMD |
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| PNG Domestic Gas Sales Volume MMSCMD |
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| Gas Trading Volume MMSCMD |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper Clippings - Notice of 14th AGM and Information on Evoting
- Reg. 34 (1) Annual Report.
- 14Th Annual General Meeting Notice And Annual Report 2025 - 26
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Business Responsibility and Sustainability Reporting (BRSR)
- Submitted FY2025-26 BRSR report with ESG, governance, and operational details.
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General Guidance Note To The Shareholders Of The Company
- GEL advises shareholders on cost apportionment after demerger; GTL shares issued 1:3 on 2 July 2026.
Annual reports
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Annual Report 2026
from bse
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
from bse
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Annual Report 2021
from bse
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Annual Report 2020
from bse
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Annual Report 2019
from bse
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Annual Report 2018
from bse
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Annual Report 2017
from bse
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Annual Report 2016
from bse
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Annual Report 2015
from bse
Concalls
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Aug 2026Transcript PPT REC
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Jun 2026Transcript PPT REC
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT
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Aug 2025Transcript PPT
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May 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Sep 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Sep 2023TranscriptAI SummaryPPT
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Aug 2023TranscriptPPT
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Sep 2021TranscriptAI SummaryPPT
Business Restructuring[1] [2]
The company completed the composite Scheme of Arrangement of the GSPC Group in May 2026. Under the scheme, Gujarat State Petroleum Corporation (GSPC), Gujarat State Petronet Ltd (GSPL), and GSPC Energy Ltd were amalgamated into the company, creating an integrated energy company with businesses spanning city gas distribution, gas trading, exploration & production (E&P), renewable energy, and strategic investments. Subsequently, the company was renamed Gujarat Energy Ltd. As part of the restructuring, the gas transmission business was demerged into GSPL Transmission Ltd (GTL), which is being listed separately on the stock exchanges.