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 ₹ 24,905 Cr.
- Current Price ₹ 265
- High / Low ₹ 410 / 261
- Stock P/E 14.0
- Book Value ₹ 268
- Dividend Yield 2.19 %
- ROCE 18.5 %
- ROE 13.2 %
- Face Value ₹ 2.00
Pros
- Stock is trading at 0.99 times its book value
- Company has been maintaining a healthy dividend payout of 28.5%
Cons
- Promoter holding has decreased over last quarter: -22.0%
- Company has a low return on equity of 14.0% over last 3 years.
* 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,006 | 6,106 | 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 16,487 | 23,614 | |
| 7,894 | 5,367 | 4,331 | 5,261 | 6,758 | 8,652 | 7,761 | 14,354 | 14,338 | 13,787 | 14,579 | 20,562 | |
| Operating Profit | 1,112 | 739 | 762 | 913 | 997 | 1,649 | 2,105 | 2,103 | 2,422 | 1,904 | 1,908 | 3,052 |
| OPM % | 12% | 12% | 15% | 15% | 13% | 16% | 21% | 13% | 14% | 12% | 12% | 13% |
| 101 | 12 | 18 | 29 | 95 | 82 | 70 | 79 | 101 | 161 | 204 | 539 | |
| Interest | 334 | 250 | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 52 | 251 |
| Depreciation | 238 | 245 | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 511 | 899 |
| Profit before tax | 641 | 256 | 305 | 464 | 596 | 1,208 | 1,698 | 1,715 | 2,028 | 1,537 | 1,549 | 2,441 |
| Tax % | 31% | 26% | 28% | 37% | 30% | 1% | 25% | 25% | 25% | 26% | 26% | 31% |
| 447 | 190 | 221 | 292 | 418 | 1,199 | 1,270 | 1,287 | 1,528 | 1,144 | 1,148 | 1,678 | |
| EPS in Rs | 0.99 | 2.76 | 3.20 | 4.25 | 6.08 | 17.41 | 18.45 | 18.70 | 22.20 | 16.61 | 16.68 | 24.37 |
| Dividend Payout % | 15% | 18% | 19% | 19% | 16% | 7% | 11% | 11% | 30% | 34% | 35% | 17% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 19% |
| 3 Years: | 12% |
| TTM: | 43% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 24% |
| 5 Years: | 7% |
| 3 Years: | 5% |
| TTM: | 54% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | -15% |
| 3 Years: | -14% |
| 1 Year: | -34% |
| Return on Equity | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 17% |
| 3 Years: | 14% |
| Last Year: | 13% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 187 |
| Reserves | 1,872 | 1,386 | 1,526 | 1,729 | 2,068 | 3,180 | 4,340 | 5,492 | 6,890 | 7,585 | 8,352 | 18,251 |
| 3,226 | 2,357 | 2,359 | 2,328 | 2,213 | 2,055 | 983 | 629 | 152 | 150 | 150 | 3,243 | |
| 1,679 | 2,189 | 2,353 | 2,467 | 2,739 | 2,553 | 3,079 | 3,329 | 3,747 | 3,819 | 4,011 | 5,864 | |
| Total Liabilities | 6,915 | 6,069 | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 12,651 | 27,546 |
| 4,487 | 4,673 | 4,903 | 5,094 | 5,290 | 5,585 | 6,040 | 6,631 | 7,338 | 7,763 | 8,208 | 13,651 | |
| CWIP | 357 | 468 | 506 | 478 | 489 | 569 | 731 | 992 | 983 | 918 | 839 | 836 |
| Investments | 1,118 | 144 | 92 | 41 | 42 | 43 | 48 | 52 | 63 | 168 | 172 | 1,010 |
| 953 | 784 | 875 | 1,049 | 1,337 | 1,728 | 1,719 | 1,912 | 2,544 | 2,842 | 3,433 | 12,049 | |
| Total Assets | 6,915 | 6,069 | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 12,651 | 27,546 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 1,420 | 1,659 | 1,662 | 2,375 | 1,634 | 1,806 | 2,721 | |
| -365 | 375 | -458 | -430 | -612 | -466 | -614 | -1,294 | -1,039 | -879 | -1,921 | -2,097 | |
| -563 | -1,224 | -251 | -273 | -349 | -502 | -1,318 | -628 | -678 | -514 | -474 | -417 | |
| Net Cash Flow | 166 | -212 | -9 | 82 | 3 | 451 | -273 | -260 | 658 | 241 | -589 | 206 |
| Free Cash Flow | 741 | 79 | 220 | 330 | 434 | 824 | 903 | 295 | 1,289 | 797 | 1,055 | 1,768 |
| CFO/OP | 112% | 94% | 98% | 97% | 97% | 103% | 99% | 100% | 117% | 103% | 111% | 100% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 27 |
| Inventory Days | 2 | 3 | 4 | 4 | 4 | 2 | 3 | 22 | ||||
| Days Payable | 21 | 19 | 30 | 23 | 21 | 16 | 23 | 32 | ||||
| Cash Conversion Cycle | -4 | 2 | -1 | 4 | 7 | 4 | 8 | 21 | 22 | 24 | 23 | 17 |
| Working Capital Days | -81 | -85 | -67 | -55 | -45 | -38 | -48 | -25 | -33 | -35 | -8 | 53 |
| ROCE % | 12% | 13% | 17% | 19% | 29% | 34% | 31% | 31% | 20% | 20% | 18% |
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 ・Standalone data |
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| PNG Domestic Connections Lakhs ・Standalone data |
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| Gas Pipeline Network '000 KMs ・Standalone data |
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| Total CGD Gas Sales Volume MMSCMD ・Standalone data |
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| CNG Gas Sales Volume MMSCMD ・Standalone data |
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| PNG Industrial Gas Sales Volume MMSCMD ・Standalone data |
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| PNG Domestic Gas Sales Volume MMSCMD ・Standalone data |
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| Gas Trading Volume MMSCMD ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
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Closure of Trading Window
20 Jul - Board meets on 11 August 2026 to approve Q1 FY2026-27 unaudited results; trading window closed till 13 August.
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Board Meeting Intimation for Quarterly Results
20 Jul - Board to consider Q1 FY2026-27 unaudited results on 11 August 2026; trading window closed till 13 August.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
10 Jul - Certificate under Reg. 74(5) of SEBI (DP) Regulations, 2018 - for the Quarter ended 30th June, 2026
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Intimation For Allotment Of Equity Shares By Resulting Company Under The Scheme Of Arrangement
8 Jul - GTL allotted 31,27,43,617 equity shares to GEL shareholders on 2 July 2026 record date.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
4 Jul - Copy of Newspaper Clippings - Dispatch of Postal Ballot Notice
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
from bse
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Concalls
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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.