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 ₹ 25,299 Cr.
- Current Price ₹ 269
- High / Low ₹ 392 / 261
- Stock P/E 12.9
- Book Value ₹ 268
- Dividend Yield 2.16 %
- ROCE 18.5 %
- ROE 15.8 %
- Face Value ₹ 2.00
Pros
- Stock is trading at 1.01 times its book value
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 27.6%
Cons
- Promoter holding has decreased over last quarter: -22.0%
* 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 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9,006 | 6,106 | 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 16,487 | 23,614 | 22,776 | |
| 7,894 | 5,367 | 4,331 | 5,261 | 6,758 | 8,652 | 7,761 | 14,354 | 14,338 | 13,787 | 14,579 | 20,562 | 19,892 | |
| Operating Profit | 1,112 | 739 | 762 | 913 | 997 | 1,649 | 2,105 | 2,103 | 2,422 | 1,904 | 1,908 | 3,052 | 2,884 |
| OPM % | 12% | 12% | 15% | 15% | 13% | 16% | 21% | 13% | 14% | 12% | 12% | 13% | 13% |
| 101 | 12 | 18 | 29 | 95 | 82 | 70 | 79 | 101 | 161 | 204 | 539 | 382 | |
| Interest | 334 | 250 | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 52 | 251 | 125 |
| Depreciation | 238 | 245 | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 511 | 899 | 694 |
| Profit before tax | 641 | 256 | 305 | 464 | 596 | 1,208 | 1,698 | 1,715 | 2,028 | 1,537 | 1,549 | 2,441 | 2,447 |
| 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 | 1,706 | |
| 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 | 29.33 | 23.69 |
| Dividend Payout % | 15% | 18% | 19% | 19% | 16% | 7% | 11% | 11% | 30% | 34% | 35% | 14% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 19% |
| 3 Years: | 12% |
| TTM: | 27% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 26% |
| 5 Years: | 11% |
| 3 Years: | 12% |
| TTM: | 39% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | -16% |
| 3 Years: | -12% |
| 1 Year: | -27% |
| Return on Equity | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 18% |
| 3 Years: | 15% |
| Last Year: | 16% |
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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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Q1 FY 27 - Post Results Earnings Call Transcript
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Intimation Of Application Submitted By The Company For Promoter Reclassification - Reg 31A
- On 13 Aug 2026, Gujarat Energy applied to NSE and BSE to reclassify GSEG from promoter to public shareholder.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Intimation for participation of Officials of the Company in the Investors Conference organized by Goldman Sach (India) Securities Pvt. Ltd.
- Announcement under Regulation 30 (LODR)-Newspaper Publication
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Audio recording of Q1 FY26-27 post-results earnings call held on 12 August 2026 shared.
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
from bse
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Financial Year 2022
from bse
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Financial Year 2021
from bse
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Financial Year 2020
from bse
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Financial Year 2019
from bse
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Financial Year 2018
from bse
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Financial Year 2017
from bse
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Financial Year 2016
from bse
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Financial Year 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.