Gujarat Gas 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 ₹ 29,560 Cr.
- Current Price ₹ 430
- High / Low ₹ 608 / 360
- Stock P/E 25.8
- Book Value ₹ 123
- Dividend Yield 1.35 %
- ROCE 19.5 %
- ROE 14.2 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 33.0%
Cons
- The company has delivered a poor sales growth of 9.86% over past five 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.
Peer comparison
Energy Oil, Gas & Consumable Fuels Gas LPG/CNG/PNG/LNG Supplier
Part of BSE 500 BSE PSU Nifty 500 BSE MidCap Nifty Energy
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
9,006 | 6,106 | 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 16,487 | 15,908 | |
7,894 | 5,367 | 4,331 | 5,261 | 6,758 | 8,652 | 7,761 | 14,354 | 14,338 | 13,787 | 14,579 | 14,044 | |
Operating Profit | 1,112 | 739 | 762 | 913 | 997 | 1,649 | 2,105 | 2,103 | 2,422 | 1,904 | 1,908 | 1,864 |
OPM % | 12% | 12% | 15% | 15% | 13% | 16% | 21% | 13% | 14% | 12% | 12% | 12% |
101 | 12 | 18 | 29 | 95 | 82 | 70 | 79 | 101 | 161 | 204 | 234 | |
Interest | 334 | 250 | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 52 | 33 |
Depreciation | 238 | 245 | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 511 | 519 |
Profit before tax | 641 | 256 | 305 | 464 | 596 | 1,208 | 1,698 | 1,715 | 2,028 | 1,537 | 1,549 | 1,546 |
Tax % | 31% | 26% | 28% | 37% | 30% | 1% | 25% | 25% | 25% | 26% | 26% | |
447 | 190 | 221 | 292 | 418 | 1,199 | 1,270 | 1,287 | 1,528 | 1,144 | 1,148 | 1,145 | |
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 | 16.63 |
Dividend Payout % | 15% | 18% | 19% | 19% | 16% | 7% | 11% | 11% | 30% | 34% | 35% |
Compounded Sales Growth | |
---|---|
10 Years: | 6% |
5 Years: | 10% |
3 Years: | 0% |
TTM: | -3% |
Compounded Profit Growth | |
---|---|
10 Years: | 10% |
5 Years: | -1% |
3 Years: | -4% |
TTM: | -6% |
Stock Price CAGR | |
---|---|
10 Years: | 16% |
5 Years: | 7% |
3 Years: | -4% |
1 Year: | -29% |
Return on Equity | |
---|---|
10 Years: | 21% |
5 Years: | 21% |
3 Years: | 17% |
Last Year: | 14% |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 |
Reserves | 1,872 | 1,386 | 1,526 | 1,729 | 2,068 | 3,180 | 4,340 | 5,492 | 6,890 | 7,585 | 8,352 |
3,226 | 2,357 | 2,359 | 2,328 | 2,213 | 2,055 | 983 | 629 | 152 | 150 | 150 | |
1,679 | 2,189 | 2,353 | 2,467 | 2,739 | 2,553 | 3,079 | 3,329 | 3,747 | 3,819 | 4,011 | |
Total Liabilities | 6,915 | 6,069 | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 12,651 |
4,487 | 4,673 | 4,903 | 5,094 | 5,290 | 5,585 | 6,040 | 6,631 | 7,338 | 7,763 | 8,208 | |
CWIP | 357 | 468 | 506 | 478 | 489 | 569 | 731 | 992 | 983 | 918 | 839 |
Investments | 1,118 | 144 | 92 | 41 | 42 | 43 | 48 | 52 | 63 | 168 | 172 |
953 | 784 | 875 | 1,049 | 1,337 | 1,728 | 1,719 | 1,912 | 2,544 | 2,842 | 3,433 | |
Total Assets | 6,915 | 6,069 | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 12,651 |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|
1,094 | 637 | 701 | 785 | 964 | 1,420 | 1,659 | 1,662 | 2,375 | 1,634 | 1,806 | |
-365 | 375 | -458 | -430 | -612 | -466 | -614 | -1,294 | -1,039 | -879 | -1,921 | |
-563 | -1,224 | -251 | -273 | -349 | -502 | -1,318 | -628 | -678 | -514 | -474 | |
Net Cash Flow | 166 | -212 | -9 | 82 | 3 | 451 | -273 | -260 | 658 | 241 | -589 |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 15 | 18 | 25 | 23 | 24 | 18 | 29 | 21 | 22 | 24 | 23 |
Inventory Days | 2 | 3 | 4 | 4 | 4 | 2 | 3 | ||||
Days Payable | 21 | 19 | 30 | 23 | 21 | 16 | 23 | ||||
Cash Conversion Cycle | -4 | 2 | -1 | 4 | 7 | 4 | 8 | 21 | 22 | 24 | 23 |
Working Capital Days | -81 | -85 | -67 | -55 | -45 | -38 | -48 | -25 | -33 | -35 | -8 |
ROCE % | 12% | 13% | 17% | 19% | 29% | 34% | 31% | 31% | 20% | 20% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Credit Rating
29 Sep - CARE reaffirms GGL CARE AAA;Stable/CARE A1+ for ₹2,900 crore; merger expected by Q4FY26.
- Shareholder Meeting / Postal Ballot-Outcome of AGM 26 Sep
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Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
26 Sep - 13th AGM on 25 Sep 2025: seven resolutions including dividend and director appointments approved.
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Board Meeting Intimation for Notice Of Board Meeting Of Gujarat Gas Limited
26 Sep - Board meeting 7 Nov 2025 to approve Q2/H1 results for 30 Sep 2025; trading window Oct 1–Nov 9.
- Closure of Trading Window 26 Sep
Annual reports
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Financial Year 2025
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Financial Year 2024
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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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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 2023TranscriptNotesPPT
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Aug 2023TranscriptPPT
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Sep 2021TranscriptNotesPPT
Part of GSPL[1]
The company is a part of GSPL which has a strong presence in the natural gas value chain. It has Gujarat State Petroleum Corporation (GSPC) which is India's leading natural gas
trading company, Gujarat State Petronet Limited ( GSPL) which is India's second largest
natural gas transmission company and itself; Gujarat Gas Limited (GGL) which is India's leading City Gas Distribution (CGO) company.
GSPL is the holding company with a ~54% stake.