Gujarat Gas Ltd

₹ 399 -0.82%

21 Nov - close price

gujaratgas.com BSE: 539336 NSE: GUJGASLTD

About

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]

Key Points

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.

Website BSE NSE

Market Cap ₹ 27,429 Cr.
Current Price ₹ 399
High / Low ₹ 524 / 360
Stock P/E 24.6
Book Value ₹ 126
Dividend Yield 1.46 %
ROCE 19.5 %
ROE 14.2 %
Face Value ₹ 2.00

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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 BSE Allcap BSE Energy BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty LargeMidcap 250 Nifty 500 Multicap 50:25:25 Nifty Oil & Gas Nifty Midcap 150 Nifty MidSmallcap 400 Nifty Midcap150 Quality 50 Nifty Total Market Nifty500 Equal Weight Nifty500 LargeMidSmall Equal-Cap Weighted

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	3,976	3,684	3,929	3,782	3,845	3,929	4,134	4,450	3,782	4,153	4,102	3,871	3,780
	3,334	3,102	3,368	3,394	3,349	3,528	3,543	3,915	3,268	3,772	3,652	3,351	3,333
Operating Profit	643	582	560	388	497	401	591	536	514	380	450	520	447
OPM %	16%	16%	14%	10%	13%	10%	14%	12%	14%	9%	11%	13%	12%
	19	32	33	25	28	24	88	39	40	58	75	60	72
Interest	13	8	6	7	8	7	7	8	8	9	7	8	8
Depreciation	106	109	109	115	118	120	121	123	130	129	129	131	134
Profit before tax	542	498	478	290	399	297	551	444	417	300	389	441	377
Tax %	25%	25%	22%	26%	26%	26%	25%	26%	26%	26%	26%	26%	26%
	404	372	370	216	296	221	410	331	309	221	288	328	280
EPS in Rs	5.87	5.40	5.38	3.14	4.30	3.21	5.96	4.80	4.48	3.21	4.18	4.76	4.06
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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	15,906
	7,894	5,367	4,331	5,261	6,758	8,652	7,761	14,354	14,338	13,787	14,579	14,109
Operating Profit	1,112	739	762	913	997	1,649	2,105	2,103	2,422	1,904	1,908	1,797
OPM %	12%	12%	15%	15%	13%	16%	21%	13%	14%	12%	12%	11%
	101	12	18	29	95	82	70	79	101	161	204	265
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	524
Profit before tax	641	256	305	464	596	1,208	1,698	1,715	2,028	1,537	1,549	1,506
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	1,116
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	16.21
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:	-2%

Compounded Profit Growth
10 Years:	10%
5 Years:	-1%
3 Years:	-4%
TTM:	-9%

Stock Price CAGR
10 Years:	14%
5 Years:	5%
3 Years:	-8%
1 Year:	-12%

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	Sep 2025
Equity Capital	138	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	8,561
	3,226	2,357	2,359	2,328	2,213	2,055	983	629	152	150	150	151
	1,679	2,189	2,353	2,467	2,739	2,553	3,079	3,329	3,747	3,819	4,011	4,520
Total Liabilities	6,915	6,069	6,375	6,662	7,158	7,925	8,539	9,587	10,927	11,692	12,651	13,370
	4,487	4,673	4,903	5,094	5,290	5,585	6,040	6,631	7,338	7,763	8,208	8,250
CWIP	357	468	506	478	489	569	731	992	983	918	839	832
Investments	1,118	144	92	41	42	43	48	52	63	168	172	171
	953	784	875	1,049	1,337	1,728	1,719	1,912	2,544	2,842	3,433	4,116
Total Assets	6,915	6,069	6,375	6,662	7,158	7,925	8,539	9,587	10,927	11,692	12,651	13,370

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%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%
	5.17%	4.67%	4.47%	3.80%	3.34%	3.72%	4.31%	4.51%	4.53%	3.97%	3.86%	3.70%
	12.55%	13.28%	13.28%	13.09%	13.98%	15.04%	14.75%	14.38%	14.21%	14.81%	15.00%	14.97%
	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%	7.01%
	14.38%	14.15%	14.34%	15.20%	14.78%	13.32%	13.04%	13.20%	13.35%	13.33%	13.25%	13.41%
No. of Shareholders	1,85,090	1,80,747	1,84,281	2,11,378	2,13,432	1,78,664	1,74,549	1,72,026	1,78,067	1,80,178	1,71,466	1,69,570

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	60.89%	50.41%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%
	15.37%	14.22%	12.79%	9.83%	8.64%	5.98%	4.67%	3.72%	3.97%	3.70%
	2.31%	2.69%	3.94%	7.03%	7.38%	9.53%	13.28%	15.04%	14.81%	14.97%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	7.01%	7.01%	7.01%	7.01%
	21.43%	32.69%	22.38%	22.24%	23.09%	23.60%	14.15%	13.32%	13.33%	13.41%
No. of Shareholders	26,710	29,718	33,741	67,310	87,044	1,86,495	1,80,747	1,78,664	1,80,178	1,69,570

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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