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Gujarat Energy

Q2 FY26

Gujarat Energy Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹223

Market cap₹20.9K Cr

P/E10.7

Updated16 Oct 2026

Read4 min read

The short version

Industrial volumes face challenges due to competition from Propane; currently fluctuating, impacting about 50% of volumes. - Base industrial volumes expected to be sub-9 MMSCMD in FY '26, potentially rising to 9-10 MMSCMD in FY '27 if conditions remain stable. - Morbi baseline volume is approx. Gujarat Gas anticipates a 13% growth in industrial volumes and 7-10% growth in domestic and other segments for FY '26 and '27.

From Gujarat Energy's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Industrial volumes face challenges due to competition from Propane; currently fluctuating, impacting about 50% of volumes.
Base industrial volumes expected to be sub-9 MMSCMD in FY '26, potentially rising to 9-10 MMSCMD in FY '27 if conditions remain stable.
Morbi baseline volume is approx. 1.7-1.8 MMSCMD; unlikely to drop below this.
Growth expected in CNG and domestic PNG segments: 7-13% growth guidance.
Expansion plans include adding ~0.5 MMSCMD volume in new and non-Morbi geographies (e.g., Bharuch, Ankleshwar) within next year.
LNG sourcing at competitive prices could help regain lost industrial volumes in Morbi.

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Profitability & Margins

Gujarat Gas anticipates a 13% growth in industrial volumes and 7-10% growth in domestic and other segments for FY '26 and '27.
EBITDA margin guidance for FY 2025-26 is expected in the range of INR 4.5 to 5.5 per SCM.
Industrial segment volumes are fluctuating due to pricing competition from Propane and LNG, with expectations of improvement starting April 2026.
Morbi volumes are projected to rise gradually with network expansion, adding around 0.5 MMSCMD in new geographies within a year.
The company expects better margin realizations by introducing competitively priced LNG volumes starting 2026-27.

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Capital Expenditure Plans

H1 FY26 CAPEX: INR 282 crores invested in gas infrastructure (Page 15)
FY26 CAPEX Guidance: Approximately INR 800 crores planned (Page 9)
FY27 CAPEX Guidance: Estimated INR 800-1,000 crores for PNG investments; further details pending post-merger (Page 9)
Plan to expand pipeline infrastructure and add new PNG connections to drive growth (Page 7)
Discussions underway for propane sale and distribution including advanced talks with port capacity providers Pipavav and Kandla (Page 8-9)
Expect to add approximately 0.5 MMSCMD PNG volume from new geographies like Bharuch and Ankleshwar in FY27 (Page 10)

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Fundraising & Capital Structure

No specific mentions of current or future fundraising through debt or equity were disclosed in the Q2 FY '26 earnings call transcript.
The discussion primarily focused on operational updates, volume guidance, pricing strategies, LNG sourcing, and the impending merger.
Capital expenditure guidance was shared: INR 800 crores planned for FY '26 and a similar INR 800-1000 crores expected in FY '27 for PNG and infrastructure.
No direct reference to raising fresh equity or debt was made.

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Order Book & Pipeline

The transcript from Gujarat Gas Limited does not explicitly mention details about the current or expected order book or pending orders. It primarily focuses on: - Gas volume consumption and sourcing figures (APM, NWG, long-term, short-term contracts) - LNG supply agreements and negotiations (including new 1 MTPA contract with Qatar Energy starting 2026) - Challenges and competition in Morbi market with propane pricing - Capital expenditure plans (~INR 800 crores for FY26)

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Gujarat Energy — Quarterly revenue & net profit

Revenue Net profit

Sep 2024Q2 FY25

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Reported quarterly figures (₹ Cr). Latest (Q3 FY26): revenue ₹3.7K Cr, net profit ₹267 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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Frequently Asked Questions

What were Gujarat Energy Q2 FY26 results?

Industrial volumes face challenges due to competition from Propane; currently fluctuating, impacting about 50% of volumes. - Base industrial volumes expected to be sub-9 MMSCMD in FY '26, potentially rising to 9-10 MMSCMD in FY '27 if conditions remain stable. - Morbi baseline volume is approx. Gujarat Gas anticipates a 13% growth in industrial volumes and 7-10% growth in domestic and other segments for FY '26 and '27.

What is Gujarat Energy share price analysis?

Gujarat Energy currently shows a neutral. The stock trades at a P/E of 10.7 with a market cap of ₹20,887 Cr. Investors should review the full earnings analysis for detailed insights.

Is Gujarat Energy planning capital expenditure?

H1 FY26 CAPEX: INR 282 crores invested in gas infrastructure (Page 15) - FY26 CAPEX Guidance: Approximately INR 800 crores planned (Page 9) - FY27 CAPEX Guidance: Estimated INR 800-1,000 crores fo

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.