Gujarat Energy Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 5 Aug 2026 | Gas | Market Cap: ₹25.6K Cr
Industrial volumes have declined sharply (40%-50%) recently, mainly due to competitive propane pricing affecting Morbi volumes (Q2 volumes fell from 2.13 to 1.68 MMSCMD). EBITDA margin guidance for FY26: ₹5.5 to ₹6.5 per SCM; similar run rate expected for FY27 and FY28, with updates after March results. - Q3 FY26 EBITDA increased to ₹502 crores from ₹439 crores YoY; 9-month EBITDA at ₹1,602 crores vs.
From Gujarat Energy Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹263
Market Cap
₹25.6K Cr
P/E Ratio
14.4
How does Gujarat Energy Ltd rank in Gas?
Compare Gujarat Energy Ltd against every Gas company this quarter on revenue, margins and earnings-call signals.
Gujarat Energy Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹3.7K Cr, net profit ₹267 Cr.
Full financials →📊 Revenue & Sales Performance
- →Industrial volumes have declined sharply (40%-50%) recently, mainly due to competitive propane pricing affecting Morbi volumes (Q2 volumes fell from 2.13 to 1.68 MMSCMD).
- →Volume growth guidance for FY27 is uncertain and will depend largely on industrial propane prices; clarity expected by March-April 2026.
- →CNG and domestic segments are expected to grow in double digits (~10% or more), driven by expanded CNG station infrastructure (target to cross 1,000 stations in 2-3 years) and increased vehicle adoption.
- →Non-Morbi industrial areas such as Ahmedabad rural, Dahej, Kutch, and Thane show potential for meaningful volume growth due to new steel pipeline infrastructure and anticipated access to cheaper gas.
- →Long-term gas sourcing is planned to rise from 39% current share to 60-70% by end of FY27, providing stable pricing and supporting volume growth.
- →EBITDA margins expected to hold steady at ₹5.5-6.5 per SCM for FY26, with potential positive volume and revenue impact in Q4 FY26 and beyond.
📈 Profitability & Margins
- →EBITDA margin guidance for FY26: ₹5.5 to ₹6.5 per SCM; similar run rate expected for FY27 and FY28, with updates after March results.
- →Q3 FY26 EBITDA increased to ₹502 crores from ₹439 crores YoY; 9-month EBITDA at ₹1,602 crores vs. ₹1,566 crores YoY.
- →Profit after tax for 9 months stood at ₹1,176 crores vs. ₹1,159 crores YoY.
- →Volume growth expected driven by 10%-double-digit growth in CNG and domestic PNG segments.
- →Industrial volume growth uncertain, dependent on propane prices; better clarity expected by March/April 2026.
- →Expansion plan to cross 1,000 CNG stations in next 2-3 years, supporting volume growth.
- →Morbi industrial volumes expected to recover with price adjustments.
- →Long-term gas sourcing to increase from 39% to 60-70% by end of FY27, stabilizing prices and margins.
- →Favorable gas price regime and volume growth expected to improve Q4 and future earnings.
🏗️ Capital Expenditure Plans
- →FY '25-'26 capex planned at INR 650-700 crores for Gujarat Gas standalone CGD business; similar run rate expected for next couple of years.
- →Infrastructure investments primarily outside Morbi region, including new steel pipelines (e.g., Dholera region) to connect industrial markets like Ahmedabad rural, Dahej, Kutch, Thane, UDI (MP), and Valsad.
- →Focus on upgrading CNG stations by converting daughter booster stations to online stations, increasing compression capacity with relatively lower cost. Target to cross 1,000 CNG stations in 2-3 years.
- →Propane infrastructure: No direct capital investment planned by Gujarat Gas; infrastructure expected to be provided by parent or third-party owners with capacity booking and charges paid. Talks underway for unloading and storage capacity at terminals.
- →Long-term gas sourcing contracts being increased to ensure stable pricing; target to raise long-term tied volumes from current 39% to 60-70% by end of FY '27.
💰 Fundraising & Capital Structure
- →There is no mention of any current or planned fundraising through debt or equity in the provided transcript.
- →The company discusses capital expenditure plans (around INR 650-700 crores for the full financial year) but does not indicate raising funds through new debt or equity issuances.
- →Management focuses on operational growth, infrastructure addition, and gas sourcing strategies without referencing fundraising activities.
- →Credit profile remains strong with AAA Stable and A1+ ratings from rating agencies, suggesting no immediate financial distress that would necessitate fundraising.
- →The next detailed financial update is expected around May 2026 during the next earnings call.
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Gujarat Energy Ltd Q3 FY26 results?
Industrial volumes have declined sharply (40%-50%) recently, mainly due to competitive propane pricing affecting Morbi volumes (Q2 volumes fell from 2.13 to 1.68 MMSCMD). EBITDA margin guidance for FY26: ₹5.5 to ₹6.5 per SCM; similar run rate expected for FY27 and FY28, with updates after March results. - Q3 FY26 EBITDA increased to ₹502 crores from ₹439 crores YoY; 9-month EBITDA at ₹1,602 crores vs.
What is Gujarat Energy Ltd share price analysis?
Gujarat Energy Ltd currently shows a neutral. The stock trades at a P/E of 14.4 with a market cap of ₹25,571 Cr. Investors should review the full earnings analysis for detailed insights.
Is Gujarat Energy Ltd planning capital expenditure?
FY '25-'26 capex planned at INR 650-700 crores for Gujarat Gas standalone CGD business; similar run rate expected for next couple of years.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.