Gujarat Gas Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹19,491 Cr
- P/E
- 9.97
- ROE
- 10.19%
- PEG
- 0.85
- Price to sales
- 0.85
- Debt to equity
- 0.18
- 52W high / low
- ₹385 / ₹219
- Sales growth (5Y)
- 19.07%
- EBITDA margin
- 12.66%
- Net profit margin
- 7.56%
- Promoter holding
- 38.94%
- Sales (last year)
- ₹22,776 Cr
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]
Guidance scorecard · Q1 FY27 call
What Gujarat Energy Ltd's management guided
and where it ranks in Gas
Gas
RevenueQ1 FY27 call
10–20%- Industrial sales (excluding Morbi) expected to grow from ~2.2 mmscmd to ~3 mmscmd in 1.5 to 2 years, driven by promising regions like DNH, Ahmedabad rural, Dahej, Kutch, and Thane.
- CNG sales growth steady, with a current growth rate of around 12-13%, expected to sustain over the next couple of years with plans to add 75+ new and upgrade 70 CNG stations in FY27.
- Gas trading business margin guidance of 4-5%, with margin of INR1,100-1,200 crores projected for FY27.
- Overall volume target for Morbi cluster to maintain at ~3 mmscmd in the near term given propane pricing competition.
2 more points from Gujarat Energy Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Gujarat Energy Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Current capex plan of around INR1,000 crores focused on the CGD (City Gas Distribution) business.
- No capex is planned for the gas trading segment as it does not require capital investment.
- Additional capex for propane infrastructure is planned.
- The company is working on programs to strengthen the existing business in CNG and pipelines.
2 more points from Gujarat Energy Ltd's call on capex
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FundraisingQ1 FY27 call
See what Gujarat Energy Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Ask what Gujarat Energy Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Gas
on management's own guidance
- IRM EnergyGood growth2
- Aegis Logistics LtdGood growth1
- GAIL (India)Moderate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Gas companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Aegis Logistics Ltd | 20–40% | Flat | ₹47,972 Cr | 38.3 |
| 2 | IRM Energy | 20–40% | Flat | ₹1,060 Cr | 14.5 |
| 3 | GAIL (India) | 10–20% | Flat | ₹1.11L Cr | 11.2 |
| 4 | 10–20% | Flat | ₹63,718 Cr | 104.8 | |
| 5 | 10–20% | Flat | ₹43,950 Cr | 10.4 | |
| 6 | Gujarat Energy LtdThis stock | 10–20% | Flat | ₹20,887 Cr | 10.7 |
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Pro shows every company guiding 40%+ revenue growth →Full Gas rankingGujarat Energy Ltd announcements
All announcements →- Acquisition / mergerNotableGSPL Transmission Limited equity shares listed on BSE and NSE from Sep 30, 2026
Financials of Gujarat Energy Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Gujarat Energy Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,684 | 3,929 | 3,782 | 3,845 | 3,929 | 4,134 | 4,450 | 3,782 | 4,153 | 4,102 | 3,871 | 3,780 | 3,658 |
| Expenses + | 3,102 | 3,368 | 3,394 | 3,349 | 3,528 | 3,543 | 3,915 | 3,268 | 3,772 | 3,652 | 3,351 | 3,333 | 3,211 |
| Operating Profit | 582 | 560 | 388 | 497 | 401 | 591 | 536 | 514 | 380 | 450 | 520 | 447 | 447 |
| OPM % | 16% | 14% | 10% | 13% | 10% | 14% | 12% | 14% | 9% | 11% | 13% | 12% | 12% |
| Other Income + | 32 | 33 | 25 | 28 | 24 | 88 | 39 | 40 | 58 | 75 | 60 | 72 | 56 |
| Interest | 8 | 6 | 7 | 8 | 7 | 7 | 8 | 8 | 9 | 7 | 8 | 8 | 9 |
| Depreciation | 109 | 109 | 115 | 118 | 120 | 121 | 123 | 130 | 129 | 129 | 131 | 134 | 135 |
| Profit before tax | 498 | 478 | 290 | 399 | 297 | 551 | 444 | 417 | 300 | 389 | 441 | 377 | 359 |
| Tax % | 25% | 22% | 26% | 26% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 26% | 26% |
| Net Profit + | 372 | 370 | 216 | 296 | 221 | 410 | 331 | 309 | 221 | 288 | 328 | 280 | 267 |
| EPS in Rs | 5.40 | 5.38 | 3.14 | 4.30 | 3.21 | 5.96 | 4.80 | 4.48 | 3.21 | 4.18 | 4.76 | 4.06 | 3.88 |
Financials of Gujarat Energy Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 9,006 | 6,106 | 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 16,487 | 15,412 |
| Expenses + | 7,894 | 5,367 | 4,331 | 5,261 | 6,758 | 8,652 | 7,761 | 14,354 | 14,338 | 13,787 | 14,579 | 13,548 |
| 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% |
| Other Income + | 101 | 12 | 18 | 29 | 95 | 82 | 70 | 79 | 101 | 161 | 204 | 263 |
| Interest | 334 | 250 | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 52 | 32 |
| Depreciation | 238 | 245 | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 511 | 530 |
| Profit before tax | 641 | 256 | 305 | 464 | 596 | 1,208 | 1,698 | 1,715 | 2,028 | 1,537 | 1,549 | 1,565 |
| Tax % | 31% | 26% | 28% | 37% | 30% | 1% | 25% | 25% | 25% | 26% | 26% | |
| Net Profit + | 447 | 190 | 221 | 292 | 418 | 1,199 | 1,270 | 1,287 | 1,528 | 1,144 | 1,148 | 1,162 |
| 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 | 16.88 |
| Dividend Payout % | 15% | 18% | 19% | 19% | 16% | 7% | 11% | 11% | 30% | 34% | 35% |
Financials of Gujarat Energy Ltd
Balance Sheet
Capital structure and asset base
| 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 |
| Borrowings + | 3,226 | 2,357 | 2,359 | 2,328 | 2,213 | 2,055 | 983 | 629 | 152 | 150 | 150 | 151 |
| Other Liabilities + | 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 |
| Fixed Assets + | 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 |
| Other Assets + | 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 |
Financials of Gujarat Energy Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 1,094 | 637 | 701 | 785 | 964 | 1,420 | 1,659 | 1,662 | 2,375 | 1,634 | 1,806 |
| Cash from Investing Activity + | -365 | 375 | -458 | -430 | -612 | -466 | -614 | -1,294 | -1,039 | -879 | -1,921 |
| Cash from Financing Activity + | -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 |
| Free Cash Flow | 741 | 79 | 220 | 330 | 434 | 824 | 903 | 295 | 1,289 | 797 | 1,055 |
| CFO/OP | 112% | 94% | 98% | 97% | 97% | 103% | 99% | 100% | 117% | 103% | 111% |
Financials of Gujarat Energy Ltd
Ratios
Working capital efficiency and return ratios
| 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% |
Guidance history
How Gujarat Energy Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q2 FY26 call → | 10–20% | Down 0–2% | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
7 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −38.9% | 13% |
| Last 6 months | −29.3% | 10% |
| Last 3 months | −20.6% | 20% |
The price is 65.2% below its all-time high of ₹640.17 (13 Aug 2021). Stocks more than 20% below their peak have their score halved, so 13 became 7.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Gujarat Energy Ltd: 0.4 × 13 + 0.4 × 10 + 0.2 × 20 = 13, halved to 7 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Gujarat Energy Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
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