Gujarat Gas Ltd

- There is no major ongoing or planned equity fundraising mentioned in the document. - The management indicated no creation or extinguishing of treasury shares as part of the transaction. - Annual capex for GSPL is approximately INR 3,500 crores planned for the next two years. - For upstream/onshore E&P operations, capex is modest, estimated at INR 50 to INR 100 crores maximum, typically incurred once every two to three years to maintain production levels. - No major cash requirements or new large-scale capex are planned for the current GSPC entity. - Existing debt servicing for subsidiaries like GIGL and GITL is managed within those companies; valuation accounts for that. - No expected payments to Petronet LNG, indicating no immediate debt obligations there. - Overall, the document does not indicate any new large-scale fundraising through debt or equity currently planned.

- GSPL capex guidance for the next two years is approximately INR 3,500 crores annually. (Page 16) - Upstream/onshore E&P business capex is limited, expected around INR 50-100 crores once every 2-3 years to maintain production levels and drain reserves. (Pages 10 and 11) - No major new capex or large cash requirements planned for the current GSPC E&P entity; focus is on sustaining existing blocks. (Page 11) - Gas trading business is expected to grow by 9-10% going forward; this may imply strategic investments to support growth. (Page 17) - Management is in advanced stages of executing a few long-term LNG contracts starting mid-2026, reflecting strategic sourcing investments. (Page 9)

- Gujarat Gas (GGL) expects growth in the City Gas Distribution (CGD) business as per known market potential. - Gas trading business of GGL is forecasted to grow at approximately 9-10% going forward. - GSPL's transmission business growth will be supported by volume increase and capacity expansions. - GSPL plans capex of around INR 3,500 crores over the next two years to support expansion and volume growth. - Long-term contracts and domestic gas sourcing are expected to stabilize and possibly increase volumes, especially in fertilizer and industrial sectors. - LNG availability improving by 2026 is expected to lead to more reasonable prices and help regain lost volumes. - The combined entity GGL aims to leverage a diversified gas sourcing portfolio and regasification capacity tie-ups, enabling better pricing power and market presence to capture growing natural gas demand.

Future Growth Expectations from Gujarat Gas Limited & Gujarat State Petronet Limited (GGL): - Gas Trading Business: Expected growth of approximately 9-10% going forward. - City Gas Distribution (CGD): Growth potential is well-known and expected to continue. - Transmission Business (GSPL): Expansion plans with increasing volumes and capex leading to higher future tariffs and earnings. - Post-merger synergies: Cost savings and tax benefits expected from direct sourcing and elimination of related party margins, improving EBITDA margins for Gujarat Gas. - Long-term contracts: Majority of gas sourcing contracts are long-term with good tenure, providing stable and predictable earnings. - Capex: GSPL capex guidance approximately INR 3,500 crores over next two years to drive volume growth. - Integrated entity: Better leverage of combined assets, stronger market presence, pricing power, and expanded capital base expected to enhance profitability and return ratios. - Trading business Q1 FY25 profit: INR 683 crores, indicating strong profitability. Overall, the combined entity anticipates steady earnings growth driven by volume expansion, cost synergies, and diversified gas sourcing.

The transcript does not provide specific details on the current or expected order book or pending orders for Gujarat Gas Limited or Gujarat State Petronet Limited. The discussion primarily focuses on group structure simplification, transaction details, business valuation, contract tenures, and financials related to gas trading, CGD, transmission business, and LNG contracts. There is no mention of order books or pending orders in the available pages of the transcript.