Gujarat Gas Ltd

- Morbi industrial gas volumes expected to be 2.3-2.5 MMSCMD in Q2, slightly lower than Q1 due to festivals and production shutdowns. - Non-Morbi volumes showing good uptake with long-term contracts targeting bulk consumers in regions like Vapi and Valsad. - CNG volume growth expected to exceed last year's 11%, supported by addition of ~70 FDODO stations and increasing CNG vehicle fleet (~2 lakh added recently). - Target to cover around two-thirds of Morbi market with long-term LNG contracts in the next 5 years. - Potential industrial volumes could reach 6 MMSCMD in Morbi and 2.5 MMSCMD in non-Morbi if LNG prices become favorable. - Propane distribution business aims to capture 25% of approximately 7 MMT monthly market initially, scaling up based on experience. - Overall, growth driven by increased infrastructure, long-term contracts, and expansion in both industrial and CNG segments.

- CNG business is expected to grow significantly, with potential volume growth exceeding 11% YoY and possibly higher for FY '26 due to increasing CNG vehicle numbers and FDODO scheme expansion. - Morbi industrial volumes may range around 2.3-2.5 MMSCMD in Q2, with overall industrial gas volume possibly reaching 6 MMSCMD in Morbi and 2.5 MMSCMD in non-Morbi areas if LNG prices remain favorable. - EBITDA margin guidance is cautiously set at Rs. 4.5-5.5 per SCM for the year, with possible corrections by Q3 depending on market conditions. - New geographic areas and GAs may take 3-5 years for EBITDA breakeven and 4-5 years for double-digit ROCE, especially in developing markets like Punjab. - Propane distribution is a new business with uncertain margins, expected to evolve; initial CAPEX is minimal. - Expansion of franchisee and FDODO CNG stations is ongoing, which should contribute to volume and profit growth over time.

The provided pages of the Gujarat Gas Limited document do not contain specific information about the company's current or expected order book or pending orders. The discussion primarily focuses on: - Gas sourcing details (long-term and short-term contracts) - Sales mix and margins related to gas volumes and propane distribution - Infrastructure related to LPG terminals and CNG station rollout - Market outlook for segments like Morbi tile industry and propane distribution - Operational metrics like volumes, pricing, margins, CAPEX plans, and CNG outlet expansions No direct data or commentary on order book or pending orders is mentioned in the extracted excerpts. For precise order book details, further specific sections or official filings would need to be referenced.

- The transcript provided does not mention any current or planned fundraising through debt or equity by Gujarat Gas Limited. - There is no discussion or indication of new capital raising activities, equity issuance, or debt funding in the pages referenced. - The company focuses more on operational aspects such as volume growth, sourcing, and infrastructure expansion. - Any future decisions on fundraising are not disclosed in the provided text and may be contingent on evolving business needs or market conditions.

- No significant CAPEX is planned for the new propane or LPG supply chain business, except for booking capacity in terminals. - For CNG station expansion under the FDODO franchisee model, Gujarat Gas has signed about 70 agreements with 52 applications submitted and 43 approvals received, expecting double-digit station addition before December. - New GAs (Geographical Areas) development including Punjab and other areas will require CAPEX, with an expected payback and positive ROCE timeline of 3-5 years. - Infrastructure for LPG supply involves tying up terminal capacity (e.g., AGS Warpage terminal and others near Morbi) with no significant CAPEX mentioned. - Long-term LNG contracts are targeted to cover about two-thirds of the Morbi market volume in the future. Overall, capex is primarily focused on gas infrastructure expansion and terminal capacity booking rather than substantial investments for propane or LPG supply chain.