Gujarat State Petronet
Key Fundamentals
Price-based figures · EPS basis: Consolidated · TTM
- ROCE
- 15.20%
- Debt to Equity
- 0.01
- EPS (TTM)
- ₹18.65
- Book Value
- —
- Market Cap
- —
- P/E (TTM)
- —
- P/B
- —
- ROE
- 9.89%
- Dividend Yield
- 1.86%
- EBITDA
- ₹3,041 Cr
- 52W High
- —
- 52W Low
- —
Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 19.9%
Weaknesses
1- The company has delivered a poor sales growth of 7.25% over past five years.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bearish | 11 | 5 | 3 |
| Oscillators | Bullish | 1 | 5 | 3 |
| Moving Averages | Strong Bearish | 10 | 0 | 0 |
Oscillators
Bullish
Overall
Strong Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 45.32
- Neutral
- MACD (12,26,9)
- 6.86
- Bullish
- SMA (50)
- 269.66
- Bearish
- SMA (200)
- 296.84
- Bearish
As of , the latest day with price data, so these readings are not current.
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2025; 1Y: fiscal year to Mar 2025 against Mar 2024; TTM: four quarters to Dec 2025 against Dec 2024.
Revenue
| 10Y | +32.20% |
|---|---|
| 5Y | +7.24% |
| 3Y | −1.16% |
| 1Y | +0.43% |
| TTM | −7.50% |
Net profit
| 10Y | +12.87% |
|---|---|
| 5Y | −6.40% |
| 3Y | −9.80% |
| 1Y | −25.05% |
| TTM | −18.63% |
Operating cash flow
| 10Y | +15.91% |
|---|---|
| 5Y | −0.22% |
| 3Y | −0.08% |
| 1Y | −2.21% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −71.88 pp |
|---|---|
| 5Y | −11.01 pp |
| 3Y | −4.19 pp |
| 1Y | −4.44 pp |
| TTM | −1.80 pp |
Revenue by year
| Mar 2016 | ₹992 Cr |
|---|---|
| Mar 2017 | ₹5,901 Cr |
| Mar 2018 | ₹7,261 Cr |
| Mar 2019 | ₹9,345 Cr |
| Mar 2020 | ₹12,244 Cr |
| Mar 2021 | ₹11,535 Cr |
| Mar 2022 | ₹17,991 Cr |
| Mar 2023 | ₹18,117 Cr |
| Mar 2024 | ₹17,295 Cr |
| Mar 2025 | ₹17,370 Cr |
Net profit by year
| Mar 2016 | ₹465 Cr |
|---|---|
| Mar 2017 | ₹718 Cr |
| Mar 2018 | ₹958 Cr |
| Mar 2019 | ₹1,190 Cr |
| Mar 2020 | ₹2,279 Cr |
| Mar 2021 | ₹2,192 Cr |
| Mar 2022 | ₹2,231 Cr |
| Mar 2023 | ₹2,342 Cr |
| Mar 2024 | ₹2,184 Cr |
| Mar 2025 | ₹1,637 Cr |
AI Analysis — Bull vs Bear
GSPL trades at an attractive PE of 9x with a near debt-free balance sheet, but TTM profit decline of -21% and compressing ROE from 20% (10-year) to 10% (last year) signal deteriorating earnings quality.
- Company is virtually debt-free, giving it a fortress balance sheet and significant financial flexibility in a capital-intensive energy sector
- Dividend yield of 1.98% with a consistent payout ratio of 19.9% provides a steady income floor for shareholders
- 10-year compounded sales CAGR of 32% demonstrates the long-term structural demand story for gas pipeline infrastructure in Gujarat
- Price-to-book ratio of 1.19x suggests the stock is trading close to its book value, limiting downside risk
- 10-year ROE average of 20% reflects historically strong capital efficiency and a high-quality asset base
- Market cap of Rs 15,388 Cr positions GSPL as a mid-to-large cap with adequate liquidity and index inclusion potential
- TTM compounded profit growth is -21%, a sharp acceleration in earnings decline from -12% over 3 years, signaling worsening fundamentals
- ROE has halved from 20% (10-year average) to just 10% last year, indicating a structural decline in return on capital
- TTM sales growth of -8% shows the top line is now contracting, not just slowing, raising volume and tariff concerns
- 5-year compounded profit CAGR of -8% means the company has been destroying earnings power over a meaningful period
- 1-year stock CAGR of -13% reflects market recognition of deteriorating fundamentals with no signs of a reversal
- 5-year sales CAGR of only 7.25% is poor for an infrastructure utility that should benefit from India's gas adoption push
- 3-year stock CAGR of just 1% means shareholders have earned virtually no returns over a period when broader markets rallied significantly
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: A quiet quarter for GSPL with no operational or strategic headwinds surfacing. The company successfully got an erroneous Rs.77.76 crore tax demand corrected and strengthened its management team with a permanent GM appointment. News flow is thin and largely procedural, suggesting stable but uneventful near-term outlook — watch for upcoming Q4FY26 earnings and any gas transmission volume updates for directional cues.
- Tax assessment reduced via rectification Apr 11
Income tax rectification order for AY 2024-25 reduced assessed income from Rs.1,683 crores to Rs.1,435 crores, resolving an earlier erroneous demand of Rs.77.76 crores from the Mar 23 scrutiny order. Company confirms no financial impact on operations.
- New GM appointed for operations Mar 23
Saarthak Gautam appointed as General Manager on a permanent basis effective March 23, 2026, overseeing D&E, Procurement, and O&M functions, strengthening operational leadership.
- Routine Q4FY26 SEBI compliance filed Apr 6
GSPL submitted its quarterly compliance certificate under SEBI Depositories Regulations for Q4FY26, confirming adherence to dematerialization requirements. Standard regulatory filing with no material implications.
Quarterly Results
₹ CrResults for the period ended Mar 2026 were due by 30 May 2026 and are not in this table yet.
| Particulars | 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 | 3,998 | 4,270 | 4,108 | 4,265 | 4,389 | 4,532 | 4,727 | 3,992 | 4,360 | 4,291 | 4,107 | 4,008 | 3,885 |
| Expenses | 3,149 | 3,433 | 3,394 | 3,351 | 3,608 | 3,570 | 3,905 | 3,304 | 3,808 | 3,723 | 3,389 | 3,399 | 3,273 |
| Operating Profit | 849 | 837 | 715 | 914 | 781 | 962 | 822 | 688 | 553 | 567 | 718 | 609 | 612 |
| OPM % | 21% | 20% | 17% | 21% | 18% | 21% | 17% | 17% | 13% | 13% | 17% | 15% | 16% |
| Other Income | 42 | 45 | 40 | 55 | 56 | 114 | 69 | 76 | 96 | 109 | 101 | 114 | 96 |
| Interest | 15 | 6 | 8 | 14 | 8 | 8 | 8 | 8 | 10 | 11 | 8 | 8 | 9 |
| Depreciation | 158 | 157 | 161 | 165 | 168 | 169 | 171 | 179 | 179 | 179 | 184 | 188 | 189 |
| PBT | 718 | 719 | 586 | 789 | 661 | 899 | 712 | 577 | 460 | 486 | 626 | 527 | 511 |
| Tax % | 26% | 24% | 26% | 25% | 25% | 26% | 26% | 27% | 27% | 27% | 26% | 26% | 26% |
| Net Profit | 530 | 543 | 434 | 590 | 496 | 663 | 527 | 423 | 335 | 352 | 465 | 389 | 379 |
| EPS (₹) | 6.37 | 6.61 | 5.94 | 8.06 | 7 | 8.42 | 6.65 | 4.99 | 4.15 | 3.9 | 5.58 | 4.62 | 4.55 |
Profit & Loss
₹ Cr| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,051 | 1,065 | 992 | 5,901 | 7,261 | 9,345 | 12,244 | 11,535 | 17,991 | 18,117 | 17,295 | 17,370 | 16,290 |
| Expenses | 122 | 136 | 126 | 4,260 | 5,217 | 6,805 | 9,027 | 7,961 | 14,491 | 14,437 | 13,887 | 14,720 | 13,784 |
| Operating Profit | 929 | 928 | 866 | 1,642 | 2,044 | 2,540 | 3,217 | 3,574 | 3,500 | 3,680 | 3,407 | 2,650 | 2,506 |
| OPM % | 88% | 87% | 87% | 28% | 28% | 27% | 26% | 31% | 19% | 20% | 20% | 15% | 15% |
| Other Income | 57 | 42 | 94 | 118 | 122 | 135 | 108 | 130 | 148 | 136 | 248 | 350 | 419 |
| Interest | 142 | 118 | 80 | 278 | 242 | 427 | 369 | 227 | 112 | 70 | 56 | 57 | 37 |
| Depreciation | 184 | 189 | 183 | 436 | 447 | 468 | 518 | 542 | 579 | 621 | 664 | 709 | 740 |
| PBT | 660 | 664 | 697 | 1,046 | 1,477 | 1,780 | 2,438 | 2,936 | 2,957 | 3,125 | 2,935 | 2,234 | 2,149 |
| Tax % | 36% | 38% | 33% | 31% | 35% | 33% | 7% | 25% | 25% | 25% | 26% | 27% | — |
| Net Profit | 417 | 488 | 465 | 718 | 958 | 1,190 | 2,279 | 2,192 | 2,231 | 2,342 | 2,184 | 1,637 | 1,585 |
| EPS (₹) | 7.39 | 8.64 | 8.26 | 9.84 | 13.15 | 17.71 | 30.65 | 28.48 | 29.04 | 29.09 | 29.41 | 19.69 | 18.65 |
| Div. Payout % | 14% | 14% | 18% | 15% | 13% | 11% | 7% | 7% | 7% | 17% | 17% | 25% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2014 | 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 | 563 | 563 | 563 | 564 | 564 | 564 | 564 | 564 | 564 | 564 | 564 | 564 | 564 |
| Reserves | 2,823 | 3,217 | 3,423 | 3,962 | 1,865 | 2,731 | 4,320 | 5,827 | 7,355 | 8,885 | 10,261 | 11,082 | 11,377 |
| Borrowings | 1,429 | 1,157 | 1,067 | 2,989 | 5,386 | 4,579 | 3,629 | 2,003 | 713 | 149 | 140 | 138 | 140 |
| Other Liabilities | 811 | 931 | 785 | 4,293 | 4,148 | 4,587 | 4,837 | 5,775 | 6,662 | 7,718 | 8,091 | 9,023 | 9,843 |
| Total Liabilities | 5,625 | 5,868 | 5,838 | 11,808 | 11,963 | 12,461 | 13,350 | 14,169 | 15,294 | 17,316 | 19,056 | 20,807 | 21,923 |
| Fixed Assets | 3,205 | 3,169 | 3,123 | 8,069 | 8,208 | 8,897 | 9,256 | 9,497 | 9,946 | 10,481 | 10,779 | 11,695 | 11,636 |
| CWIP | 804 | 949 | 768 | 1,192 | 1,374 | 908 | 807 | 953 | 1,245 | 1,409 | 1,680 | 1,121 | 1,134 |
| Investments | 543 | 633 | 723 | 469 | 590 | 696 | 1,023 | 1,457 | 1,670 | 1,621 | 1,889 | 1,792 | 1,772 |
| Other Assets | 1,073 | 1,117 | 1,224 | 2,079 | 1,790 | 1,960 | 2,264 | 2,262 | 2,433 | 3,805 | 4,708 | 6,198 | 7,381 |
| Total Assets | 5,625 | 5,868 | 5,838 | 11,808 | 11,963 | 12,461 | 13,350 | 14,169 | 15,294 | 17,316 | 19,056 | 20,807 | 21,923 |
Cash Flow
₹ Cr| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 644 | 626 | 603 | 1,644 | 1,669 | 2,044 | 2,771 | 2,897 | 2,748 | 3,340 | 2,803 | 2,741 |
| Investing | −708 | −201 | −321 | −835 | −3,593 | −612 | −806 | −1,080 | −1,359 | −1,815 | −2,142 | −2,754 |
| Financing | −338 | −438 | −297 | −879 | 2,013 | −1,382 | −1,494 | −2,096 | −1,659 | −805 | −547 | −544 |
| Net Cash Flow | −402 | −13 | −15 | −70 | 89 | 50 | 471 | −279 | −271 | 720 | 114 | −556 |
| Free Cash Flow | 282 | 326 | 426 | 1,059 | 924 | 1,290 | 2,068 | 2,041 | 1,456 | 2,062 | 1,550 | 1,765 |
| CFO/OP | 92 | 91 | 93 | 117 | 102 | 95 | 104 | 101 | 100 | 111 | 102 | 123 |
Ratios
| Particulars | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 86 | 52 | 56 | 28 | 25 | 27 | 20 | 30 | 21 | 23 | 24 | 24 |
| Cash Conversion Cycle | 86 | 52 | 56 | 28 | 25 | 27 | 20 | 30 | 21 | 23 | 24 | 24 |
| Working Capital Days | −91 | −84 | −57 | −61 | −113 | −75 | −61 | −55 | −23 | −25 | −9 | −5 |
| ROCE % | 17% | 16% | 15% | 19% | 20% | 25% | 30% | 31% | 28% | 27% | 21% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Gujarat State Petronet insights
64 extracted metrics across FY13–FY26.
Documents
- 8 Dec 2025
- 9 Sep 2024
- 4 Oct 2023
- 27 Sep 2022
- 6 Oct 2021
Frequently Asked Questions about Gujarat State Petronet
What does Gujarat State Petronet Ltd do?
Where is Gujarat State Petronet Ltd (GSPL) listed?
Which sector does Gujarat State Petronet Ltd belong to?
Does Gujarat State Petronet Ltd pay dividends?
What is the Return on Equity (ROE) of Gujarat State Petronet Ltd?
Company Information
Gujarat State Petronet Limited is a Public Limited Company incorporated under The Companies Act,1956. Further it is a Government Company u/s 2(45) under the Companies Act,2013. Gujarat State Petronet Limited alongwith its subsidiaries is primarily engaged in transmission of Natural gas through pipeline. Further it is engaged in business of implementing and operating City Gas Distribution and generation of electricity through windmills.
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