Gujarat Gas logo

Gujarat Gas

GUJENERGY NSE

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹23,324 Cr
Volatility
Moderate
P/E Ratio
16.2
EBITDA
₹2,902 Cr
Return on Equity
13.53%
Debt to Equity
0.18
Book Value
₹196.53
52W High
₹452
52W Low
₹246.15

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 28.5%

Weaknesses

2
  • Promoter holding has decreased over last quarter: -22.0%
  • Company has a low return on equity of 14.0% over last 3 years.

Growth Rate

Revenue Growth
41.44% higher than 3Y
Net Income Growth
113% higher than 3Y
Cash Flow Change
10.52% higher than 3Y
ROE
-8.64% lower than 3Y
ROCE
-7.48% higher than 3Y
EBITDA Margin (Avg.)
-4.56% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Gujarat Gas Ltd trades at a market cap of ₹23,324 Cr with a PE of 14x and PB of 1.3x. The company has delivered strong TTM sales growth of 43% and profit growth of 54%, but the stock has declined 29% over the past year and promoter holding fell by 22% last quarter.

Bull Case 8
  • TTM sales growth of 43% signals a sharp revenue acceleration, well above the 5-year compounded sales CAGR of 19%
  • TTM profit growth of 54% indicates significant operating leverage and improving margins on higher volumes
  • PE of 14x is modest for a utility-style gas distribution business, suggesting limited premium in the current price
  • PB of 1.3x is reasonable, implying the stock trades close to book value with limited downside from an asset-value perspective
  • Dividend yield of 3.62% is attractive relative to most mid-cap peers, supported by a healthy payout ratio of 28.5%
  • 10-year compounded profit CAGR of 24% demonstrates a long track record of sustained earnings growth
  • 10-year stock CAGR of 12% shows the company has created meaningful long-term shareholder value despite recent weakness
  • 10-year compounded sales CAGR of 14% reflects steady demand growth in the city gas distribution segment over multiple cycles
Bear Case 8
  • Promoter holding decreased by 22.0% in the last quarter, a significant reduction that raises governance and confidence concerns
  • Stock has declined 29% over the past 1 year, sharply underperforming broader market indices
  • 3-year stock CAGR of -10% and 5-year CAGR of -13% indicate prolonged destruction of shareholder value
  • 3-year ROE of 14% and last year ROE of 13% show declining capital efficiency versus the 10-year average of 20%
  • 3-year compounded profit CAGR of only 5% suggests earnings growth momentum was weak before the recent TTM spike
  • 5-year compounded profit CAGR of 7% lags the 5-year sales CAGR of 19%, pointing to margin compression over the medium term
  • 52-week high and low both at 0 in reported data suggest limited price discovery transparency or data availability issues
  • Debt-to-equity ratio is unavailable (null), making it difficult to fully assess the company's balance sheet leverage and financial risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 3
  • Morbi shifting 80% to propane Sep 02

    Gujarat Gas share of Morbi sourcing mix expected to fall to ~20% in September from 40% in July, as propane rises to 80%. Over 700 ceramic factories affected by the 14% gas price hike (₹79 to ₹90/SCM between July-August).

  • Morbi demand and margins squeezed Sep 02

    Domestic ceramic demand down 10-12%, exports hit harder by container freight doubling to $3,500. FY27 industry growth revised to 3-5% from typical 8-12%, with manufacturers absorbing a 3-5% margin reduction.

  • Fuel cost surge pressuring customers Sep 02

    Fuel costs for Morbi ceramics rose 60-70% over four months. West Asia conflict and Strait of Hormuz disruptions threaten further pressure on fuel import-dependent industries.

Positives 1
  • ₹8.90 dividend declared for FY26 Sep 06

    Gujarat Energy declared a final dividend of ₹8.90 per share for FY26. Record date is September 11, 2026, with AGM scheduled for September 29.

Neutral 6
  • AGM scheduled September 29, 2026 Aug 27

    14th AGM set for September 29, 2026, with remote e-voting from September 25-28 and dividend record date of September 11.

  • Statutory auditor appointed for FY27 Sep 10

    CAG appointed M/s Dhirubhai Shah & Co. LLP as statutory auditor for FY27, effective September 10, 2026.

  • FY26 BRSR sustainability report filed Sep 05

    Scope 1 emissions rose to 44,161.16 MT CO2e, water consumption at 17,296.47 KL. Zero fatalities recorded with 0.068 LTIFR for workers.

  • Demerger cost apportionment detailed Sep 05

    Tax cost apportionment outlined for shareholders following demerger effective May 1, 2026, splitting acquisition costs between GEL and GSPL Transmission Limited.

  • Fractional share proceeds distributed Aug 27

    Net sale proceeds from fractional shares under the composite amalgamation scheme were credited to eligible shareholders on August 7, 2026, via IDBI Trusteeship Services.

  • EVP Yogiraj Navathe retires Aug 29

    Executive Vice President Yogiraj Navathe superannuated effective August 29, 2026, disclosed under SEBI Listing Regulations.

TL;DR: Gujarat Energy offers a healthy ₹8.90/share FY26 dividend and maintains clean safety metrics, but faces a significant volume headwind as Morbi's ceramic cluster rapidly shifts to propane following a 14% gas price hike. The company's share of Morbi sourcing could halve to ~20% by September, with over 700 factories affected. While corporate governance actions (AGM, demerger, auditor appointment) proceed smoothly, the near-term trend is deteriorating on pricing power and volume retention in its key industrial segment.

Quarterly Results

Particulars Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,929
3,782
3,845
3,929
4,134
4,450
3,782
4,153
4,102
3,871
3,780
3,658
5,792
Expenses
3,368
3,394
3,349
3,528
3,543
3,915
3,268
3,772
3,652
3,351
3,333
3,211
5,183
Operating Profit
560
388
497
401
591
536
514
380
450
520
447
447
609
OPM %
14%
10%
13%
10%
14%
12%
14%
9%
11%
13%
12%
12%
11%
Other Income
33
25
28
24
88
39
40
58
75
60
72
56
34
Interest
6
7
8
7
7
8
8
9
7
8
8
9
46
Depreciation
109
115
118
120
121
123
130
129
129
131
134
135
224
PBT
478
290
399
297
551
444
417
300
389
441
377
359
374
Tax %
22%
26%
26%
26%
25%
26%
26%
26%
26%
26%
26%
26%
59%
Net Profit
370
216
296
221
410
331
309
221
288
328
280
267
152
EPS in Rs
5.38
3.14
4.3
3.21
5.96
4.8
4.48
3.21
4.18
4.76
4.06
3.88
2.21
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
9,006
6,106
5,093
6,174
7,754
10,300
9,866
16,456
16,759
15,690
16,487
23,614
Expenses
7,894
5,367
4,331
5,261
6,758
8,652
7,761
14,354
14,338
13,787
14,579
20,562
Operating Profit
1,112
739
762
913
997
1,649
2,105
2,103
2,422
1,904
1,908
3,052
OPM %
12%
12%
15%
15%
13%
16%
21%
13%
14%
12%
12%
13%
Other Income
101
12
18
29
95
82
70
79
101
161
204
539
Interest
334
250
218
206
208
205
134
82
67
54
52
251
Depreciation
238
245
257
272
288
318
344
385
428
474
511
899
PBT
641
256
305
464
596
1,208
1,698
1,715
2,028
1,537
1,549
2,441
Tax %
31%
26%
28%
37%
30%
1%
25%
25%
25%
26%
26%
31%
Net Profit
447
190
221
292
418
1,199
1,270
1,287
1,528
1,144
1,148
1,678
EPS in Rs
0.99
2.76
3.2
4.25
6.08
17.41
18.45
18.7
22.2
16.61
16.68
24.37
Div. Payout %
15%
18%
19%
19%
16%
7%
11%
11%
30%
34%
35%
17%
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
138
138
138
138
138
138
138
138
138
138
138
187
Reserves
1,872
1,386
1,526
1,729
2,068
3,180
4,340
5,492
6,890
7,585
8,352
18,251
Borrowings
3,226
2,357
2,359
2,328
2,213
2,055
983
629
152
150
150
3,243
Other Liabilities
1,679
2,189
2,353
2,467
2,739
2,553
3,079
3,329
3,747
3,819
4,011
5,864
Total Liabilities
6,915
6,069
6,375
6,662
7,158
7,925
8,539
9,587
10,927
11,692
12,651
27,546
Fixed Assets
4,487
4,673
4,903
5,094
5,290
5,585
6,040
6,631
7,338
7,763
8,208
13,651
CWIP
357
468
506
478
489
569
731
992
983
918
839
836
Investments
1,118
144
92
41
42
43
48
52
63
168
172
1,010
Other Assets
953
784
875
1,049
1,337
1,728
1,719
1,912
2,544
2,842
3,433
12,049
Total Assets
6,915
6,069
6,375
6,662
7,158
7,925
8,539
9,587
10,927
11,692
12,651
27,546
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,094
637
701
785
964
1,420
1,659
1,662
2,375
1,634
1,806
2,721
Investing
-365
375
-458
-430
-612
-466
-614
-1,294
-1,039
-879
-1,921
-2,097
Financing
-563
-1,224
-251
-273
-349
-502
-1,318
-628
-678
-514
-474
-417
Net Cash Flow
166
-212
-9
82
3
451
-273
-260
658
241
-589
206
Free Cash Flow
741
79
220
330
434
824
903
295
1,289
797
1,055
1,768
CFO/OP
112
94
98
97
97
103
99
100
117
103
111
100
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
15
18
25
23
24
18
29
21
22
24
23
27
Inventory Days
2
3
4
4
4
2
3
—
—
—
—
22
Days Payable
21
19
30
23
21
16
23
—
—
—
—
32
Cash Conversion Cycle
-4
2
-1
4
7
4
8
21
22
24
23
17
Working Capital Days
-81
-85
-67
-55
-45
-38
-48
-25
-33
-35
-8
53
ROCE %
—
12%
13%
17%
19%
29%
34%
31%
31%
20%
20%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

DIIs24.23%Public6.80%Promot.38.94%Govt.7.23%FIIs10.85%Others11.94%As ofJun 2026

Documents

Frequently Asked Questions about Gujarat Gas

What does Gujarat Gas Ltd do?
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 dema...
Where is Gujarat Gas Ltd (GUJGASLTD) listed?
Gujarat Gas Ltd trades as GUJENERGY on the NSE and under code 539336 on the BSE.
Which sector does Gujarat Gas Ltd belong to?
Gujarat Gas Ltd is classified under the Oil & Gas sector, in the Gas Supplier industry.
What is the market capitalisation of Gujarat Gas Ltd?
Gujarat Gas Ltd has a market capitalisation of ₹23,324 Cr, which places it in the Large Cap band.
What is the PE ratio of Gujarat Gas Ltd?
Gujarat Gas Ltd trades at a PE ratio of 16.20, against a book value of ₹196.53 per share.
What is the 52-week high and low of Gujarat Gas Ltd?
Over the last 52 weeks Gujarat Gas Ltd has traded between ₹246.15 and ₹452.
Does Gujarat Gas Ltd pay dividends?
Gujarat Gas Ltd has a dividend yield of 3.62%.
What is the Return on Equity (ROE) of Gujarat Gas Ltd?
Gujarat Gas Ltd reported a return on equity of 13.53%. Its debt-to-equity ratio is 0.18.

Company Information

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]

Website gujaratgas.com
CEO Mr. Sandeep Dave
Employees 895
Listed 2015-09-15
Face Value ₹ 2
Issued Size 68,83,90,125

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