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Gujarat Gas

GUJENERGY NSE
₹221.19 No trade today
P/E
14.84
View as Markdown
MCP
Close 4 Nov 2026 ₹221.19 −179.76 −44.8% 1Y
Start ₹400.95

Key Fundamentals

SmallcapOil & GasEnergy

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
18.50%
Debt to Equity
0.18
EPS (TTM)
₹14.91
Book Value
₹196.53
Market Cap
—
P/E (TTM)
14.84
P/B
1.13
ROE
13.20%
Dividend Yield
4.06%
EBITDA
₹3,600 Cr
52W High
₹443.75
52W Low
₹206.33
Volume
0

Peer Comparison

Energy › Oil & Gas › Gas Supplier › LPG/CNG/PNG/LNG Supplier

Gujarat Gas peer comparison
Adani Total Gas
₹570.60102.26₹61,655 Cr12.120.05%14.10%15.10%₹6,728 Cr₹613 Cr
Petronet LNG
₹311.0011.08₹46,470 Cr1.932.31%18.30%22.60%₹37,173 Cr₹4,208 Cr
Gujarat Gas (this company)
₹221.1914.84₹21,204 Cr1.134.06%13.20%18.50%₹23,304 Cr₹1,027 Cr
Indraprastha Gas
₹136.8414.08₹18,822 Cr1.663.56%13.30%17.50%₹16,840 Cr₹1,354 Cr
Mahanagar Gas
₹1,059.2014.51₹10,386 Cr1.632.84%12.30%17.10%₹8,531 Cr₹721 Cr
GSPL Transmission
₹112.97—₹3,493 Cr0.520.00%−66.70%———
Confidence Petroleum
₹63.2915.67₹1,865 Cr1.490.18%6.89%9.12%₹6,001 Cr₹138 Cr
Median 7 companies₹221.1914.68₹18,822 Cr1.632.31%13.20%17.30%₹12,686 Cr₹874 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

58 Good

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
68
Strong
Cheap vs sector & own history 24% weight
Growth
92
Strong
Sales & profit trajectory 9% weight
Financial Health
61
Good
Solvency, leverage, coverage 9% weight
Momentum
8
Poor
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
46.78
Neutral
MACD (12,26,9)
−5.96
Bullish
SMA (50)
235.43
Bearish
SMA (200)
325.67
Bearish

As of

Analyst Rating

Based on 26 analysts
BUY46%

12 of 26 analysts rate Buy, 10 Hold, 4 Sell.

As of

BUY
12
46%
HOLD
10
38%
SELL
4
15%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025.

Revenue

Revenue growth by window
10Y+14.48%
5Y+19.07%
3Y+12.11%
1Y+43.23%

Net profit

Net profit growth by window
10Y+24.34%
5Y+5.73%
3Y+3.17%
1Y+46.17%

Operating cash flow

Operating cash flow growth by window
10Y+15.63%
5Y+10.40%
3Y+4.64%
1Y+50.66%

Operating margin· change in pp

Operating margin growth by window
10Y+0.82 pp
5Y−8.42 pp
3Y−1.53 pp
1Y+1.35 pp

Trailing twelve months: The last four quarters end with the latest fiscal year, which the 1Y column covers.

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,093 Cr
Mar 2018₹6,174 Cr
Mar 2019₹7,754 Cr
Mar 2020₹10,300 Cr
Mar 2021₹9,866 Cr
Mar 2022₹16,456 Cr
Mar 2023₹16,759 Cr
Mar 2024₹15,690 Cr
Mar 2025₹16,487 Cr
Mar 2026₹23,614 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹221 Cr
Mar 2018₹292 Cr
Mar 2019₹418 Cr
Mar 2020₹1,199 Cr
Mar 2021₹1,270 Cr
Mar 2022₹1,287 Cr
Mar 2023₹1,528 Cr
Mar 2024₹1,144 Cr
Mar 2025₹1,148 Cr
Mar 2026₹1,678 Cr

Analyst Forecasts

Forecast For
Sep 26 consensus · EBITDA
₹1,186 Cr −25.9% vs Jun 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Gujarat Gas Ltd trades at ₹215.01 as of 2026-11-02 with a market cap of ₹20,663 Cr, sitting near its 52-week low of ₹206.33 after a 29% decline over the past year. The company shows a sharp TTM revenue growth of 43% and TTM profit growth of 54%, but longer-term stock returns have been negative, with a 5-year stock CAGR of -13%.

Bull Case 7
  • TTM profit growth of 54% signals a strong earnings recovery, significantly outpacing the 3-year compounded profit growth of 5%
  • TTM sales growth of 43% indicates robust top-line momentum, well above the 3-year compounded sales growth of 12%
  • Dividend yield of 4.28% is attractive and well above typical large-cap averages, supported by a healthy payout ratio of 28.5%
  • Debt-to-equity ratio of just 0.18 reflects a conservatively leveraged balance sheet with limited solvency risk
  • PE ratio of 14.42x on a TTM basis appears undemanding given the 10-year compounded profit growth of 24%
  • 10-year compounded sales growth of 14% and profit growth of 24% demonstrate a long track record of scaling the business
  • ROCE of 12.17% indicates the company generates reasonable returns on total capital employed
Bear Case 8
  • Stock has declined 29% over the past 1 year and trades just above its 52-week low of ₹206.33, reflecting persistent negative sentiment
  • Promoter holding decreased by 22.0% over the last quarter, a significant reduction that may signal weakening promoter confidence
  • 5-year stock CAGR of -13% and 3-year stock CAGR of -10% show prolonged wealth destruction for shareholders despite business growth
  • ROE of 8.9% is modest, and the 3-year average ROE of 14% is considered low, suggesting the company is not efficiently converting equity into profits
  • 3-year compounded profit growth of only 5% indicates earnings stagnated before the recent TTM recovery, raising questions about sustainability
  • The stock is down roughly 52% from its 52-week high of ₹443.75, indicating a severe de-rating that may reflect structural concerns beyond cyclical weakness
  • 10-year ROE has trended down from 20% to 13% last year, suggesting a gradual decline in return efficiency over time
  • As a city gas distribution business in the oil and gas sector, the company remains exposed to regulatory changes in gas pricing and allocation policies

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

AI News Digest

9h ago

TL;DR: Gujarat Energy is demonstrating strong cash flow with a record ₹324 crore dividend for FY26, signalling healthy post-merger financial health. The promoter reclassification is a housekeeping move with no direct operational impact. No headwinds are visible in the latest news cycle. The trend appears stable, with the post-merger structure beginning to unlock shareholder returns.

Positives 1
  • Record ₹324 Cr dividend payout Oct 14

    Gujarat Energy Limited paid a record ₹324 crore dividend to the Government of Gujarat for FY26, reflecting strong cash generation driven by post-merger structural changes.

Neutral 1
  • Promoter reclassification approved Oct 14

    NSE and BSE issued no-objection letters to reclassify Gujarat State Energy Generation Limited from Promoter to Public Shareholder category, a structural shareholding change with no immediate financial impact.

Quarterly Results

₹ Cr

Results for the period ended Jun 2026 were due by 14 Aug 2026 and are not in this table yet.

GUJENERGY quarterly results, ₹ crore
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
31.79
23.85
28
23.02
88
39
38.55
56.84
74.35
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
477
289
399
296
550
444
415
299
388
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 (₹)
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

Profit & Loss

₹ Cr
GUJENERGY profit and loss, annual, ₹ crore
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 (₹)
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%

Balance Sheet

₹ Cr
GUJENERGY balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
GUJENERGY cash flow, annual, ₹ crore
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

Ratios

GUJENERGY financial ratios, annual
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

Log in to view Gujarat Gas insights

67 extracted metrics across FY14–FY26.

Shareholding Pattern

As of Sep 2026

  • Promoters 38.94%
  • DIIs 21.34%
  • Others 12.08%
  • FIIs 11.94%
  • Public 8.47%
  • Government 7.23%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

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.
Where is Gujarat Gas Ltd (GUJENERGY) 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 PE ratio of Gujarat Gas Ltd?
Gujarat Gas Ltd trades at a PE ratio of 14.84 as of 4 Nov 2026, on earnings per share of ₹14.91, 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 ₹206.33 and ₹443.75 as of 4 Nov 2026.
Does Gujarat Gas Ltd pay dividends?
Gujarat Gas Ltd has a dividend yield of 4.06%.
What is the Return on Equity (ROE) of Gujarat Gas Ltd?
Gujarat Gas Ltd reported a return on equity of 13.20%. 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. 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.

Website gujaratgas.com
CEO Mr. Sandeep Dave
Employees 895
Listed 15 Sep 2015
Face Value ₹2

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