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Gujarat Energy
SectorOil & Gas
Gujarat Gas Limited is India's largest city gas distribution company, operating in 44 districts across Gujarat, Maharashtra, and the Union Territory of Dadra Nagar Haveli. The company manages a 35,650 km gas pipeline network, 808 CNG stations, and serves over 1.9 million households and 4,360 industrial customers. It provides approximately 9.75 mmscmd of natural gas. Gujarat Gas is engaged in the distribution of natural gas, CNG, LNG, and LPG through pipelines and other transportation methods. The company holds 27 city gas distribution licenses across six states and one Union territory. In recent years, Gujarat Gas has expanded its operations, adding new CNG stations and household connections, and has begun exploring electric vehicle charging and green hydrogen blending projects.
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Gujarat Gas expands its network and volumes significantly, but faces sharp EBITDA compression and market valuation pressure in Q1 FY27.
CNG Stations grew from 830 in Q1 FY26 to 844 in Q1 FY27, expanding the retail fuel network.
Consolidated EBITDA fell from ₹502 Cr in Q3 FY26 to ₹18 Cr in Q1 FY27, indicating severe margin compression.
Pipeline Network expanded from 43,300 KMs in Q1 FY26 to 45,250 KMs in Q4 FY26, strengthening distribution capacity.
Market Price dropped from ₹474.80 in Q1 FY26 to ₹327.05 in Q1 FY27, reflecting sustained valuation pressure.
Consolidated Volume surged from 8.88 MMSCMD in Q1 FY26 to 15.66 MMSCMD in Q1 FY27, reflecting strong demand recovery.
Bodies Corporate shareholding declined from 7.71% in Q1 FY26 to 1.03% in Q1 FY27, pointing to institutional portfolio exits.
Profit After Tax jumped from ₹266 Cr in Q3 FY26 to ₹998 Cr in Q1 FY27, highlighting robust earnings recovery.
PNG Domestic Volume dipped from 0.91 MMSCMD in Q4 FY26 to 0.70 MMSCMD in Q1 FY27, showing seasonal household demand softness.
Foreign Portfolio Investors stake rose from 3.86% in Q1 FY26 to 10.85% in Q1 FY27, signaling strong foreign capital inflow.
Company insights, generated from the most recent coverage.
Industrial gas volumes in key Morbi ceramic cluster declined 18% YoY due to supply disruptions and force majeure notices, highlighting vulnerability to LNG availability constraints.
Under Natural Gas (Supply Regulation) Order 2026, Gujarat Gas must ensure 80% gas allocation for industrial/commercial consumers via CGD networks and accept mandatory diversions to priority sectors.
Elevated LNG procurement costs and industrial volume declines (18% YoY in Morbi) are expected to compress Gujarat Gas EBITDA per scm to ₹4.50 in Q4 FY26, driving a projected 43% YoY net profit decline.