GUJARAT ENERGY LIMITED(GUJGASLTD)

NSE: GUJGASLTDBSE: 539336

₹ 214.2-1.83%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 20,097 crNext results: 5 Nov 2026Website: www.gujaratgas.comUpdated: 24 Oct 2026

About

Gujarat Energy Limited (GEL, formerly Gujarat Gas Limited) is an integrated energy company operating in City Gas Distribution, Gas Trading, Exploration & Production, and Wind Power, following the merger of GSPC, GSPL and GSPC Energy Limited effective 1 May 2026. GEL is India's largest City Gas Distribution company by volume, operating across 44 districts in 6 states and 1 Union Territory, and the largest demand aggregator in Gujarat having imported over 475 LNG cargoes since 2009. In FY26 the company recorded revenue of Rs 24,424.73 crore with total sales volume of 13.63 MMSCMD across its CGD and Gas Trading segments.^[1][2]

Business segments

Gas Trading contributed 48.7% of FY26 revenue (Rs 16,085.98 cr, EBIT Rs 1,319.74 cr, 8.2% margin); sources and sells natural gas / LNG to third-party CGD companies and industrial customers.^[3]
City Gas Distribution contributed 48.3% of FY26 revenue (Rs 15,976 cr, EBIT Rs 1,398.29 cr, 8.8% margin); sells CNG, domestic PNG, commercial PNG and industrial PNG across authorised geographical areas.^[3]
E&P and Wind Power segments were added via the 1 May 2026 merger; E&P covers operated PSCs and JV blocks; Wind Power covers 123.9 MW across 5 wind farms in Gujarat.^[1][4]

CGD network and infrastructure

GEL holds 27 CGD licences covering 44 districts across Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Madhya Pradesh and the UT of Dadra & Nagar Haveli, spanning ~1,75,700 sq km.^[1]
Pipeline network extended to ~43,900 km as of Q2 FY26; serves 4,460+ industrial units, 16,000+ commercial customers, and 24.18 lakh+ domestic PNG connections.^[5][1]
Subsidiary GSPC LNG Limited (36.80% stake) operates a 5 MMTPA LNG receiving, storage and regasification terminal at Mundra, Kutch with two 160,000 m³ storage tanks; received 15 cargoes in FY26 at ~17.4% utilisation.^[1]

Key operating volumes

Total company volume reached 15.66 MMSCMD in Q1 FY27, +18% YoY; comprising 12.34 MMSCMD CGD and 12.22 MMSCMD Gas Trading (with inter-segment overlap).^[4]
CNG volume hit an all-time high of 3.76 MMSCMD in Q1 FY27, +13% YoY (Gujarat +12%, non-Gujarat +19%); full-year FY26 CNG volume was 3.43 MMSCMD, +12% YoY.^[4][1]
PNG Industrial volume was 7.71 MMSCMD in Q1 FY27, including a Morbi ceramic cluster surge from ~0.4 mmscmd in April 2026 to ~8 mmscmd in May - June 2026, driven by Middle East propane supply disruption.^[4]
PNG Domestic volume was 0.70 MMSCMD and PNG Commercial 0.17 MMSCMD in Q1 FY27; cumulative domestic connections reached 24.77 lakh.^[4]
CGD EBITDA margin was INR 5.18/scm in Q1 FY27; full-year FY27 guidance is INR 5.5 - 6.5/scm.^[4]

Gas sourcing

In FY26, ~37% of gas sales came from domestic sources; GEL sourced ~1.8 MTPA from international markets, representing ~7% of total LNG volumes imported by India.^[1]
As of Q1 FY27, sourcing mix was approximately 20% term contracts, 12.5% domestic, and 67% spot; company targets growing term LNG volumes from ~2 MT currently to at least 4 MT by 2030.^[4]
Long-term LNG contracts signed with TotalEnergies, Uniper and Qatar Energy (up to 1 MTPA for 17 years from 2026); two additional contracts being finalised.^[4][5]
GEL imported 10 LNG cargoes in Q1 FY27 amid Middle East supply disruptions; Gas Trading EBT rose to INR 726 cr in Q1 FY27 from INR 237 cr in Q1 FY26, a 206% increase.^[4]

Customers and distribution reach

CNG vehicle base served by GEL's network reached 16.94 lakh vehicles as of Q3 FY26, +14% YoY from 14.89 lakh; CNG customers approximately 4.35 lakh.^[6][1]
Gas Trading customers include 7 other CGD companies; industrial customers in ceramics (Morbi), chemicals, textiles and other manufacturing across multiple states.^[1]

Expansion and capex

FY27 CGD capex guided at ~INR 1,000 crore, including FDODO CNG station rollout (75+ new stations) and pipeline extension to new industrial pockets in Ahmedabad Rural, Thane, DNH and Kutch.^[4]
Own propane import and storage terminal near the Morbi ceramic cluster: sites shortlisted in Gujarat, detailed project report in progress, capex expected within two years.^[4]
E&P: 2 wells drilled in FY26 are under testing; 4 new wells planned for FY27; 18 new wells targeted over the next 4 - 5 years across operated PSCs.^[1]
Non-Morbi industrial volumes (2 MMSCMD in Q1 FY27) targeted to reach 3 MMSCMD within 1.5 - 2 years as pipeline infrastructure reaches new industrial areas.^[4]
Cash balance of INR 7,200 crore on balance sheet post-merger; deployment plan beyond INR 1,000 crore CGD capex to be communicated by Q3 FY27.^[4]

Recent developments

Composite Scheme of Amalgamation became effective 1 May 2026: GSPC, GSPL and GSPC Energy Limited merged into GGL; Gas Transmission Business demerged into GSPL Transmission Limited (GTL); company renamed Gujarat Energy Limited.^[1][4]
GTL listing on BSE/NSE expected in early September 2026, requiring SEBI exemption for non-IPO listing route.^[4]
January - June 2026: ~91,000 domestic PNG and 1,000+ commercial PNG connections added under a government PNG drive triggered by constrained LPG supplies from Middle East conflict; 86 residential societies (~13,000 households) became LPG-free.^[4][1]
GEL received the PNGRB Excellence Award 2025 for Overall Best Performance in CGD for Anand District and for Safety, Integrity & Technical Excellence for Ahmedabad District.^[1]
PNGRB issued a public notice in January 2025 declaring 71 CGD networks (including 19 GEL geographical areas) as common carrier/contract carrier; GEL has responded and outcome is pending.^[7]

Market Cap

₹20,097 Cr

High / Low

₹315 / 211

Stock P/E

9.0

Price / Book

0.8

Book Value

₹268

EPS

₹29.3

No. of Shares

68.84 Cr

ROCE

18.5%

ROE

15.0%

OPM

10.8%

Debt / Equity

0.17

Sales

₹24,425 Cr

Net Profit

₹1,678 Cr

Promoter holding

38.9%

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GUJARAT ENERGY LIMITED(GUJGASLTD)

About

Business segments

CGD network and infrastructure

Key operating volumes

Gas sourcing

Customers and distribution reach

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

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