GUJGASLTD - Gujarat Gas Limited Share Price

Gas

₹454.80+3.60(+0.80%)

Market Closed as of Apr 28, 2025, 15:30 IST

What does Gujarat Gas Limited do?

LPG/CNG/PNG/LNG Supplier•Oil, Gas & Consumable Fuels•Mid Cap

Gujarat Gas is a prominent supplier of LPG, CNG, PNG, and LNG in India, operating under the stock ticker GUJGASLTD.

With a market capitalization of Rs. 26,778.4 Crores, the company specializes in the distribution of natural gas across the country. It boasts an extensive network of approximately 40,200 kilometers of natural gas pipelines and 811 compressed natural gas stations. Currently, Gujarat Gas provides piped natural gas to around 21.52 lakh households, 4,400 industrial customers, and 15,200 commercial clients.

The company operates in 44 districts spread across 6 statesÃ¢â‚¬â€Gujarat, Maharashtra, Rajasthan, Haryana, Punjab, Madhya PradeshÃ¢â‚¬â€as well as in the union territory of Dadra and Nagar Haveli. Originally known as GSPC Distribution Networks Limited, it rebranded to Gujarat Gas Limited in May 2015 and was incorporated in 2012 with its headquarters in Gandhinagar, India. Notably, Gujarat Gas Limited is a subsidiary of Gujarat State Petronet Limited.

In terms of financial performance, Gujarat Gas reported a trailing 12-month revenue of Rs. 17,354.9 Crores. The company is also committed to returning value to its investors, offering a dividend yield of 3.16% per year, with a total of Rs. 12.31 returned as dividend per share in the past year. Over the last three years, Gujarat Gas has demonstrated a revenue growth of 11.4%.

Industry Group:Gas

Employees:942

Website:www.gujaratgas.com

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Category	GUJGASLTD	Gas
PE	24.44	15.01
PS	1.79	0.80
Growth	7.3 %	1.3 %

Share Holdings

Understand Gujarat Gas ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Gujarat State Petronet Limited	54.17%
GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED	6.82%
GOVERNOR OF GUJARAT	6.53%
LICI NEW PENSION PLUS SECURED FUND	6.06%
GUJARAT INDUSTRIAL DEVELOPMENT CORPORATION	3.87%
GUJARAT ALKALIES AND CHEMICALS LIMITED	3.1%
ICICI PRUDENTIAL ENERGY OPPORTUNITIES FUND	2.75%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIF	1.13%
Gujarat State Energy Generation Limited	0.19%
Gujarat State Petroleum Corporation Limited	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Summary of Latest Earnings Report from Gujarat Gas

Summary of Gujarat Gas's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Feb 25

Management Outlook and Major Points:
Gujarat Gas (GGL) anticipates steady volume growth, focusing on expanding CNG infrastructure (targeting 100+ FDODO stations) and new geographical areas (Ahmedabad Rural, Dahej, Thane). CNG sales grew 12% YoY (3.12 mmscmd in Q3), supported by a 46% price advantage over petrol. Industrial volumes face near-term pressure due to high LNG prices (spot ~INR48/SCM), with Morbi expected at 2.75"“3 mmscmd amid propane price competitiveness (INR4/SCM delta). Non-Morbi industrial volumes rose 12% YoY.

EBITDA margin guidance was revised to INR4.5"“5.5/SCM (from INR5"“6) due to APM gas shortages (45% shortfall in Q3). Capex for FY26 is ~INR1,000 crore, targeting pipeline network expansion (42,000+ km). Merging with GSPC aims to unlock synergies, leveraging GSPC's 11"“12 mmscmd gas trading volumes. ESG initiatives include hydrogen blending (targeting 15% post-approvals) and biogas integration. Risks include LNG price volatility and delayed GST inclusion for gas. CNG/domestic pricing flexibility and stable industrial demand in non-Morbi regions remain key growth drivers.

Q&A Session

Last updated: Feb 25

Question 1: "First question was with respect to the APM reallocation that you mentioned. Just to clarify that this 45% shortfall in Q3 was essentially for the CNG segment, if I understand? And after the reinstatement of part of this volume, in Q4 so far? That was the first question."

Answer: The 45% APM shortfall in Q3 applied to both CNG and domestic segments. For Q4, the shortfall remains similar (~45"“48%) due to reduced allocations in October and November. No significant restoration occurred, with sourcing relying on spot LNG and domestic alternatives like Reliance's HPHT gas and IGX.

Question 2: "Second question was with respect to Morbi volumes where you mentioned that there has been a recovery after the festival-related shutdowns are over. How much impact is this whole freight situation and the shipping constraints still having in the region? What kind of outlook can we build for Morbi volumes?"

Answer: Morbi volumes recovered to 3.35 mmscmd in Q3 from 2.86 mmscmd in Q2 due to post-festival resumption. Geopolitical improvements (e.g., U.S. policy shifts) may ease shipping constraints. However, rising propane-gas price gaps (INR4/SCM) could limit volumes to ~3 mmscmd in Q4.

Question 3: "With respect to the sourcing contracts, can we get a broad sense of what are the contracts in place right now? Have there been any new contracts signed in this quarter?"

Answer: No new contracts were signed in Q3. Sourcing relies on existing agreements with BG, Petronet, Reliance (expired in December 2024), and domestic sources. GSPC is negotiating replacements for expired contracts, with updates to follow.

Question 4: "What exactly are the volumes for Morbi? Could you repeat the data one more time?"

Answer: Morbi volumes were 3.35 mmscmd in Q3 (vs. 2.86 mmscmd in Q2). Non-Morbi industrial volumes grew 12% YoY to 2.10 mmscmd.

Question 5: "What is the delta between propane prices and your gas prices as of now?"

Answer: The propane-gas price delta is ~INR4/SCM, favoring propane. However, ceramic units (continuous-process plants) retain partial gas reliance despite cost advantages, preventing full fuel switching.

Question 6: "Regarding your merger process, you've mentioned filing with MCA next week. After that, what else could be there?"

Answer: Post-MCA filing, approvals from NCLT, shareholder consent, and regulatory NOCs are required. The merger aims to streamline GSPC Group's structure, with completion timelines dependent on statutory processes.

Question 7: "What is the EBITDA margin guidance for FY25?"

Answer: Revised EBITDA margin guidance is INR4.5"“5.5/SCM (down from INR5"“6/SCM) due to APM shortages and higher spot LNG costs impacting sourcing economics.

Question 8: "Could you detail the long-term contracts expiring and their volumes?"

Answer: Expired contracts include Reliance's HPHT gas (December 2024). Active contracts include Petronet LNG (3.25 mmscmd) and BG (JCC-linked). GSPC is negotiating replacements, likely blending Brent and Henry Hub indices.

Question 9: "What is the impact of GST on natural gas pricing?"

Answer: GST implementation would enable input tax credits for industrial customers, boosting gas competitiveness vs. alternatives. Current VAT (5"“6% for CNG/domestic, 15% for industrial) adds costs, which GST could reduce.

Question 10: "What is the capex outlook for FY26?"

Answer: FY26 capex is projected at ~INR1,000 crores, focusing on CNG infrastructure (online stations) and network expansion in new GAs (Ahmedabad Rural, Dahej). FY25 capex is estimated at INR800"“850 crores.

Cash Flow for Gujarat Gas

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-28.2%	29	40	57
Change in inventories	117.2%	2.51	-7.79	-0.91
Depreciation	10.8%	474	428	385
Adjustments for interest income	21.6%	63	52	34
Net Cashflows from Operations	-31.1%	1,957	2,839	2,098
Income taxes paid (refund)	-30%	323	461	436
Net Cashflows From Operating Activities	-31.3%	1,634	2,378	1,662
Proceeds from sales of PPE	-26.4%	0.09	0.28	0.03
Purchase of property, plant and equipment	-23%	837	1,087	1,366
Dividends received	-	1.64	0	0
Interest received	22.4%	61	50	33
Other inflows (outflows) of cash	15.3%	-3.86	-4.74	40
Net Cashflows From Investing Activities	15.6%	-878.65	-1,041.33	-1,293.54
Repayments of borrowings	-100.2%	0	478	419
Payments of lease liabilities	16.7%	29	25	19
Dividends paid	232.8%	457	138	137
Interest paid	-29.7%	27	38	53
Net Cashflows from Financing Activities	24.2%	-514.11	-678.37	-628.44
Net change in cash and cash eq.	-63.5%	241	658	-260.22

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-28.2%	29	40	57
Change in inventories	117.2%	2.51	-7.79	-0.91
Depreciation	10.8%	474	428	385
Adjustments for interest income	21.6%	63	52	34
Net Cashflows from Operations	-31%	1,957	2,836	2,098
Income taxes paid (refund)	-30%	323	461	436
Net Cashflows From Operating Activities	-31.2%	1,634	2,375	1,662
Proceeds from sales of PPE	-26.4%	0.09	0.28	0.03
Purchase of property, plant and equipment	-23%	837	1,087	1,366
Dividends received	-	1.64	0	0
Interest received	22.4%	61	50	33
Other inflows (outflows) of cash	-34.6%	-3.86	-2.61	40
Net Cashflows From Investing Activities	15.4%	-878.65	-1,039.05	-1,293.53
Repayments of borrowings	-100.2%	0	478	419
Payments of lease liabilities	16.7%	29	25	19
Dividends paid	232.8%	457	138	137
Interest paid	-29.7%	27	38	53
Net Cashflows from Financing Activities	24.2%	-514.11	-678.37	-628.44
Net change in cash and cash eq.	-63.5%	241	658	-260.23

Income Statement for Gujarat Gas

Standalone figures (in Rs. Crores) / View Consolidated Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	9.7%	4,333	3,949	4,615	4,294	4,084	3,991
Other Income	52.6%	59	39	39	31	23	30
Total Income	10.1%	4,391	3,987	4,653	4,325	4,107	4,021
Cost of Materials	16.4%	3,430	2,947	3,590	3,183	3,225	3,055
Employee Expense	-6.1%	47	50	49	48	48	51
Finance costs	19.4%	9.3	7.95	7.8	6.94	7.2	7.79
Depreciation and Amortization	-0.8%	129	130	123	121	120	118
Other expenses	9.6%	479	437	442	470	412	390
Total Expenses	14.5%	4,091	3,572	4,210	3,831	3,811	3,620
Profit Before exceptional items and Tax	-27.8%	300	415	443	494	296	401
Exceptional items before tax	-	0	0	0	56	0	0
Total profit before tax	-27.8%	300	415	443	550	296	401
Current tax	-28.4%	64	89	98	116	59	92
Deferred tax	-27.8%	14	19	16	24	17	10
Total tax	-27.1%	79	108	114	140	76	103
Total profit (loss) for period	-27.8%	222	307	330	410	220	298
Other comp. income net of taxes	-1066.7%	0.71	1.03	2.3	4.36	1.4	1.85
Total Comprehensive Income	-28%	222	308	332	414	222	300
Earnings Per Share, Basic	-35.8%	3.22	4.46	4.79	5.95	3.2	4.33
Earnings Per Share, Diluted	-35.8%	3.22	4.46	4.79	5.95	3.2	4.33

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-5.9%	16,293	17,306	16,787	10,042	10,526	7,962
Other Income	7%	108	101	91	74	84	111
Total Income	-5.8%	16,401	17,407	16,878	10,116	10,610	8,074
Cost of Materials	-5.4%	12,555	13,276	13,444	6,991	7,882	6,084
Employee Expense	1.5%	199	196	191	177	175	160
Finance costs	-28.2%	29	40	57	116	192	196
Depreciation and Amortization	10.8%	474	428	385	341	318	288
Other expenses	15%	1,662	1,445	1,083	787	835	735
Total Expenses	-3%	14,920	15,383	15,153	8,412	9,402	7,462
Profit Before exceptional items and Tax	-26.9%	1,481	2,025	1,725	1,705	1,208	612
Exceptional items before tax	-	56	0	-11.9	0	0	-17.87
Total profit before tax	-24.2%	1,536	2,025	1,713	1,705	1,208	594
Current tax	-28.4%	332	463	416	424	294	132
Deferred tax	74.3%	62	36	12	5.06	-279.79	44
Total tax	-21.3%	393	499	428	429	14	177
Total profit (loss) for period	-25.1%	1,143	1,525	1,286	1,276	1,193	417
Other comp. income net of taxes	1.9%	8.66	8.52	2.69	2.57	-3.7	-2.06
Total Comprehensive Income	-25%	1,151	1,534	1,288	1,278	1,190	415
Earnings Per Share, Basic	-26.3%	16.6	22.16	18.68	18.53	17.33	6.06
Earnings Per Share, Diluted	-26.3%	16.6	22.16	18.68	18.53	17.33	6.06

Consolidated figures (in Rs. Crores) / View Standalone Data

QuarterlyAnnual

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	9.7%	4,333	3,949	4,615	4,294	4,084	3,991
Other Income	47.4%	57	39	39	31	23	28
Total Income	10.1%	4,389	3,987	4,653	4,325	4,107	4,019
Cost of Materials	16.4%	3,430	2,947	3,590	3,183	3,225	3,055
Employee Expense	-6.1%	47	50	49	48	48	51
Finance costs	19.4%	9.3	7.95	7.8	6.94	7.2	7.79
Depreciation and Amortization	-0.8%	129	130	123	121	120	118
Other expenses	9.6%	479	437	442	470	412	390
Total Expenses	14.5%	4,091	3,572	4,210	3,831	3,811	3,620
Profit Before exceptional items and Tax	-28%	299	415	443	494	296	399
Exceptional items before tax	-	0	0	0	56	0	0
Total profit before tax	-28%	299	415	443	550	296	399
Current tax	-28.4%	64	89	98	116	59	92
Deferred tax	-27.8%	14	19	16	24	17	10
Total tax	-27.1%	79	108	114	140	76	103
Total profit (loss) for period	-28.6%	221	309	331	410	221	296
Other comp. income net of taxes	-3300%	0.68	1.01	2.28	4.35	1.4	1.84
Total Comprehensive Income	-28.5%	222	310	333	415	222	298
Earnings Per Share, Basic	-36.5%	3.21	4.48	4.8	5.96	3.21	4.3
Earnings Per Share, Diluted	-36.5%	3.21	4.48	4.8	5.96	3.21	4.3

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	-5.9%	16,293	17,306	16,787	10,042	10,526	7,962
Other Income	5%	106	101	91	74	84	112
Total Income	-5.8%	16,399	17,407	16,878	10,116	10,610	8,074
Cost of Materials	-5.4%	12,555	13,276	13,444	6,991	7,882	6,084
Employee Expense	1.5%	199	196	191	177	175	160
Finance costs	-28.2%	29	40	57	116	192	196
Depreciation and Amortization	10.8%	474	428	385	341	318	288
Other expenses	15%	1,662	1,445	1,083	787	835	735
Total Expenses	-3%	14,920	15,383	15,153	8,412	9,402	7,462
Profit Before exceptional items and Tax	-27%	1,479	2,025	1,725	1,705	1,208	612
Exceptional items before tax	-	56	0	-11.9	0	0	-17.87
Total profit before tax	-24.2%	1,535	2,025	1,714	1,705	1,208	594
Current tax	-28.4%	332	463	416	424	294	132
Deferred tax	74.3%	62	36	12	5.06	-285.14	45
Total tax	-21.3%	393	499	428	429	9.16	177
Total profit (loss) for period	-25.1%	1,144	1,528	1,287	1,278	1,199	418
Other comp. income net of taxes	3.4%	8.61	8.36	2.68	2.54	-3.75	-2.09
Total Comprehensive Income	-25.1%	1,152	1,537	1,290	1,280	1,195	416
Earnings Per Share, Basic	-26.4%	16.61	22.2	18.7	18.56	17.41	6.08
Earnings Per Share, Diluted	-26.4%	16.61	22.2	18.7	18.56	17.41	6.08

Balance Sheet for Gujarat Gas

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	44.4%	1,322	916	760	675	398	20
Loans, current	-27.6%	2.44	2.99	3.69	3.84	3.94	2.91
Total current financial assets	36%	2,681	1,972	1,803	1,716	1,310	971
Inventories	3.4%	61	59	62	61	65	53
Total current assets	29.8%	2,894	2,229	2,061	1,979	1,553	1,388
Property, plant and equipment	3.1%	7,447	7,224	6,974	6,860	6,442	5,968
Capital work-in-progress	-1.9%	883	900	1,000	958	1,023	966
Investment property	0%	1.3	1.3	1.3	1.3	1.3	1.3
Non-current investments	0%	135	135	130	30	22	22
Loans, non-current	-60.7%	1.48	2.22	2.68	2.74	3.17	3.56
Total non-current financial assets	-2.1%	237	242	233	131	110	107
Total non-current assets	0.8%	9,506	9,430	9,223	8,916	8,486	8,168
Total assets	6.4%	12,399	11,658	11,284	10,895	10,039	9,555
Borrowings, non-current	-	0	0	0	0	152	391
Total non-current financial liabilities	-5.1%	112	118	125	124	279	516
Provisions, non-current	-5.8%	50	53	55	55	52	54
Total non-current liabilities	2.5%	1,183	1,154	1,118	1,096	1,223	1,447
Borrowings, current	-	0	0	0	0	38	90
Total current financial liabilities	12.4%	2,969	2,641	2,843	2,642	2,320	2,400
Provisions, current	30.8%	35	27	38	27	42	33
Current tax liabilities	948%	60	6.63	29	0	62	0
Total current liabilities	16.4%	3,277	2,815	3,113	2,803	2,567	2,509
Total liabilities	12.4%	4,460	3,969	4,231	3,899	3,790	3,956
Equity share capital	0%	138	138	138	138	138	138
Total equity	3.3%	7,940	7,689	7,054	6,996	6,249	5,599
Total equity and liabilities	6.4%	12,399	11,658	11,284	10,895	10,039	9,555

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	44.4%	1,322	916	760	675	398	20
Loans, current	-27.6%	2.44	2.99	3.69	3.84	3.94	2.91
Total current financial assets	36%	2,681	1,972	1,803	1,716	1,310	973
Inventories	3.4%	61	59	62	61	65	53
Total current assets	29.8%	2,894	2,229	2,061	1,979	1,553	1,390
Property, plant and equipment	3.1%	7,447	7,224	6,974	6,860	6,442	5,968
Capital work-in-progress	-1.9%	883	900	1,000	958	1,023	966
Investment property	0%	1.3	1.3	1.3	1.3	1.3	1.3
Non-current investments	0%	135	135	130	30	22	22
Loans, non-current	-60.7%	1.48	2.22	2.68	2.74	3.17	3.56
Total non-current financial assets	-2.1%	237	242	233	131	110	107
Total non-current assets	0.8%	9,542	9,463	9,255	8,948	8,517	8,197
Total assets	6.4%	12,435	11,692	11,316	10,927	10,070	9,587
Borrowings, non-current	-	0	0	0	0	152	391
Total non-current financial liabilities	-5.1%	112	118	125	124	279	516
Provisions, non-current	-5.8%	50	53	55	55	52	54
Total non-current liabilities	2.5%	1,183	1,154	1,118	1,096	1,223	1,447
Borrowings, current	-	0	0	0	0	38	90
Total current financial liabilities	12.4%	2,969	2,641	2,843	2,642	2,320	2,402
Provisions, current	30.8%	35	27	38	27	42	33
Current tax liabilities	948%	60	6.63	29	0	62	0
Total current liabilities	16.4%	3,277	2,815	3,113	2,803	2,567	2,511
Total liabilities	12.4%	4,460	3,969	4,231	3,899	3,790	3,957
Equity share capital	0%	138	138	138	138	138	138
Total equity	3.3%	7,976	7,722	7,085	7,028	6,280	5,630
Total equity and liabilities	6.4%	12,435	11,692	11,316	10,927	10,070	9,587

Investor Care
Dividend Yield	3%
Dividend/Share (TTM)	12.31
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	18.45

Financial Health
Current Ratio	0.88
Debt/Equity	0.00
Debt/Cashflow	0.00

Valuation
Market Cap	31.31 kCr
Price/Earnings (Trailing)	24.63
Price/Sales (Trailing)	1.8
EV/EBITDA	13.96
Price/Free Cashflow	42.47
MarketCap/EBT	18.34

Fundamentals
Revenue (TTM)	17.35 kCr
Rev. Growth (Yr)	6.87%
Rev. Growth (Qtr)	10.09%
Earnings (TTM)	1.27 kCr
Earnings Growth (Yr)	-0.01%
Earnings Growth (Qtr)	-28.42%

Profitability
Operating Margin	9.51%
EBT Margin	9.83%
Return on Equity	15.94%
Return on Assets	10.22%
Free Cashflow Yield	2.35%

GUJGASLTD - Gujarat Gas Limited Share Price

What does Gujarat Gas Limited do?

Sector Comparison: GUJGASLTD vs Gas

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Summary of Latest Earnings Report from Gujarat Gas

Cash Flow for Gujarat Gas

Income Statement for Gujarat Gas

Balance Sheet for Gujarat Gas

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Is Gujarat Gas Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
GAIL	Gail (India)Gas Transmission/Marketing	1.25 LCr	1.4 LCr	+3.46%	-8.98%	10.02	0.89	+3.28%	+54.02%
ATGL	ADANI TOTAL GASLPG/CNG/PNG/LNG Supplier	67.86 kCr	5.25 kCr	+2.39%	-32.87%	101.62	12.91	+9.60%	+11.77%
IGL	Indraprashtha GasLPG/CNG/PNG/LNG Supplier	25.96 kCr	16.41 kCr	-8.69%	-19.38%	15.34	1.58	+3.89%	-13.07%
GSPL	Gujarat State PetronetGas Transmission/Marketing	17.96 kCr	18.58 kCr	+9.30%	+8.65%	9.22	0.97	+4.43%	-5.58%
MGL	Mahanagar GasLPG/CNG/PNG/LNG Supplier	13.17 kCr	7.53 kCr	-3.84%	-8.71%	12.65	1.75	+6.42%	-19.45%