Gujarat Energy Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • City Gas Distribution: 65.4% • Gas Trading: 31.7% • Power: 2.4%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 19.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.27x)
- Institutional investors have been accumulating - FII+DII up 16.2pp
- Company comfortably covers its interest (9.8x coverage)
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 74.3% versus prior year
- Promoter holding has decreased over last 2 years: -22.0pp
- Valuation is stretched - P/E of 12.0 is well above its own 5-year median (4.8)
- Company has delivered a poor profit growth of 5.7% over past five years
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GAIL | 173.90 | 11.57 | 114340.98 | 3.16 | 4670.99 | 96.08 | 41350.18 | 16.71 | 10.16 | 17.99 |
| ATGL | 594.80 | 103.47 | 65416.70 | 0.04 | 1417.20 | 757.66 | 19067.90 | 1172.62 | 16.96 | 14.67 |
| GUJENERGY | 241.65 | 11.95 | 22672.35 | 3.68 | 10074.00 | 207.47 | 97713.80 | 140.35 | 11.32 | 14.41 |
| IGL | 151.90 | 15.63 | 21266.02 | 3.13 | 237.92 | -44.39 | 5043.44 | 16.56 | 18.23 | 6.95 |
| MGL | 1084.50 | 14.97 | 10712.45 | 2.77 | 192.64 | -39.38 | 2598.90 | 13.88 | 18.78 | 13.18 |
| CFEL | 48.92 | 17.01 | 122.40 | 0.51 | 11.72 | 4995.65 | 358.40 | 774.59 | 8.59 | 11.04 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,924 | 3,991 | 4,084 | 4,294 | 4,615 | 3,949 | 4,333 | 6,550 | 4,065 | 3,979 | 3,865 | 6,002 | 9,771 | |
| 3,536 | 3,495 | 3,684 | 3,703 | 4,210 | 3,434 | 4,091 | 6,074 | 3,685 | 3,532 | 3,418 | 5,394 | 8,654 | |
| Operating Profit | 388 | 497 | 401 | 591 | 405 | 514 | 242 | 477 | 381 | 447 | 447 | 609 | 1,117 |
| OPM % | 9.89% | 12.44% | 9.81% | 13.77% | 8.77% | 13.02% | 5.58% | 7.28% | 9.36% | 11.24% | 11.57% | 10.14% | 11.43% |
| 24 | 28 | 23 | 87 | 39 | 39 | 57 | -326 | 59 | 71 | 55 | 12 | 193 | |
| Interest | 7 | 8 | 7 | 7 | 8 | 8 | 9 | 68 | 8 | 8 | 9 | 46 | 63 |
| Depreciation | 115 | 118 | 120 | 121 | 123 | 130 | 129 | 203 | 131 | 134 | 135 | 224 | 201 |
| Profit before Tax | 289 | 399 | 296 | 550 | 444 | 415 | 300 | -121 | 441 | 376 | 358 | 352 | 1,337 |
| Tax % | 25.67% | 25.79% | 25.67% | 25.50% | 25.55% | 26.08% | 26.24% | -38.96% | 25.66% | 25.77% | 25.81% | 63.01% | 24.66% |
| Net Profit | 0 | 0 | 0 | 0 | 331 | 309 | 221 | 2,879 | 328 | 280 | 267 | 152 | 1,007 |
| 3.14 | 4.30 | 3.21 | 5.96 | 4.80 | 4.48 | 3.21 | -0.77 | 4.76 | 4.06 | 3.88 | 3.75 | 10.67 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,093 | 6,174 | 7,754 | 10,300 | 9,866 | 16,456 | 16,759 | 15,690 | 27,615 | 23,614 | 23,618 | |
| 4,340 | 5,269 | 6,758 | 8,653 | 7,765 | 14,355 | 14,341 | 13,790 | 24,115 | 20,535 | 20,997 | |
| Operating Profit | 752 | 905 | 996 | 1,647 | 2,102 | 2,101 | 2,418 | 1,901 | 3,500 | 3,079 | 2,620 |
| OPM % | 14.77% | 14.66% | 12.85% | 15.99% | 21.30% | 12.77% | 14.43% | 12.11% | 12.67% | 13.04% | 11.10% |
| 26 | 36 | 94 | 84 | 72 | 79 | 101 | 162 | -299 | 398 | 331 | |
| Interest | 218 | 206 | 208 | 205 | 134 | 82 | 67 | 54 | 323 | 278 | 125 |
| Depreciation | 257 | 272 | 288 | 318 | 344 | 385 | 428 | 474 | 864 | 899 | 694 |
| Profit before Tax | 305 | 464 | 596 | 1,208 | 1,698 | 1,715 | 2,028 | 1,537 | 2,012 | 2,441 | 2,423 |
| Tax % | 27.60% | 37.01% | 29.75% | 0.76% | 25.16% | 24.94% | 24.62% | 25.60% | -61.83% | 31.27% | 30.57% |
| Net Profit | 221 | 292 | 418 | 1,199 | 1,270 | 1,287 | 1,528 | 1,144 | 3,257 | 1,678 | 1,682 |
| EPS | 16.02 | 4.25 | 6.08 | 17.41 | 18.45 | 18.70 | 22.20 | 16.61 | 130.98 | 64.27 | — |
| Dividend Payout % | 18.72% | 18.83% | 16.45% | 7.18% | 10.84% | 10.69% | 29.95% | 34.07% | 4.44% | 13.85% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 19%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 27%
- 5 Years:
- 10%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 22%
- 5 Years:
- 19%
- 3 Years:
- 15%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 138 | 63 | 63 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 494 | 420 |
| 1,526 | 1,729 | 2,068 | 3,180 | 4,340 | 5,492 | 6,890 | 7,585 | 23,375 | 18,251 | |
| 2,419 | 2,328 | 2,273 | 2,107 | 1,031 | 675 | 195 | 191 | 3,215 | 3,204 | |
| Trade Payables | 317 | 297 | 356 | 346 | 449 | 447 | 716 | 700 | 1,502 | 1,654 |
| 1,975 | 2,170 | 2,324 | 2,155 | 2,582 | 2,835 | 2,989 | 3,078 | 3,855 | 3,790 | |
| Total Liabilities | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 32,504 | 27,381 |
| 4,902 | 5,093 | 5,289 | 5,584 | 6,039 | 6,630 | 7,336 | 7,761 | 17,207 | 13,625 | |
| Capital Work in Progress | 505 | 478 | 488 | 569 | 707 | 966 | 958 | 900 | 1,195 | 836 |
| 92 | 41 | 42 | 43 | 48 | 52 | 63 | 168 | 2,317 | 1,010 | |
| 42 | 57 | 69 | 46 | 52 | 53 | 61 | 59 | 865 | 1,122 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,030 | 2,146 | 1,752 | |
| Cash & Bank | 64 | 140 | 313 | 694 | 321 | 21 | 681 | 926 | 3,003 | 1,314 |
| 771 | 853 | 956 | 990 | 1,371 | 1,865 | 1,829 | 848 | 5,772 | 7,722 | |
| Total Assets | 6,375 | 6,662 | 7,158 | 7,925 | 8,539 | 9,587 | 10,927 | 11,692 | 32,504 | 27,381 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 749 | 889 | 964 | 1,700 | 2,075 | 2,098 | 2,836 | 1,634 | 3,370 | 2,721 | |
| Cash from Investing | -458 | -430 | -612 | -466 | -614 | -1,294 | -1,039 | -879 | -3,840 | -2,097 |
| Cash from Financing | -251 | -273 | -349 | -502 | -1,318 | -628 | -678 | -514 | -892 | -417 |
| -9 | 82 | 3 | 451 | -273 | -260 | 658 | 241 | -1,362 | 206 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - GUJARAT ENERGY LIMITED has informed the Exchange regarding Appointment of Ms Dhirubhai Shah & Co. LLP (WR0141) as Statutory Auditors of the Company w.e.f. April 01, 2026 by C&AG.
2026-09-07 - GUJARAT ENERGY LIMITED has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - GUJARAT ENERGY LIMITED has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026
2026-09-05 - GUJARAT ENERGY LIMITED has informed the Exchange about General Updates - General Guidance Note to the Shareholders on apportionment of cost of acquisition of Equity Shares of the Company and Resulting Company
2026-08-29 - GUJARAT ENERGY LIMITED has informed the Exchange regarding Cessation of Mr Yogiraj Navathe as Other Senior Management Personnel of the company w.e.f. August 29, 2026 after office hours on account of his Superannuation.
2026-08-29 - GUJARAT ENERGY LIMITED has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - GUJARAT ENERGY LIMITED has informed the Exchange about General Updates - Intimation for E-mail Communication sent to eligible shareholders of GSPC and GSPL informing about the distribution of sale proceeds attributable to Fractional Entitlments pursuant to Scheme of Arrangement.
2026-08-27 - GUJARAT ENERGY LIMITED has informed the Exchange regarding 'Intimation for date of payment of dividend, if declared by the Shareholders in ensuing Annual General Meeting scheduled on 29.09.2026
2026-08-27 - GUJARAT ENERGY LIMITED has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.
News
Recent coverage and analyst commentary for GUJENERGY
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