GSPL Transmission Limited Q2 revenue rises 8.5%, margins decline

For Q2 FY27 ended September 30, 2026, GSPL Transmission Limited reported revenue of Rs 289.57 crore, up 8.5% year on year, while earnings before interest, tax, depreciation and amortisation (EBITDA) margin fell to 58.41% from 62.96%. Profit after tax (PAT) rose Rs 2.57 crore to Rs 120.44 crore.

How did GTL perform in Q2 FY27?

GTL increased Q2 FY27 revenue by Rs 22.37 crore from Q2 FY26, while EBITDA rose by Rs 92 lakh and PAT increased by Rs 2.57 crore. The company announced its unaudited results for the quarter and half year ended September 30, 2026, on November 3, 2026. Revenue also exceeded Rs 277.12 crore in Q1 FY27, although EBITDA and PAT were lower than in the preceding quarter.

GTL's quarter-on-quarter revenue rose by Rs 12.45 crore from Q1 FY27, but EBITDA declined by Rs 24.61 crore and PAT fell by Rs 17.37 crore. Diluted earnings per share declined by Rs 0.56 from Rs 4.41 in Q1 FY27, while remaining Rs 0.08 above Q2 FY26. GTL calculates EBITDA and its margins excluding other income.

Why did GTL revenue increase in Q2 FY27?

GTL said higher transport volumes across its HP, LP and HAPI networks lifted standalone revenue to Rs 289.57 crore in Q2 FY27. HP Grid volume increased 9% year on year, LP Grid volume grew 31%, and HAPI Grid volume rose 17%. LP Grid therefore recorded the largest percentage volume increase among the three disclosed networks.

The company identified volume growth, rather than tariff changes or a segment-level revenue contribution, as the mechanism behind its 8.5% revenue growth. Chairman Manoj Kumar Das said execution across the three networks supported higher revenue and PAT growth. The release does not disclose absolute transported volumes, individual network tariffs or revenue by HP, LP and HAPI Grid.

How did GTL's margins and first-half earnings change?

GTL's Q2 FY27 EBITDA margin declined by 4.55 percentage points year on year to 58.41%, while PAT margin fell by 2.52 percentage points to 41.59%. Against Q1 FY27, EBITDA margin decreased by 11.51 percentage points from 69.92%, and PAT margin declined by 8.14 percentage points from 49.73%. The margin changes occurred while Q2 revenue rose by Rs 22.37 crore year on year.

For H1 FY27, revenue rose by Rs 24.76 crore to Rs 566.70 crore from Rs 541.94 crore in H1 FY26. EBITDA was Rs 362.90 crore, down Rs 56 lakh from Rs 363.46 crore a year earlier, while PAT increased by Rs 3.16 crore to Rs 258.25 crore. The first-half comparison therefore showed higher revenue and PAT but lower EBITDA.

GTL's H1 FY27 EBITDA margin was 3.03 percentage points below H1 FY26, and its PAT margin was 1.50 percentage points lower. For comparison, FY26 EBITDA margin was 56.82% and PAT margin was 37.90%. The release specifies that both EBITDA and margin calculations exclude other income, which is relevant to each reported margin comparison.

What pipeline expansion is GTL pursuing?

GTL said its Rs 3,500 crore expansion-led capital-expenditure plan is under way to increase pipeline capacity and extend its reach into new geographical areas. The existing network is about 2,900 kilometres, and planned additions of 700 kilometres are intended to expand the network beyond 3,600 kilometres. GTL says its current network spans more than 2,900 kilometres across 26 districts in Gujarat.

In July 2026, GTL awarded engineering, procurement and construction contracts worth Rs 1,800 crore for the Anjar Palanpur Pipeline Project. During H1 FY27, it incurred capital expenditure of approximately Rs 300 crore. The announcement does not provide a completion date for the planned 700-kilometre additions or for the wider Rs 3,500 crore programme.

Chief executive officer Prakash Karnik said GTL is India's second-largest natural-gas transmission network and cited an expectation that gas demand could reach 297 million metric standard cubic metres per day by 2030. He said management was planning the Rs 3,500 crore expansion in anticipation of that demand and expected revenue and EBITDA growth. Those demand and growth expectations are management's outlook rather than reported Q2 FY27 results.

Conclusion

GTL's Q2 FY27 figures combined 8.5% revenue growth and a Rs 2.57 crore increase in PAT with lower operating and net margins. Volume increases of 9% for HP Grid, 31% for LP Grid and 17% for HAPI Grid were the stated driver of higher revenue, but EBITDA rose only Rs 92 lakh year on year and EBITDA margin fell 4.55 percentage points.

The next disclosed developments to watch are execution of the Rs 3,500 crore expansion plan, including the Rs 1,800 crore Anjar Palanpur Pipeline Project contracts, and progress on the planned 700 kilometres of pipeline additions. GTL had incurred approximately Rs 300 crore of capital expenditure in H1 FY27, but it did not disclose a completion schedule for the network expansion.