Gujarat State Petronet Ltd

GSPL

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Market Cap

₹ 16,244 Cr

P/E

15.78

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Investment Checklist

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bullish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Gujarat State Petronet Limited (GSPL) is a leading natural gas transmission company in India, focusing on gas transportation from supply sources to demand centers.

The company has significantly expanded its network over the years, completing major pipeline projects that enhance its transmission capacity.

GSPL is also involved in city gas distribution and electricity generation through windmills, diversifying its revenue streams.

Having established strong partnerships and collaborations, GSPL plays a crucial role in India's gas infrastructure development, supported by extensive and ongoing investments.

Strategically maneuvering its business, GSPL has enhanced its market presence, contributing to India’s energy sector growth, demonstrating strong expansion plans.

Sector

Gas Distribution

Industry

Gas Distribution

Market Cap

16,244 Cr

Volatility

Low Risk

P/E Ratio

15.8

Industry P/E

17.9

PEG Ratio

1.0

P/B Ratio

1.4

52W High

388.00

52W Low

261.55

Sales CAGR

0.44%

-18.07%

-14.01%

10Y

1.27%

Profit CAGR

-25.02%

-6.21%

-6.18%

10Y

6.84%

ROE

TTM

8.63%

10.35%

12.43%

10Y

14.23%

ROCE

TTM

17.47%

17.66%

20.58%

10Y

20.37%

Technicals

‌

Forecasts

No. of Analysts

25

1Y Price Target

337.78 ▲ 19.80%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AEGISVOPAK	247.05	27,628 Cr	152.98	5.83	0.00	3.81	5.57	2.56
GUJGASLTD	393.50	27,033 Cr	24.21	3.11	1.48	12.83	17.24	8.35
IGL	185.50	25,970 Cr	16.26	2.31	3.77	14.23	17.81	9.49
GSPL	287.90	16,244 Cr	15.78	1.36	1.74	8.63	17.47	7.03
MGL	1121.50	11,085 Cr	11.33	1.79	2.67	15.76	20.47	11.29
IRMENERGY	284.45	1,171 Cr	28.53	1.21	0.53	4.23	7.79	3.54
POSITRON	216.00	164 Cr	18.69	2.48	0.00	59.01	49.52	0.00

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,108	4,265	4,389	4,532	4,727	3,992	4,360	4,291	4,107	4,008
Expenses	3,384	3,351	3,608	3,562	3,890	3,285	3,787	3,716	3,385	3,387
Operating Profit	725	914	781	970	837	707	573	574	722	621
OPM %	17.64	21.42	17.79	21.40	17.70	17.70	13.14	13.39	17.59	15.49
Other Income	30	55	56	107	54	57	76	102	96	102
Interest	7.90	14	7.82	8.04	8.34	8.46	9.54	11	8.35	8.47
Depreciation	161	165	168	169	171	179	179	179	184	188
Profit Before Tax	586	789	661	899	712	577	460	486	626	527
Tax %	25.89	25.18	24.90	26.26	26.00	26.63	27.09	27.48	25.76	26.19
Net Profit	434	590	496	663	527	423	335	352	465	389
EPS in Rs	5.94	8.06	7.00	8.42	6.65	4.99	4.15	3.90	5.58	4.62

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,047	7,426	9,553	12,470	11,726	18,322	18,663	17,898	18,068	16,750
Expenses	4,260	5,217	6,805	9,021	7,961	14,491	14,463	13,912	14,679	14,174
Operating Profit	1,787	2,209	2,748	3,450	3,765	3,831	4,200	3,986	3,389	2,576
OPM %	29.55	29.75	28.77	27.66	32.11	20.91	22.50	22.27	18.76	15.38
Other Income	118	122	135	102	130	148	136	248	289	331
Interest	278	242	427	369	227	112	44	32	37	37
Depreciation	436	447	468	518	542	579	621	664	709	721
Profit Before Tax	1,046	1,477	1,780	2,438	2,936	2,957	3,125	2,935	2,234	2,149
Tax %	31.32	35.12	33.14	6.52	25.32	24.54	25.05	25.59	26.71	26.67
Net Profit	718	958	1,190	2,279	2,192	2,231	2,342	2,184	1,637	1,576
EPS in Rs	—	—	17.69	30.64	28.49	29.04	29.10	29.42	19.69	18.25
Dividend Payout %	15.26	13.32	11.30	6.53	7.02	6.89	17.19	17.00	25.39	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	563	564	564	564	564	564	564	564	564	564
Reserves	3,423	3,962	1,865	2,731	4,320	5,827	7,355	8,885	10,261	11,082
Borrowings	790	2,800	3,974	3,375	2,378	2,003	713	149	140	138
Other Liabilities	1,062	4,483	5,560	5,792	6,087	5,775	6,662	7,718	8,091	9,023
Total Liabilities	5,838	11,808	11,963	12,461	13,350	14,169	15,294	17,316	19,056	20,807
Fixed Assets	3,123	8,067	8,207	8,896	9,255	9,496	9,945	10,480	10,778	11,683
CWIP	768	1,192	1,374	908	807	953	1,245	1,409	1,680	1,121
Investments	723	470	591	697	1,024	1,458	1,671	1,623	1,890	1,804
Other Assets	1,224	2,079	1,790	1,960	2,264	2,262	2,433	3,805	4,708	6,198
Total Assets	5,838	11,808	11,963	12,461	13,350	14,169	15,294	17,316	19,056	20,807

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	603	1,644	1,669	2,044	2,771	2,897	2,748	3,340	2,803	2,741
Cash from Investing Activity	-321	-835	-3,593	-612	-806	-1,080	-1,359	-1,815	-2,142	-2,754
Cash from Financing Activity	-297	-879	2,013	-1,382	-1,494	-2,096	-1,659	-805	-547	-544
Net Cash Flow	-15	-70	89	50	471	-279	-271	720	114	-556

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%	37.63%
FIIs	17.28%	16.72%	16.55%	16.01%	16.03%	15.67%	15.85%	15.21%	14.67%	14.75%	15.11%	15.47%
DIIs	26.30%	26.90%	27.21%	27.18%	26.77%	26.74%	25.58%	34.88%	27.81%	27.81%	27.71%	27.23%
Public	18.80%	18.75%	18.62%	19.18%	19.57%	19.95%	20.94%	12.29%	19.89%	19.81%	19.55%	19.67%
Total Shareholders	1,63,688	1,59,984	1,59,401	1,68,296	1,73,763	1,80,765	2,39,948	2,18,803	2,07,355	2,08,446	1,99,501	1,95,924

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Apr 22, 2024	Setu securities pvt ltd	Bulk	Buy	303.94	88.29 Cr	29,04,687	0.51
Apr 22, 2024	Setu securities pvt ltd	Bulk	Sell	304.56	80.91 Cr	26,56,687	0.47

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	4,108	4,265	4,389	4,532	4,727	3,992	4,360	4,291	4,107	4,008
Expenses	3,384	3,351	3,608	3,562	3,890	3,285	3,787	3,716	3,385	3,387
Operating Profit	725	914	781	970	837	707	573	574	722	621
OPM %	17.64	21.42	17.79	21.40	17.70	17.70	13.14	13.39	17.59	15.49
Other Income	30	55	56	107	54	57	76	102	96	102
Interest	7.90	14	7.82	8.04	8.34	8.46	9.54	11	8.35	8.47
Depreciation	161	165	168	169	171	179	179	179	184	188
Profit Before Tax	586	789	661	899	712	577	460	486	626	527
Tax %	25.89	25.18	24.90	26.26	26.00	26.63	27.09	27.48	25.76	26.19
Net Profit	434	590	496	663	527	423	335	352	465	389
EPS in Rs	5.94	8.06	7.00	8.42	6.65	4.99	4.15	3.90	5.58	4.62

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	6,047	7,426	9,553	12,470	11,726	18,322	18,663	17,898	18,068	16,750
Expenses	4,260	5,217	6,805	9,021	7,961	14,491	14,463	13,912	14,679	14,174
Operating Profit	1,787	2,209	2,748	3,450	3,765	3,831	4,200	3,986	3,389	2,576
OPM %	29.55	29.75	28.77	27.66	32.11	20.91	22.50	22.27	18.76	15.38
Other Income	118	122	135	102	130	148	136	248	289	331
Interest	278	242	427	369	227	112	44	32	37	37
Depreciation	436	447	468	518	542	579	621	664	709	721
Profit Before Tax	1,046	1,477	1,780	2,438	2,936	2,957	3,125	2,935	2,234	2,149
Tax %	31.32	35.12	33.14	6.52	25.32	24.54	25.05	25.59	26.71	26.67
Net Profit	718	958	1,190	2,279	2,192	2,231	2,342	2,184	1,637	1,576
EPS in Rs	—	—	17.69	30.64	28.49	29.04	29.10	29.42	19.69	18.25
Dividend Payout %	15.26	13.32	11.30	6.53	7.02	6.89	17.19	17.00	25.39	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	563	564	564	564	564	564	564	564	564	564
Reserves	3,423	3,962	1,865	2,731	4,320	5,827	7,355	8,885	10,261	11,082
Borrowings	790	2,800	3,974	3,375	2,378	2,003	713	149	140	138
Other Liabilities	1,062	4,483	5,560	5,792	6,087	5,775	6,662	7,718	8,091	9,023
Total Liabilities	5,838	11,808	11,963	12,461	13,350	14,169	15,294	17,316	19,056	20,807
Fixed Assets	3,123	8,067	8,207	8,896	9,255	9,496	9,945	10,480	10,778	11,683
CWIP	768	1,192	1,374	908	807	953	1,245	1,409	1,680	1,121
Investments	723	470	591	697	1,024	1,458	1,671	1,623	1,890	1,804
Other Assets	1,224	2,079	1,790	1,960	2,264	2,262	2,433	3,805	4,708	6,198
Total Assets	5,838	11,808	11,963	12,461	13,350	14,169	15,294	17,316	19,056	20,807

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	603	1,644	1,669	2,044	2,771	2,897	2,748	3,340	2,803	2,741
Cash from Investing Activity	-321	-835	-3,593	-612	-806	-1,080	-1,359	-1,815	-2,142	-2,754
Cash from Financing Activity	-297	-879	2,013	-1,382	-1,494	-2,096	-1,659	-805	-547	-544
Net Cash Flow	-15	-70	89	50	471	-279	-271	720	114	-556

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AEGISVOPAK	247.05	27,628 Cr	152.98	5.83	0.00	3.81	5.57	2.56
GUJGASLTD	393.50	27,033 Cr	24.21	3.11	1.48	12.83	17.24	8.35
IGL	185.50	25,970 Cr	16.26	2.31	3.77	14.23	17.81	9.49
GSPL	287.90	16,244 Cr	15.78	1.36	1.74	8.63	17.47	7.03
MGL	1121.50	11,085 Cr	11.33	1.79	2.67	15.76	20.47	11.29
IRMENERGY	284.45	1,171 Cr	28.53	1.21	0.53	4.23	7.79	3.54
POSITRON	216.00	164 Cr	18.69	2.48	0.00	59.01	49.52	0.00

Overview

Detailed Summary

Gujarat State Petronet Limited (GSPL) is a leading natural gas transmission company in India, focusing on gas transportation from supply sources to demand centers.

The company has significantly expanded its network over the years, completing major pipeline projects that enhance its transmission capacity.

GSPL is also involved in city gas distribution and electricity generation through windmills, diversifying its revenue streams.

Having established strong partnerships and collaborations, GSPL plays a crucial role in India's gas infrastructure development, supported by extensive and ongoing investments.

Strategically maneuvering its business, GSPL has enhanced its market presence, contributing to India’s energy sector growth, demonstrating strong expansion plans.

Sector

Gas Distribution

Industry

Gas Distribution

Market Cap

16,244 Cr

Volatility

Low Risk

P/E Ratio

15.8

Industry P/E

17.9

PEG Ratio

1.0

P/B Ratio

1.4

52W High

388.00

52W Low

261.55

Sales CAGR

0.44%

-18.07%

-14.01%

10Y

1.27%

Profit CAGR

-25.02%

-6.21%

-6.18%

10Y

6.84%

ROE

TTM

8.63%

10.35%

12.43%

10Y

14.23%

ROCE

TTM

17.47%

17.66%

20.58%

10Y

20.37%