Gujarat Gas Ltd

GUJGASLTD

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Market Cap

₹ 27,033 Cr

P/E

24.21

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Overview

Detailed Summary

Gujarat Gas Limited (GGL) is India's largest city gas distribution company, delivering natural gas across multiple Indian states and the union territory of Dadra Nagar Haveli.

The company is aggressively expanding its CNG network, exemplified by the development of its first FDODO station and execution of 74 agreements to boost future growth.

Recent infrastructure developments have led to a CNG sales volume increase of 13%, showcasing the company’s commitment to facilitating clean energy use.

GGL is enhancing its technology infrastructure, focusing on digital advancements and AI-enhanced decision-making, to improve operational efficiency.

The company's merger with affiliated entities to simplify its corporate structure signifies a strategic move to unlock stakeholder value and promote business synergy.

Sector

Gas Distribution

Industry

Gas Distribution

Market Cap

27,033 Cr

Volatility

Moderate Risk

P/E Ratio

24.2

Industry P/E

17.9

PEG Ratio

2.1

P/B Ratio

3.1

52W High

522.75

52W Low

360.60

Sales CAGR

5.08%

0.78%

10.30%

10Y

11.90%

Profit CAGR

0.40%

-3.77%

-0.81%

10Y

22.21%

ROE

TTM

12.83%

16.44%

19.13%

10Y

19.80%

ROCE

TTM

17.24%

19.55%

22.01%

10Y

19.21%

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Sell

Strong Buy

Buy

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Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PETRONET	269.50	40,290 Cr	10.98	1.91	3.72	17.39	20.95	12.62
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

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	3,782	3,845	3,929	4,134	4,450	3,782	4,153	4,102	3,871	3,780
Expenses	3,394	3,349	3,528	3,543	3,915	3,268	3,772	3,653	3,351	3,333
Operating Profit	388	497	401	591	536	514	380	450	520	447
OPM %	10.26	12.91	10.20	14.30	12.04	13.60	9.16	10.96	13.43	11.83
Other Income	25	28	24	88	39	40	58	75	60	72
Interest	7.38	7.79	7.20	6.94	7.80	7.95	9.30	7.44	7.93	8.14
Depreciation	115	118	120	121	123	130	129	129	131	134
Profit Before Tax	290	399	297	551	444	417	300	389	441	377
Tax %	25.59	25.78	25.61	25.46	25.55	25.97	26.24	25.91	25.66	25.73
Net Profit	216	296	221	410	331	309	221	288	328	280
EPS in Rs	3.14	4.30	3.21	5.96	4.80	4.48	3.21	4.18	4.76	4.06

Consolidated Profit Loss (in ₹ Crores)

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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	5,238	6,339	7,962	10,526	10,057	16,787	17,306	16,293	17,185	15,908
Expenses	4,349	5,279	6,770	8,666	7,782	14,380	14,367	13,814	14,607	14,044
Operating Profit	889	1,060	1,193	1,860	2,275	2,407	2,939	2,479	2,578	1,864
OPM %	16.96	16.72	14.98	17.67	22.62	14.34	16.98	15.22	15.00	11.72
Other Income	28	37	95	84	74	81	104	164	213	234
Interest	209	196	196	192	117	57	40	29	32	33
Depreciation	257	272	288	318	344	385	428	474	511	519
Profit Before Tax	305	464	596	1,208	1,698	1,715	2,028	1,537	1,549	1,546
Tax %	27.60	37.01	29.75	0.76	25.16	24.94	24.62	25.60	25.89	25.92
Net Profit	221	292	418	1,199	1,270	1,287	1,528	1,144	1,148	1,145
EPS in Rs	—	—	4.46	17.42	18.55	18.73	22.19	16.61	16.67	16.21
Dividend Payout %	18.73	94.12	16.45	7.18	10.84	10.70	29.95	34.08	34.89	—

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	138	138	138	138	138	138	138	138	138	138
Reserves	1,386	1,526	1,729	2,068	3,180	4,340	5,492	6,890	7,585	8,352
Borrowings	1,707	2,299	2,214	2,089	1,891	983	629	152	150	150
Other Liabilities	2,839	2,413	2,581	2,863	2,717	3,079	3,329	3,747	3,819	4,011
Total Liabilities	6,069	6,375	6,662	7,158	7,925	8,539	9,587	10,927	11,692	12,651
Fixed Assets	4,673	4,902	5,093	5,289	5,584	6,039	6,630	7,336	7,761	8,195
CWIP	468	506	478	489	569	731	992	983	918	839
Investments	144	93	42	43	45	49	53	64	170	184
Other Assets	784	875	1,049	1,337	1,728	1,719	1,912	2,544	2,842	3,433
Total Assets	6,069	6,375	6,662	7,158	7,925	8,539	9,587	10,927	11,692	12,651

Consolidated Cash Flows (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
Cash from Operating Activity	637	701	785	964	1,420	1,659	1,662	2,375	1,634	1,806
Cash from Investing Activity	375	-458	-430	-612	-466	-614	-1,294	-1,039	-879	-1,921
Cash from Financing Activity	-1,224	-251	-273	-349	-502	-1,318	-628	-678	-514	-474
Net Cash Flow	-212	-8.99	82	2.73	451	-273	-260	658	241	-589

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	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%
FIIs	5.17%	4.67%	4.47%	3.80%	3.34%	3.72%	4.31%	4.51%	4.53%	3.97%	3.86%	3.70%
DIIs	19.55%	20.29%	20.29%	20.10%	20.99%	22.05%	21.76%	21.38%	21.21%	21.82%	22.00%	21.97%
Public	14.38%	14.15%	14.35%	15.20%	14.77%	13.33%	13.03%	13.22%	13.37%	13.32%	13.25%	13.43%
Total Shareholders	1,85,090	1,80,747	1,84,281	2,11,378	2,13,432	1,78,664	1,74,549	1,72,026	1,78,067	1,80,178	1,71,466	1,69,570

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 29, 2023	Mohammedrafik lakdawala	Insider - Designated Person	Disposal	427.50	0.04 Cr	1,000	—
Nov 29, 2023	Mohammedrafik lakdawala	Insider - Designated Person	Disposal	428.00	0.04 Cr	1,000	—
Nov 29, 2023	Mohammedrafik lakdawala	Insider - Designated Person	Disposal	428.00	0.04 Cr	1,000	—
Nov 29, 2023	Mohammedrafik lakdawala	Insider - Designated Person	Disposal	432.55	0.02 Cr	500	—

Projection

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PETRONET	269.50	40,290 Cr	10.98	1.91	3.72	17.39	20.95	12.62
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

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Overall

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Moving Averages

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Financial Statements

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Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

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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	3,782	3,845	3,929	4,134	4,450	3,782	4,153	4,102	3,871	3,780
Expenses	3,394	3,349	3,528	3,543	3,915	3,268	3,772	3,653	3,351	3,333
Operating Profit	388	497	401	591	536	514	380	450	520	447
OPM %	10.26	12.91	10.20	14.30	12.04	13.60	9.16	10.96	13.43	11.83
Other Income	25	28	24	88	39	40	58	75	60	72
Interest	7.38	7.79	7.20	6.94	7.80	7.95	9.30	7.44	7.93	8.14
Depreciation	115	118	120	121	123	130	129	129	131	134
Profit Before Tax	290	399	297	551	444	417	300	389	441	377
Tax %	25.59	25.78	25.61	25.46	25.55	25.97	26.24	25.91	25.66	25.73
Net Profit	216	296	221	410	331	309	221	288	328	280
EPS in Rs	3.14	4.30	3.21	5.96	4.80	4.48	3.21	4.18	4.76	4.06

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	5,238	6,339	7,962	10,526	10,057	16,787	17,306	16,293	17,185	15,908
Expenses	4,349	5,279	6,770	8,666	7,782	14,380	14,367	13,814	14,607	14,044
Operating Profit	889	1,060	1,193	1,860	2,275	2,407	2,939	2,479	2,578	1,864
OPM %	16.96	16.72	14.98	17.67	22.62	14.34	16.98	15.22	15.00	11.72
Other Income	28	37	95	84	74	81	104	164	213	234
Interest	209	196	196	192	117	57	40	29	32	33
Depreciation	257	272	288	318	344	385	428	474	511	519
Profit Before Tax	305	464	596	1,208	1,698	1,715	2,028	1,537	1,549	1,546
Tax %	27.60	37.01	29.75	0.76	25.16	24.94	24.62	25.60	25.89	25.92
Net Profit	221	292	418	1,199	1,270	1,287	1,528	1,144	1,148	1,145
EPS in Rs	—	—	4.46	17.42	18.55	18.73	22.19	16.61	16.67	16.21
Dividend Payout %	18.73	94.12	16.45	7.18	10.84	10.70	29.95	34.08	34.89	—

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	138	138	138	138	138	138	138	138	138	138
Reserves	1,386	1,526	1,729	2,068	3,180	4,340	5,492	6,890	7,585	8,352
Borrowings	1,707	2,299	2,214	2,089	1,891	983	629	152	150	150
Other Liabilities	2,839	2,413	2,581	2,863	2,717	3,079	3,329	3,747	3,819	4,011
Total Liabilities	6,069	6,375	6,662	7,158	7,925	8,539	9,587	10,927	11,692	12,651
Fixed Assets	4,673	4,902	5,093	5,289	5,584	6,039	6,630	7,336	7,761	8,195
CWIP	468	506	478	489	569	731	992	983	918	839
Investments	144	93	42	43	45	49	53	64	170	184
Other Assets	784	875	1,049	1,337	1,728	1,719	1,912	2,544	2,842	3,433
Total Assets	6,069	6,375	6,662	7,158	7,925	8,539	9,587	10,927	11,692	12,651

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	637	701	785	964	1,420	1,659	1,662	2,375	1,634	1,806
Cash from Investing Activity	375	-458	-430	-612	-466	-614	-1,294	-1,039	-879	-1,921
Cash from Financing Activity	-1,224	-251	-273	-349	-502	-1,318	-628	-678	-514	-474
Net Cash Flow	-212	-8.99	82	2.73	451	-273	-260	658	241	-589

Overview

Detailed Summary

Gujarat Gas Limited (GGL) is India's largest city gas distribution company, delivering natural gas across multiple Indian states and the union territory of Dadra Nagar Haveli.

The company is aggressively expanding its CNG network, exemplified by the development of its first FDODO station and execution of 74 agreements to boost future growth.

Recent infrastructure developments have led to a CNG sales volume increase of 13%, showcasing the company’s commitment to facilitating clean energy use.

GGL is enhancing its technology infrastructure, focusing on digital advancements and AI-enhanced decision-making, to improve operational efficiency.

The company's merger with affiliated entities to simplify its corporate structure signifies a strategic move to unlock stakeholder value and promote business synergy.

Sector

Gas Distribution

Industry

Gas Distribution

Market Cap

27,033 Cr

Volatility

Moderate Risk

P/E Ratio

24.2

Industry P/E

17.9

PEG Ratio

2.1

P/B Ratio

3.1

52W High

522.75

52W Low

360.60

Sales CAGR

5.08%

0.78%

10.30%

10Y

11.90%

Profit CAGR

0.40%

-3.77%

-0.81%

10Y

22.21%

ROE

TTM

12.83%

16.44%

19.13%

10Y

19.80%

ROCE

TTM

17.24%

19.55%

22.01%

10Y

19.21%

Gujgasltd

Gujarat Gas Ltd

GUJGASLTD

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

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Gujarat Gas Ltd

GUJGASLTD

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Shareholdings

Shareholding History

Market Transactions

Overview