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1. At a Glance
Gujarat Gas Limited began the financial year under that name and ended the June quarter as Gujarat Energy Limited. Inside about ninety days it absorbed three companies, demerged one, changed its name and reported its largest quarter. The scheme behind all of it took effect on 1 May 2026. Most name changes arrive with a new logo. This one arrived with a rewritten segment schedule.
Revenue from operations for the three months to June 2026 was ₹9,545 crore, against ₹5,851 crore a year earlier. Operating profit was ₹1,381 crore, against ₹837 crore. Consolidated profit after tax was ₹1,007 crore, against ₹547 crore. Earnings per share, the profit attached to one share, was ₹10.65.
The comparative figures have themselves been restated. Profit for the June 2025 quarter was first reported as ₹328 crore and now reads ₹547 crore. The company’s filing attributes this to the merger’s appointed date of 1 April 2024, which reaches back through the older accounts.
Gas volumes here are counted in MMSCMD, million standard cubic metres of gas a day. Management disclosed volumes at the Morbi ceramic cluster of roughly 0.4 MMSCMD in April. They rose to about 8 across May and June. Management put the later fall to about 3 MMSCMD down to propane returning from the USA and Venezuela.
Earnings before tax measures the profit of a business line before tax is charged. The gas trading segment reported ₹726 crore on that measure, against ₹236 crore.
2. Introduction
The company now called Gujarat Energy Limited is a government company under Section 2(45) of the Companies Act 2013. It started life as GSPC Distribution Networks Limited and later became Gujarat Gas Limited. On 14 May 2026 the Registrar of Companies issued a fresh certificate of incorporation in the new name. Three identities, one corporate identity number, and a considerable amount of stationery.
The Composite Scheme of Amalgamation and Arrangement received final approval from the Ministry of Corporate Affairs on 8 April 2026. The company received the order on 17 April, and the scheme became effective on 1 May 2026. Under it, Gujarat State Petroleum Corporation, Gujarat State Petronet Limited and GSPC Energy Limited were amalgamated into Gujarat Gas. The gas transmission business was then demerged into GSPL Transmission Limited. The exchange was 10 Gujarat Gas shares for every 305 Gujarat State Petroleum Corporation shares. For Gujarat State Petronet, the ratio was 10 shares for every 13.
The mechanics then ran to a timetable. The record date was 12 May, and allotment of 62,27,14,719 equity shares followed on 16 May. Final listing approval came on 17 June, with trading from the next day. Under the demerger, 31,27,43,617 GSPL Transmission shares were allotted on 8 July 2026, one for every three shares held, off a record date of 2 July.
The June quarter filing routes ₹2,427.68 crore to Capital Reserve on Business Combination. That figure is the difference between the book value of what came in and the shares issued for it. The same filing puts the ₹6,399.98 crore difference on the transmission demerger into retained earnings.
Management describes the result as an integrated energy company. It spans city gas distribution, gas trading, exploration and production, and renewables. Strategic investments are listed alongside those four. CARE Ratings, a credit-rating agency, reaffirmed CARE AAA; Stable and CARE A1+ on 19 August 2026. CARE also noted that the rated facility amount was enhanced from ₹2,900 crore to ₹12,836 crore.
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3. Business Model: WTF Do They Even Do?
Four businesses sit on one balance sheet, reaching from a hole in the ground to a scooter at a filling station.
City gas distribution is the largest piece, and means piping gas to homes, vehicles and factories inside a licensed area. CARE Ratings, a credit-rating agency, puts it at 64% of consolidated revenue in the year to March 2026. The network covers 27 authorised geographical areas and 44 districts. Those sit across six states and one Union Territory. Pipeline length was about 45,900 km as of June 2026, alongside 844 CNG stations. Customers include over 24.77 lakh domestic piped-gas connections, more than 16,600 commercial and more than 4,496 industrial.
Volume in the June 2026 quarter was 12.34 MMSCMD, million standard cubic metres of gas a day. Industrial piped gas took 7.71 of that and compressed gas for vehicles 3.76. Homes accounted for 0.70 and commercial customers 0.17. Industrial demand is concentrated in Morbi, Bharuch-Ankleshwar and Valsad.
Of the 844 CNG stations, 578 are in Gujarat and 266 outside it. Some 666 run with oil marketing companies and 62 are company-owned and company-operated. Another 107 are franchisee-run and nine use the FDODO model. The company describes this mix as an asset-light expansion focus.
Gas trading is India’s third largest, averaging about 12 MMSCMD over five years. More than 490 LNG cargoes have been imported since 2009. Trading volume in the June quarter was 12.22 MMSCMD. Management
