General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Gujarat Gas Limited walked into FY27 and came out the other side as Gujarat Energy Limited, having absorbed three companies, spat one out, changed its name, and reported the largest quarter in its history — all inside about ninety days. Most companies mark a name change with a new logo and a mildly emotional LinkedIn post. This one rewrote its own segment schedule.
Revenue from operations for the June 2026 quarter came in at ₹9,545 Cr against ₹5,851 Cr a year earlier. Operating Profit was ₹1,381 Cr versus ₹837 Cr. Consolidated PAT was ₹1,007 Cr against ₹547 Cr, and EPS was ₹10.65. The comparative numbers themselves have been restated — Q1 FY26 PAT was originally reported as ₹328 Cr and now reads ₹547 Cr, because the merger’s appointed date reaches backwards to 1 April 2024 and drags the history along with it.
Underneath, the Morbi ceramic cluster staged the fuel-switching equivalent of a fire drill: management disclosed volumes there moving from roughly 0.4 MMSCMD in April 2026 to about 8 MMSCMD across May–June, then back to ~3 MMSCMD once propane returned from the USA and Venezuela. A company that spent years building 45,900 km of pipeline discovered its quarter partly hinged on how many propane ships found their way to Gujarat.
The gas trading segment posted EBT of ₹726 Cr against ₹236 Cr. Everything else in this entry follows from what that number is attached to.
2. Introduction
The entity now called Gujarat Energy Limited is a government company under Section 2(45) of the Companies Act 2013, and it has changed names roughly as often as it has changed shape. It began life as GSPC Distribution Networks Limited, became Gujarat Gas Limited, and on 14 May 2026 — with the Registrar of Companies issuing a fresh certificate of incorporation — became Gujarat Energy Limited. Three identities, one CIN, considerable stationery.
The Composite Scheme of Amalgamation and Arrangement received final MCA approval on 8 April 2026, was received by the company on 17 April, and 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 share exchange was 10 GGL shares for every 305 GSPC shares, and 10 for every 13 GSPL shares — ratios with the reassuring texture of something an actuary lost a weekend to.
The mechanics ran on schedule with the enthusiasm of a well-run municipal office: record date 12 May, allotment of 62,27,14,719 equity shares on 16 May, final listing approval on 17 June, trading from 18 June. GTL shareholders were allotted 31,27,43,617 shares on 8 July 2026, one GTL share for every three of the company’s, off a 2 July record date. Per the Q1 filing, the difference between the book value of what came in and the shares issued for it — ₹2,427.68 Cr — was routed to Capital Reserve on Business Combination, and the ₹6,399.98 Cr difference on the transmission demerger went to retained earnings.
Management describes the result as an “integrated energy company” spanning city gas distribution, gas trading, exploration & production, renewables and strategic investments. CARE Ratings, reaffirming CARE AAA; Stable / CARE A1+ on 19 August 2026, describes the same thing while noting the rated facility amount was enhanced from ₹2,900 Cr to ₹12,836 Cr — a fourfold jump in the size of the number the rating is attached to, before a rupee of it is necessarily drawn.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
Four businesses, one balance sheet, and a genuine spread across the value chain from a hole in the ground to a scooter at a filling station.
City gas distribution is the biggest piece — 64% of FY26 consolidated revenue per CARE. It is India’s largest CGD network: 27 authorised geographical areas across six states and one Union Territory, 44 districts, approximately 45,900 km of pipeline as of June 2026, and 844 CNG stations. Customer base: over 24.77 lakh domestic PNG connections, 16,600+ commercial, 4,496+ industrial. The pipeline network is long enough that describing it in kilometres stops meaning anything; it is, in round terms, more than a lap of India’s coastline, buried, and full of methane.
Within CGD, Q1 FY27 volume was 12.34 MMSCMD: industrial PNG 7.71, CNG 3.76, domestic 0.70, commercial 0.17. Industrial concentration sits in Morbi, Bharuch-Ankleshwar and Valsad. Of the 844 CNG stations, 578 are in Gujarat and 266 outside; by operating model, 666 are with OMCs, 62 COCO, 107 franchisee and 9 FDODO — the company describing this mix as an “asset-light expansion focus,” which is corporate for someone else buys the land.
Gas trading is India’s third-largest, averaging ~12 MMSCMD over five years with 490+ LNG cargoes imported since 2009. Q1 volume was 12.22 MMSCMD, of which management stated 8.9 MMSCMD moves internally to its own CGD
