Gujarat Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Gujarat Energy Ltd filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gujarat Energy Limited reported Q4 FY26 EBITDA of INR943 crores versus INR790 crores a year earlier, with full-year EBITDA at INR3,772 crores and PAT at INR2,299 crores. Management described the completion of the scheme of arrangement merging GSPC, GSPL and GSPC Energy into the company, followed by demerger of the transmission business into GSPL Transmission Limited. The call also covered record CNG volumes, a sharp ramp-up in Morbi ceramic industrial gas demand following a propane supply disruption, and segment-wise trading and CGD performance.
Numbers mentioned
EBITDA: INR943 crores (Q4 FY26)
p. 6
“For Q4 FY '26, EBITDA stood at INR943 crores compared to INR790 crores in the corresponding quarter of the previous year.”
Avantika Singh Aulakh, page 6 of the filed PDF · View the filing
EBITDA: INR3,772 crores (FY26)
p. 6
“For the full year, EBITDA stands at INR3,772 crores as compared to INR3,241 crores in previous year.”
Avantika Singh Aulakh, page 6 of the filed PDF · View the filing
PAT: INR2,299 crores (FY26)
p. 6
“PAT for the full year stands at INR2,299 crores as compared to INR2,308 crores in the previous year.”
Avantika Singh Aulakh, page 6 of the filed PDF · View the filing
Gas trading segment earnings before tax: INR1,334.61 crores (FY26)
p. 4
“our Gas Trading segment was able to deliver strong profitability with earnings before tax from the segment, increasing to INR1,334.61 crores in FY '26 from INR 1,222 crores in FY '25”
Avantika Singh Aulakh, page 4 of the filed PDF · View the filing
Gas trading volume: 10.2 mmscmd (FY26)
p. 4
“Our gas trading volume for FY ’25 - ‘26 stood at 10.2 mmscmd, of which approximately 5.3 mmscmd of gas was accounted for as intersegment sales since the said supply was made to our own CGD segment.”
Avantika Singh Aulakh, page 4 of the filed PDF · View the filing
CNG volume: 3.6 mmscmd (Q4 FY26)
p. 5
“we achieved our highest ever CNG volume of 3.6 mmscmd during Q4 FY '26, representing a 12% year-on-year growth”
Avantika Singh Aulakh, page 5 of the filed PDF · View the filing
CNG stations: 839 stations (as of March 2026)
p. 5
“Our CNG infrastructure expanded to 839 stations.”
Avantika Singh Aulakh, page 5 of the filed PDF · View the filing
CNG vehicle base: approximately 17.68 lakh (as of March 2026)
p. 5
“As of March '26, the CNG vehicle base across our network reached approximately 17.68 lakh compared to 15.4 lakhs a year earlier, reflecting a solid 15% growth.”
Avantika Singh Aulakh, page 5 of the filed PDF · View the filing
Domestic PNG customer base: 24.18 lakh customers (cumulative)
p. 5
“our cumulative domestic PNG customer base has crossed 24.18 lakh customers.”
Avantika Singh Aulakh, page 5 of the filed PDF · View the filing
PNG Industrial sales volume: 4.19 mmscmd (Q4 FY26)
p. 5
“In the PNG Industrial segment, sales volume was 4.19 mmscmd in Q4 FY '26, while the sales volume in Q4 FY '25 was 5.03 mmscmd.”
Avantika Singh Aulakh, page 5 of the filed PDF · View the filing
Dividend: INR8.90 per share (FY26)
p. 6
“our Board of Directors has recommended a dividend of INR8.90 per share, equivalent to 445% of face value with a total dividend outgo of approximately INR835 crores”
Avantika Singh Aulakh, page 6 of the filed PDF · View the filing
Morbi units off-taking gas: 710 units, ~8 mmscmd (last week of May 2026)
p. 6
“The number of units off-taking gas increased from 83 units with gas consumption of 1.66 mmscmd in March '26 to 710 units with gas consumption reaching approximately 8 mmscmd by the last week of May '26.”
Avantika Singh Aulakh, page 6 of the filed PDF · View the filing
E&P reserves: 6.71 mmboe
p. 13
“Yes, we have the reserves. Basically, the reserves close to 6.71 mmb oe.”
Management, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
GTL listing completion — end of July 2026
stated firmly by Avantika Singh Aulakh
p. 4
“We expect the entire process for listing and trading of GTL shares to be completed by end of July '26.”
Avantika Singh Aulakh, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said current sales are close to 8 mmscmd with room for further growth up to 8.8-8.9 mmscmd.
Answered by Management
Asked by Probal Sen: Are Morbi gas volumes near a peak given industry demand estimates of 8-8.5 mmscmd?
p. 7
“So as of now, we are selling close to 8 mmscmd. But I think what we hear from the customers that it can reach up to 8. 9, 8. 8 mmscmd.”
Management, page 7 of the filed PDF · View the filing
Management attributed losses to forex and impairment items and said they are exploring options to revive the power plants including aligning them with trading activities.
Answered by Management
Asked by Kishan Mundhra: What is the outlook for the power business given low PLF and reported losses?
p. 9
“Yes, we are looking at an overall level, we are looking at the strategy of reviving this company.”
Management, page 9 of the filed PDF · View the filing
Management stated the full-year figure was around 6.16 per SCM.
Answered by Management
Asked by Achal Shah: What is the CGD EBITDA per SCM excluding amalgamation impact?
p. 10
“For the entire year, it was close to 6.16 per scm.”
Management, page 10 of the filed PDF · View the filing
Management said they expect to remain competitive with propane even after normalization due to price linkage.
Answered by Management
Asked by Amit Murarka: What is the sustainable volume outlook for Morbi once propane supply normalizes?
p. 12
“if propane comes back, so would be gas. So I think we'll be in a good position to compete.”
Management, page 12 of the filed PDF · View the filing
Management maintained they are not selling at a loss without providing a specific per-unit margin figure.
Answered by Management
Asked by Bineet Banka: Is the company making a positive EBITDA margin on Morbi sales at current spot LNG prices and exchange rates?
p. 17
“We are in the business of making profits, so we cannot be making losses.”
Management, page 17 of the filed PDF · View the filing
Management detailed contracts with Qatar, Shell, Total and Uniper with varying tenures and volumes.
Answered by Management
Asked by Somaiah V: What are the tenures and volumes of the company's long-term LNG sourcing contracts?
p. 19
“So the contract with Qatar Energy that we signed is 1 million ton, but it has a ramp-up starts in '26 and goes up to 1 million ton in 2030.”
Management, page 19 of the filed PDF · View the filing
Management said the customer indicated $6-7 gas would make the plant viable.
Answered by Management
Asked by Raj Kiran Gandhi: What spot LNG price level would help the power plant PLF turn around?
p. 20
“what they generally tell us is that $6, $7 gas will make things work for them.”
Management, page 20 of the filed PDF · View the filing
Management explained that the segments operate and report independently, with trading margin reflected as a cost in CGD.
Answered by Management
Asked by Nitin Tiwari: How is intercompany margin adjusted between gas trading and CGD segments?
p. 23
“So that's the segments will be having their own profitability. So that then that is reflected as a cost in the other segment, CGD business.”
Management, page 23 of the filed PDF · View the filing
Risks flagged
Gas market instability caused by the Middle East conflict
p. 3
“several difficult situations in the form of gas market instability caused by the conflict in Middle East.”
Avantika Singh Aulakh, page 3 of the filed PDF · View the filing
Decline in gas trading volumes year-on-year
p. 4
“In FY ’24 - ‘25, our gas trading volumes stood at approximately 12.6 mmscmd against which the FY '26 volumes fell by about 19%.”
Avantika Singh Aulakh, page 4 of the filed PDF · View the filing
Decline in PNG Industrial sales volume year-on-year
p. 5
“In the PNG Industrial segment, sales volume was 4.19 mmscmd in Q4 FY '26, while the sales volume in Q4 FY '25 was 5.03 mmscmd.”
Avantika Singh Aulakh, page 5 of the filed PDF · View the filing
Loss of scheduled LNG cargoes due to the West Asia conflict
p. 19
“I think we have already lost 2 cargoes which were scheduled this year. I mean, in May and June.”
Management, page 19 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.