guidance.fyi
Company, quarter, or anything said on a call

GUJARAT ENERGY LIMITEDUnclassifiedGUJENERGY

Q1 FY27 earnings callGUJARAT ENERGY LIMITED

The company posted strong profit growth driven by high gas trading margins and a surge in industrial volumes from the Morbi cluster, but faces future challenges as alternate fuel availability normalizes and spot prices remain elevated.

Cautious tone5 min readPublished 6 days after the call

Numbers
MetricThis quarterChangeFive-quarter trend
Revenue from OperationsINR9,670 crores63%
EBITDAINR1,482 crores65%
Profit After TaxINR998 crores78%
Gas Trading EBTINR726 crores206%
Overall Sales Volume15.66 mmscmd—
CNG Volume3.76 mmscmd13%
Industrial Sales Volume7.17 mmscmd64%
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
QuarterRevenueNet profit (PAT)Basic EPS
Q3 FY25₹4,332.51 Cr+6.1% YoY+9.7% QoQ₹220.99 Cr0% YoY-28.4% QoQ₹3.210% YoY-28.3% QoQ
Q2 FY25₹3,948.65 Cr-1.1% YoY-14.4% QoQ₹308.74 Cr+4.2% YoY-6.6% QoQ₹4.48+4.2% YoY-6.7% QoQ
Q1 FY25₹4,614.83 Cr+17.6% YoY+7.5% QoQ₹330.71 Cr+53.1% YoY-19.4% QoQ₹4.80+52.9% YoY-19.5% QoQ
Q4 FY24₹4,293.86 Cr+5.4% YoY+5.1% QoQ₹410.48 Cr+10.8% YoY+85.7% QoQ₹5.96+10.8% YoY+85.7% QoQ
Q3 FY24₹4,084.26 Cr+6.9% YoY+2.3% QoQ₹221.02 Cr-40.5% YoY-25.4% QoQ₹3.21-40.6% YoY-25.3% QoQ
TL;DR
  • EBITDA grew 65% YoY to INR1,482 Cr, PAT grew 78% to INR998 Cr, and revenue grew 63% to INR9,670 Cr.
  • Gas trading profit before tax surged 206% YoY to INR726 Cr, driven by effective sourcing during market disruptions.
  • Morbi ceramic cluster industrial volumes soared to ~8 mmscmd in May-June, boosting overall industrial sales growth of 64% YoY.
  • Post-July, Morbi gas volumes have normalized to ~3 mmscmd as propane availability improved, creating a pricing disadvantage.
  • CNG volumes grew 13% YoY; company plans to add over 75 new CNG stations this fiscal year.
  • Third-party gas trading volumes dropped to 3.32 mmscmd due to high spot prices and lack of power offtake.
Said on the call

“Gas prices would be at a premium to propane. And our expectation is that we'll continue to do close to 3 mmscmd of gas at least in this quarter.”

Management
From the Q&A
TopicWhat management said
Volume ReconciliationAnalysts clarified the sales volume math: overall 15.66 mmscmd includes CGD segment sales of 12.34 mmscmd and external gas trading sales of 3.32 mmscmd (after removing the internal transfer of 8.9 mmscmd from trading to CGD).
Morbi Volume & Pricing DynamicsMorbi gas volume run-rate dropped to ~3 mmscmd post-July as propane availability improved, with gas priced at ~Rs 78/scm vs. propane at ~Rs 65/scm. Management expects to sustain ~3 mmscmd this quarter, with a long-term floor of 1.8-2 mmscmd for customers without propane infrastructure.
Gas Trading Margin & GuidanceManagement attributed high Q1 gas trading margins to timely sourcing and long-term contracts linked to dated Brent. They reiterated full-year profit guidance of INR 1,100-1,200 Cr for the segment, stating there would be no negative reversal in Q2.
CGD Margin & CapexCGD EBITDA margin was Rs 5.18/scm in Q1, below the guided range of Rs 5.5-6.5/scm, attributed to the larger volume base. Capex guidance for CGD remains ~INR 1,000 Cr for the year, excluding planned propane infrastructure.
Long-term Gas SourcingManagement said they are in the market for additional long-term LNG volumes, targeting ~4 million tons by 2030 (up from ~2 million tons currently), acknowledging that geopolitical shocks have delayed the timeline for reasonably priced gas.
Non-Morbi Industrial GrowthVolumes outside Morbi were ~2.2 mmscmd; growth is constrained by both pricing and infrastructure development in new areas like Ahmedabad rural and Thane. Management targets reaching ~3 mmscmd in 1.5-2 years as infrastructure is completed.
Guidance
  • Gas trading segment profit guidance: INR 1,100 to INR 1,200 crores for the year.
  • CGD segment EBITDA margin guidance: Rs 5.5 to Rs 6.5 per scm.
  • Capex guidance for CGD business: approximately INR 1,000 crores for the financial year.
  • Plan to add more than 75 new CNG stations and upgrade approximately 70 CNG stations during the current financial year.
  • Target to increase long-term LNG sourcing to about 4 million tons by 2030.
Source

Summary written from the transcript filed by GUJARAT ENERGY LIMITED for the call held on 12 Aug 2026; published 18 Aug 2026, 20:06 IST.

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