GUJARAT ENERGY LIMITEDEnergyGUJENERGY
Q1 FY27 concall · 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.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue from Operations | ₹9,670 Cr | 63% | |
| EBITDA | ₹1,482 Cr | 65% | |
| Profit After Tax | ₹998 Cr | 78% | |
| Gas Trading EBT | ₹726 Cr | 206% | |
| Overall Sales Volume | 15.66 mmscmd | — | |
| CNG Volume | 3.76 mmscmd | 13% | |
| Industrial Sales Volume | 7.17 mmscmd | 64% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net 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.”
From the Q&A
| Topic | What management said |
|---|---|
| Volume Reconciliation | Analysts 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 Dynamics | Morbi 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 & Guidance | Management 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 & Capex | CGD 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 Sourcing | Management 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 Growth | Volumes 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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