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Gujarat Natural Resources Limited (GNRL) · mywealthgrid

About

Oil Exploration & Production company in the Energy sector. Market cap ₹1,429.61 Cr reflects small-scale upstream operations. Recent financials are volatile with significant losses in recent quarters (₹12.73 Cr, ₹9.25 Cr), though stock has rebounded 44.6% in the past year.

Face value: ₹10

Market cap

₹1,248 Cr

P/E

—

P/B

8.1×

Dividend yield

ROE

-2.9%

ROCE

-0.6%

Debt / equity

0.08

OPM

7.6%

EPS (TTM)

₹-0.3

Book value

₹11.9

52-week high

₹114.5

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operational distress: Large quarterly losses (₹12.73 Cr Sep 2019, ₹9.25 Cr Mar 2020) combined with negative ROE (-2.87%) show value destruction
Revenue visibility minimal: n/a for 4 of 8 recent quarters shown; when reported, scale is tiny (₹0.59–₹1.78 Cr) raising business viability questions
Operating margin volatility (-11.88% to +7.87%) and current thin margin of 7.58% leave minimal buffer for commodity price or volume shocks
Sector risks: verify oil price exposure, production volume constraints, exploration success requirements, and funding adequacy for ongoing capex

Generated analysis · source review pending

Growth drivers

Low debt-to-equity of 0.08 provides capital flexibility if deployed to exploration; verify capex plans, new field prospects, reserve replacement strategy
Current operating margin of 7.58% shows profitability is achievable; verify production volume targets and cost structure to assess if scale could improve profitability
1-year stock return of 44.6% from ₹62.27 lows signals recovery optimism; verify operational catalysts—new discoveries, production targets, cost improvements—underlying this revaluation
Sector drivers include reserve additions and production growth; verify exploration pipeline, recent field discoveries, reserve replacement ratio, production ramp timeline

Generated analysis · source review pending

₹97.2+37.2%1Y

Beta

-0.19

Moves against the index

Volatility (1y)

46.6%

Annualised, daily returns

RSI (14)

23.4

Oversold territory

Rel. strength (1y)

29.4%

Ahead of the market

Beta is measured against NIFTY 50 over three years of weekly returns — 1 moves with the index, above 1 amplifies it, below 1 damps it.

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0.1)
+Outperformed the universe by 29.4% over 1 year

Cons

−Low return on equity of -3.9% (3-yr avg)
−Thin operating margin of 7.6%
−Weak interest coverage of -0.3×
−Trading at 8.1× book value
−Low promoter holding of 1.9%

Research score

Structured signal from quality, growth, valuation and momentum.

49/100

Business quality: 21
Growth: 100

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Oil India LimitedOILOIL	₹72,221 Cr	₹1,08,180 Cr	₹41,186 Cr	₹13,887 Cr	28.2%	₹8,353 Cr	20.4%	9.9%	12.3%	161
Vedanta Oil And Gas LimitedVOGLVOGL	₹12,505 Cr	₹13,188 Cr	₹366 Cr	₹-102 Cr	-28%	₹-191 Cr	-52.1%	—	—	-204
Antelopus Selan Energy LimitedANTELOPUSANTELOPUS	₹3,895 Cr	₹3,895 Cr	₹359 Cr	₹224 Cr	56.9%	₹133 Cr	32.1%	18.4%	15.9%	187
Prabha Energy LimitedPRABHAPRABHA	₹2,989 Cr	₹3,152 Cr	₹7 Cr	₹-0 Cr	-10.8%	₹1 Cr	10%	0.1%	0.1%	-1,782
Hindustan Oil Exploration Company LimitedHINDOILEXPHINDOILEXP	₹2,212 Cr	₹2,262 Cr	₹299 Cr	₹71 Cr	37%	₹25 Cr	23.9%	2.3%	4.6%	826
Gujarat Natural Resources LimitedGNRLGNRL	₹1,248 Cr	₹1,260 Cr	₹20 Cr	₹2 Cr	7.6%	₹-4 Cr	-18.8%	-0.6%	-2.9%	324

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	8	11	8	9	13	27	20
COGS	0	3	2	-0	0	0	0
Gross profit	—	8	6	—	—	—	—
	5	6	6	10	12	22	18
Operating profit (EBITDA)	3	2	0	-1	1	6	2
OPM %	32.2%	15.4%	1.9%	-9.5%	7.5%	20.3%	7.6%
Depreciation	5	4	4	3	3	8	5
Interest	1	0	1	1	3	3	4
	0	-25	1	1	-1	0	3
Profit before tax	-3	-28	-4	-4	-6	-4	-4
Tax	-0	-0	0	-0	0	-0	-1
Tax %	-9%	-0.6%	1%	-7.1%	8.2%	-10%	-14.7%
PAT	-2	-27	-4	-4	-6	-4	-4
PAT margin %	-29.4%	-256.4%	-51.7%	-46.2%	-46.6%	-14.2%	-18.8%
EPS (₹)	-0.6	-4.9	-0.8	-0.5	-0.8	-0.5	-0.3
EPS adjusted (₹)	-0.6	-4.9	-0.7	-0.5	-0.8	-0.5	-0.3
Annual report	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	39	39	56	56	80	80	80	128
Reserves	—	58	41	50	38	33	29	25
Minority interest	—	—	—	—	—	—	—	0
	—	23	17	24	20	36	41	12
	—	24	24	19	18	14	10	8
Total equity & liabilities	—	144	139	149	156	163	160	173
	45	42	42	41	38	46	56	51
CWIP	—	42	38	38	39	39	21	22
Investments	—	19	0	0	0	0	0	0
	—	41	59	70	79	78	83	100
Total assets	—	144	139	149	156	163	160	173

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	3	-49	1	-18	9	3	-30
	-1	18	-1	-1	-11	1	-2
	-3	34	1	17	4	1	34
Net cash flow	-1	3	1	-1	1	4	1
Free cash flow	2	-50	1	-19	-2	3	-33
CFO / Operating profit %	100.8%	—	473.3%	—	886%	49.6%	—

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	—	72.5%	79.9%	—	—	—	—
EBITDA margin %	32.2%	15.4%	1.9%	-9.5%	7.5%	20.3%	7.6%
EBIT margin %	-26.6%	-23.9%	-49.1%	-47.4%	-15.6%	-7.2%	-18.4%
PAT margin %	-29.4%	-256.4%	-51.7%	-46.2%	-46.6%	-14.2%	-18.8%
Working capital
Receivable days	444	122	130	266	50	35	36
Inventory days	193	386	712	122	116	62	361
Payable days	653	1,295	2,300	396	241	56	73
NWC days	-17	-787	-1,458	-9	-74	41	324
Leverage
Current ratio	1.09	2.71	1.98	3.15	2.32	2.53	8.39
Debt to EBITDA	8.96	10.44	162	—	35.86	7.34	7.71
Debt to equity	0.24	0.18	0.23	0.17	0.32	0.37	0.08
Interest coverage	-2.9	-4.4	-2.4	-4.4	-0.4	-0.6	-0.3
Asset turnover	0.06	0.08	0.05	0.06	0.08	0.17	0.12
Return ratios
Return on assets %	-1.6%	-19.7%	-2.8%	-2.6%	-3.8%	-2.4%	-2.2%
Return on capital employed %	-1.6%	-1.7%	-2.4%	-2.8%	-0.8%	-1.3%	-0.6%
Return on equity %	-2.4%	-28.2%	-4%	-3.5%	-5.5%	-3.6%	-2.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	9.52%	9.51%	9.51%	3.03%	3.03%	2.31%	2.31%	2.31%	2.31%	2.31%	2.31%	1.93%
	0%	0%	0%	0%	0%	0%	0.19%	0.25%	1.19%	0.88%	0.25%	1.05%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	90.48%	90.49%	90.49%	96.97%	96.97%	97.69%	97.5%	97.44%	96.5%	96.81%	97.44%	97.02%
No. of shareholders	—	—	—	—	—	—	—	—	15,656	15,314	15,431	16,338

Promoter holding down 7.59 percentage points since Sep 2023.

140 deals · 3 Aug 2021 – 28 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
28 Sept 2026	ACHINTYA SECURITIES LIMITED	Bulk	NSE	Sell	10,00,000	₹98.46	₹9.85 Cr
29 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	7,16,082	₹114.39	₹8.19 Cr
29 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	7,16,082	₹114.33	₹8.19 Cr
10 Sept 2025	CRAFT EMERGING MARKET FUND PCC- CITADEL CAPITAL FUND	Bulk	BSE	Buy	6,50,000	₹62.49	₹4.06 Cr
19 Aug 2025	RAJASTHAN GASES LIMITED	Bulk	BSE	Buy	9,00,000	₹67.49	₹6.07 Cr
29 Jul 2025	RAJASTHAN GASES LIMITED	Bulk	BSE	Sell	50,00,000	₹64.90	₹32.45 Cr
29 Jul 2025	RAJASTHAN GASES LIMITED	Block	BSE	Sell	50,00,000	₹64.90	₹32.45 Cr
29 Jul 2025	L7 HITECH PRIVATE LIMITED	Block	BSE	Buy	50,00,000	₹64.90	₹32.45 Cr
29 Jul 2025	L7 HITECH PRIVATE LIMITED	Bulk	BSE	Buy	50,00,000	₹64.90	₹32.45 Cr
23 May 2025	L7 HITECH PRIVATE LIMITED	Bulk	BSE	Buy	6,75,000	₹48.86	₹3.30 Cr

1–10 of 140

1 / 14

Mr. ASHOK CHINUBHAI SHAHNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. SHALIN ASHOK SHAHExecutive Director-MD
Mr. HITESHKUMAR MADHUBHAI DONGANon-Executive - Non Independent Director
Mr. YASH VISHWANATH BODADENon-Executive - Independent Director
Mr. HARSADSINH BHURUBHA RANANon-Executive - Independent Director
Mrs. DEEPTI GHANSHYAM GAVALINon-Executive - Independent Director
Ms. Barkha Chanderkumar LakhaniCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Gujarat Natural Resources Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend21 Sept 2017 · ex-date₹0.1
Dividend dividend22 Sept 2015 · ex-date₹0.1
Dividend dividend22 Sept 2014 · ex-date₹0.25
Final dividend20 Sept 2013 · ex-date₹0.1

1

Board meeting to consider results14 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

30 Sept 2026, 7:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

30 Sept 2026, 7:57 pmCorp. Action

Corporate Action-Updates on intimation of Sub division / Stock Split

Sub-division / Stock Split PDF

30 Sept 2026, 7:51 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

30 Sept 2026, 7:47 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

8 Sept 2026, 3:32 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

8 Sept 2026, 3:29 pmCompany Update

Announcement Under Reg 30 (LODR)-Letter To Shareholders Giving Web-Links Of Annual Report 2025-26

General PDF

8 Sept 2026, 3:05 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

8 Sept 2026, 3:00 pmAGM/EGM

Shareholder Meeting-Notice Of 35Th AGM On September 30, 2026 At 3:30 P.M. IST Through VC/OAVM

AGM PDF

Date	Category	Subject	Filing
30 Sept 2026, 7:59 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
30 Sept 2026, 7:57 pm	Corp. Action Sub-division / Stock Split	Corporate Action-Updates on intimation of Sub division / Stock Split

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Gujarat Natural Resources Limited

Gujarat Natural Resources Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

4

1

Announcements

No fund holdings on record

Not in the F&O segment

4

1

Announcements

Annual reports

Compounded sales growth

Stock price CAGR

Return on equity

Gujarat Natural Resources Limited

Gujarat Natural Resources Limited

About

Key insights

Key risks

Growth drivers

Risk & technicals

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends4

Board meetings1

Announcements

No fund holdings on record

Not in the F&O segment

Dividends4

Board meetings1

Ratio timeline

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Stock price CAGR

Return on equity

4

1

4

1