Gujarat Energy Limited (GUJENERGY)

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Gujarat Energy Limited (GUJENERGY) · mywealthgrid

About

Gujarat Energy Limited supplies and distributes gas products (LPG, CNG, PNG, LNG) at scale of ₹9,600+ Cr quarterly revenue and ₹26,546 Cr market cap. Operating margins range 10–14%, ROE is 14.99%, and leverage is minimal (D/E 0.17).

Face value: ₹2

Market cap

₹21,585 Cr

P/E

12.7×

P/B

1.2×

Dividend yield

3.9%

ROE

15%

ROCE

17%

Debt / equity

0.17

OPM

12.5%

EPS (TTM)

₹18.2

Book value

₹196.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins vary from 10.14% to 14.13% across recent quarters; verify whether compression is cyclical, structural, or a data anomaly
Stock declined 33% over 12 months despite moderate PE of 15.56 — clarify what market is discounting
Promoter shareholding halved from 60.89% (Mar 2026) to 38.94% (Jun 2026) in one quarter; verify whether dilution, capital raise, or strategic sale
Gas supply exposed to commodity pricing and energy-sector regulation; verify hedging and regulatory constraints

Generated analysis · source review pending

Growth drivers

Quarterly revenue base ₹9,600–9,800 Cr (Jun 2026) provides scale for volume growth, though verify year-on-year trends and addressable market size
Consistent annual dividends (2021–2025) signal cash generation, but require revenue growth beyond recent quarterly volatility (₹3,800–9,800 Cr range)
Low debt (D/E 0.17) enables capital investment for expansion, though verify actual capex spending and return-on-investment targets
Margin stability at 10–14% suggests operational control, but the 4-point compression (Jun to Mar 2026) suggests cost or pricing headwinds to monitor

Generated analysis · source review pending

1,901 historical price candles were omitted because the exchange source has not been verified.

₹230.1-2.8%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.5% over the last 5 years
+Comfortable interest coverage of 10.8×
+Dividend yield of 3.9%
+Dividend payout of 48.9% of profit

Cons

−Promoter holding fell 22 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

71/100

Business quality: 53
Growth: 70
Valuation: 89

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

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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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,245	5,238	6,339	7,962	10,526	10,042	16,787	17,306	16,293	17,185	24,425
COGS	4,914	3,838	4,678	6,083	7,882	6,990	13,437	13,273	12,556	13,216	18,610
Gross profit	1,331	1,400	1,661	1,880	2,645	3,053	3,350	4,033	3,737	3,969	5,815
	603	657	766	895	1,010	963	1,273	1,638	1,858	2,085	2,621
	728	743	895	985	1,634	2,090	2,078	2,395	1,879	1,884	3,193
OPM %	11.7%	14.2%	14.1%	12.4%	15.5%	20.8%	12.4%	13.8%	11.5%	11%	13.1%
Depreciation	245	257	272	288	318	341	385	428	474	511	899
Interest	247	209	196	196	192	116	57	40	29	32	251
	70	26	54	129	84	74	79	101	162	208	398
Profit before tax	256	303	463	596	1,208	1,707	1,715	2,028	1,537	1,549	2,441
Tax	66	84	172	177	9	429	428	499	393	401	763
Tax %	25.7%	27.7%	37.1%	29.8%	0.8%	25.2%	24.9%	24.6%	25.6%	25.9%	31.3%
	190	221	292	418	1,199	1,278	1,287	1,528	1,144	1,148	1,678
PAT margin %	3%	4.2%	4.6%	5.3%	11.4%	12.7%	7.7%	8.8%	7%	6.7%	6.9%
EPS (₹)	13.8	16	4.3	6.1	17.4	18.6	18.7	22.2	16.6	16.7	21.6
EPS adjusted (₹)	2.8	3.2	4.3	6.1	17.4	18.6	18.7	22.2	16.6	16.7	21.6
	18.1%	18.7%	94.1%	16.4%	7.2%	10.8%	10.7%	30%	34.1%	34.9%	41.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	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 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	138	138	138	138	138	138	138	138	138	138	187
Reserves	1,312	1,526	1,729	—	3,180	4,340	5,492	6,890	7,585	8,352	18,251
Minority interest	—	—	—	—	—	—	—	—	—	—	420
	1,496	2,299	2,214	—	1,834	897	481	0	0	0	3,060
	4,000	2,413	2,581	—	2,774	3,164	3,476	3,899	3,969	4,161	5,628
Total equity & liabilities	6,946	6,375	6,662	—	7,925	8,539	9,587	10,927	11,692	12,651	27,546
	4,485	4,902	5,093	5,325	5,584	6,039	6,630	7,336	7,761	8,195	13,625
CWIP	357	505	478	—	569	707	966	958	900	824	836
Investments	1,099	68	16	—	45	49	53	64	170	184	1,022
	1,004	901	1,075	—	1,729	1,743	1,938	2,569	2,861	3,448	12,063
Total assets	6,946	6,375	6,662	—	7,925	8,539	9,587	10,927	11,692	12,651	27,546

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Gas Trading	16,085.98	1,319.74	2,056.28	1,219.19	837.09	157.66
City Gas Distribution	15,976	1,398.29

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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	Mar 2026
Margins
Gross margin %	23.6%	25.1%	30.4%	20%	23.3%	22.9%	23.1%	23.8%
EBITDA margin %	12.4%	15.5%	20.8%	12.4%	13.8%	11.5%	10.9%	12.5%
EBIT margin %	8.7%	12.5%	17.4%	10.1%	11.3%	8.6%	8%	8.8%
PAT margin %	5.3%	11.4%	12.7%	7.7%	8.8%	7%	6.7%	6.9%
Working capital
Receivable days	—	18	28	20	22	23	22	26
Inventory days	—	2	3	1	2	2	2	22
Payable days	—	16	23	12	20	20	20	32
NWC days	—	4	7	10	4	4	4	16
Leverage
Current ratio	—	0.79	0.58	0.55	0.71	0.79	1	1.86
Debt to EBITDA	—	1.12	0.43	0.23	0	0	0	1
Debt to equity	—	0.55	0.2	0.09	0	0	0	0.17
Interest coverage	4.1	7.3	15.7	31.4	51.2	51.5	48.6	10.8
Asset turnover	—	1.33	1.18	1.75	1.58	1.39	1.36	0.89
Return ratios
Return on assets %	—	15.1%	15%	13.4%	14%	9.8%	9.1%	6.1%
Return on capital employed %	—	22.9%	29.5%	26.8%	27.2%	17.7%	17%	17%
Return on equity %	—	36.1%	28.5%	22.9%	21.7%	14.8%	13.5%	9.1%

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
	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	60.89%	38.94%
	3.8%	3.34%	3.72%	4.31%	4.51%	4.53%	3.97%	3.86%	3.7%	3.82%	3.97%	10.85%
	13.09%	13.99%	15.05%	14.76%	14.37%	14.21%	14.81%	14.99%	14.97%	15.06%	14.76%	24.17%
Government	0%	0%	0%	0%	0%	0%	0%	0%	7.01%	7.01%	7.01%	7.29%
	22.22%	21.78%	20.34%	20.04%	20.23%	20.37%	20.33%	20.26%	13.43%	13.22%	13.37%	18.75%
No. of shareholders	—	—	—	—	—	—	—	—	1,69,570	1,66,450	1,73,919	3,27,344

Promoter holding down 21.95 percentage points since Sep 2023.

18 deals · 9 Sept 2021 – 25 Oct 2022

Date	Client	Type	Venue	Side	Quantity	Price	Value
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	4,44,667	₹508.95	₹22.63 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	4,44,667	₹508.95	₹22.63 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	63,135	₹508.95	₹3.21 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	63,135	₹508.95	₹3.21 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	4,44,240	₹472.65	₹21.00 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	4,44,240	₹472.65	₹21.00 Cr
17 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	63,072	₹472.65	₹2.98 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	63,072	₹472.65	₹2.98 Cr
11 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,17,199	₹490.95	₹10.66 Cr
11 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,17,199	₹490.95	₹10.66 Cr

1–10 of 18

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Mr. Manoj Kumar Das IASNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. T Natarajan IASNon-Executive - Non Independent Director
Mr. Ashwini Kumar Yadav IASNon-Executive - Non Independent Director
Mr. Balwant Singh IAS RetdNon-Executive - Independent Director
Mr. Yogesh SinghNon-Executive - Independent Director
Mr. Bhadresh Vinaychandra MehtaNon-Executive - Independent Director
Mrs. Rekha JainNon-Executive - Independent Director
Mrs. Avantika Aulakh IASExecutive Director-MD
Mr. Rajesh SivadasanChief Financial Officer
Mr. Sandeep DaveCompany 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.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

7.9%

of the company's equity

All mutual funds

16.38%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

27 schemes · 8 fund houses

		Shares
Energy Opportunities Fund	SBI Mutual Fund	1.88 Cr	465.64	5.59%	2.004%	-0
Value Fund	ICICI Prudential Mutual Fund	81.87 L	202.79	0.34%	0.873%	-0
Infrastructure Fund	ICICI Prudential Mutual Fund	80.64 L	199.75	2.33%	0.86%	-2.15 L
Growth Mid Cap FundNEW	Nippon India Mutual Fund	77.09 L	190.96	0.37%	0.822%	—
Large & Mid Cap Fund	ICICI Prudential Mutual Fund	64.83 L	160.58	0.48%	0.691%	-21.97 L
Energy Opportunities Fund	ICICI Prudential Mutual Fund	46.44 L	115.02	1.39%	0.495%	-4.15 L
ELSS Tax Saver Fund	SBI Mutual Fund	35.97 L	89.1	0.28%	0.383%	-0
PSU Fund	SBI Mutual Fund	35.03 L	86.78	1.29%	0.373%	-0

1–8 of 27

1 / 4

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Documents

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

Announcements

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

42 announcementsExport CSV

1 Oct 2026, 1:33 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	23.6%	25.1%	30.4%	20%	23.3%	22.9%	23.1%	23.8%
EBITDA margin %	12.4%	15.5%	20.8%	12.4%	13.8%	11.5%	10.9%	12.5%
EBIT margin %	8.7%	12.5%	17.4%	10.1%	11.3%	8.6%	8%	8.8%
PAT margin %	5.3%	11.4%	12.7%	7.7%	8.8%	7%	6.7%	6.9%
Working capital
Receivable days	—	18	28	20	22	23	22	26
Inventory days	—	2	3	1	2	2	2	22
Payable days	—	16	23	12	20	20	20	32
NWC days	—	4	7	10	4	4	4	16
Leverage
Current ratio	—	0.79	0.58	0.55	0.71	0.79	1	1.86
Debt to EBITDA	—	1.12	0.43	0.23	0	0	0	1
Debt to equity	—	0.55	0.2	0.09	0	0	0	0.17
Interest coverage	4.1	7.3	15.7	31.4	51.2	51.5	48.6	10.8
Asset turnover	—	1.33	1.18	1.75	1.58	1.39	1.36	0.89
Return ratios
Return on assets %	—	15.1%	15%	13.4%	14%	9.8%	9.1%	6.1%
Return on capital employed %	—	22.9%	29.5%	26.8%	27.2%	17.7%	17%	17%
Return on equity %	—	36.1%	28.5%	22.9%	21.7%	14.8%	13.5%	9.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Total Gas LimitedATGLATGL	₹64,124 Cr	₹66,292 Cr	₹6,817 Cr	₹1,172 Cr	18.6%	₹632 Cr	10.2%	14.7%	14.5%	-0
Petronet Lng LimitedPETRONETPETRONET	₹42,825 Cr	₹42,825 Cr	₹37,173 Cr	₹5,711 Cr	12.3%	₹4,208 Cr	9%	22.1%	18.6%	10
Gujarat Energy LimitedGUJENERGYGUJENERGY	₹21,585 Cr	₹24,645 Cr	₹23,618 Cr	₹2,884 Cr	12.5%	₹1,706 Cr	6.9%	17%	15%	16
Indraprastha Gas LimitedIGLIGL	₹19,991 Cr	₹20,017 Cr	₹18,563 Cr	₹1,627 Cr	10.3%	₹1,354 Cr	8.7%	14.5%	14%	-11
Mahanagar Gas LimitedMGLMGL	₹10,329 Cr	₹10,329 Cr	₹9,382 Cr	₹1,293 Cr	16%	₹715 Cr	9.3%	17.3%	13.7%	-9
Gspl Transmission LimitedGSPLTRANSGSPLTRANS	₹4,290 Cr	—	—	—	—	—	—	—	—	—
Confidence Petroleum India LimitedCONFIPETCONFIPET	₹2,859 Cr	₹3,361 Cr	₹6,001 Cr	₹407 Cr	7.4%	₹134 Cr	2.1%	10.5%	6.7%	26
Irm Energy LimitedIRMENERGYIRMENERGY	₹1,059 Cr	₹1,109 Cr	₹1,229 Cr	₹148 Cr	9.7%	₹73 Cr	4.6%	8.6%	5.5%	-4

Date	Category	Subject	Filing
1 Oct 2026, 1:33 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
1 Oct 2026, 1:30 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Sept 2026, 6:24 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
29 Sept 2026, 6:22 pm	Company Update Meeting Updates	Announcement under Regulation 30 (LODR)-Meeting Updates	PDF
29 Sept 2026, 1:38 pm	Company Update General	Update On Scheme Of Arrangement - Intimation For Receipt Of Final Listing And Trading Approval By GSPL Transmission Limited, Resulting Company.	PDF
10 Sept 2026, 8:38 pm	Company Update Appointment of Statutory Auditor/s	Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s	PDF
7 Sept 2026, 12:09 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
5 Sept 2026, 9:07 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	637	701	785	964	1,420	1,655	1,662	2,375	1,634	1,806	2,721
	375	-458	-430	-612	-466	-610	-1,294	-1,039	-879	-1,921	-2,097
	-1,224	-251	-273	-349	-502	-1,318	-628	-678	-514	-474	-417
Net cash flow	-212	-9	82	3	451	-273	-260	658	241	-589	206
Free cash flow	—	—	—	—	824	904	295	1,289	797	1,054	1,767
CFO / Operating profit %	87.5%	94.3%	87.7%	97.9%	86.9%	79.3%	80%	99.3%	87.1%	96.1%	89.2%

Gujarat Energy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

1

12

2

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

City Gas Distribution · revenue

Gujarat Energy Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Upcoming and recent1

Dividends12

Board meetings2

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

City Gas Distribution · revenue

1

12

2