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CRISIL Reaffirms 'AAA/Stable' Rating for Gujarat Gas on Strong Financial Profile
CRISIL has reaffirmed its highest 'CRISIL AAA/Stable' rating for Gujarat Gas Limited's Rs 3,350 crore bank facilities, highlighting its position as India's largest CGD player. The company remains debt-free with a robust cash balance exceeding Rs 1,500 crore as of March 2025. While 9M FY26 volumes dipped to 8.63 mmscmd from 9.73 mmscmd due to propane competition in the Morbi cluster, EBITDA per scm improved to Rs 5.95. The ongoing merger with GSPC and GSPL is nearing completion, which is expected to provide significant operational synergies.
Key Highlights
CRISIL reaffirmed 'AAA/Stable' rating for Rs 3,350 crore long-term bank facilities.
Company and GSPC both remain debt-free as of December 31, 2025.
9M FY26 gas sales volumes decreased to 8.63 mmscmd from 9.73 mmscmd in the prior year period.
EBITDA per scm increased to Rs 5.95 in 9M FY26 compared to Rs 5.4 in FY25.
Cash and bank balances stood at over Rs 1,500 crore as of March 31, 2025.
💼 Action for Investors
The 'AAA' rating confirms the company's superior creditworthiness and financial stability. Investors should monitor the volume recovery in industrial clusters and the final execution of the GSPC/GSPL merger for long-term value unlocking.
Gujarat Gas Declares Force Majeure for Industrial Customers Amid R-LNG Supply Crisis
Gujarat Gas Limited has issued Force Majeure notices to its industrial customers effective March 6, 2026, due to severe R-LNG supply constraints. This disruption is a direct result of the ongoing war in the Middle East, which has significantly impacted global gas availability. The company will restrict the Daily Contracted Quantity (DCQ) for industrial clients to manage the shortage. Crucially, the company noted that 'Acts of War' are not covered by its insurance, and the total financial impact remains unquantifiable at this stage.
Key Highlights
Force Majeure notices issued to industrial customers effective from March 6, 2026
Severe constraints in R-LNG availability caused by Middle East geopolitical conflict
Company to restrict Daily Contracted Quantity (DCQ) for the industrial segment
Acts of War are explicitly not covered under the company's existing insurance policies
Financial impact is currently unestimable as the supply disruption is an ongoing event
💼 Action for Investors
Investors should expect a significant hit to volumes and margins in the industrial segment, which is a major revenue driver. It is advisable to monitor the duration of the conflict and the company's ability to secure alternative gas supplies.
Gujarat Gas Q3 FY26: PAT Rises 20% to ₹266 Cr; EBITDA/SCM Hits ₹6.5 Despite Volume Pressure
Gujarat Gas reported a 20% YoY increase in PAT to ₹266 crore for Q3 FY26, driven by improved EBITDA margins of ₹6.5 per SCM. While industrial volumes declined 10% QoQ to 3.93 MMSCMD due to propane competition in Morbi, the CNG segment grew 11% YoY. The company expects its merger scheme to conclude by April 2026 and has engaged McKinsey for strategic expansion. Management maintains an EBITDA margin guidance of ₹5.5 to ₹6.5 per SCM for the full year.
Key Highlights
PAT grew 20% YoY to ₹266 crore; EBITDA margin per SCM improved to ₹6.5 from ₹5.04.
Industrial volumes dropped 10% QoQ to 3.93 MMSCMD, impacted by lower propane prices in Morbi.
CNG volumes rose 11% YoY, supported by a 14% growth in the CNG vehicle base to 16.94 lakh.
APM gas shortfall increased to 51%, with CNG shortfall at 64% being met by spot and long-term gas.
Merger completion expected by end of April 2026; FY26 Capex planned at ₹650-700 crore.
💼 Action for Investors
Investors should monitor the impact of the ₹4.50/SCM price reduction on Morbi volume recovery and the finalization of the merger. The company's ability to maintain margins despite APM cuts is a key positive, but industrial volume volatility remains a risk.
Gujarat Gas Submits Revised Amalgamation Scheme Following MCA Directions
Gujarat Gas Limited has submitted a revised Scheme of Amalgamation and Arrangement to comply with directions from the Ministry of Corporate Affairs (MCA). The revisions involve the re-allocation of authorized share capital from Gujarat Gas to GSPL Transmission Limited (GTL) as part of the demerger process. Management has stated that these changes to Clauses 60 and 63 are purely technical and do not affect the rights, interests, or entitlements of shareholders. This update is a procedural step in the larger restructuring of the GSPC group entities, including GSPC, GSPL, and GEL.
Key Highlights
Submission of revised scheme following MCA observations on authorized share capital allocation
Revisions specifically target Clauses 60 and 63 of the composite scheme of arrangement
Management confirms no material impact on the scheme's core terms or shareholder entitlements
The restructuring involves the merger of GSPC, GSPL, and GEL into Gujarat Gas, followed by a demerger
💼 Action for Investors
This is a procedural regulatory update; investors should continue to monitor the final approval timelines for the restructuring as the fundamental swap ratios remain unchanged.
Gujarat Gas Q3 FY26: PAT Rises 20% to ₹266 Cr; Record CNG Volumes of 3.45 MMSCMD
Gujarat Gas reported a 20% YoY increase in Profit After Tax (PAT) to ₹266 crore for Q3 FY26, despite a decline in total revenue to ₹3,865 crore. The company achieved its highest-ever CNG volumes of 3.45 MMSCMD, representing an 11% annual growth supported by infrastructure expansion. However, industrial PNG volumes faced pressure, declining to 3.93 MMSCMD from 5.45 MMSCMD in the previous year. The company remains debt-free with cash reserves of ₹2,200 crore and has received shareholder approval for its proposed merger scheme.
Key Highlights
Net Profit (PAT) increased by 20% YoY to ₹266 crore in Q3 FY26.
CNG volumes hit a record high of 3.45 MMSCMD, growing 11% YoY.
EBITDA for the quarter rose 14% YoY to ₹502 crore despite lower overall revenue.
Industrial PNG volumes saw a significant decline to 3.93 MMSCMD from 5.45 MMSCMD YoY.
Maintains a debt-free balance sheet with ₹2,200 crore in cash reserves and AAA credit rating.
💼 Action for Investors
Investors should focus on the strong growth in high-margin CNG segments which is offsetting industrial volume weakness. The upcoming merger scheme remains a key catalyst for long-term value unlocking.
Gujarat Gas Q3 FY26: PAT Rises 20% to ₹266 Cr; CNG Volumes Hit Record 3.45 mmscmd
Gujarat Gas reported a strong performance for Q3 FY26, with Net Profit (PAT) increasing 20% YoY to ₹266 crore and EBITDA rising 14% to ₹502 crore. Revenue grew to ₹4,865 crore, supported by record-high CNG volumes of 3.45 mmscmd, an 11% increase over the previous year. The company is aggressively expanding its network via the EDODO model and has received shareholder approval for its Composite Scheme of Arrangement. The appointment of McKinsey & Company as a strategic consultant further signals a focus on long-term operational efficiency.
Key Highlights
Net Profit (PAT) grew 20% YoY to ₹266 crore, while EBITDA increased 14% to ₹502 crore.
Achieved record CNG volumes of 3.45 mmscmd, representing an 11% growth compared to Q3 FY25.
Revenue from operations stood at ₹4,865 crore, up from ₹4,333 crore in the same quarter last year.
Shareholders approved the Composite Scheme of Amalgamation and Arrangement with a thumping majority.
Added 38,600+ new domestic customers during the quarter, bringing the total household base to 23.83 lakh.
💼 Action for Investors
Investors should take note of the record CNG volumes and double-digit profit growth as indicators of strong demand and operational execution. The progress on the merger scheme and the strategic engagement with McKinsey are positive catalysts for long-term value creation.
Gujarat Gas Q3 PAT Rises 20% YoY to ₹266 Cr Despite 11% Revenue Dip
Gujarat Gas Limited reported a standalone Net Profit of ₹265.58 crore for the quarter ended December 31, 2025, marking a 19.8% increase compared to ₹221.62 crore in the previous year. This profit growth came despite a 10.8% year-on-year decline in revenue from operations, which stood at ₹3,865.11 crore. The bottom line was supported by a significant reduction in gas purchase costs, which dropped to ₹2,864.97 crore from ₹3,429.50 crore YoY. Investors should also note that the large-scale merger with GSPC and GSPL has received shareholder approval and is awaiting final regulatory sanctions.
Key Highlights
Standalone Net Profit increased 19.8% YoY to ₹265.58 crore in Q3 FY26.
Revenue from operations declined 10.8% YoY to ₹3,865.11 crore from ₹4,332.51 crore.
Cost of materials/gas purchases fell significantly to ₹2,864.97 crore compared to ₹3,429.50 crore in the year-ago quarter.
Earnings Per Share (EPS) improved to ₹3.86 from ₹3.22 YoY.
The Composite Scheme of Amalgamation with GSPC and GSPL was approved by shareholders on October 17, 2025.
💼 Action for Investors
While margin expansion is positive, the double-digit revenue decline warrants caution regarding volume growth or pricing power. Investors should monitor the progress of the GSPC/GSPL merger as the primary catalyst for future structural changes.
Gujarat Gas Urges Demat Conversion for 1:3 GTL Share Allotment Under Restructuring Scheme
Gujarat Gas Limited (GGL) has notified physical shareholders to dematerialize their holdings to facilitate the upcoming issuance of shares under a Composite Scheme of Arrangement. As part of the restructuring involving GSPC and GSPL, GGL shareholders will receive 1 share of GSPL Transmission Limited (GTL) for every 3 shares held in GGL. Since GTL will issue new shares exclusively in demat form, physical holders must convert their certificates to avoid their entitlements being moved to a suspense escrow account. This procedural update follows the broader consolidation plan to streamline the group's corporate structure.
Key Highlights
Share exchange ratio fixed at 1 equity share of GTL (Rs 10 each) for every 3 equity shares of GGL (Rs 2 each).
Mandatory dematerialization required for physical shareholders to receive GTL shares directly upon the scheme becoming effective.
The restructuring involves the merger and arrangement of GSPC, GSPL, GEL, GGL, and GTL.
Shares not dematerialized by 'Record Date 3' will be transferred to a Demat Suspense Escrow Account, complicating the recovery process.
The company has appointed Trustwell Management Consulting to assist shareholders with the KYC and demat process.
💼 Action for Investors
Shareholders holding physical certificates should immediately contact the company's registrar or their DP to dematerialize holdings to ensure seamless receipt of GTL shares. Investors already holding shares in demat form do not need to take any action regarding this specific notice.
Gujarat Gas Appoints Avantika Singh Aulakh, IAS, as Managing Director
Gujarat Gas Limited has appointed Smt. Avantika Singh Aulakh, a 2003 batch IAS officer, as its new Managing Director effective December 24, 2025. She brings over 20 years of administrative experience, having previously served as the Additional Principal Secretary to the Chief Minister of Gujarat. Her background includes leadership roles at Gujarat Alkalies and Chemicals Limited and the Gujarat Maritime Board, alongside educational credentials from Harvard University. This appointment follows a notification from the Government of Gujarat to lead the state-run city gas distribution company.
Key Highlights
Smt. Avantika Singh Aulakh, IAS (2003 batch), appointed as MD effective December 24, 2025
Previously served as Additional Principal Secretary to the Hon’ble Chief Minister of Gujarat
Holds a Master's in Public Administration from Harvard University and a B.E. from NSIT Delhi
Extensive experience in the energy sector, including a prior role as Deputy Secretary, Energy and Petrochemicals Dept
Currently also serves as the Managing Director of Gujarat Alkalies and Chemicals Limited
💼 Action for Investors
Investors should monitor the company for any shifts in strategic direction or capital allocation under the new leadership. No immediate action is required as this is a standard administrative appointment for a GSPC group company.
Gujarat Gas MD Milind Torawane Resigns Effective December 24, 2025
Shri Milind Torawane, IAS, has resigned as the Managing Director of Gujarat Gas Limited effective December 24, 2025. The resignation follows his administrative transfer and appointment as Principal Secretary to the Government of Gujarat's Education Department. As Gujarat Gas is a government-controlled undertaking, such leadership transitions due to bureaucratic reshuffles are common. Investors should watch for the appointment of a successor to ensure management continuity.
Key Highlights
Managing Director Milind Torawane (DIN: 03632394) resigned effective December 24, 2025
Resignation is due to his transfer to the Education Department as Principal Secretary
The official government notification for the transfer was dated December 23, 2025
Gujarat Gas is a GSPC Group Company and a Government of Gujarat Undertaking
💼 Action for Investors
This is a routine administrative transfer typical of state-run enterprises and does not reflect on the company's performance. Investors should monitor the announcement of the new Managing Director to ensure strategic stability.
Gujarat Gas Appoints Smt. Avantika Singh Aulakh, IAS as New Managing Director
Gujarat Gas Limited has announced a change in its top leadership following a notification from the Government of Gujarat dated December 23, 2025. Smt. Avantika Singh Aulakh, IAS, has been appointed as the Managing Director, succeeding Shri Milind Torawane, IAS. Shri Torawane has been transferred to serve as the Principal Secretary to the Government in the Education Department. This transition is a routine administrative movement of IAS officers within the state-run enterprise framework.
Key Highlights
Smt. Avantika Singh Aulakh, IAS (DIN: 07549438) appointed as the new Managing Director of Gujarat Gas.
Outgoing MD Shri Milind Torawane, IAS (DIN: 03632394) transferred to the Education Department.
The appointment follows Government of Gujarat Notification No. AIS/35.2025/56/G.
Necessary formalities and board approvals for the appointment are to be completed in due course.
💼 Action for Investors
This is a routine administrative change common in state-owned enterprises and is unlikely to impact the company's long-term strategy. Investors should continue to monitor the company's operational performance and volume growth.