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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.