India · Delayed Price · Currency is INR Gujarat Energy Earnings Call Transcripts
Fiscal Year 2026
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Merger completed, creating an integrated energy company with strong growth in CGD and stable gas trading margins. FY 2026 EBITDA rose to INR 3,772 crore, with robust cash reserves and a recommended dividend of INR 8.9/share. Strategic LNG sourcing and digital initiatives support future growth.
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Revenue and EBITDA declined year-over-year, but CNG and domestic segments showed strong growth. Industrial volumes remain pressured by propane competition, with baseline Morbi volumes at 1.7-1.8 MMSCMD. Merger approval is expected by December 2025.
Fiscal Year 2025
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Revenue and profitability remained stable year-over-year, with strong CNG growth and continued infrastructure expansion. Industrial volumes faced pressure from propane competition, while the company maintained margin guidance and advanced a major group restructuring, expected to complete by late 2025.
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Revenue and EBITDA grew modestly year-over-year in Q3 FY25, with volumes up 5% and record CNG sales. Industrial segment remains volatile due to price competition with propane and LNG, while CapEx and infrastructure expansion continue. APM allocation shortfall and rising spot LNG prices pose ongoing risks.