India · Delayed Price · Currency is INR Gujarat Gas Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY2026 saw strong CNG growth (11% YoY), improved EBITDA margins, and robust infrastructure expansion. Industrial volumes in Morbi declined but are expected to recover as price differentials narrow. Capex and double-digit CNG growth guidance remain intact.
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Revenue and profit declined slightly year-over-year, with strong CNG growth and continued capex. Industrial volumes remain pressured by propane price competition, but long-term LNG contracts and digital initiatives support future growth. Merger approval expected by December 2025.
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Revenue grew 14% year-over-year in Q1 FY26, with strong CNG volume growth and stable margins. Industrial volumes declined due to propane competition, but new business initiatives and infrastructure expansion support a positive outlook.
Fiscal Year 2025
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Gas volumes grew 3% year-over-year, with robust CNG and domestic expansion, but industrial volumes declined due to fuel switching. EBITDA and PAT were stable annually, and the company maintained margin guidance and strong credit ratings. Dividend of INR 5.82 per share was recommended.
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Q3 FY25 saw 5% volume growth and record CNG sales, with revenue and EBITDA up slightly year-over-year. Industrial volumes remain volatile due to price competition with propane, while APM gas allocation shortfalls and rising spot LNG prices pressure margins. Infrastructure expansion and dealer-owned CNG stations continue to drive growth.
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Q2 FY25 saw stable profits and improved EBITDA despite lower total volumes, with strong CNG growth and ongoing infrastructure expansion. The company faces higher gas procurement costs and regulatory uncertainties but maintains robust margins and a positive outlook for volume recovery and margin stability.