Gujarat Gas / Q3-FY26

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Watch2026-01-30Back to GUJGASLTD

Revenue

₹4,865 Cr

verification pending

Revenue YoY

12.3%

reported change

EBITDA

₹502 Cr

latest reported figure

Source

bse pending

record provenance

Actual signal trajectory

Where this quarter sits.

source records only
EBITDA (₹ Cr)PositiveWatchNegative
2 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q2 FY26: 520 · Watch source sentiment · 2025-10-30Q2 FY26Q3 FY26: 502 · Watch source sentiment · 2026-01-30Q3 FY26520502
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Gujarat Gas reported Q3 FY26 revenue of ₹4,865 crore (+12% YoY) and EBITDA of ₹502 crore (+14% YoY), driven by strong CNG growth (11% YoY) and steady non-Morbi industrial volumes. However, Morbi industrial volumes collapsed 50% YoY to 1.68 MMSCMD due to propane price advantage, partially offset by a price cut of ₹4.50/SCM effective January 1. EBITDA margin per SCM improved to ₹6.52 (vs ₹5.04 YoY). Management guided for Morbi volumes to recover to 3.0-3.2 MMSCMD by March, aided by rising propane prices and spot LNG moderation. Full-year capex guidance maintained at ₹650-700 crore. Key risk: sustained propane price advantage could delay Morbi volume recovery, pressuring margins.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects Morbi industrial volumes to reach 3.0-3.2 MMSCMD by March 2026, driven by price cuts and rising propane prices.
  • CFO guided EBITDA margin per SCM for FY26 in the range of ₹5.5 to ₹6.5.
  • Company plans capital expenditure of ₹650-700 crore for the full financial year.
  • Management aims to increase long-term gas sourcing to 60-70% of total portfolio by end of 2027 to reduce spot exposure.

Risks flagged

  • Propane prices remain lower than natural gas, causing Morbi customers to switch. Recovery depends on propane price movements.
  • APM shortfall increased to 51%, requiring costlier spot and long-term gas, pressuring margins.
  • Analyst noted that every 1 MMSCMD increase in Morbi volumes could reduce gross profit by ₹1/SCM due to new tariffs.
  • Ongoing geopolitical tensions could disrupt LNG supply chains and cause price volatility, delaying project timelines.

Key quotes

  • The reduction in natural gas prices coupled with increase in propane prices has enabled GGL to reduce the price differential to propane by ₹2.40 per SCM.
  • We are currently in advanced talks to reserve unloading capacity, ensuring that we have access to physical infrastructure to basically capitalize on this opportunity to manage competition.
  • I think the double digit growth should go through in both the areas because outside Gujarat also we are growing at a higher rate because the new areas right the volume yeah the base is lower.

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