Gujarat Gas Ltd (NSE: GUJGASLTD) shares closed at ₹399.0 on the National Stock Exchange on Wednesday, reflecting a modest intraday move after the company reported third-quarter financials for the fiscal year ending March 31, 2026. The stock was down slightly from the previous session’s close, extending a recent series of mixed market reactions.
Gujarat Gas Market Capitalization
As of the latest trading session on January 21, 2026, Gujarat Gas Ltd’s market capitalization stood at approximately ₹27,400 crore on an INR basis.
Latest Quarterly Results (Q3 FY26)
For the quarter ended December 31, 2025, Gujarat Gas Ltd reported the following consolidated results:
- Revenue from operations: ₹3,865 crore, down from the preceding quarter and lower year-on-year trends as industrial and commercial volumes moderated.
- Profit after tax (PAT): ₹266 crore, up around 20 per cent year-on-year from the December 2024 quarter.
- EBITDA: ₹502 crore, reflecting an increase compared with the prior year’s corresponding period.
Quarterly Segment Highlights
The company’s operating performance in Q3 FY26 showed mixed signals across key segments:
- City Gas Distribution & CNG: CNG volumes achieved a quarterly record of approximately 3.45 mmscmd, up ~11 per cent year-on-year.
- PNG (Domestic): Volumes increased to about 0.83 mmscmd.
- PNG (Commercial): Volumes rose to around 0.17 mmscmd.
Quarterly Trend Charts
Chart 1: Quarterly EBITDA Trend (₹ crore)
Chart 2: GUJGASLTD Stock Price Trend (1-Month to 21 Jan 2026)
Q1 and Q2 FY26 Context
Earlier quarterly results showed:
- Q1 FY26: Revenue from operations stood at around ₹4,065 crore; PAT was ₹327 crore on a consolidated basis.
- Q2 FY26: Revenue from operations was approximately ₹3,979 crore, with EBITDA ₹520 crore and PAT at ₹281 crore.
These sequential data points show a modest contraction in topline from Q1 to Q3 while quarterly profitability remained positive year-on-year.
Business & Operations Update
Gujarat Gas continued expansion of its CNG distribution network. In Q3 FY26, the company reported adding over 38,600 new domestic PNG customers and extending its pipeline footprint to approximately 44,540 inch-km. The ongoing expansion of the FDODO (Front-door-to-door) CNG station model included signing additional dealer agreements and deploying new stations in key regional markets.
M&A and Strategic Moves
A composite amalgamation scheme involving Gujarat State Petroleum Corporation Ltd (GSPC), Gujarat State Petronet Ltd (GSPL), and Gujarat Gas Ltd has been approved by shareholders and awaits final regulatory compliance. This merger plan is expected to integrate trading, transmission, and distribution assets under a unified entity to enhance scale and operational synergies.
Equity Analyst Commentary
Institutional research sources noted the mixed quarterly trends in Gujarat Gas results, highlighting the year-on-year profit growth against the backdrop of revenue pressures. Analysts emphasize ongoing infrastructure expansion and volume momentum in the CNG segment while citing commodity cost variability in the broader city gas distribution sector.
Guidance & Outlook
Company filings indicate that regulatory approvals and macro energy policy developments will be critical variables to watch, alongside execution of the approved amalgamation scheme and continued expansion of CNG and PNG networks.
Performance Summary
Gujarat Gas Ltd’s stock moved marginally lower on the day of the report. Q3 FY26 results showed a year-on-year rise in profitability, with revenue trending lower sequentially. Segment performance was led by increased CNG volumes and network expansions. Equity market reactions reflect mixed fundamentals across the quarterly cycle.