{"id":175930,"date":"2026-01-21T14:04:26","date_gmt":"2026-01-21T19:04:26","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=175930"},"modified":"2026-01-26T12:48:07","modified_gmt":"2026-01-26T17:48:07","slug":"gujarat-gas-ltd-shares-drift-as-q3-fy26-revenue-contracts-profit-rises","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/gujarat-gas-ltd-shares-drift-as-q3-fy26-revenue-contracts-profit-rises\/","title":{"rendered":"Gujarat Gas Ltd shares drift as Q3 FY26 revenue contracts; profit rises"},"content":{"rendered":"\n<p>Gujarat Gas Ltd (NSE: GUJGASLTD) shares closed at \u20b9399.0 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\u2019s close, extending a recent series of mixed market reactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gujarat Gas Market Capitalization<\/strong><\/h2>\n\n\n\n<p><br>As of the latest trading session on January 21, 2026, Gujarat Gas Ltd\u2019s market capitalization stood at approximately <strong>\u20b927,400 crore<\/strong> on an INR basis.<\/p>\n\n\n\n<p><strong>Latest Quarterly Results (Q3 FY26)<\/strong><br>For the quarter ended December 31, 2025, Gujarat Gas Ltd reported the following consolidated results:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenue from operations:<\/strong> \u20b93,865 crore, down from the preceding quarter and lower year-on-year trends as industrial and commercial volumes moderated.<\/li>\n\n\n\n<li><strong>Profit after tax (PAT):<\/strong> \u20b9266 crore, up around <strong>20 per cent year-on-year<\/strong> from the December 2024 quarter.<\/li>\n\n\n\n<li><strong>EBITDA:<\/strong> \u20b9502 crore, reflecting an increase compared with the prior year\u2019s corresponding period.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Quarterly Segment Highlights<\/strong><\/h2>\n\n\n\n<p><br>The company\u2019s operating performance in Q3 FY26 showed mixed signals across key segments:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>City Gas Distribution &amp; CNG:<\/strong> CNG volumes achieved a quarterly record of approximately 3.45 mmscmd, up ~11 per cent year-on-year.<\/li>\n\n\n\n<li><strong>PNG (Domestic):<\/strong> Volumes increased to about 0.83 mmscmd.<\/li>\n\n\n\n<li><strong>PNG (Commercial):<\/strong> Volumes rose to around 0.17 mmscmd.<\/li>\n<\/ul>\n\n\n\n<p><strong>Quarterly Trend Charts<\/strong><\/p>\n\n\n\n<p><em>Chart 1: Quarterly EBITDA Trend (\u20b9 crore)<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"649\" height=\"511\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/image-15.png\" alt=\"\" class=\"wp-image-175990\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/image-15.png 649w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/image-15-300x236.png 300w\" sizes=\"auto, (max-width: 649px) 100vw, 649px\" \/><\/figure>\n\n\n\n<p><em>Chart 2: GUJGASLTD Stock Price Trend (1-Month to 21 Jan 2026)<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"539\" height=\"420\" src=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/image-16.png\" alt=\"\" class=\"wp-image-175994\" srcset=\"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/image-16.png 539w, https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2026\/01\/image-16-300x234.png 300w\" sizes=\"auto, (max-width: 539px) 100vw, 539px\" \/><\/figure>\n\n\n\n<p><strong>Q1 and Q2 FY26 Context<\/strong><br>Earlier quarterly results showed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Q1 FY26:<\/strong> Revenue from operations stood at around \u20b94,065 crore; PAT was \u20b9327 crore on a consolidated basis.<\/li>\n\n\n\n<li><strong>Q2 FY26:<\/strong> Revenue from operations was approximately \u20b93,979 crore, with EBITDA \u20b9520 crore and PAT at \u20b9281 crore.<\/li>\n<\/ul>\n\n\n\n<p>These sequential data points show a modest contraction in topline from Q1 to Q3 while quarterly profitability remained positive year-on-year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Business &amp; Operations Update<\/strong><\/h2>\n\n\n\n<p><br>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.<\/p>\n\n\n\n<p><strong>M&amp;A and Strategic Moves<\/strong><br>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.<\/p>\n\n\n\n<p><strong>Equity Analyst Commentary<\/strong><br>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Guidance &amp; Outlook<\/strong><\/h2>\n\n\n\n<p><br>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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Performance Summary<\/strong><\/h2>\n\n\n\n<p><br>Gujarat Gas Ltd\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gujarat Gas Ltd (NSE: GUJGASLTD) shares closed at \u20b9399.0 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\u2019s close, extending a recent series of mixed market reactions. Gujarat Gas [&hellip;]<\/p>\n","protected":false},"author":2397,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1941,5,10444],"tags":[12586,13424],"class_list":["post-175930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-analysis","category-latest","category-others","tag-distribution","tag-gas-distribution"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":180100,"url":"https:\/\/alphastreet.com\/india\/mahanagar-gas-ltd-q3-fy26-revenue-growth-offset-by-profit-decline\/","url_meta":{"origin":175930,"position":0},"title":"Mahanagar Gas Ltd Q3 FY26: Revenue Growth Offset by Profit Decline","author":"Staff Correspondent","date":"February 9, 2026","format":false,"excerpt":"Current Status Overview Mahanagar Gas Ltd operates in city gas distribution in Maharashtra. The company reported higher revenue in Q3 FY26. Profit after tax declined year-on-year. Operational volumes remained stable. The company declared an interim dividend. Share Price Performance MGL shares last traded near \u20b91,181. Recent movement showed volatility. 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The business of natural gas involves distribution of gas from sources of supply to centres of demand and\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/I-5.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/I-5.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/I-5.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/I-5.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/I-5.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/04\/I-5.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":148808,"url":"https:\/\/alphastreet.com\/india\/gujarat-gas-limited-an-energy-play\/","url_meta":{"origin":175930,"position":5},"title":"Gujarat Gas Limited: An Energy Play?","author":"Karan_Singh","date":"June 23, 2023","format":false,"excerpt":"For the quarter ended 31 5t March 2023, the company reported a smart recovery in total gas sales volume. 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