Gujarat State Petronet Ltd.

NSE: GSPL · Gas Transmission/Marketing

52W Range₹226 ₹330

Snapshot

Unlock Gujarat State Petronet Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Gujarat State Petronet Limited is a prominent Indian energy infrastructure company primarily engaged in the transmission of natural gas through an extensive pipeline network. It operates on an open-access basis, connecting LNG terminals and supply sources to diverse industrial demand centres across Gujarat.

Business Model

The company generates revenue primarily through gas transmission tariffs charged for transporting natural gas to various industrial sectors, including power, fertiliser, and city gas distribution. Additionally, it derives secondary income from the generation and sale of electricity via wind energy assets.

  • Pipeline Network Length:2694 km
  • Gas Transmission Volume:35 MMSCMD

Growth Outlook

Growth is driven by the expansion of the natural gas pipeline infrastructure to meet rising industrial demand and the increasing integration of LNG terminals into the national grid. The company continues to focus on enhancing its transmission capacity to serve a broader base of city gas distribution and industrial clients.

Key Risks

  • Regulatory Risk. Changes in gas transmission tariff regulations by the Petroleum and Natural Gas Regulatory Board could impact profit margins.
  • Supply Concentration. The company's performance is heavily dependent on the availability and pricing of imported LNG and domestic gas supplies.
  • Geographic Concentration. Operations are primarily concentrated in Gujarat, making the company vulnerable to regional economic shifts and industrial demand fluctuations.
  • Infrastructure Competition. The development of alternative pipeline networks or shifts in energy policy towards renewables may pose long-term competitive threats.

Price

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Key Metrics

REVENUE

₹17,077 Cr

TTM · consolidated

-6.6%YoY

NET PROFIT

₹1,585 Cr

TTM · consolidated

-18.6%YoY

EPS

₹18.65

TTM · consolidated

-23.0%YoY

RETURN ON EQUITY

13.9%

TTM · consolidated

-5.1 ppYoY

RETURN ON CAPITAL EMPLOYED

13.1%

TTM · consolidated

-4.9 ppYoY

P/E

14.4x

Q3 FY26 · consolidated

14.4 vs 13.1x5Y avg

EV/EBITDA

5.0x

Q3 FY26 · consolidated

5.0 vs 7.4x5Y avg

EBITDA MARGIN

17.3%

TTM · consolidated

-1.2 ppYoY

NET PROFIT MARGIN

9.3%

Q3 FY26 · consolidated

+1.9 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

+0.00xYoY

Peers · Gas Transmission/Marketing

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Gujarat State Petronet Ltd.GSPL
13,19614.395.00-6.6%17.3%13.9%13.1%
GAIL (India) Ltd.GAIL
90,47314.8910.13-0.1%9.2%8.8%8.1%-6.8%

As of Q3 FY26

Financials