Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹286, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Gas Utilities industry in Asia. Total loss to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹385 per share. Buy Or Sell Opportunity • Jul 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.7% to ₹300. The fair value is estimated to be ₹387, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has declined by 3.0%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period. Reported Earnings • May 31
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: ₹21.55 (up from ₹16.68 in FY 2025). Revenue: ₹249.7b (up 52% from FY 2025). Net income: ₹20.2b (up 76% from FY 2025). Profit margin: 8.1% (up from 7.0% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 59%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to decline by 15% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in India are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Annonce • May 30
Gujarat Energy Limited Recommends Final Dividend for Financial Year 2025-26 Ended March 31, 2026 Gujarat Energy Limited recommended a final Dividend of INR 8.90 per Equity Share of INR 2 each to the shareholders for the Financial Year 2025 - 26 ended March 31, 2026, which will be paid subject to approval of Shareholders in the Annual General Meeting. Annonce • May 14
Gujarat Gas Limited to Report Q4, 2026 Results on May 26, 2026 Gujarat Gas Limited announced that they will report Q4, 2026 results on May 26, 2026 Annonce • Jan 23
Gujarat Gas Limited Appoints Shri B N Patel as Executive Director Effective January 21, 2026 Gujarat Gas Limited has appointed Shri B N Patel, GAS (Selection Scale) as Executive Director of Gujarat Gas Limited effective from January 21, 2026, as per the notification issued by General Administration Department, Government of Gujarat bearing number GAS/35.2026/03/G.1 dated January 19, 2026. Shri B N Patel has done graduation in mechanical engineering and LLB. After being selected by the State Public Service Commission, he joined Government of Gujarat as Mamlatdar in the year 2005 and after serving for a few years as Mamlatdar, in the year 2012 he was promoted to the cadre of GAS and worked under Panchayat Department and Revenue Department as Deputy District Development Officer and Deputy Collector respectively. He was serving as SDM when promoted to Senior Scale position in GAS cadre in the year 2018, then after he served as Director DRD Agency under Rural Development Department, as Food Controller under Civil Supplies Department and ADM and Residential Additional Collector. He has worked in various capacities throughout his career like at Rajbhavan Gujarat, as Deputy Municipal Commissioner for some time and as Personal Secretary to the Hon Minister for Health before current assignment. Shri B N Patel has worked in different districts throughout his career and has long experience working during elections, disasters, etc. also. Annonce • Dec 19
Gujarat Gas Limited to Report Q3, 2026 Results on Jan 20, 2026 Gujarat Gas Limited announced that they will report Q3, 2026 results on Jan 20, 2026 Annonce • Sep 26
Gujarat Gas Limited to Report Q2, 2026 Results on Nov 07, 2025 Gujarat Gas Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Annonce • Aug 19
Gujarat Gas Limited announces Annual dividend, payable on October 24, 2025 Gujarat Gas Limited announced Annual dividend of INR 5.8200 per share payable on October 24, 2025, ex-date on September 04, 2025 and record date on September 05, 2025. Annonce • Aug 18
Gujarat Gas Limited, Annual General Meeting, Sep 25, 2025 Gujarat Gas Limited, Annual General Meeting, Sep 25, 2025, at 15:00 Indian Standard Time. Annonce • Jun 27
Gujarat Gas Limited to Report Q1, 2026 Results on Aug 05, 2025 Gujarat Gas Limited announced that they will report Q1, 2026 results on Aug 05, 2025 Annonce • Apr 24
Gujarat Gas Limited to Report Q4, 2025 Results on May 19, 2025 Gujarat Gas Limited announced that they will report Q4, 2025 results on May 19, 2025 Board Change • Mar 06
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chairman Pankaj Joshi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • Feb 08
Gujarat Gas Limited Appoints Pankaj Joshi as Additional Director & Chairman of the Board Gujarat Gas Limited announced that the Board of Directors have approved appointment of Shri Pankaj Joshi, IAS, Chief Secretary, Government of Gujarat, as Additional Director & Chairman on the Board of Gujarat Gas Limited with effect from 7 February, 2025. Brief Profile of Shri Pankaj Joshi, IAS, Chief Secretary, Government of Gujarat is as under: Shri Pankaj Joshi, IAS, is a Senior IAS Officer of Government of Gujarat (GoG) with distinguished academic background of B. Tech in Civil Engineering, M. Tech in Water Resource Engineering, IIT, New Delhi and M. Phil in Defence & Strategic Studies. Having joined the Indian Administrative Service in 1989, he has held various important positions in the Government of Gujarat in various departments like Land Revenue, Personnel and General Administration, Urban Development and Education Department for about 20 years. He has also worked with the Union Government in various Departments like Urban Development, Social Justice and Empowerment, Public Transport etc. for about 6 years. He has wide experience at the senior level in the Public Administration and Policy in various areas. He was Principal Secretary, Energy & Petrochemicals Department, Govt. of Gujarat and Additional Chief Secretary to Chief Minister, Sachivalaya, Gujarat. He has also served as Director on the Board of various GoG entities from time to time. Presently, he is Chief Secretary, Government of Gujarat. Annonce • Feb 01
Gujarat Gas Limited Announces Resignation of Raj Kumar as Director & Chairman from the Board of Directors Gujarat Gas Limited announced that Shri Raj Kumar, IAS (Retd.) has resigned as Director & Chairman from the Board of Directors of the Company consequent to superannuation. His resignation is effective from 31st January, 2025. Annonce • Jan 29
Gujarat Gas Limited to Report Q3, 2025 Results on Feb 05, 2025 Gujarat Gas Limited announced that they will report Q3, 2025 results on Feb 05, 2025 Buy Or Sell Opportunity • Nov 26
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to ₹474. The fair value is estimated to be ₹393, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.7%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 32% in the next 2 years. Board Change • Nov 19
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Additional Director T. Natarajan was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 07
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: ₹4.48 (up from ₹4.30 in 2Q 2024). Revenue: ₹39.9b (up 3.7% from 2Q 2024). Net income: ₹3.09b (up 4.2% from 2Q 2024). Profit margin: 7.7% (in line with 2Q 2024). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 21%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.8% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Buy Or Sell Opportunity • Nov 07
Now 22% overvalued Over the last 90 days, the stock has fallen 12% to ₹540. The fair value is estimated to be ₹444, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.7%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Annonce • Oct 09
Gujarat Gas Limited to Report Q2, 2025 Results on Nov 06, 2024 Gujarat Gas Limited announced that they will report Q2, 2025 results at 4:00 PM, Indian Standard Time on Nov 06, 2024 Annonce • Sep 12
Gujarat Gas Limited Appoints T Natarajan as Additional Director Gujarat Gas Limited announced that the Board of Directors have appointed Dr. T Natarajan, IAS, Principal Secretary, Finance Department, Government of Gujarat, as Additional Director on the Board of the company with effect from 11 September, 2024. Dr. T Natarajan, IAS has completed his graduation in Mining Engineering from college of Engineering, Guindy, Anna University in Tamil Nadu and M.B.A. in Finance from Bharathidasan Institute of Management, Tamil Nadu, India. Later, he acquired additional education qualifications including Masters in International Development at Duke University in USA. Dr. T. Natarajan, IAS is a 1996 batch Indian Administrative Officer from Gujarat Cadre. He held a range of responsibilities in Gujarat Government including District Collector and District Development Officer. He has served in the departments of Finance, Revenue, Industry & Mining and Technical Education and held leadership positions in Public Sector Undertakings. Dr. T. Natarajan, IAS was entrusted with the responsibility of Senior Advisor to the Executive Director of India in the International Monetary Fund at Washington DC by the Government of India. He also served as Additional Secretary in the Department of Economic Affairs in Government of India. Before the current assignment as Principal Secretary, Finance Department, Government of Gujarat, he served as Additional Secretary (Defence Production), Ministry of Defence in Government of India. Upcoming Dividend • Sep 04
Upcoming dividend of ₹5.66 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 25 October 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.0%). Lower than average of industry peers (1.4%). Price Target Changed • Sep 02
Price target increased by 8.2% to ₹577 Up from ₹533, the current price target is an average from 29 analysts. New target price is 15% below last closing price of ₹679. Stock is up 49% over the past year. The company is forecast to post earnings per share of ₹19.49 for next year compared to ₹16.61 last year. Buy Or Sell Opportunity • Sep 02
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to ₹679. The fair value is estimated to be ₹541, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 6.9%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 39% in the next 2 years. Declared Dividend • Aug 21
Dividend reduced to ₹5.66 Dividend of ₹5.66 is 15% lower than last year. Ex-date: 9th September 2024 Payment date: 25th October 2024 Dividend yield will be 1.0%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 35% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Aug 20
Gujarat Gas Limited, Annual General Meeting, Sep 26, 2024 Gujarat Gas Limited, Annual General Meeting, Sep 26, 2024, at 15:00 Indian Standard Time. Annonce • Aug 17
Gujarat Gas Limited Announces Board Appointments Gujarat Gas Limited announced the appointment of Shri S. J. Haider, IAS, (DIN: 02879522) Additional Chief Secretary, Energy & Petrochemicals Department, Government of Gujarat, as Additional Director on the Board of Gujarat Gas Limited w.e.f. 13th August, 2024. The aforesaid appointment has been made in view of the letter received from Energy & Petrochemicals Department, Government of Gujarat bearing number No. EPCD/0267/08/2024 dated 12/08/2024, intimating appointment of Shri S. J. Haider, IAS, Additional Chief Secretary, Energy & Petrochemicals Department, Government of Gujarat, as Director on the Board of Gujarat Gas Limited. Shri S. J. Haider, IAS is an officer of 1991 batch of Indian Administrative Services. Shri S. J. Haider, IAS is holding Degrees of B.Sc (Hons.) (Physics), M.Sc (Physics, Special Paper - Electronics) and Certificate in Computers from IGNOU. Since joining Government of Gujarat, he has served at various levels and in various positions in different departments such as Tourism, Urban Development, Panchayat & Rural Development, Education, Science and Technology, Climate Change, Transport Department etc. Prior to joining Energy & Petrochemicals Department, he was Additional Chief Secretary, Industries and Mines Department, Govt. of Gujarat. Relationship between the Directors: None of the existing Directors of Gujarat Gas Limited are related to Shri S. J. Haider, IAS. Buy Or Sell Opportunity • Aug 10
Now 21% undervalued Over the last 90 days, the stock has risen 15% to ₹611. The fair value is estimated to be ₹768, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has declined by 6.9%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 37% in the next 2 years. Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: ₹4.80 (vs ₹3.14 in 1Q 2024) First quarter 2025 results: EPS: ₹4.80 (up from ₹3.14 in 1Q 2024). Revenue: ₹46.5b (up 23% from 1Q 2024). Net income: ₹3.31b (up 53% from 1Q 2024). Profit margin: 7.1% (up from 5.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Annonce • Aug 03
Gujarat Gas Limited Announces Resignation of Mamta Verma as Board of Directors Gujarat Gas Limited announced that Smt. Mamta Verma, IAS has resigned as director from the board of directors of the company on account of her transfer as Principal Secretary, Industries and Mines Department, Government of Gujarat. Her resignation is effective from 2 August 2024. Annonce • Jun 19
Gujarat Gas Limited to Report Q1, 2025 Results on Aug 06, 2024 Gujarat Gas Limited announced that they will report Q1, 2025 results on Aug 06, 2024 Reported Earnings • May 07
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹16.61 (down from ₹22.20 in FY 2023). Revenue: ₹164.0b (down 2.1% from FY 2023). Net income: ₹11.4b (down 25% from FY 2023). Profit margin: 7.0% (down from 9.1% in FY 2023). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, compared to a 1.3% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Mar 19
Gujarat Gas Limited to Report Q4, 2024 Results on May 06, 2024 Gujarat Gas Limited announced that they will report Q4, 2024 results on May 06, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹3.21 (down from ₹5.40 in 3Q 2023). Revenue: ₹41.1b (up 12% from 3Q 2023). Net income: ₹2.21b (down 41% from 3Q 2023). Profit margin: 5.4% (down from 10% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.7%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.0% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Annonce • Jan 30
Gujarat Gas Limited to Report Q3, 2024 Results on Feb 13, 2024 Gujarat Gas Limited announced that they will report Q3, 2024 results on Feb 13, 2024 Price Target Changed • Dec 22
Price target decreased by 7.2% to ₹452 Down from ₹487, the current price target is an average from 24 analysts. New target price is approximately in line with last closing price of ₹447. Stock is down 4.4% over the past year. The company is forecast to post earnings per share of ₹17.50 for next year compared to ₹22.20 last year. Reported Earnings • Nov 03
Second quarter 2024 earnings released: EPS: ₹4.30 (vs ₹5.87 in 2Q 2023) Second quarter 2024 results: EPS: ₹4.30 (down from ₹5.87 in 2Q 2023). Revenue: ₹40.2b (up 1.1% from 2Q 2023). Net income: ₹2.96b (down 27% from 2Q 2023). Profit margin: 7.4% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.3% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 10% per year. Annonce • Sep 28
Gujarat Gas Limited to Report Q2, 2024 Results on Nov 02, 2023 Gujarat Gas Limited announced that they will report Q2, 2024 results on Nov 02, 2023 Upcoming Dividend • Sep 04
Upcoming dividend of ₹6.65 per share at 1.5% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 28 October 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.5%. Within top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (2.1%). Annonce • Aug 24
Gujarat Gas Limited, Annual General Meeting, Sep 29, 2023 Gujarat Gas Limited, Annual General Meeting, Sep 29, 2023, at 15:00 Indian Standard Time. Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: ₹3.14 (vs ₹5.55 in 1Q 2023) First quarter 2024 results: EPS: ₹3.14 (down from ₹5.55 in 1Q 2023). Revenue: ₹39.5b (down 24% from 1Q 2023). Net income: ₹2.16b (down 44% from 1Q 2023). Profit margin: 5.5% (down from 7.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 8.9% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Annonce • Aug 03
Gujarat Gas Limited (NSEI:GUJGASLTD) agreed to acquire 7.87% stake in GSPC LNG Limited for INR 1 billion. Gujarat Gas Limited (NSEI:GUJGASLTD) agreed to acquire 7.87% stake in GSPC LNG Limited for INR 1 billion on August 2, 2023. The deal is expected to be completed within 30 days. As of Financial year 2022-23, GSPC LNG reported turnover of INR 2.3 billion. Annonce • Jul 15
Gujarat Gas Limited to Report Q1, 2024 Results on Aug 02, 2023 Gujarat Gas Limited announced that they will report Q1, 2024 results on Aug 02, 2023 Annonce • May 12
Gujarat Gas Limited Approves Modification in Dividend Distribution Policy The Board of Directors of Gujarat Gas Limited in its meeting held on 10th May, 2023, approved modification in Dividend Distribution Policy of the Company. The following parameters to be considered while Distribution of Dividend by Gujarat Gas Limited: (a) The circumstances under which the shareholders of Gujarat Gas Limited may or may not expect dividend; (b) The financial parameters that shall be considered while declaring dividend; c) Internal and external factors that shall be considered for declaration of dividend; (d) Policy as to how the retained earnings shall be utilized; and (e) Parameters that shall be adopted with regard to various classes of shares. The Board may consider following factors before making any recommendations for the dividend (including interim dividend): Profits earned during the financial year and retained earnings of previous years; Cash flow position; Outstanding Debt and its repayment terms, Cost of raising funds from alternate sources; Consistency of Dividends in proportion to Earnings; Future Earnings growth; Future organic and inorganic expansion plans; Capital structure position; Legal requirements; Industry outlook and Regulatory commitments, Government Guidelines. The Board may choose not to declare any dividend in case of loss or inadequacy of profits during the year or based on above factors and the retained earnings may be utilized by the Company for payout of dividend, reinvestment in the business or issue of bonus shares. Annonce • May 11
Gujarat Gas Limited Proposes Dividend or the Financial Year 2022-23 Gujarat Gas Limited announced Board also recommended dividend i.e INR 6.65 per equity share of INR 2/- each to the shareholders for the financial year 2022-23, in the same meeting, which will be paid subject to approval of shareholders in the Annual General Meeting. Reported Earnings • May 11
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹22.20 (up from ₹18.70 in FY 2022). Revenue: ₹174.1b (up 5.8% from FY 2022). Net income: ₹15.3b (up 19% from FY 2022). Profit margin: 8.8% (up from 7.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹5.40 (vs ₹1.79 in 3Q 2022) Third quarter 2023 results: EPS: ₹5.40 (up from ₹1.79 in 3Q 2022). Revenue: ₹38.5b (down 25% from 3Q 2022). Net income: ₹3.72b (up 202% from 3Q 2022). Profit margin: 9.6% (up from 2.4% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 02
Gujarat Gas Limited Announces Resignation of Pankaj Kumar as Director and Chairman from the Board of Directors Gujarat Gas Limited informed that Shri Pankaj Kumar, IAS, has resigned as Director and Chairman from the Board of Directors of the Company on account of his superannuation as Chief Secretary to Government of Gujarat vide GAD Notification No. AIS/35.2023/07/G dated 25 January, 2023. His resignation is effective from 1 February, 2023. Annonce • Jan 24
Gujarat Gas Limited to Report Q3, 2023 Results on Feb 13, 2023 Gujarat Gas Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Annonce • Jan 02
Gujarat Gas Limited Announces Resignation of Shri Milind Torawane, lAS as Director Gujarat Gas Limited informed that Shri Milind Torawane, lAS, has resigned as Director from the Board of Directors of the Company on account of his transfer vide Notification No. AIS/35.2022/50/G dated 20 December, 2022. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Additional Director Raj Kumar was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: ₹5.87 (up from ₹3.62 in 2Q 2022). Revenue: ₹41.1b (up 14% from 2Q 2022). Net income: ₹4.04b (up 62% from 2Q 2022). Profit margin: 9.8% (up from 6.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) also missed analyst estimates by 20%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Oct 21
Gujarat Gas Limited to Report Q2, 2023 Results on Nov 10, 2022 Gujarat Gas Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Buying Opportunity • Sep 26
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be ₹618, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 38% in the next 2 years. Annonce • Aug 30
Gujarat Gas Limited Approves Dividend for the Financial Year 2021-22 Gujarat Gas Limited announced at the AGM held on August 29, 2022 that the company approved Dividend for the financial year 2021-22 of INR 2 per Equity Share aggregating to INR 1,37,67,80,250 on 688390125 equity shares of INR 2- each of the Company. Upcoming Dividend • Aug 12
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 19 August 2022. Payment date: 27 September 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (1.0%). Reported Earnings • Aug 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₹53.2b (up 77% from 1Q 2022). Net income: ₹3.82b (down 20% from 1Q 2022). Profit margin: 7.2% (down from 16% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.7%, compared to a 15% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be ₹572, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 8.7% in a year. Earnings is forecast to grow by 22% in the next year. Annonce • Jul 23
Gujarat Gas Limited Appoints Raj Kumar as Additional Director Gujarat Gas Limited announced that as per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company announced that the Board of Directors have appointed Raj Kumar, IAS, Additional Chief Secretary, Home Department as Additional Director on the Board of the company with effect from July 21, 2022. The aforesaid appointment has been made in view of the letter received from Energy & Petrochemicals Department, Government of Gujarat bearing MIS/15-201411345/E dated July 20, 2022, where in it is informed that Government has decided to appoint Raj Kumar, IAS, Additional Chief Secretary, Home Department as Director on the Board of Gujarat Gas Limited, Ahmedabad, vice Dr. Rajiv Kumar Gupta, IAS, the then Additional Chief Secretary, Industries and Mines Department. He is a Promoter-Nominee. Raj Kumar, 1AS is a Gujarat Cadre officer of Indian Administrative Services belonging to 1987 batch. He possesses a degree of B.Tech. in Electrical Engineering and M. Sc. In Public Policy. He commands a very vast and varied experience. As an 1AS officer, Raj Kumar, 1AS has worked in various capacities covering a very wide spectrum of Government departments, both at State and Central level. Presently, he is the Additional Chief Secretary, Home Department, Government of Gujarat. Before being appointed as ACS (Home), Raj Kumar, IAS served as Secretary, Department of Defence Production, Ministry of Defence, Govt of India. He has been Chairman/Managing Director/Director in many Central & State PSUs, during his tenure in government service. During his long spanning career, Raj Kumar, IAS has also participated in various national and international training programmes covering a wide range of topics. Annonce • Jul 20
Gujarat Gas Limited to Report Q1, 2023 Results on Aug 02, 2022 Gujarat Gas Limited announced that they will report Q1, 2023 results at 4:00 AM, Indian Standard Time on Aug 02, 2022 Valuation Update With 7 Day Price Move • Jun 13
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₹448, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 13x in the Gas Utilities industry in Asia. Total returns to shareholders of 152% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹349 per share. Annonce • Jun 10
Rajiv Kumar Gupta Ceases to Be Director of Gujarat Gas Limited Gujarat Gas Limited announced that Dr. Rajiv Kumar Gupta, IAS, has ceased to be Director of Gujarat Gas Limited with effect from June 8, 2022, on account of his superannuation as Additional Chief Secretary Industries & Mines Department, Government of Gujarat. Annonce • May 12
Gujarat Gas Limited Recommends Dividend for the Financial Year 2021-22 Gujarat Gas Limited announced that Board also recommended dividend INR 2 per equity share of INR 2 each to the shareholders for the financial year 2021-22, in the same meeting, which will be paid subject to approval of shareholders in the Annual General Meeting. Reported Earnings • May 11
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹18.70 (up from ₹18.56 in FY 2021). Revenue: ₹168.8b (up 71% from FY 2021). Net income: ₹12.9b (flat on FY 2021). Profit margin: 7.6% (down from 13% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Over the next year, revenue is forecast to grow 10%, compared to a 13% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. 3 independent directors (4 non-independent directors). Non-Executive Director Milind Torawane is the most experienced director on the board, commencing their role in 2017. Independent Woman Director Rekha Jain was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Annonce • Apr 24
Gujarat Gas Limited to Report Q4, 2022 Results on May 10, 2022 Gujarat Gas Limited announced that they will report Q4, 2022 results on May 10, 2022 Annonce • Apr 22
Gujarat Gas Limited Announces Change in Directorate Gujarat Gas Limited announced that Shri Jal Patel and Shri K.D. Chatterjee, have ceased to be Independent Directors on account of expiry of their second tenure w.e.f. 20th April, 2022. Further Pursuant to Regulation 30 of the SEBI Regulations, 2015, hereby inform that Dr. Rekha Jain, has been appointed as Independent Woman Director and Shri Balwant Singh, IAS as Independent Director on the Board of Directors of Gujarat Gas Limited w.e.f. 20th April, 2022 for a tenure of 5 years, subject to approval of Shareholders. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹1.79 (down from ₹5.70 in 3Q 2021). Revenue: ₹52.8b (up 87% from 3Q 2021). Net income: ₹1.23b (down 69% from 3Q 2021). Profit margin: 2.3% (down from 14% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 44%. Over the next year, revenue is forecast to grow 16%, compared to a 12% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 75% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 30
Second quarter 2022 earnings released: EPS ₹3.62 (vs ₹6.91 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹37.1b (up 47% from 2Q 2021). Net income: ₹2.49b (down 48% from 2Q 2021). Profit margin: 6.7% (down from 19% in 2Q 2021). The decrease in margin was driven by higher expenses. Recent Insider Transactions • Sep 20
Insider recently sold ₹3.4m worth of stock On the 15th of September, Devendra Agarwal sold around 5k shares on-market at roughly ₹674 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Director Overboarding • Sep 17
Director Pankaj Kumar has joined 5th company board Pankaj Kumar has been appointed to the board of Gujarat State Petronet Limited (NSEI:GSPL). Kumar now sits on a total of 5 company boards. With 5 board positions including the role of CEO at Gujarat State Petronet Limited (NSEI:GSPL), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Sep 17
Director Pankaj Kumar has joined 5th company board Pankaj Kumar has been appointed to the board of Gujarat State Petronet Limited (NSEI:GSPL). Kumar now sits on a total of 5 company boards. With 5 board positions including the role of CEO at Gujarat State Petronet Limited (NSEI:GSPL), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Board Change • Sep 14
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Additional Chairman on the Board Pankaj Kumar was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Sep 10
Chairman of the Board Anil Mukim has left the company On the 3rd of September, Anil Mukim's tenure as Chairman of the Board ended after 1.4 years in the role. We don't have any record of a personal shareholding under Anil's name. A total of 2 executives have left over the last 12 months. The current median tenure of the management team is 4.17 years. Board Change • Sep 09
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Yogesh Singh was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 04
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Yogesh Singh was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Yogesh Singh was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 01
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 27 October 2021. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.9%). Price Target Changed • Aug 20
Price target increased to ₹686 Up from ₹636, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹714. Stock is up 122% over the past year. Price Target Changed • Aug 08
Price target increased to ₹659 Up from ₹607, the current price target is an average from 7 analysts. New target price is 11% below last closing price of ₹737. Stock is up 143% over the past year. Executive Departure • Jul 15
Non-Executive Director Sunaina Tomar has left the company On the 5th of July, Sunaina Tomar's tenure as Non-Executive Director ended after 1.5 years in the role. We don't have any record of a personal shareholding under Sunaina's name. Sunaina is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 4.00 years. Price Target Changed • Jun 25
Price target increased to ₹573 Up from ₹532, the current price target is an average from 6 analysts. New target price is 12% below last closing price of ₹654. Stock is up 112% over the past year. Price Target Changed • Jun 09
Price target increased to ₹529 Up from ₹490, the current price target is an average from 5 analysts. New target price is 11% below last closing price of ₹596. Stock is up 104% over the past year. Reported Earnings • Jun 03
Full year 2021 earnings released: EPS ₹18.56 (vs ₹17.42 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹101.2b (down 1.8% from FY 2020). Net income: ₹12.8b (up 6.6% from FY 2020). Profit margin: 13% (up from 12% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Jun 02
Gujarat Gas Limited Recommends Dividend for the Financial Year 2020-21 Gujarat Gas Limited announced that Board of Directors at its meeting held on June 1, 2021, recommended dividend of INR 2 per equity share of INR 2 each to the shareholders for the financial year 2020-21, which will be paid subject to approval of shareholders in the Annual General meeting. Is New 90 Day High Low • Feb 25
New 90-day high: ₹496 The company is up 43% from its price of ₹348 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹203 per share. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 17% share price gain to ₹443, the stock is trading at a trailing P/E ratio of 26x, up from the previous P/E ratio of 22.2x. This compares to an average P/E of 23x in the Gas Utilities industry in India. Total returns to shareholders over the past three years are 164%. Is New 90 Day High Low • Feb 09
New 90-day high: ₹462 The company is up 49% from its price of ₹309 on 11 November 2020. The Indian market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is up 41% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹214 per share. Price Target Changed • Feb 08
Price target raised to ₹427 Up from ₹392, the current price target is an average from 10 analysts. The new target price is 13% above the current share price of ₹380. As of last close, the stock is up 27% over the past year. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS ₹5.70 (vs ₹2.87 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹29.1b (up 16% from 3Q 2020). Net income: ₹3.92b (up 99% from 3Q 2020). Profit margin: 14% (up from 7.9% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. 
