Gujarat Energy Q1 FY27 Earnings Call — Analysis (NSE: GUJENERGY)
Gujarat Energy delivered a strong Q1FY27 with revenue up 63% YoY and PAT up 78% YoY, driven by gas trading EBT up 206% and a Morbi-led surge in industrial CGD volumes, while Morbi gas volumes are already normalizing to about 3 mmscmd in Q2FY27 as propane availability returns.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Revenue from operations ₹9,670 Cr ( +63% YoY ) .
Results
Revenue ₹9,670 Cr (+63% YoY), EBITDA ₹1,482 Cr (+65% YoY), PAT ₹998 Cr (+78% YoY); gas trading EBT ₹726 Cr (+206% YoY); overall volume 15.66 mmscmd.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Revenue from operations | ₹9,670 Cr | +63% | yoy · Q1FY27 · Q1FY26 revenue ₹5,924 Cr |
| EBITDA | ₹1,482 Cr | +65% | yoy · Q1FY27 · Q1FY26 EBITDA ₹896 Cr |
| Profit after tax | ₹998 Cr | +78% | yoy · Q1FY27 · Q1FY26 PAT ₹561 Cr |
| Gas trading earnings before tax | ₹726 Cr | +206% | yoy · Q1FY27 · Q1FY26 gas trading EBT ₹237 Cr |
| Overall sales volume | 15.66 mmscmd | point_in_time · Q1FY27 · Overall company volume for Q1FY27 | |
| Gas trading sales volume | 12.22 mmscmd | point_in_time · Q1FY27 · Gas trading segment volume; 8.9 mmscmd transferred to CGD segment | |
| CGD segment volume | 12.34 mmscmd | point_in_time · Q1FY27 · CGD segment volume for Q1FY27 | |
| CNG volume | 3.76 mmscmd | +13% | yoy · Q1FY27 · Q1FY26 CNG volume 3.33 mmscmd |
| PNG industrial volume | 7.17 mmscmd | +64% | yoy · Q1FY27 · Q1FY26 PNG industrial volume 4.71 mmscmd |
| CGD EBITDA margin | ₹5.18/scm | point_in_time · Q1FY27 · Q1FY27 actual, below ₹5.5–6.5/scm guidance | |
| CGD infrastructure investment | ₹127 Cr | point_in_time · Q1FY27 · Invested in CGD infrastructure during Q1FY27 | |
| Cash position | ₹7,200 Cr | point_in_time · Q1FY27 · Balance sheet cash as of Q1FY27 |
Guidance
Management reaffirmed FY27 gas trading profit guidance of about ₹1,100 Cr, later stated as ₹1,100–1,200 Cr, and retained CGD EBITDA margin guidance of ₹5.5–6.5/scm, with CGD capex of about ₹1,000 Cr planned.
Key themes
Integrated energy model and Morbi-driven gas surge
Operational commentary
- Sourced 10 LNG cargoes during Q1FY27 despite geopolitical supply disruption; gas trading EBT rose 206% YoY to ₹726 Cr.
- CNG volume reached a new benchmark of 3.76 mmscmd (+13% YoY); network expanded to 844 CNG stations with 6 added and 9 upgraded in Q1FY27.
- Added about 59,000 domestic PNG customers in Q1FY27, taking cumulative domestic PNG base to over 24.77 lakh households; Jan–Jun PNG drive added 91,000 domestic and over 1,000 commercial connections.
- PNG industrial volume rose 64% YoY to 7.17 mmscmd; Morbi cluster averaged 5.67 mmscmd and spiked from about 0.4 mmscmd in April to around 8 mmscmd in May–June 2026.
- Morbi run-rate has normalized to about 3 mmscmd gas post-July as propane availability improved from non-Middle East sources.
- Non-Morbi industrial volume was 2.04 mmscmd; added 86 new industries in Apr–Jun; infrastructure buildout underway in Ahmedabad rural, Dahej, Kutch, Thane, and DNH.
- Sourcing mix: long-term contracts about 20%, domestic gas about 12.5%, and rest spot; long-term LNG contracts signed with Total, Uniper, and Qatar, with two more being sourced.
- Planning own propane import and storage terminal near Morbi; sites in Gujarat shortlisted and studies underway.
Research and educational content only. Not investment advice.