Gujarat Energy Q4 FY26 Results (NSE: GUJENERGY)
Signal: Growth reaccelerated
The read
Standalone revenue jumped 41% YoY to ₹5,976 Cr, driven by Gas Trading, but net profit from continuing operations dropped 47% YoY to ₹521 Cr as prior-year Q4 had a ₹561 Cr exceptional drag; operating margin held flat at 11%, but the key inflection is the massive revenue surge from the amalgamated entity while profitability was suppressed by exceptional items and higher depreciation; FY26 full-year revenue of ₹24,198 Cr declined 12.7% YoY and PAT fell 45.3% to ₹2,299 Cr.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,976 Cr | 41.2% | -2.6% |
| EBIT | ₹789 Cr | 19.9% | |
| Net profit | ₹521 Cr | -47.1% | |
| EPS | ₹5.55 | 251.3% | |
| EBIT margin | 11% |
P&L walk
Standalone revenue grew 41% YoY driven by Gas Trading and City Gas segments, but net profit fell 47% YoY due to a ₹63 Cr exceptional expense (vs ₹561 Cr in Q4FY25) and lower operating margin; EBITDA margin flat at 11%.
Segments
Gas Trading segment was the key growth driver with ₹3,979 Cr revenue (+3.2% QoQ) and segment profit of ₹408.75 Cr (+21.7% QoQ), while City Gas Distribution revenue grew 5.2% QoQ but segment profit fell 2.5% QoQ; E&P segment remained loss-making at -₹14.2 Cr.
Key positives
- Q4FY26 standalone revenue grew 41.2% YoY to ₹5,976 Cr, the highest in the prior results series, driven by Gas Trading segment growth
- Gas Trading segment profit surged to ₹408.75 Cr (+21.7% QoQ, +127% YoY), showing strong recovery in trading margins
- Operating cash flow of ₹2,407 Cr for FY26 remains healthy despite profit decline
- D/E ratio of 0.18 and cash balance of ₹856 Cr provide financial flexibility
Key concerns
- Q4FY26 PAT from continuing operations fell 47.1% YoY to ₹520.58 Cr, masking the top-line growth with pressure from exceptional items
- City Gas Distribution segment margin compressed to 8.0% in Q4FY26 from 9.4% in Q3FY26 and 9.4% in Q4FY25
- FY26 full-year results show declining trends: revenue -12.7% YoY and PAT -45.3% YoY, though this is partly due to demerger and restructuring
- Trade receivables increased to ₹1,686 Cr from ₹2,234 Cr in FY25, indicating working capital build-up
Research and educational content only. Not investment advice.