Gujarat State Petronet Limited informs the exchange about the Financial Results (Standalone & Consolidated) for the Quarter and Half Year ended on 30th September, 2025
Awaiting price reaction for this filing.
GSPL reported a 6% year-on-year rise in Q2 standalone revenue from operations to ₹274 crore, but H1 FY26 standalone revenue from operations fell about 9% to ₹558 crore versus ₹612 crore a year ago, mainly because the gas transmission tariff was cut nearly in half (from ₹34/MMBTU to ₹18.10/MMBTU) by the PNGRB effective May 2024. Standalone net profit for the quarter was almost flat at ₹382 crore (vs ₹389 crore), while H1 standalone PAT slipped to ₹525 crore from ₹601 crore. On a consolidated basis, Q2 PAT declined to ₹389 crore from ₹423 crore and H1 PAT fell to ₹854 crore from ₹950 crore, pulling down EPS to ₹4.62 (Q2) and ₹10.20 (H1). Total expenses jumped sharply due to higher gas transmission and employee costs, indicating pressure on margins. The auditor (Sarupria Somani & Associates) issued an unmodified limited review report. The composite merger scheme with Gujarat Gas Ltd and the demerger of the transmission business into GSPL Transmission Ltd has been approved by shareholders and is now awaiting MCA sanction.
Headline profit held up thanks to large dividend income from subsidiary GGL, but the underlying gas transmission business is clearly under pressure from the steep tariff cut, which will continue to weigh on core revenues. Investors should track the pending merger scheme sanction, as it will reshape the company into a pure transmission entity and could be a near-term catalyst or overhang.