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Dossier · GUJARAT NATURAL RES L · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
GUJARAT NATURAL RES L NSE: GNRL · BSE: 513536
Energy › Oil Gas & Consumable Fuels › Oil › Oil Exploration & Production
GUJARAT NATURAL RES L
StateQ4 FY26 filed
Last close · 28 Oct 2026₹88.90
Market cap₹1.4k cr
TTM P/E · P/B · EV/EBITDA117.0 · 6.55 · 67.3
Explores and produces oil and gas, and also trades commodities. Segment data for the period ending 31 March 2021 shows Oil & Gas product contributed 76.9% of segment revenue (₹6.23 crore, with an equal amount of operating profit), while Trading of goods contributed 23.1% (₹1.87 crore revenue, ₹0.21 crore operating profit); an Others line added no revenue but ₹1.07 crore of operating profit in that period. Consolidated FY26 revenue stood at ₹30.53 crore against a profit after tax of ₹9.89 crore and total assets of ₹244.16 crore. The cost structure is dominated by other operating expenses at 33.5% of revenue and depreciation at 20.9%, with no materials cost reported, which is consistent with an exploration and production set-up rather than refining. Capital expenditure ran at 226% of revenue in FY26, indicating investment intensity far above the current revenue base. The company operates through subsidiaries including Heramec Oil & Gas (Singapore) Pte Ltd and GNRL Oil & Gas (I) Private Ltd, and in March 2026 shareholders approved adding commodities trading and real estate/construction to its objects clause. Recent quarterly results show a one-time purchase of stock-in-trade of ₹1,253.53 lakhs booked in Q3 FY26, reflecting scaling trading activity alongside oil and gas operations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Oil & Gas product (77%), Trading of goods (23%), Others (0%). Small, capital-intensive oil and gas exploration and production company with an adjacent trading business and a recently expanded permitted scope into commodities and real estate.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
9
13
27
20
31
EBITDA (ex other income)
(1)
(1)
6
2
11
margin %
(9.5)
(8.4)
20.2
7.6
35.8
Owners' profit
0
(6)
0
0
0
EPS, as reported (₹)
(0.51)
(0.77)
(0.48)
0.29
0.64
ROE % · ROCE %
(3.5) · (2.7)
(5.5) · (2.4)
(3.6) · (1.3)
(2.5) · (0.6)
4.7 · 6.5
Debt / equity (x)
0.17
0.32
0.37
0.08
0.06
Cash from operations
(18)
9
(2)
(30)
67
Capex
(1)
(11)
(1)
(2)
(69)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GUJARAT NATURAL RES L · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Revenue
6
5
4
4
3
9
7
11
Profit before tax
1
(0)
(3)
(2)
2
4
4
4
Net profit
1
(0)
(3)
(2)
2
4
3
1
EPS (₹)
0.10
(0.06)
(0.20)
0.12
0.15
0.30
0.24
0.07
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
OIL AND NATURAL GAS CORP.
2,82,239
6.5
0.69
3.7
12.2
10.4
12.9
9.1
OIL INDIA LTD
72,693
8.7
1.14
8.7
11.8
7.9
10.5
47.7
ANTELOPUS SELAN ENRGY LTD
3,693
27.8
5.63
—
13.7
15.8
—
63.5
PRABHA ENERGY LIMITED
2,612
2027.8
6.01
2958.2
0.1
0.1
—
25.0
HINDUSTAN OIL EXPLORATION
2,022
80.5
1.46
14.1
4.5
3.8
18.2
20.4
GUJARAT NATURAL RES L ◆
1,364
117.0
6.55
67.3
4.7
6.2
30.4
44.9
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
117.0
21.8
14 of 15
7%
P/B
6.5
1.5
14 of 15
7%
ROCE
6.2
6.4
11 of 17
38%
ROE
4.8
8.5
10 of 16
40%
Debt / Equity
0.1
0.1
8 of 16
53%
EBITDA margin
44.9
28.0
6 of 15
64%
Revenue growth
158.5
45.2
3 of 15
86%
Profit growth
166.3
37.6
4 of 16
80%
Market cap
1364
2006
11 of 16
33%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · GUJARAT NATURAL RES L · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Board to approve September quarter and half-year results on November 4
results
low
—
—
8 Oct 2026 · Routine compliance certificate for securities dematerialization for Q2 FY27
compliance
minimal
—
—
6 Oct 2026 · Stock Split Record Date Fixed at 5 Nov 2026 - GNRL
corporate actions
medium
—
—
30 Sept 2026 · GNRL regularizes appointment of Mrs. Jhanvi Sethi as Independent Director
management changes
medium
—
—
30 Sept 2026 · Shareholders approve stock split 1:10, face value Rs 10 to Re 1
corporate actions
high
—
—
30 Sept 2026 · 35th AGM: All 9 Resolutions Passed Including Stock Split
board shareholder meetings
low
—
—
30 Sept 2026 · GNRL 35th AGM: stock split, related party deals, strong FY26 results
26 Sept 2026 · Trading window closure from October 1, 2026 for Q2 results
compliance
minimal
—
—
8 Sept 2026 · Notice of 35th AGM on September 30, 2026 via Video Conferencing
compliance
minimal
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
