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Gujarat Energy Q2 FY27 results: net profit up 127.5% to ₹639.27 crore, revenue up 147.0%
Gujarat Energy Limited reported standalone revenue of ₹9,826 crore for Q2 FY27, up 147.0% from ₹3,979 crore a year earlier, while net profit rose to ₹639.27 crore from ₹281.01 crore. Against Q1 FY27, revenue edged up 1.6% but profit fell 35.9% and the EBITDA margin narrowed to 8.1%.
Key points
- Revenue rose 147.0% year on year to ₹9,826 crore in Q2 FY27, up 1.6% from ₹9,670 crore in Q1 FY27.
- EBITDA was ₹797.18 crore, up 78.2% from ₹447.25 crore a year earlier but down 38.5% from ₹1,295 crore in Q1 FY27.
- EBITDA margin fell to 8.1% from 11.2% a year earlier and 13.4% in the previous quarter.
- Profit before tax rose 128.5% to ₹863.49 crore and net profit rose 127.5% to ₹639.27 crore; basic EPS was ₹6.81.
- For H1 FY27, revenue was ₹19,496.34 crore and net profit was ₹1,637.24 crore, with no borrowings on the balance sheet.
How did Gujarat Energy perform in Q2 FY27?
Gujarat Energy's standalone revenue from operations was ₹9,826 crore for the July–September 2026 quarter, against ₹3,979 crore in Q2 FY26 and ₹9,670 crore in Q1 FY27. Other income was ₹222.22 crore, taking total income to ₹10,048.30 crore. Total expenses were ₹9,185 crore, and there was no exceptional item. Profit before tax was ₹863.49 crore and net profit was ₹639.27 crore, with basic EPS of ₹6.81.
Against the year-ago quarter, EBITDA rose 78.2% to ₹797.18 crore from ₹447.25 crore, while the EBITDA margin narrowed by 3.1 percentage points to 8.1% from 11.2%. Profit before tax rose 128.5% to ₹863.49 crore, tax expense rose to ₹224.22 crore from ₹96.92 crore, and net profit rose 127.5% to ₹639.27 crore. Basic EPS was ₹6.81, up from ₹4.08.
Against the previous quarter, revenue rose 1.6% to ₹9,826 crore from ₹9,670 crore. EBITDA fell 38.5% to ₹797.18 crore from ₹1,295 crore and the EBITDA margin narrowed by 5.3 percentage points to 8.1% from 13.4%. Net profit fell 35.9% to ₹639.27 crore from ₹997.97 crore and basic EPS fell to ₹6.81 from ₹10.64. The board also approved consolidated results for the quarter and half year, which were filed alongside the standalone numbers.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 9,826 | 9,670 | 3,979 | +147.0% | +1.6% |
| Other income | 222.22 | 186.80 | 73.10 | +204.0% | +19.0% |
| Total expenses | 9,185 | 8,526 | 3,674 | +150.0% | +7.7% |
| EBITDA | 797.18 | 1,295 | 447.25 | +78.2% | −38.5% |
| EBITDA margin | 8.1% | 13.4% | 11.2% | −3.1 pp | −5.3 pp |
| Profit before tax | 863.49 | 1,331 | 377.93 | +128.5% | −35.1% |
| Tax | 224.22 | 333.11 | 96.92 | +131.3% | −32.7% |
| Net profit | 639.27 | 997.97 | 281.01 | +127.5% | −35.9% |
| EPS (₹) | 6.81 | 10.64 | 4.08 | +66.9% | −36.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Gujarat Energy's costs and profit?
Cost of materials was ₹10,306 crore in Q2 FY27, up ₹7,323 crore or 245.5% from ₹2,983 crore a year earlier. Total expenses rose 150.0% to ₹9,185 crore from ₹3,674 crore, and employee benefit expenses were ₹66.65 crore, up ₹18.60 crore or 38.7% from ₹48.05 crore.
Finance costs were ₹10.02 crore, up ₹1.88 crore from ₹8.14 crore, while depreciation was ₹145.89 crore, up ₹11.61 crore from ₹134.28 crore. Other expenses were ₹596.99 crore, up ₹95.84 crore from ₹501.15 crore. There was no exceptional item in the quarter.
Other income rose by ₹149.12 crore to ₹222.22 crore from ₹73.10 crore, and tax expense rose by ₹127.30 crore to ₹224.22 crore from ₹96.92 crore. The filing does not state a reason for the movement in the cost lines or other income beyond the figures shown in the results statement.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 10,306 | 2,983 | +7,323 | +245.5% |
| Employee cost | 66.65 | 48.05 | +18.60 | +38.7% |
| Finance costs | 10.02 | 8.14 | +1.88 | +23.1% |
| Depreciation | 145.89 | 134.28 | +11.61 | +8.6% |
| Other expenses | 596.99 | 501.15 | +95.84 | +19.1% |
| Total expenses | 9,185 | 3,674 | +5,511 | +150.0% |
| Other income | 222.22 | 73.10 | +149.12 | +204.0% |
| Tax | 224.22 | 96.92 | +127.30 | +131.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue was ₹19,496.34 crore, up 142.4% from ₹8,044 crore in H1 FY26, and total income was ₹19,905.36 crore, up 143.4% from ₹8,177 crore. Profit before tax rose 168.4% to ₹2,194.57 crore from ₹817.8 crore.
Net profit for H1 FY27 was ₹1,637.24 crore, up 169.4% from ₹607.78 crore in H1 FY26, and basic EPS was ₹17.45 against ₹8.83. The comparison figures for H1 FY26 reflect the restated figures presented in the results statement filed on 5 November 2026.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 19,496 | 8,044 | +142.4% |
| Profit before tax | 2,195 | 817.80 | +168.4% |
| Net profit | 1,637 | 607.78 | +169.4% |
| EPS (₹) | 17.45 | 8.83 | +97.6% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹27,628.15 crore as at 30 September 2026 from ₹23,396.49 crore at 31 March 2026. Total equity increased to ₹19,339.74 crore from ₹18,517.13 crore, while borrowings remained at nil. Cash and cash equivalents rose to ₹2,122.58 crore from ₹856.11 crore.
Inventories were ₹2,552.06 crore against ₹990.13 crore at 31 March 2026, trade receivables were ₹2,419.14 crore against ₹1,685.63 crore, and trade payables were ₹3,561.57 crore against ₹1,643.21 crore. For H1 FY27, operating cash flow was ₹2,483.16 crore against ₹1,020.67 crore in H1 FY26, investing cash flow was negative ₹333.14 crore against negative ₹952.52 crore, and financing cash flow was negative ₹883.55 crore against negative ₹49.97 crore. Capital expenditure was ₹329.24 crore against ₹290.32 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 27,628 | 23,396 |
| Total equity | 19,340 | 18,517 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 2,123 | 856.11 |
| Inventories | 2,552 | 990.13 |
| Trade receivables | 2,419 | 1,686 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 2,483 | 1,021 |
| Cash from investing | −333.14 | −952.52 |
| Cash from financing | −883.55 | −49.97 |
| Capital expenditure | 329.24 | 290.32 |
Source: Company's results filing (XBRL).
How has Gujarat Energy done over the last 8 quarters?
Revenue rose year on year in each of the last three quarters, and profit rose year on year in each of the last four quarters. Revenue reached ₹9,826.08 crore in Q2 FY27, after ₹9,670.26 crore in Q1 FY27 and a low of ₹3,865.11 crore in Q3 FY26, the lowest of the eight quarters shown.
Net profit reached ₹997.97 crore in Q1 FY27, the highest in the series, before falling to ₹639.27 crore in Q2 FY27. The EBITDA margin peaked at 13.4% in Q1 FY27 and was the lowest at 8.1% in Q2 FY27, against a range of 8.8% in Q3 FY25 to 13.4% in Q1 FY27. The current direction is therefore higher revenue with lower profit and margin than the previous quarter.
Which businesses drove the quarter?
Gujarat Energy reported four standalone business segments in Q2 FY27. Gas Trading recorded revenue of ₹7,615.08 crore and EBIT of ₹329.0 crore, with an EBIT margin of 4.3%. City Gas Distribution reported revenue of ₹6,771.12 crore and EBIT of ₹317.48 crore, with an EBIT margin of 4.7%.
E & P reported revenue of ₹25.76 crore and EBIT of ₹12.98 crore, with an EBIT margin of 50.4%. Power reported revenue of ₹28.28 crore and EBIT of ₹19.33 crore, with an EBIT margin of 68.4%. The filings do not provide segment revenue or EBIT for the year-ago quarter, so growth rates against Q2 FY26 cannot be stated.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| E & P | 25.76 | 12.98 | 50.4% | |
| Gas Trading | 7,615 | 329 | 4.3% | |
| Power | 28.28 | 19.33 | 68.4% | |
| City Gas Distribution | 6,771 | 317.48 | 4.7% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board, at its meeting on 5 November 2026, approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The same-day filing did not announce a dividend or a fund raise, and it did not report any appointments.
The board approved execution of long-term LNG sourcing agreements with international LNG suppliers aggregating to approximately 0.8 MTPA for a tenure of up to 10 years, linked to Henry Hub, which the company said is intended to secure reliable and sustainable LNG supply. It also approved execution of a regasification agreement for booking capacity at GSPC LNG Limited's Mundra LNG Terminal.
What did the auditors point out?
The auditors' review report carries an emphasis of matter. The auditors drew attention to Note Number 6 of the notes to the financial results, stating that the financial results of the joint operations, which are unincorporated joint ventures, are prepared in accordance with the requirements prescribed by the respective Production Sharing Contracts or Joint Operating Agreement of the joint operations.
The auditors added that, in view of this, certain adjustments and disclosures required under the mandatory Indian Accounting Standards and provisions of the Companies Act, 2013 have been made in the standalone financial statements to the extent information was available with the company as on the date. The excerpt also describes the demerger of the Gas Transmission Business Undertaking into GSPL Transmission Limited, with 31,27,43,617 equity shares allotted on 8 July 2026 and listing approval received on 28 September 2026.
How did other LPG/CNG/PNG/LNG Supplier companies do?
Five other LPG/CNG/PNG/LNG Supplier companies had filed for this quarter, and their median revenue growth was 26.3%. All five grew slower than Gujarat Energy, and none grew faster. Three of the five reported higher profit, out of the five companies whose profit was compared.
| Gujarat Energy revenue growth (YoY) | +147.0% |
|---|---|
| Median of 5 other LPG/CNG/PNG/LNG Supplier companies | +26.3% |
| Companies with slower revenue growth than Gujarat Energy | 5 of 5 |
| Companies with faster revenue growth than Gujarat Energy | 0 of 5 |
| Companies whose net profit rose | 3 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Gujarat Energy's revenue in Q2 FY27?
Revenue from operations was ₹9,826 crore, up 147.0% from ₹3,979 crore in Q2 FY26 (standalone).
Did Gujarat Energy make a profit in Q2 FY27?
Yes. Net profit was ₹639.27 crore, against a net profit of ₹281.01 crore in Q2 FY26.
What was Gujarat Energy's EPS in Q2 FY27?
Basic earnings per share were ₹6.81, against ₹4.08 in Q2 FY26.
When did Gujarat Energy announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Outcome Of Board Meeting (BSE, 5 November 2026) · PDF
- Board Meeting Outcome for Approved Un-Audited Financial Results For The Quarter And Half Year Ended 30.09.2026 (BSE, 5 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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