Gujarat Energy Q4 Results: PAT Surges to ₹521 Cr, Board Recommends ₹8.90/Share Dividend

Mumbai: Gujarat Energy Limited (formerly Gujarat Gas Limited) on Saturday reported a standalone net profit of ₹521 crore for the quarter ended March 31, 2026, marking a sharp turnaround from ₹45 crore in the same quarter last year, driven by the amalgamation of three state-owned entities.

For the full financial year 2025-26, the company posted a standalone net profit of ₹2,299 crore, compared to ₹3,482 crore in FY25, which had included a one-time deferred tax credit of over ₹2,000 crore.

Q4FY26 Standalone Highlights

• Revenue from operations stood at ₹5,976 crore in Q4FY26, down from ₹6,560 crore in Q4FY25.

• Profit Before Tax (PBT) came in at ₹726 crore, against ₹97 crore in the year-ago quarter.

• Net Profit After Tax jumped to ₹521 crore from ₹45 crore in Q4FY25.

• Earnings Per Share (EPS) for Q4 stood at ₹5.55, compared to ₹0.48 in Q4FY25.

• For the full year FY26, EPS came in at ₹24.50, down from ₹37.11 in FY25.

Dividend Announcement

The Board recommended a final dividend of ₹8.90 per equity share (face value ₹2 each), aggregating to ₹835 crore for FY26. The dividend is subject to shareholder approval at the upcoming Annual General Meeting.

Amalgamation & Demerger Impact

The company's results reflect the composite scheme of amalgamation and arrangement approved by the Ministry of Corporate Affairs on April 8, 2026, which became effective on May 1, 2026:

• Three transferor companies — Gujarat State Petroleum Corporation Ltd (GSPC), Gujarat State Petronet Ltd (GSPL), and GSPC Energy Ltd (GEL) — were amalgamated with Gujarat Gas Ltd (now renamed Gujarat Energy Ltd) with an appointed date of April 1, 2024.

• Post amalgamation, the "Gas Transmission Business Undertaking" was demerged into GSPL Transmission Ltd (GTL) with an appointed date of April 1, 2025.

• Consequently, the company's comparative figures for previous periods have been restated.

• The amalgamation, being a common control business combination, was accounted for using the pooling of interest method.

Consolidated Performance

On a consolidated basis for continuing operations:

• Q4FY26 revenue from operations stood at ₹6,002 crore.

• Q4 PAT from continuing operations was ₹152 crore.

• Full-year consolidated PAT from continuing operations came in at ₹1,678 crore.

Key Developments & Contingent Liabilities

• Jubilant Offshore Drilling matter: The company has fully provided for ₹527 crore of cash calls receivable from JODPL, with no certainty of recovery.

• Contingent liabilities include disputed income tax demands of ₹1,689 crore and a claim of over ₹1,200 crore from Vedanta Ltd in an arbitration matter.

• Subsidiary GSPC LNG Ltd has not provided for ₹90 crore interest on delayed payments to EPC contractors, pending final settlement.

• GSPC (JPDA) Ltd has been placed under voluntary liquidation, with 100% provision made for impairment of investment.

Stock Impact

Gujarat Energy's shares (NSE: GUJGASLTD, BSE: 539336) will react to the strong Q4 earnings and the dividend announcement. However, investors will also monitor the resolution of contingent liabilities and the integration of the amalgamated entities.