AnnouncementOct 2026
Oct 2026 · Announcement under Regulation 30 (LODR)-Cessation 28 Oct - Shri B. N. Patel, IAS ceased as Executive Director effective 28 October 2026 due to transfer.
Source: Bse
GUJARAT ENERGY LIMITED (GUJENERGY)
Small CapPower stocks · Small cap · NSE
Gujarat Energy Limited (formerly Gujarat Gas Limited) is an integrated natural gas and energy company spanning E&P, gas trading, city gas distribution (CGD), and renewable energy across multiple states in India.
Data qualityFresh enough for analysisQuote updated 04 Nov, 03:31 pm ISTDetails
Quote04 Nov, 03:31 pm IST
Base fundamentals02 Nov 2026 · screener
Latest result21 Sept, 01:58 am IST
Score05 Nov, 04:30 am IST · v4.3-runtime-valuation
Tags20 Sept 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Power P/E 15.1 (n=92)
Technical timing lens
Trend score and candlestick chart
37BearishSMA20 -9.4% / mo · MACD + · near 52W low
Stock trend: 37
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GUJENERGYD candles · FIT view-38.7%Latest close ₹221.19 on 2026-11-04
Bar
+0.5%
RSI
46
MACD hist
1.77
52W pos
6%
2026-11-04O ₹220.00H ₹222.73L ₹218.10C ₹221.19Vol 15.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GUJENERGYNifty PowerNifty 500
- GUJENERGY
- -16.6%
- Nifty 500
- -4.0%
- Nifty Power
- -6.2%
- Vs Nifty 500
- -12.7 pp
Chart stats
4 Nov 2026- From 52W high
- -50.6%
- 52W range position
- 6%
- ATR (14)
- 3.0%
- Volume vs 20D
- 0.98x
- Avg traded value
- ₹30.6 Cr
- 20D price channel
- ₹206.3 - ₹232.2
₹447.5
₹206.3 - ₹447.5
₹6.6
Latest completed session
20-session average
25.4% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED68
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +63.1% · PAT +84.1% YoY
Technical
Bearish37
Price trend and sector-relative-strength timing.
Valuation
Legacy model+65.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +63% YoY · PAT +84% YoY · +65% QoQ · operating leverage · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9,545 Cr | +63.1% | +64.8% |
| EBITDA | ₹1,381 Cr | +65.0% | +126.8% |
| Operating margin | 14.0% | +0 bps | +300 bps |
| PAT | ₹1,007 Cr | +84.1% | +562.5% |
| PAT margin | 10.6% | +120 bps | +793 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.98
- P/B
- 0.78
- EV/EBITDA
- 6.36
- Market Cap
- 19525.00Cr
Profitability
- ROE
- 10.20%
- ROCE
- 11.70%
- ROA
- 6.19%
- Dividend Y
- 3.83%
Growth (CAGR)
- Revenue 5Y
- 19.00%
- EPS 5Y
- 11.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.18
- Interest Coverage
- 23.07×
- Altman Z
- 3.61
- Book Value
- 266.00
Cash Flow
- FCF Yield
- 2.99%
- FCF Positive Y
- 11/5
- OCF
- 2721.00 Cr
- EPS TTM
- 23.69
Shareholding
- Promoter Hold
- 38.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 4/11/2026
Revenue
₹ CrLatest: 23.6k-14.5% vs prev
Net Profit
₹ CrLatest: 1,678-57.8% vs prev
Return on Equity
%Latest: 2,663+12157.2% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 46. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~10.3% over last month) — short-term momentum negative.
- RSI(14) at 46 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 50% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 68 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation28/30
Growth15/25
Quality2/20
Balance Sheet11/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
68
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
68/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 65.8%.
- Valuation contributes 28/30 to the score.
Main drags
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
10.0
PB
0.8
EV/EBITDA
6.4
ROE
10.2%
ROCE
11.7%
FCF Yield
3.0%
Debt/Equity
0.2
MoS
+65.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Current PE is low at 10.0, so peak-cycle earnings risk should be checked.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 05 Nov 2026
v4.3-runtime-valuation
Final score
68
Previous: 68
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+65.8%
Previous: +65.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
05 Nov 2026
v4.3-runtime-valuation
68
68
68
68
68
68
68
68
68
68
68
68
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹376.54
+41.3% MoS
Growth-justified P/E
27.3
Growth-justified Value
₹646.03
+65.8% MoS
PEG
0.88
Comparable companies
Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
IRMENERGY
Small
IRM Energy Limited
City Gas Distribution
match 158
63
11.5
5.5%
+54%
UNDERVALUED
CESC
Small
CESC Limited
Power Generation
match 94
33
10.6
12.0%
-26%
WATCHLIST
KIOCL
Small
KIOCL Limited
Oil Refining & Marketing
match 93
17
521.0
0.9%
-53794%
OVERVALUED
GENUSPOWER
Small
Genus Power Infrastructures Limited
Electrical Equipment
match 92
71
12.8
30.9%
+41%
UNDERVALUED
BHARATCOAL
Small
Bharat Coking Coal Limited
Oil & Gas
match 91
17
230.0
1.9%
-954%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-26T05:11:06.259Z
Management commentary snapshot
Q1 FY27 standalone revenue surged 63% YoY to Rs 9,670 Cr and PAT jumped 78% YoY to Rs 998 Cr following the Scheme of Arrangement.
The post-merger integration and expanded value chain scope (E&P, Trading, CGD, Renewables) delivered strong financial results in Q1 FY27, backed by a debt-free balance sheet and robust volume growth in CGD and gas trading.
Current business mix
CGD Revenue Stream Breakdown Q1 FY27
Latest issuer-disclosed distribution across 4 reported categories.
PNG - Industrial63.0%
PNG - Domestic6.0%
PNG - Commercial1.0%
CNG - Stations30.0%
Growth engines
City Gas Distribution Expansion
POSITIVEAdded 6 new CNG stations during Q1 FY27 to reach 844 stations; connected ~91,000 D-PNG and ~1,000 C-PNG connections between Jan-26 and Jun-26.
Gas Trading Scale
POSITIVESourced 10 LNG cargoes in Q1 FY27 compared to 6 in Q1 FY26, supporting trading volumes.
Compressed Bio-Gas (CBG) Integration
POSITIVESigned 4 new CBG offtake agreements in Q1, bringing the total to 39, and started offtake from 5 new plants.
Capacity and execution
CNG Station Network
POSITIVETotal CNG stations expanded to 844 by the end of Q1 FY27 across various operating models.
Pipeline Infrastructure
POSITIVEMaintains a pipeline network of approximately 45,900 KMs across CGD authorizations.
Tailwinds
Morbi Ceramic Industry Support
POSITIVEStrategic gas supply during the Middle East geopolitical crisis boosted gas volumes to Morbi, rising from ~0.4 MMSCMD in April 2026 to ~8.0 MMSCMD in May-June 2026.
Scheme of Arrangement Integration
POSITIVESuccessful completion and MCA approval of the Scheme of Arrangement, expanding operations across the energy value chain.
Headwinds
Geopolitical Volatility
NEUTRALMiddle East geopolitical crisis caused supply disruptions, requiring strategic intervention to maintain gas flows.
Risk radar
Commodity and Sourcing Price Volatility
NEUTRALExposure to international LNG pricing and cargo availability fluctuations for trading and industrial supply.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
Annual comparisons are most meaningful to evaluate growth post-merger and scale expansion across operating segments.
Sector KPIs management disclosed
CGD Total Volume
POSITIVEGEL achieved total CGD volume of 12.34 MMSCMD in Q1 FY27 compared to 8.88 MMSCMD in Q1 FY26.
CNG Volume
POSITIVEHighest ever CNG volume of 3.76 MMSCMD in Q1 FY27, up 13% YoY from 3.33 MMSCMD in Q1 FY26.
Gas Trading Volume
POSITIVEGas trading volume reached 12.22 MMSCMD in Q1 FY27 compared to 9.33 MMSCMD in Q1 FY26.
Net Debt and Cash
POSITIVEDebt-free balance sheet with cash reserves of Rs 7,000+ Cr and credit ratings of AAA Stable / A1+.
Management forward view
Diversified Energy Positioning
POSITIVEManagement highlights that the new name reflects an integrated identity spanning E&P, gas trading, CGD, and renewable energy.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CGD and Trading Volumes | CGD at 12.34 MMSCMD and Trading at 12.22 MMSCMD in Q1 FY27 | Sustained volume off-take from industrial and CNG segments post-spike. |
| Cash Reserves and Capex | Rs 7,000+ Cr cash reserves with debt-free balance sheet | Capital allocation discipline and deployment pace for future growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 54th percentile within Power. Main check: results consistency is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
57 docs text-extracted · 25 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Power: 54th pctile, median 65 · Small: 53rd pctile, median 66
Evidence depth
Financial-only
57 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
60
acceptable · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
30
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2%.
- ▸11 years of positive FCF.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸Promoter holding fell 22%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching GUJARAT ENERGY LIMITED
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Oct - Gujarat Energy paid Rs 324 crore dividend to Gujarat government in FY25-26, a record for any state PSU.
Source: Bse
Announcement
Announcement under Regulation 31A (LODR)-(8)(d) Exchange decision 14 Oct - NSE and BSE gave no-objection for GSEG reclassification from promoter to public shareholder for 13,32,235 shares.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 9 Oct - CRISIL assigned Gujarat Energy FY26 ESG rating of 66, improving category to Strong from Adequate.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Meeting Updates 29 Sep - 14th AGM on 29 Sept 2026 approved FY26 financials, Rs 8.90 dividend, and Dr. T. Natarajan's reappointment.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 10 Sep - CAG appoints Dhirubhai Shah & Co. LLP as statutory auditor for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - Newspaper Clippings - Notice of 14th AGM and Information on Evoting
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Jun - Gujarat Energy Limited to hold virtual group meet with analysts and institutional investors on 25 June 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.