GSPL

Gujarat State Petronet Ltd.

Natural gas transmission pipelines and electricity generation through windmills

Energy›Oil, Gas & Consumable Fuels›Gas›Gas Transmission/Marketing

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Key metrics

Price as of 2026-05-11

Stock price
₹268.35
Market cap
15,143 Cr
Stock P/E
14.4
P/B
1.27
Dividend yield
3.0%
ROE (FY25)
7.1%
ROCE (FY25)
14.6%
Operating margin (FY25)
11.0%
OCF / EBITDA (FY25)
101.9%
OCF / EBITDA (3Y)
91.1%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

GSPL (Gujarat State Petronet) earns its revenue mainly from transporting natural gas through its pipeline network, including the GSPL HP gas grid.

Company snapshot

2ndBy market cap

Ranked among 2 companies in Gas Transmission/Marketing.

Segment mix

Reportable segments as of 2019-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 84.3% of revenue

SegmentRevenue shareRevenuePBTAssets
City Gas Distribution
84.3%
7,804 Cr886 Cr—
Gas Transportation
19.2%
1,774 Cr959 Cr—

Shares add up to 103% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓91% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricMar 2023Jun 2023Sept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025
Sales4,415 Cr4,251 Cr4,411 Cr4,544 Cr4,692 Cr4,892 Cr4,159 Cr4,540 Cr4,477 Cr4,301 Cr4,206 Cr4,092 Cr
Operating expenses (approx.)3,553 Cr3,519 Cr3,497 Cr3,757 Cr3,722 Cr4,055 Cr3,452 Cr3,967 Cr3,903 Cr3,579 Cr3,586 Cr3,479 Cr
EBITDA863 Cr731 Cr914 Cr787 Cr970 Cr837 Cr707 Cr573 Cr574 Cr722 Cr621 Cr613 Cr
OPM %19.5%17.2%20.7%17.3%20.7%17.1%17.0%12.6%12.8%16.8%14.8%15.0%
Other income45 Cr40 Cr45 Cr42 Cr59 Cr69 Cr76 Cr96 Cr109 Cr101 Cr114 Cr96 Cr
Interest13 Cr15 Cr14 Cr14 Cr8 Cr8 Cr8 Cr10 Cr11 Cr8 Cr8 Cr9 Cr
Depreciation157 Cr161 Cr165 Cr168 Cr169 Cr171 Cr179 Cr179 Cr179 Cr184 Cr188 Cr189 Cr
Profit before tax719 Cr586 Cr789 Cr661 Cr899 Cr712 Cr577 Cr460 Cr486 Cr626 Cr527 Cr510 Cr
Tax %24.5%25.9%25.2%24.9%26.3%26.0%26.6%27.1%27.5%25.8%26.2%25.7%
Net profit543 Cr434 Cr590 Cr496 Cr663 Cr527 Cr423 Cr335 Cr352 Cr465 Cr389 Cr379 Cr
EPS (₹)₹6.61₹5.94₹8.06₹7.00₹8.42₹6.65₹4.99₹4.15₹3.90₹5.58₹4.62₹4.55

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales6,047 Cr7,426 Cr9,553 Cr12,470 Cr11,726 Cr18,322 Cr18,663 Cr17,898 Cr18,068 CrSign in free for the trailing twelve months
Operating expenses (approx.)4,405 Cr5,382 Cr7,013 Cr9,247 Cr8,152 Cr14,822 Cr14,984 Cr14,515 Cr15,377 CrSign in free for the trailing twelve months
EBITDA1,642 Cr2,044 Cr2,540 Cr3,223 Cr3,574 Cr3,500 Cr3,680 Cr3,383 Cr2,691 CrSign in free for the trailing twelve months
OPM %27.2%27.5%26.6%25.8%30.5%19.1%19.7%18.9%14.9%Sign in free for the trailing twelve months
Other income104 Cr96 Cr138 Cr108 Cr91 Cr106 Cr133 Cr186 Cr350 CrSign in free for the trailing twelve months
Interest278 Cr242 Cr427 Cr369 Cr227 Cr112 Cr70 Cr32 Cr37 CrSign in free for the trailing twelve months
Depreciation436 Cr447 Cr468 Cr518 Cr542 Cr579 Cr621 Cr664 Cr709 CrSign in free for the trailing twelve months
Profit before tax1,046 Cr1,477 Cr1,780 Cr2,438 Cr2,936 Cr2,957 Cr3,125 Cr2,935 Cr2,234 CrSign in free for the trailing twelve months
Tax %31.3%35.1%33.1%6.5%25.3%24.5%25.1%25.6%26.7%Sign in free for the trailing twelve months
Net profit718 Cr958 Cr1,190 Cr2,279 Cr2,192 Cr2,231 Cr2,342 Cr2,184 Cr1,637 CrSign in free for the trailing twelve months
EPS (₹)₹9.84₹13.15₹17.71₹30.66₹28.48₹29.04₹29.09₹29.41₹19.69Sign in free for the trailing twelve months
Dividend payout %————7.0%7.9%7.5%22.5%28.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity capital564 Cr564 Cr564 Cr564 Cr564 Cr564 Cr564 Cr564 Cr564 Cr
Reserves3,962 Cr1,865 Cr2,731 Cr4,320 Cr5,827 Cr7,355 Cr8,885 Cr10,261 Cr11,082 Cr
Borrowings2,800 Cr3,974 Cr3,375 Cr2,378 Cr1,520 Cr569 Cr———
Other liabilities3,248 Cr4,705 Cr4,781 Cr4,567 Cr4,190 Cr4,208 Cr4,628 Cr4,673 Cr5,252 Cr
Total liabilities11,808 Cr11,963 Cr12,461 Cr13,350 Cr14,169 Cr15,294 Cr17,316 Cr19,056 Cr20,807 Cr
Fixed assets (net)7,660 Cr7,766 Cr8,422 Cr8,759 Cr8,974 Cr9,397 Cr9,859 Cr10,092 Cr10,993 Cr
CWIP1,191 Cr1,374 Cr908 Cr806 Cr953 Cr1,219 Cr1,382 Cr1,661 Cr1,106 Cr
Investments469 Cr590 Cr697 Cr1,024 Cr1,458 Cr1,671 Cr1,623 Cr1,890 Cr1,804 Cr
Loans & advances——3 Cr3 Cr3 Cr4 Cr5 Cr4 Cr4 Cr
Inventories154 Cr180 Cr197 Cr172 Cr182 Cr242 Cr273 Cr269 Cr319 Cr
Trade receivables456 Cr502 Cr700 Cr655 Cr906 Cr1,039 Cr1,141 Cr1,148 Cr1,118 Cr
Cash & bank36 Cr119 Cr168 Cr640 Cr361 Cr94 Cr810 Cr924 Cr368 Cr
Other assets1,841 Cr1,431 Cr1,365 Cr1,291 Cr1,332 Cr1,628 Cr2,221 Cr3,066 Cr5,095 Cr
Total assets11,808 Cr11,963 Cr12,461 Cr13,350 Cr14,169 Cr15,294 Cr17,316 Cr19,056 Cr20,807 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from operating activity1,644 Cr1,667 Cr2,044 Cr2,771 Cr2,897 Cr2,746 Cr3,340 Cr2,803 Cr2,741 Cr
Cash from investing-835 Cr-3,604 Cr-612 Cr-806 Cr-1,080 Cr-1,357 Cr-1,815 Cr-2,142 Cr-2,754 Cr
Cash from financing-879 Cr2,026 Cr-1,382 Cr-1,494 Cr-2,096 Cr-1,659 Cr-805 Cr-547 Cr-544 Cr
Net cash flow-70 Cr89 Cr50 Cr471 Cr-279 Cr-271 Cr720 Cr114 Cr-556 Cr
Free cash flow (OCF − Capex)1,058 Cr919 Cr1,290 Cr2,068 Cr2,041 Cr1,456 Cr2,062 Cr1,550 Cr1,765 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
ROCE %15.5%23.7%28.7%32.0%31.7%27.7%25.2%20.6%14.6%
ROE %9.6%22.6%23.2%27.0%19.0%15.6%12.9%11.5%7.1%
Debtor days272527192821222323
Inventory days1515128107889
Days payable322523192714212122
Cash conversion cycle1115168111491010
OCF / EBITDA %100.1%81.6%80.5%86.0%81.1%78.4%90.8%82.9%101.9%
OCF / EBITDA % (3 years)——86.0%83.0%82.6%81.7%83.5%84.2%91.1%
Debt / equity0.621.641.020.490.240.07———
Current ratio0.930.430.520.600.580.641.041.331.58
Net debt / EBITDA1.681.891.260.540.320.14-0.22-0.27-0.14