Gujarat Gas Q3 FY26 Earnings Results: CNG Volumes Hit Record High, Net Profit Jumps 20%

Gujarat Gas Limited (GGL) announced a solid financial and operational performance for the third quarter of FY26, driven by higher gas volumes, network expansion and improved profitability. The company continued to strengthen its position as India’s largest city gas distribution player.

Quarterly Volume Highlights

During Q3 FY26, Gujarat Gas achieved its highest-ever CNG volume of 3.45 mmscmd, compared to 3.12 mmscmd in Q3 FY25, marking an 11% year-on-year growth.

PNG volumes also showed steady improvement:

• PNG (Domestic) volume stood at 0.83 mmscmd, up from 0.74 mmscmd in Q3 FY25, registering an 11% increase.
• PNG (Commercial) volume reached 0.17 mmscmd, compared to 0.15 mmscmd in the same quarter last year, an 8% rise.

Focus on FDODO CNG Stations

Gujarat Gas is actively expanding its FDODO (Full Dealer Owned, Dealer Operated) CNG station model to accelerate growth.

• The company has signed 78 FDODO agreements with dealers so far.
• One FDODO CNG station became operational in Jamnagar during Q2 FY26, and more stations are expected to open in the coming quarters.

Strategic and Corporate Developments

• Gujarat Gas has appointed McKinsey & Company as its strategic consultant to support long-term growth and business planning.
• The meeting of equity shareholders was held on October 17, 2025, as directed by the Ministry of Corporate Affairs. Shareholders approved the Composite Scheme of Amalgamation and Arrangement with a strong majority. The company has since filed the Chairman’s Report and confirmation petition with the Ministry.

Quarterly Financial Performance (Q3 FY26)

• Revenue from operations: ₹11,865 crore, up from ₹11,333 crore in Q3 FY25
• EBITDA: ₹502 crore, compared to ₹439 crore last year, an increase of 14%
• Profit After Tax (PAT): ₹266 crore, up from ₹222 crore in Q3 FY25, reflecting a 20% growth

Operational Performance Update

The CNG segment continued to show strong momentum, supported by an expanding network of 833 CNG stations.

• CNG volumes rose 11% on a quarter-on-quarter basis.
• The company added over 38,600 new domestic PNG customers during Q3 FY26.
• Gujarat Gas now supplies natural gas to more than 23.83 lakh households.
• The total pipeline network has expanded to 44,540+ inch-km.

Sales Volume Summary (Q3 FY26)

• Industrial: 3.93 mmscmd
• CNG: 3.45 mmscmd
• PNG – Domestic: 0.83 mmscmd
• PNG – Commercial: 0.17 mmscmd

About Gujarat Gas Limited

Gujarat Gas Limited is India’s largest city gas distribution company with over three decades of experience. In Q3 FY26, the company distributed around 8.37 mmscmd of natural gas through its extensive pipeline network. It operates 833 CNG stations and serves customers across six states and one union territory.

Also Read: Best Long-Term Stocks in Jan 2026 – 5yr CAGR Basis!

Gujarat Gas Share Price Movement

Gujarat Gas share price (NSE: GUJGASLTD) traded lower on January 20, 2026, with the stock falling ₹12.05 or 2.94% to ₹398.15 by 2:45 PM. Gujarat Gas has delivered a strong 10-year annualised return of 14.03%, while the 5-year return stands at 1.98%. However, medium-term performance has been under pressure, with 3-year annualised returns at -3.82% and 1-year returns declining by 17.94%, reflecting recent volatility in the stock.

Conclusion

Gujarat Gas delivered a strong Q3 FY26 performance with record CNG volumes, healthy revenue growth and a sharp rise in profits. Continued network expansion, the FDODO station model and strategic initiatives position the company well for sustained growth in the coming quarters.

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