Gujarat Gas announced its financial and operational results for the third quarter of FY26, ended December 31, 2025, reporting a sequential decline in net profit, while operational volumes and year-on-year profitability showed improvement.
For the quarter, standalone net profit stood at Rs 265 crore, compared with Rs 281 crore in Q2 FY26, marking a quarter-on-quarter decline. On a year-on-year basis, profit after tax increased from Rs 222 crore in Q3 FY25, reflecting a growth of nearly 20%.
Revenue from operations declined to Rs 3,865 crore in Q3 FY26, compared with Rs 3,979 crore in the preceding quarter and Rs 4,333 crore in the year-ago period. Despite lower revenue, operating performance improved on a year-on-year basis.
EBITDA for the quarter stood at Rs 502 crore, compared with Rs 439 crore in Q3 FY25, registering a 14% year-on-year increase. On a sequential basis, EBITDA remained broadly flat at around Rs 450 crore. EBITDA margin improved to 11.6% in Q3 FY26, compared with 11.24% in Q2 FY26.
Operational performance in Q3 FY26
During the quarter, Gujarat Gas reported record CNG volumes of 3.45 mmscmd, compared with 3.12 mmscmd in Q3 FY25, reflecting an 11% year-on-year increase. The CNG segment continued to see volume momentum, supported by an expanded network of 833 CNG stations.
PNG (Domestic) volumes increased to 0.83 mmscmd in Q3 FY26 from 0.74 mmscmd in Q3 FY25, while PNG (Commercial) volumes rose to 0.17 mmscmd from 0.15 mmscmd in the same period last year, registering growth of 11% and 8%, respectively.
The company added over 38,600 new domestic customers during the quarter and currently supplies natural gas to more than 23.83 lakh households. Gujarat Gas also reported a cumulative pipeline network of approximately 44,540 inch-kilometres.
Strategic and organisational updates
As part of its expansion strategy, Gujarat Gas continued to scale its FDODO CNG station model, signing around 78 FDODO agreements with dealers. One FDODO station became operational in Jamnagar during Q2 FY26, with additional stations expected to commence operations in the coming periods.
The company also appointed McKinsey & Company as its strategic consultant during the quarter.
Additionally, shareholders approved the Composite Scheme of Arrangement and Amalgamation in a meeting held on October 17, 2025, as directed by the Ministry of Corporate Affairs. Voting results and the Scrutinizer’s Report were submitted to stock exchanges, and the company has filed the Chairman’s Report and confirmation petition with the Ministry.
Nine-month performance
For the nine-month period ended December 31, 2025, Gujarat Gas reported a net profit of Rs 873 crore, compared with Rs 858 crore in the corresponding period last year, while total income stood at Rs 12,096 crore.
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