Gujarat Energy Q2 FY27 Results: Consolidated Net Profit ₹490 Crore on Total Income of ₹9,997 Crore
- Earnings
- Oil and gas, gas distribution
Reviewed byRachit TripathiBlacklitt Research
Gujarat Energy reported total income of ₹9,996.85 crore and net profit of ₹489.77 crore on a consolidated basis for the quarter ended 30 Sep 2026. Standalone total income was ₹10,048.30 crore and standalone net profit ₹639.27 crore. The results were approved by the board on 5 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹9,996.85 crore, up 58.6% YoY and 0.3% QoQ
- Net profit: ₹489.77 crore, up 26.0% YoY and down 51.4% QoQ
- EPS: ₹5.32 basic, against ₹4.52 a year earlier and ₹10.67 in Q1 FY27
- Net profit attributable to owners: ₹498.29 crore, against ₹423.34 crore a year earlier
Standalone
The company on its own, without its subsidiaries
- Total income: ₹10,048.30 crore, up 57.6% YoY and 1.9% QoQ
- Net profit: ₹639.27 crore, up 21.8% YoY and down 35.9% QoQ
- EPS: ₹6.81 basic, against ₹5.59 a year earlier and ₹10.64 in Q1 FY27
- Other income: ₹222.22 crore, 2.2% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 9,996.85 | 6,301.29 | +58.6% | 9,964.42 | +0.3% | |
| Revenue from operations | 9,857.33 | 6,172.05 | +59.7% | 9,771.38 | +0.9% |
| Other income | 139.52 | 129.24 | +8.0% | 193.04 | -27.7% |
| 489.77 | 388.67 | +26.0% | 1,007.40 | -51.4% | |
| Profit before tax | 708.08 | 547.18 | +29.4% | 1,337.11 | -47.0% |
| Finance costs | 66.33 | 65.11 | +1.9% | 62.96 | +5.4% |
| Depreciation | 204.78 | 226.20 | -9.5% | 200.65 | +2.1% |
| Tax expense | 218.31 | 158.51 | +37.7% | 329.71 | -33.8% |
| Net profit margin | 4.90% | 6.17% | -1.27 pp | 10.11% | -5.21 pp |
| EPS, basic (₹) | 5.32 | 4.52 | +17.7% | 10.67 | -50.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income grew faster than net profit. Income rose 58.6% year on year, while net profit rose 26.0% and profit before tax rose 29.4%.
The statement does not give the reason for the tax rate.
Against the prior quarter, consolidated net profit fell 51.4% while total income was almost flat. The filing does not explain the gap; the statement shows a large rise in inventories, with changes in inventories of ₹(1,940.59) crore in the quarter.
Finance costs of ₹66.33 crore are 0.7% of total income, and depreciation fell 9.5% year on year to ₹204.78 crore. The notes say that the Vedanta claim of over ₹1,200 crore is disputed and the company has denied it, and that disputed income tax demands of ₹1,685.54 crore are treated as contingent liabilities.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 10,048.30 | 6,375.12 | +57.6% | 9,857.06 | +1.9% | |
| Revenue from operations | 9,826.08 | 6,164.86 | +59.4% | 9,670.26 | +1.6% |
| Other income | 222.22 | 210.26 | +5.7% | 186.80 | +19.0% |
| 639.27 | 524.72 | +21.8% | 997.97 | -35.9% | |
| Profit before tax | 863.49 | 697.27 | +23.8% | 1,331.08 | -35.1% |
| Finance costs | 10.02 | 9.98 | +0.4% | 9.02 | +11.1% |
| Depreciation | 145.89 | 145.84 | 0.0% | 142.07 | +2.7% |
| Tax expense | 224.22 | 172.55 | +29.9% | 333.11 | -32.7% |
| Net profit margin | 6.36% | 8.23% | -1.87 pp | 10.12% | -3.76 pp |
| EPS, basic (₹) | 6.81 | 5.59 | +21.8% | 10.64 | -36.0% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income of ₹10,048.30 crore is ₹51.45 crore above the consolidated figure, and standalone net profit of ₹639.27 crore is ₹149.50 crore above consolidated net profit.
Standalone net profit rose 21.8% year on year, slower than profit before tax, which rose 23.8%. Tax expense of ₹224.22 crore is 26.0% of profit before tax. Other income of ₹222.22 crore is 25.7% of profit before tax, a larger share than on a consolidated basis.
The standalone notes say a capital reserve of ₹2,427.68 crore arose on the merger and that the company has provided ₹527.00 crore for cash calls receivable from JODPL. The auditors give an unmodified conclusion with emphasis of matter on the joint operations, JODPL and contingent liabilities.
Inference
The filing says the company has approved long-term LNG sourcing agreements for about 0.8 MTPA for up to 10 years linked to Henry Hub, and a regasification agreement for capacity at GSPC LNG Limited's Mundra LNG Terminal. The filing does not state the expected cost or timing of either agreement.
The filing says dividends of ₹835.03 crore were paid in the half year. The notes say the company is evaluating the financial impact of harmonising employee compensation after the merger, but the filing does not say what that impact will be.
Not stated: the reason for the rise in revenue against the year-ago quarter, and whether the Vedanta arbitration proceedings will commence.
Filed with BSE on . Reference: Original filing (PDF)
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.