Gujarat State Petronet (Delisted) financials and balance sheet

BSE: 532702Gas

Last traded ₹268.35 on 11 May 2026

Delisted on 12 Oct 2026.

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Gujarat State Petronet annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹18,663 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.5% of operating profit in the first full year.

Results for the year to Mar 2025

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue18,068
Materials and goods−12,988
Employee costs−276
Other expenses−2,113
Operating profit2,691
Depreciation−709
Other income+350
One-off items0.0
Finance costs−37
Profit before tax2,295
Tax−597
Joint ventures−61
Net profit1,637

What the company owns

Plant, investments and other assets₹17,080 Cr
Cash and bank₹2,290 Cr
Receivables₹1,118 Cr
Inventory₹319 Cr

What pays for it: net worth and liabilities

Net worth₹15,555 Cr
Other liabilities₹4,469 Cr
Owed to suppliers₹783 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Gujarat State Petronet quarterly results

₹ crore	Mar 2016	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 9 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 13 May	Mar 2023Filed 12 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun
Revenue from operations	992	1,101	7,426	9,553	12,470	11,726	18,322	18,663	17,898	18,068
	127	139	5,382	7,013	9,247	8,152	14,822	14,984	14,515	15,377
Materials and goods bought	–	–	4,433	5,797	7,459	6,586	12,951	12,884	12,145	12,988
Employee costs	–	39	–	225	237	237	256	268	279	276
Other expenses	–	100	–	992	1,551	1,329	1,614	1,832	2,090	2,113
Operating profit before depreciation	865	961	2,044	2,540	3,223	3,574	3,500	3,680	3,383	2,691
Operating margin	87.2%	87.3%	27.5%	26.6%	25.8%	30.5%	19.1%	19.7%	18.9%	14.9%
Materials, % of revenue	–	–	–	60.7%	59.8%	56.2%	70.7%	69.0%	67.9%	71.9%
Employee costs, % of revenue	–	3.5%	–	2.4%	1.9%	2.0%	1.4%	1.4%	1.6%	1.5%
Other expenses, % of revenue	–	9.1%	–	10.4%	12.4%	11.3%	8.8%	9.8%	11.7%	11.7%
Depreciation and amortisation	184	179	447	468	518	542	579	621	664	709
Operating profit after depreciation	681	782	1,597	2,072	2,705	3,033	2,921	3,059	2,719	1,982
Other income	49	6	96	138	108	91	106	133	186	350
Finance costs	77	60	242	427	369	227	112	70	32	37
Profit before one-off items and tax	652	728	1,452	1,783	2,444	2,897	2,914	3,122	2,874	2,295
One-off items	0	0	0	−18	0	0	−12	0	56	0
Profit before tax	652	728	1,452	1,766	2,444	2,897	2,903	3,122	2,929	2,295
	224	257	519	590	159	743	726	783	751	597
Current tax	–	211	437	514	577	725	720	746	693	541
Deferred tax	–	46	82	76	−418	18	6	37	58	56
Share of profit of joint ventures and associates	38	–	–	15	−6	38	54	3	5	−61
	465	539	958	1,190	2,279	2,192	2,231	2,342	2,184	1,637
Belonging to the company's shareholders	465	539	–	999	1,729	1,607	1,638	1,641	1,660	1,111
Belonging to outside owners of subsidiaries	–	–	–	192	549	586	593	701	524	526
Other comprehensive income	–	–	–	−6	−7	13	4	6	2	−4
Total comprehensive income	–	–	–	1,184	2,272	2,205	2,235	2,348	2,186	1,633
Net margin	46.8%	49.0%	12.9%	12.5%	18.3%	18.7%	12.2%	12.5%	12.2%	9.1%
Net margin without joint ventures and associates	43.0%	–	–	12.3%	18.3%	18.4%	11.9%	12.5%	12.2%	9.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2016, Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing states no share of its profit for the other owners of the company's subsidiaries while the periods beside it do, and has no earnings per share and share count to tell the owners' share apart.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2025, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 9 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 13 May	Mar 2023Filed 12 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Sep 2025Half yearFiled 11 Nov
	4,306	6,405	8,459	10,517	12,688	14,383	15,555	15,946
	3,295	4,884	6,391	7,919	9,449	10,825	11,646	11,941
Share capital	564	564	564	564	564	564	564	564
Reserves	2,731	4,320	5,827	7,355	8,885	10,261	11,082	11,377
Belonging to outside owners of subsidiaries	1,011	1,520	2,068	2,599	3,239	3,558	3,909	4,005
	3,375	2,378	1,520	569	0	0	0	0
Repayable after a year	3,375	2,378	1,095	391	0	0	0	0
Repayable within a year	0	0	425	178	0	0	0	0
	2,987	3,104	3,107	2,818	3,018	3,025	3,532	4,236
Trade payables	362	391	485	491	742	714	783	689
Other financial liabilities	2,545	2,625	2,085	2,011	2,079	2,088	2,231	2,767
Other liabilities	69	71	84	106	167	184	459	631
Provisions	11	17	28	30	30	31	32	38
Tax owed	0	–	0	2	0	9	28	111
	5,168	3,841	2,603	1,958	1,610	1,648	1,720	1,742
Other financial liabilities	19	78	94	146	149	130	126	124
Other liabilities	86	107	107	111	112	111	124	128
Provisions	59	69	79	78	79	80	78	79
Deferred tax	1,630	1,209	1,228	1,233	1,270	1,327	1,391	1,412
	12,461	13,350	14,169	15,294	17,316	19,056	20,807	21,923
Held for sale or for a demerger	–	–	–	–	–	–	16	16
	10,920	11,497	12,379	13,503	14,180	15,045	15,209	15,558
Plant in use, after depreciation	8,422	8,759	8,974	9,397	9,859	10,092	10,993	–
Plant being built	908	806	953	1,219	1,382	1,661	1,106	–
Intangible assets	474	496	522	548	620	685	690	694
Intangible assets being developed	0	1	0	27	26	18	15	17
Property held to earn rent	1	1	1	1	1	1	12	12
Investments	108	136	148	149	154	252	252	252
Stakes in joint ventures and associates	588	887	1,308	1,521	1,468	1,637	1,540	1,520
Loans given	91	85	90	12	10	8	6	6
Other financial assets	5	12	3	84	99	98	92	439
Other assets	322	314	379	545	561	591	502	571
	1,542	1,853	1,790	1,791	3,136	4,011	5,582	6,349
Inventories	197	172	182	242	273	269	319	321
Trade receivables	700	655	906	1,039	1,141	1,148	1,118	1,028
Cash and cash equivalents	168	640	361	94	810	924	368	380
Other bank balances	303	150	48	14	562	475	1,922	2,176
Loans given	3	3	3	4	5	4	4	3
Other financial assets	91	91	87	27	135	986	1,619	2,265
Other assets	79	143	203	371	208	203	232	177
Net debt	2,903	1,589	1,111	461	−1,373	−1,400	−2,290	−2,555

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2025, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 4 Jun	Mar 2022Filed 13 May	Mar 2023Filed 12 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun	Sep 2025Half yearFiled 11 Nov
	2,897	2,746	3,340	2,803	2,741	1,657
	3,449	3,538	4,107	3,614	3,523	2,018
	7	−39	375	−9	466	463
Receivables	−252	−147	−109	−8	25	89
Inventories	−10	−60	−31	4	−51	−3
Payables	117	23	251	−28	82	−90
Other working capital	152	145	264	23	410	467
Tax paid	−719	−742	−735	−676	−509	−175
Interest paid	227	0	44	0	0	0
Capital spending	857	1,289	1,278	1,253	976	447
Free cash flow	2,041	1,456	2,062	1,550	1,765	1,211
	−1,080	−1,357	−1,815	−2,142	−2,754	−1,314
Plant and property sold	1	1	2	1	2	3
Interest received	61	49	67	108	216	139
Dividends received	2	11	22	31	46	2
	−2,096	−1,659	−805	−547	−544	−331
Borrowings raised	769	175	0	0	0	0
Borrowings repaid	−2,474	−1,529	−565	0	0	0
Interest paid	−221	−104	−29	−17	−20	−19
Lease payments	−18	−25	−34	−38	−64	−30
Dividends paid	153	176	176	492	460	282
Shares bought back	0	0	0	0	0	0
Shares issued	1	0	0	0	0	0
Net change in cash	−279	−271	720	114	−556	12

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2016, Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Gujarat State Petronet dividend history

₹ per share	Mar 2016	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 9 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 13 May	Mar 2023Filed 12 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun
Earnings per share	₹8.25	₹9.56	₹13.15	₹17.71	₹30.66	₹28.48	₹29.04	₹29.09	₹29.41	₹19.69
Diluted earnings per share	₹8.25	₹9.56	₹13.14	₹17.70	₹30.65	₹28.48	₹29.04	₹29.09	₹29.41	₹19.69
Dividend per share	₹1.50	₹1.50	₹1.75	₹2.00	₹2.00	₹2.00	₹2.00	₹5.00	₹5.00	₹5.00
Book value per share	–	–	–	₹58.43	₹86.59	₹113.27	₹140.35	₹167.47	₹191.86	₹206.41
Dividend payout	18.2%	–	–	11.3%	6.5%	7.0%	6.9%	17.2%	17.0%	25.4%
Shareholder yield	–	–	–	–	–	1.0%	1.2%	1.2%	2.4%	2.8%
Market cap at the year end (₹ crore)	7,983	–	–	10,755	9,727	15,423	14,616	14,952	20,114	16,435

Ratios

Consolidated, years to March.

Ratio	Mar 2016	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 9 Jun	Mar 2021Filed 4 Jun	Mar 2022Filed 13 May	Mar 2023Filed 12 May	Mar 2024Filed 9 May	Mar 2025Filed 12 Jun
Revenue growth	–	11.0%	574.8%	28.6%	30.5%	−6.0%	56.3%	1.9%	−4.1%	1.0%
Operating profit growth	–	11.1%	112.6%	24.3%	26.9%	10.9%	−2.1%	5.1%	−8.1%	−20.5%
Net profit growth	–	16.0%	77.8%	24.2%	91.4%	−3.8%	1.8%	5.0%	−6.8%	−25.0%
Earnings per share growth	–	15.9%	37.6%	34.7%	73.1%	−7.1%	2.0%	0.2%	1.1%	−33.1%
	–	–	–	30.3%	42.3%	28.5%	22.9%	18.9%	16.4%	9.9%
	–	–	–	–	12.0 pts	−13.8 pts	−5.6 pts	−4.0 pts	−2.5 pts	−6.5 pts
From the net margin	–	–	–	–	9.9 pts	−0.5 pts	−9.9 pts	−0.4 pts	1.0 pts	−5.5 pts
From asset turnover	–	–	–	–	10.5 pts	−4.9 pts	8.5 pts	−1.8 pts	−2.8 pts	−0.9 pts
From borrowing	–	–	–	–	−8.4 pts	−8.3 pts	−4.2 pts	−1.8 pts	−0.8 pts	−0.1 pts
Return on capital employed	–	–	–	27.0%	30.8%	30.4%	26.3%	24.1%	18.9%	12.7%
Cash conversion	–	–	–	–	–	132.2%	123.1%	142.6%	128.4%	167.4%
Interest cover	8.8	13.1	6.6	4.9	7.3	13.4	26.1	43.6	84.8	53.0
Debt to equity	–	–	–	0.78	0.37	0.18	0.05	0.00	0.00	0.00
Receivable days	–	–	–	27	19	28	21	22	23	23
Inventory days	–	–	–	12	8	10	7	8	8	9
Payable days	–	–	–	23	19	27	14	21	21	22
Cash conversion cycle, days	–	–	–	16	8	11	14	9	10	10
Working capital days	–	–	–	−73	−60	−40	−19	−25	−8	−5
Asset turnover	–	–	–	0.77	0.97	0.85	1.24	1.14	0.98	0.91
Assets per rupee of net worth	–	–	–	3.78	3.16	2.44	2.06	1.88	1.79	1.77
Sales per rupee of plant	–	–	–	1.13	1.42	1.31	1.95	1.89	1.77	1.64
Capital spending to depreciation	–	–	–	–	–	1.58	2.22	2.06	1.89	1.38
Plant being built, % of plant in use	–	–	–	10.8%	9.2%	10.6%	13.0%	14.0%	16.5%	10.1%

No balance sheet is on record for the years to Mar 2016, Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2025.

Return on assets, latest year: 5.6%
Cash from operations against operating profit: 101.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	7.7%	−0.5%
Profit growth, yearly rate	–	−8.5%	−12.1%
Return on equity, average	–	19.3%	15.1%
Return on capital employed, average	–	22.5%	18.6%
Operating margin, average	35.8%	20.6%	17.8%
Net margin, average	20.4%	12.9%	11.3%
Asset turnover, average	–	1.03	1.01
Cash conversion cycle, days, average	–	11	10
Interest cover, average	26.2	44.2	60.5
Debt to equity, average	–	0.05	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2025.

₹ crore	5 years	3 years	Latest year
Cash from operations	14,527	8,884	2,741
Cash from investing	−9,148	−6,711	−2,754
Cash from financing	−5,651	−1,896	−544
Capital spending	5,653	3,507	976
Dividends paid	1,456	1,128	460
Shares bought back	0	0	0
Shares issued for cash	1	0	0
Borrowings raised	944	0	0
Borrowings repaid	4,569	565	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	–	5	7	7	6	5
Altman Z-scorePublished threshold 1.81	–	–	–	–	–	–	4.28	4.35	4.85	3.98
Beneish M-scorePublished threshold −1.78	–	–	–	–	–	−2.24	−1.94	−2.67	−2.64	−2.77
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	2.72	5.72	5.01	8.37	8.28
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	–	1.33	1.32	1.44
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	–	−36.96	44.25	−41.63	8.03	4.69	−3.55
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	−41.31	17.34	−63.53	13.24	4.35	11.40
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	–	0.51	0.48	0.59	−0.29	4.73	3.66
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	–	0.94	1.26	1.22	1.28	1.85	0.69
Effective tax ratePublished threshold 17.16 per cent	34.40	35.30	35.73	33.42	6.50	25.65	25.00	25.07	25.64	26.01
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	–	−0.58	1.53	2.56	3.80

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
8 Dec 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term LoanLong-term scale	CARE AA+ (Rating Watch with Developing Implications)Review, Re-affirm		50
8 Dec 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - LT/ ST-Bank GuaranteeLong and short-term scales	CARE AA+ (Rating Watch with Developing Implications) / CARE A1+Review, Re-affirm		250

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.