India’s largest company, , on Saturday reported a 48 per cent decline in consolidated net profit to ₹1,678 crore for FY26 as the conflict in West Asia roiled global gas markets and weighed on its core city gas distribution and gas trading businesses.
The company, a major consumer of imported liquefied natural gas (LNG), reported a 14 per cent decline in consolidated revenue from operations to ₹24,425 crore in FY26.
The performance comes against the backdrop of continued volatility in global gas markets following the conflict in West Asia, a key source of LNG supplies for India.
Higher gas prices and supply disruptions have impacted gas-linked businesses across the energy value chain, particularly city gas distribution and gas trading operations.
Pressure on the company’s core businesses was visible during the year, with revenue from city gas distribution declining 7 per cent and gas trading revenue falling 19.5 per cent.
Exploration and production (E&P) was the lone bright spot, posting a 13 per cent increase in revenue during FY26. The power business reported a 46 per cent decline in revenue, while the regasification segment saw revenue fall 33 per cent.
Despite the weak annual performance, Gujarat Energy returned to profitability during the January-March quarter. The company reported a consolidated profit after tax of ₹152 crore compared with a loss of ₹158 crore in the corresponding quarter of FY25. Revenue from operations during the quarter, however, declined 8 per cent year-on-year.
The board on Saturday has recommended a final dividend of ₹8.90 per equity share of face value ₹2 each for FY26, subject to shareholder approval at the forthcoming annual general meeting.
In response to the West Asia crisis, the company implemented several initiatives to expand Piped Natural Gas (PNG) usage and reduce dependence on LPG. Between March and May 2026.
Gujarat Energy in a regulatory filing stated that 86 residential societies (around 13,000 households) in Gujarat became fully PNG-connected and LPG-free, contributing to a cumulative total of 2,835 societies (about 4.86 lakh households) as of May 2026.
The company also accelerated commercial expansion, with new units rising from 152 in March to 527 by late May 2026.
FY26 also marked a transformational year for the company following the completion of a major restructuring exercise within the Gujarat government’s energy portfolio.
The Ministry of Corporate Affairs approved the amalgamation of Gujarat State Petroleum Corporation (GSPC), Gujarat State Petronet Ltd (GSPL) and GSPC Energy Ltd (GEL) with Gujarat Gas, creating a larger integrated energy platform under the new name Gujarat Energy Ltd.
As part of the restructuring, the gas transmission undertaking was subsequently demerged into GSPL Transmission Ltd with effect from April 1, 2025, separating the pipeline infrastructure business from the integrated energy company.
The newly created Gujarat Energy now houses businesses spanning oil and gas exploration and production, gas trading, city gas distribution and power generation, making it one of Gujarat’s largest integrated energy companies.