Listed state public sector undertakings (PSUs), Gujarat Energy Ltd (GEL) — formerly known as Gujarat Gas Ltd — and GSPL Transmission Ltd (GTL) on Wednesday paid a combined dividend of ₹384.67 crore to the Gujarat government for FY26, marking the highest-ever dividend paid in a single financial year by a company under state government control.
GEL contributed ₹324 crore, while GTL paid ₹60.67 crore. The dividend cheques were presented to Chief Minister Bhupendra Patel in Gandhinagar by Avantika Singh, managing director of GEL and vice-chairperson of GTL, stated an official release here. The payout from GEL alone marks a significant jump from the ₹81.55 crore dividend that Gujarat Gas paid to the state government cumulatively over the three financial years from FY23 to FY25. The ₹324 crore contribution in FY26 was nearly four times that three-year total, reflecting the impact of a corporate restructuring that increased the state’s direct shareholding in the company.
The restructuring, implemented on May 1, 2026, reorganised the GSPC Group’s businesses. Gujarat State Petroleum Corporation (GSPC) was integrated into Gujarat Gas, which was subsequently renamed Gujarat Energy Ltd. Meanwhile, the gas transmission business previously operated by Gujarat State Petronet Ltd (GSPL) was transferred to the newly named GSPL Transmission Ltd. The scheme increased the Gujarat government’s shareholding in GEL from approximately 6% to 38%. In GTL, the government, which previously had no direct shareholding, now holds around 38%, increasing its participation in the financial returns generated by both companies.
Chief Secretary Manoj Kumar Das, who is also chairman of GEL and GTL, described the dividend payment as a historic milestone for both companies. The state government said the higher dividend contribution would strengthen its revenue position and support development-oriented and public welfare programmes.
The dividend payout comes as Gujarat Energy’s shares touched a 52-week low of ₹219 on October 13. The stock was trading at ₹225.80 on Wednesday, up 1.83%. Shares of GSPL Transmission Ltd were trading at ₹116.10 on the BSE, up 4.97%.