GTGSPL Transmission544801Earnings call transcript

Q2 FY27 call: revenue up 8%, volumes up 12%, INR 3,500 crore expansion under way

Earnings call for Q2 & H1 FY27 held on 4 November 2026; transcript now shared.

By ScoutQuest · Sat 7 Nov 2026, 5:38 PM IST · 2 min read

Q2 Revenue from Operations

INR 290 crores, up 8% year-on-year

Q2 EBITDA / Margin

INR 169 crores, margin 58.4%

Volumes

45 MMSCMD from 40 MMSCMD, a 12% increase

Business snapshot

GSPL Transmission runs a pure-play natural gas transmission network on an open-access basis. It moves gas from domestic production sources, LNG terminals and gas marketers to city gas distributors, refineries, fertilizer plants, power producers and industrial customers.

• Gujarat network of about 2,900 kilometres, described by management as India's second largest natural gas network
• The only grid connected to all operational LNG gateways in Gujarat
• Presence beyond Gujarat through joint ventures GIGL and GITL

Volume momentum in Q2 FY27

• Overall volumes rose to 45 MMSCMD from 40 MMSCMD in Q2 FY26, a 12% increase
• HP grid volumes up 9%, LP grid up 30%, HAPi grid up 16% year-on-year

Q2 FY27 financials

• Revenue from operations INR 290 crores, up 8% year-on-year from INR 267 crores
• EBITDA excluding non-operating income about INR 169 crores, broadly flat against INR 168 crores, with an EBITDA margin of 58.4%
• Profit after tax INR 120 crores against INR 118 crores, an increase of around 2%

H1 FY27 financials

• Revenue INR 567 crores against INR 542 crores, a rise of 4.5%
• EBITDA INR 362.9 crores at a 64% margin, in line with INR 363.5 crores a year earlier
• Profit after tax INR 258 crores against INR 255 crores, up about 1.2%

Balance sheet and capex

• Debt-free as of 30 September, with net worth of approximately INR 7,150 crores
• Capex of approximately INR 300 crores executed in the first half
• Management said the balance sheet gives it flexibility to fund the announced investments

Expansion pipeline

• Expansion-led capex programme of approximately INR 3,500 crores covering more than 10 pipeline and connectivity projects aggregating 700 kilometres
• These additions are expected to take the Gujarat network from about 2,900 kilometres to 3,600 kilometres
• In July 2026, EPC contracts worth INR 1,800 crores were awarded for the Anjar–Palanpur Pipeline Project
• Other projects under implementation include Jamnagar–Dwarka, Vapi–Tarapur, Dahej–Bhadbhut and multiple spur lines and customer connectivity projects

What management said about the road ahead

• Over the next 2 years the focus is on disciplined execution and maintaining operational and financial stability
• As the ongoing expansion projects are commissioned, additional capacity is expected to progressively contribute to growth
• Five stated priorities: expand network reach and connectivity; improve utilisation across existing and new assets; maintain safe and reliable operations through automation, preventive maintenance and asset integrity; broaden the customer base; and preserve financial discipline

Industry context cited on the call

• India aims to raise the share of natural gas in its energy mix from approximately 6% to 15% by 2030
• Gas consumption is projected to rise from 188 MMSCMD in FY26 to 297 MMSCMD by 2030
• Gujarat accounted for approximately 22% of India's natural gas consumption in FY26 and hosts four operational LNG terminals

The call opened with a note that the discussion may contain forward-looking statements subject to risks beyond management's control.

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