Gujarat Energy Limited declared a dividend of ₹324 crore to the Government of Gujarat for FY26, marking the highest ever single-year payout by any state PSU to the state government.

This record distribution follows the Scheme of Arrangement effective May 1, 2026, which amalgamated GSPC into Gujarat Gas Limited and rechristened the entity as Gujarat Energy Limited. The restructuring significantly altered the ownership landscape, increasing the Government of Gujarat's stake in the company from approximately 6% to 38%.

Structural Shift Drives Payout Surge

Prior to the scheme, the company (then Gujarat Gas Limited) paid a cumulative dividend of approximately ₹81.55 crore to the state over three fiscal years (FY23 to FY25). The jump to ₹324 crore in FY26 alone reflects both the increased shareholding and the consolidated financial strength of the merged entity.

The Scheme also involved the demerger of the gas transmission business into GSPL Transmission Limited. The Government of Gujarat acquired a direct 38% stake in this new entity, which was not held previously. GSPL Transmission Limited subsequently paid ₹60.67 crore in dividends for FY26.

Dividend Breakdown

The combined dividend outflow from Gujarat Energy Limited and GSPL Transmission Limited to the state government totals ₹384.67 crore for FY26.

What the Numbers Show

The data reveals that the surge in dividend value is primarily structural rather than purely operational. While the dividend per share for Gujarat Energy rose to ₹8.90 from ₹5.82 in the previous year, the total payout increased more than twelvefold because the number of shares held by the government expanded from 4.49 crore to 36.40 crore. This indicates that the financial benefit to the state is directly linked to the equity consolidation under the new scheme.

Management Commentary

M K Das, Chief Secretary of Gujarat and Chairman of both entities, described the payout as a defining moment for the companies. Avantika Singh, Managing Director of Gujarat Energy, noted that the previous corporate structure severely limited dividend maximization capabilities. "The Scheme of Arrangement has proved to be the definitive turning point, allowing us to unleash our true financial potential," Singh stated.

The dividend cheques were presented to Chief Minister Bhupendra Patel on October 14, 2026, in Gandhinagar.

Gujarat Energy Limited has received no-objection letters from both the National Stock Exchange (NSE) and BSE for the reclassification of Gujarat State Energy Generation Limited (GSEG) from the "Promoter" category to the "Public Shareholder" category. The exchanges granted approval on October 13, 2026, following the company's application submitted earlier in August.

Regulatory Compliance and Timeline

The reclassification was processed under Regulation 31A(8)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This action follows prior intimations by the company dated August 3, August 11, and August 13, 2026, regarding the proposed change in shareholder categorization.

The NSE issued its no-objection letter vide reference NSE/LIST/COMP/GUJENERGY/630/2026-2027, while the BSE issued its corresponding letter under reference LIST/COMP/MB/239/2026-27. Both letters were dated October 13, 2026.

Shareholding Details

The reclassification affects a specific holding within the promoter group. The details of the shares involved are outlined below:

Compliance Obligations

Both exchanges have directed the listed entity to ensure compliance with all subsequent relevant disclosures of material events related to this reclassification. These obligations must be met in accordance with the applicable provisions of Regulation 31A of the SEBI (LODR) Regulations, 2015.

The company’s Company Secretary, Sandeep Dave, confirmed the receipt of these letters on behalf of Gujarat Energy Limited, formerly known as Gujarat Gas Limited. The registered office is located in Gandhinagar, Gujarat.