Gujarat Gas Limited confirmed that its promoters did not create any encumbrance on shares, directly or indirectly, during the Financial Year 2025-26. The disclosure, submitted to stock exchanges on April 4, 2026, covers the company's key promoter entities, including the Government of Gujarat, Gujarat State Petroleum Corporation Limited, Gujarat State Petronet Limited, and Gujarat State Energy Generation Limited. This confirmation ensures that the shareholding remains free from pledges or other charges for the specified period.

The filing was made in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The company stated that the absence of encumbrance is also evident from the shareholding pattern filed under Regulation 31(b) of the SEBI (LODR) Regulations, 2015, for the Financial Year 2025-26. This annual declaration serves as a formal record for the regulatory authorities.

The following table details the promoter entities covered under this disclosure:

The communication was addressed to BSE Limited and the National Stock Exchange of India Ltd to fulfill the regulatory requirements. Sandeep Dave, Company Secretary, signed the disclosure on behalf of the promoters of Gujarat Gas Limited.

Two prominent brokerages have issued updated ratings on Gujarat Gas , reflecting growing confidence in the company's operational performance and strategic developments. While Nomura retains its bullish stance, Jefferies has moved up its recommendation, both citing the company's strengthening position in the city gas distribution (CGD) segment and the transformative impact of its recent amalgamation. Adding further clarity, management has shared detailed guidance on capital expenditure, volume targets, and infrastructure plans during its latest concall.

Management Concall Guidance

Gujarit Gas management provided comprehensive guidance across key operational and financial parameters. On the capital expenditure front, management expects CGD CapEx to be approximately INR1,000 crores and E&P CapEx of around INR100 crores for drilling wells. The CGD segment is projected to maintain an EBITDA margin in the range of INR5 to INR6.5 per SCM, consistent with earlier brokerage expectations.

Regarding Morbi volumes, management anticipates reaching 8.8 to 8.9 MMSCMD, indicating a remaining 10% growth potential from current levels, with propane supply impacts expected to persist in the short to medium term. To address propane supply dynamics, the company is evaluating the setup of a dedicated import jetty and storage tank infrastructure for the propane business near Morbi and is currently in discussions for import contracts.

The following table summarizes the key management guidance parameters:

Nomura Maintains Buy with ₹511 Target Price

Nomura has reaffirmed its Buy rating on Gujarat Gas, setting a target price of ₹511. The brokerage's optimism is anchored in several key factors, including a strong CGD business outlook and a stable gas trading segment. Nomura also highlighted the significant value unlocking potential arising from the company's amalgamation, which is expected to consolidate business operations and enhance overall financial performance.

A central element of Nomura's thesis is the volume-driven earnings growth from the Morbi industrial cluster, a critical demand hub for the company. Additionally, management's guidance of CGD EBITDA margins in the range of ₹5.5–6.5 per scm has reinforced confidence in the company's near-term profitability outlook.

Jefferies Upgrades to Hold with ₹415 Target Price

Jefferies upgraded Gujarat Gas from its previous rating to Hold, assigning a revised target price of ₹415. The upgrade follows a volume and margin beat by the company, with Jefferies pointing to market share gains and margin expansion as direct beneficiaries of propane shortages in the Morbi region. The supply disruption appears to have shifted industrial consumers toward piped natural gas, bolstering Gujarat Gas's volumes in the area.

The brokerage further noted the inclusion of the gas trading business following the amalgamation as an incremental positive for the company's consolidated financials. Jefferies also revised its FY27 CGD EBITDA estimates upward by 45%, driven by the expectation of sustained strong volumes from Morbi.

Brokerage Ratings at a Glance

The following table summarizes the key parameters from both brokerage updates:

Common Themes Across Both Brokerages

Despite differing ratings, both Nomura and Jefferies converge on several shared themes that underpin their assessments:

• Morbi volumes as a significant earnings and margin driver
• Post-amalgamation benefits, particularly the integration of the gas trading business
• CGD segment strength as a structural positive for Gujarat Gas

The dual brokerage coverage, combined with management's concall guidance on CapEx, volume targets, and propane infrastructure plans, underscores the market's focus on Gujarat Gas's ability to sustain volume momentum in Morbi and capitalize on the operational synergies emerging from its amalgamation.