Gujarat State Petronet Limited has announced a key board appointment, naming Shri Sandeep Kumar, IAS as Additional Director effective 28th January, 2026. The appointment was formalized through a Circular Resolution of the Board of Directors and communicated to stock exchanges on 3rd February, 2026.

Appointment Details

The company informed both BSE and NSE about the appointment under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Gujarat State Petroleum Corporation Limited nominated Sandeep Kumar for the Additional Director position on the company's board.

Professional Background

Sandeep Kumar brings extensive experience in public administration, with over 20 years of service in the All India Services (AIS) cadre. He currently serves as Secretary (Economic Affairs) in the Finance Department of the Government of Gujarat. His career spans multiple government departments, including Agriculture Department, Home Department, and various other departments within the Gujarat government.

Areas of Expertise

Kumar's professional experience encompasses several key areas:

• Urban development and district administration
• Law and order management
• Energy and power distribution sector
• Land revenue administration
• Rural development initiatives

His background in the power sector and energy distribution aligns well with Gujarat State Petronet Limited's business operations in the natural gas distribution sector.

Regulatory Compliance

The company has confirmed full compliance with regulatory requirements for the appointment. Gujarat State Petronet Limited stated that Sandeep Kumar is not debarred from holding the office of Director by virtue of any SEBI Order or other regulatory authority.

Board Independence

The appointment maintains board independence standards, with the company confirming that Sandeep Kumar is not related to any existing Director or Key Managerial Personnel (KMP) of Gujarat State Petronet Limited. This ensures compliance with corporate governance norms and maintains the integrity of board decision-making processes.

The appointment strengthens the company's board composition by adding significant administrative and sector-specific experience, particularly in energy and power distribution, which complements the company's natural gas infrastructure and distribution business.

Gujarat State Petronet announced its unaudited financial results for the third quarter of fiscal year 2026, ending December 31, 2025, presenting a mixed performance across its standalone and consolidated operations. The Board of Directors approved these results on January 22, 2026, following review by the Audit Committee.

Standalone Financial Performance

The company's standalone operations showed a decline in profitability during Q3 FY26. Net profit after tax decreased to ₹114.27 crores compared to ₹135.58 crores in the same quarter of the previous year, representing a decline of 15.73%. Revenue from operations remained relatively stable at ₹272.20 crores versus ₹260.43 crores in Q3 FY25.

For the nine-month period ended December 31, 2025, standalone net profit reached ₹639.22 crores compared to ₹736.89 crores in the corresponding period last year, showing a decline of 13.25%.

Consolidated Financial Results

The consolidated performance presented a contrasting picture with improved profitability. Net profit after tax for Q3 FY26 increased to ₹379.05 crores from ₹335.43 crores in Q3 FY25, marking a growth of 13.00%. Consolidated revenue from operations, however, declined to ₹4,091.70 crores from ₹4,540.09 crores in the previous year's quarter.

Operational Developments

The company continues to operate under revised tariff rates implemented by the Petroleum and Natural Gas Regulatory Board (PNGRB). The levelized tariff for GSPL's high-pressure gas grid was reduced from ₹34 per MMBTU to ₹18.10 per MMBTU, effective from May 1, 2024, impacting revenue from operations.

A significant corporate restructuring is underway involving a composite scheme of amalgamation and arrangement among Gujarat State Petroleum Corporation Limited, Gujarat State Petronet Limited, GSPC Energy Limited, Gujarat Gas Limited, and GSPL Transmission Limited. The scheme received approval from equity shareholders of the respective companies on October 17, 2025, and is subject to sanction from the Ministry of Corporate Affairs and other regulatory approvals.

Legal and Financial Obligations

The company has ongoing litigation with Fernas Construction Company Inc., where it obtained a conditional stay from the Gujarat High Court on an arbitral award. Gujarat State Petronet deposited ₹69.34 crores as the principal portion and furnished a bank guarantee of ₹50.61 crores for the interest portion with the High Court.

Nine-Month Performance Summary

For the nine months ended December 31, 2025, the company demonstrated resilience in its consolidated operations:

• Consolidated net profit: ₹1,232.92 crores versus ₹1,285.15 crores in the previous year • Standalone net profit: ₹639.22 crores compared to ₹736.89 crores last year • Total comprehensive income on consolidated basis: ₹1,237.84 crores • Maintained stable equity share capital of ₹564.21 crores across all periods

The financial results reflect the company's position as a key player in India's natural gas transmission infrastructure, operating under evolving regulatory frameworks while managing significant corporate restructuring initiatives.