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Gujarat Gas Q4 Results Review: Volume Growth At IPNG Remains A Concern; Systematix Maintains 'Hold'
With more focus now on increasing asset-light FDODO scheme, Gujarat Gas targets to add 70+ stations, while its IPNG business currently remains flattish, adds Systematix
22 May 2025, 11:05 AM IST 
Gujarat Gas reported 828 CNG stations in FY25 from 808 in FY24 (559 in FY21) on the back of investments in CNG infrastructure (Photo Source: Company website)
Gujarat Gas Q4 FY25 result was better than estimates, supported by effective sourcing strategy resulting in higher margins. The company reported lower sales volume of 9.3 mmscmd (down 4% YoY/-2% QoQ), as industrial piped natural gas volumes (~54% of the total sales) declined 13% YoY/-8% QoQ to 5mmscmd.
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