GUJARAT ENERGY LIMITED (GUJENERGY) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Gujarat Energy Limited (GUJENERGY) is Gujarat's integrated city gas and gas trading major, formed after the GSPC Group merger, and it reports into a quarter where spot LNG surged from $16 to $23-26/MMBtu and the rupee slid past 95/USD. The print will speak to whether the CGD EBITDA margin holds near the guided Rs. 5.5-6.5/scm band after Q1's Rs. 5.18/scm, and whether the gas trading book sustains the run-rate behind management's Rs. 1,100-1,200 Cr FY27 profit guidance.

GUJARAT ENERGY LIMITED Q2 Results Date and Time

The board of Gujarat Energy Limited will meet on 5 Nov 2026 to consider the Q2/H1 FY27 standalone and consolidated financial results. The trading window remained closed from 1 Oct to 7 Nov 2026.

The Q2/H1 FY27 earnings call is scheduled for Friday, 6 Nov 2026 at 4:00 p.m. IST, with senior management Q&A.

What to expect from GUJARAT ENERGY LIMITED's Q2 FY27 results

The quarter tests management's 'portfolio, not segment' margin defense against its sharpest input-cost move since the merger: Asian spot LNG (JKM) ran from $16/MMBtu in early July to $23-26/MMBtu by September, averaging $19/MMBtu over April-August versus $12 a year earlier, while the administered APM leg reset from $7.86 to $9.00/MMBtu into September and the rupee fell past 95/USD.

Volume legs look supported — industry CGD sales rose 27% YoY in July 2026, and the propane disruption worked in gas's favour, with Morbi units running gas and LPG in equal proportion at 4.4 million cubic metres a day by August after propane supplies were discontinued, against Saudi CP propane at $625/t for September. On trading, management guided Rs. 1,100-1,200 Cr FY27 gas trading profit, reiterated Rs. 1,100 Cr with a 'conservative approach', and stated there would be 'no reversal of these gains in Q2' after a strong Q1.

The margin leg is the strain point: Q1 CGD margin printed Rs. 5.18/scm, below the guided Rs. 5.5-6.5/scm band for FY27-FY28, so the call will centre on the margin bridge from spot LNG at $24-26 and whether portfolio-level offsets held the band.

Key Things To Watch

Gas trading profit vs FY27 guidance: The trading book is the swing factor for the quarter.

• H1 run-rate vs the FY27 gas trading profit guidance of Rs. 1,100-1,200 Cr, reiterated at Rs. 1,100 Cr, and whether 'no reversal of these gains in Q2' held
• Whether the open-ended 4-5% trading margin band held, after Q1's high margin was attributed to sourcing gas 'at an opportune time' via dated Brent-linked long-term agreements

CGD margin and Morbi volumes

• Q2/H1 CGD EBITDA margin in Rs./scm vs the guided Rs. 5.5-6.5/scm band for FY27-FY28, after Q1 printed Rs. 5.18/scm below the band
• Morbi volumes vs the ~3 mmscmd post-July run-rate and the 8.8-8.9 mmscmd stated potential, with propane availability (CP $625/t, delivered premiums ~$450/t) the swing factor
• CNG growth sustaining at the guided 12-13% with station additions — 844 stations as of Q1 FY27

Capex, capital allocation and contingent liabilities

• H1 FY27 actual capex vs the ~Rs. 1,000 Cr CGD capex guidance for FY27-FY28 (CARE's basis: ~Rs. 1,000-1,100 Cr p.a.)
• Capital-allocation preview from the Rs. 7,000 Cr post-merger cash pile — investment areas promised 'by Q3'
• Any movement in the Rs. 1,686.91 Cr disputed income-tax demand, Vedanta arbitration claims over Rs. 1,200 Cr, and the Rs. 527.00 Cr Jubilant Offshore Drilling receivable retained as prior impairment

Sourcing mix and corporate actions

• Long-term vs spot proportion (Q1: ~69% short-term per one statement, ~67% spot per another) and progress toward the 70% long-term sourcing target by end of '27
• GSEG reclassification completion (0.14% stake, Promoter to Public) after NSE/BSE no-objections on 13 Oct, and GTL's first reported quarter as a listed entity since 30 Sep 2026