NSE/GSPL

GSPLGujarat State Petronet Ltd

Oil & Gas · NSE

₹272.41+7.97%

52-wk low52-WEEK RANGE52-wk high

₹229.65+18.6% from low ·-22.5% from high₹351.35

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

GSPL-7.47% · 1Y

Range high ₹360.6Range low ₹226.35Latest ₹272.41252 bars · daily-close · NSE bhavcopy + 10Y history

Oil & GasUtilities - Regulated GasMidcapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite13/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -14.5% — underperformer
· Below 200-DMA (-7.5%) — downtrend

Valuation

High

Looks expensive vs the sector.

· P/E 14.7 — 24% above sector median 11.9

Growth

Low

Lagging the market in growth.

· Revenue YoY -93.8% — contracting
· Profit YoY -33.0% — earnings slipping

Profitability

Medium

Average profitability vs peers.

· ROE 8.8% — weak returns on equity
· Net margin 100.0% — strong pricing power

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeB(61/100)

Durability

79/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score6/9 (67pt)
Altman Z" score7.91 (100pt)
Debt/Equity0.01 (100pt)
ROE8.8% (35pt)

Valuation

60/100

Fairly priced — not a bargain, not stretched.

Show 4 drivers

P/E vs sector (14.7 / 11.9)124% (46pt)
P/B1.30 (70pt)
Dividend yield1.84% (46pt)
EV/EBITDA5.9 (90pt)

Momentum

44/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change-14.5% (27pt)
DMA-trend alignmentdown (25pt)
RSI (14)62.6 (92pt)
Price vs 200-DMA-9.2% (42pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)14.74

OVERVALUED

CheapestP/E 14.7 at 83th %ile — pricier than 83% of peers.Most expensive

P/B1.30

FAIR

CheapestP/B 1.30 at 33th %ile of sector.Most expensive

EV/EBITDA5.93

UNDERVALUED

Monthly seasonality

Avg monthly return over 10 years · historical — not a forecast

Best: Apr +5.49% · Worst: Mar -3.81%

Jan

+2.3%

60% win

Feb

-1.2%

60% win

Mar

-3.8%

40% win

Apr

+5.5%

70% win

May

-1.5%

40% win

Jun

+3.1%

Monthly return distribution

Distribution of 120 monthly returns

Mean

+0.99%

Median

+0.90%

Std dev

9.28%

Best

+30.5%

Worst

-24.6%

% positive

57%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 3

Lean balance sheet (D/E 0.01)
Low leverage means earnings are less sensitive to rate cycles
Strong net margin (100.0%)
High margin indicates pricing power + operating efficiency
Bankruptcy risk low (Altman Z″ 7.91)
Z″ above 2.60 sits squarely in the 'safe' zone

WEAKNESSES · 2

Low return on equity (8.8%)
Below 10% ROE suggests inefficient use of shareholder capital
Revenue contracting (-93.8% YoY)
Negative top-line growth is the hardest signal to overcome

OPPORTUNITIES · 1

17% upside to consensus target (₹320)
16 analysts see fair value materially higher

THREATS · 1

Profit contracting sharply (-33.0% YoY)
Double-digit earnings decline pressures valuation compression

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+8.0%

+12.9%

+0.3%

-13.5%

-14.4%

-6.5%

-0.0%

-0.4%

10Y

+7.1%

Fundamentals

VALUATION

Market cap

₹15,514 Cr

P/E (TTM)

14.7

P/E (fwd)

12.6

next 12m

P/B

1.30

EV/EBITDA

5.9

Book value

₹211.55

per share

PROFITABILITY · QUALITY

ROE

8.8%

ROCE

—

Net margin

100.0%

Op margin

10.9%

Gross margin

25.7%

D/E

0.01

GROWTH · MARKET

Rev YoY

-93.8%

Profit YoY

-33.0%

Div yield

1.84%

Payout

26.8%

52w change

-14.5%

Beta

0.63

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 3

+Forward P/E materially below trailing (12.6x vs 14.7x)Street expects earnings growth that compresses the multiple — positive surprise cushion
+Nearly debt-free (D/E 0.01)Low financial risk — funds growth from internal accruals, resilient in downturns
++17% upside to analyst consensus target16 analysts average target of ₹320 vs current ₹275

CONS · 2

−Low ROE of 8.8%Below the 10%+ threshold most quality-focused investors require
−Revenue declining -93.8% YoYTop-line contraction — watch for cyclical vs structural

Sector-relative context

Oil & Gas · 12 peers

P/E (TTM)

This stock

14.74

Sector median

11.92

Rank 10/12 (25th %ile)

ROE

This stock

8.8%

Sector median

13.3%

Rank 4/12 (75th %ile)

P/B

This stock

1.30

Sector median

1.43

Rank 4/12 (75th %ile)

Quality score · Piotroski F-score

6 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✗Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✓ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✓

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

SAFE7.91

Z″ = 7.91 — well inside the SAFE zone. Low bankruptcy risk signal across liquidity, profitability and solvency inputs.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.315	×6.56	2.067
Retained Earnings / Total Assets (B)	0.660	×3.26	2.151
EBIT / Total Assets (C)	0.191	×6.72	1.285
Book Equity / Total Liabilities (D)	2.296	×1.05	2.410

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

16 analysts · HOLD

Target mean

₹320.44

Target high

₹465.00

Target low

₹242.00

Upside vs today

+16.5%

Street consensus target is +16.5% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Utilities - Regulated Gas

Employees

252

Shares out

56.4

Revenue (TTM)

₹16,290 Cr

EBITDA

₹2,479 Cr

Total debt

₹140 Cr

Cash

₹4,820 Cr

Net debt

₹-4,680 Cr

Quarterly results

Last 6 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q3	2025-Q4
Revenue	—	4,360	4,196	4,107	4,008	3,885
Operating profit	—	394	424	84	433	424
OPM %	—	9.0%	10.1%	2.0%	10.8%	10.9%

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	17,918	18,026	17,207	17,276
Operating profit	2,925	3,062	2,747	2,012
OPM %	16.3%	17.0%	16.0%	11.6%
Interest	86	44	32	37

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
GSPLTHIS Gujarat State Petronet Limited	₹272.41	-14.5%	15,514	14.7	1.30	8.8%	0.01	-93.8%
RELIANCE Reliance Industries Limited	₹1,365	+5.4%	18,44,882	22.2	2.10	9.5%	0.36	+10.4%
ONGC Oil & Natural Gas Corporation Limited	₹284.05	+13.7%	3,56,462	9.4	0.97	10.3%	0.44	+0.8%
IOC Indian Oil Corporation Limited	₹145.88	+5.2%	2,07,399	5.7	1.03	18.1%	0.73	+5.7%
BPCL Bharat Petroleum Corporation Limited	₹312.1	+2.6%	1,37,118	5.5	1.44	26.2%	0.56	+5.2%
GAIL GAIL (India) Limited	₹157.82	-19.2%	1,03,689	12.1	1.18	9.7%	0.25	-4.5%
HINDPETRO Hindustan Petroleum Corporation Limited	₹370.85	-6.1%	80,751	5.2	1.42	27.1%	1.11	+4.1%
OIL Oil India Limited	₹470.1	+18.8%	76,182	13.1	1.35	—	0.58	-0.1%
PETRONET Petronet LNG Limited	₹273.22	-12.9%	40,739	11.2	1.93	—	0.12	-3.3%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	2.42	2.03	-16.3%
-2q	5.82	6.77	+16.3%
-3q	2.27	2.53	+11.6%
-4q	1.84	1.25	-31.9%

Date	Amount
2025-09-10	₹5.00
2024-09-06	₹5.00
2023-09-01	₹5.00
2022-09-01	₹2.00
2021-09-08	₹2.00
2020-09-09	₹2.00
2019-09-12	₹2.00
2018-09-19	₹1.75
2017-09-20	₹1.50
2016-09-14	₹1.50

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	564	564	564	564
Reserves	10,089	11,617	12,994	13,824
Borrowings	713	149	140	138
Other liabilities	111	112	111	124
Total liabilities	15,294	17,316	19,056	20,807
Fixed assets	10,755	11,365	11,870	12,155
CWIP	1,358	1,506	1,773	1,178
Investments	150	156	252	255
Other assets	30	29	24	46
Total assets	15,294	17,316	19,056	20,807

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	2,748	3,340	2,803	2,741
CF Investing	-1,359	-1,815	-2,142	-2,754
CF Financing	-1,659	-805	-547	-544
Net cash flow	-271	720	114	-556
Free cash flow	1,456	2,062	1,550	1,765

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	11.6%	16.0%	17.0%	16.3%
Net margin %	6.4%	9.6%	9.1%	9.1%
ROE %	8.0%	12.9%	14.4%	15.4%
ROCE %	16.1%	22.8%	26.7%	26.8%
Debt / Equity	0.01	0.01	0.01	0.07
Interest coverage	60.8×	92.5×	72.6×	35.5×
Revenue growth YoY	+0.4%	-4.5%	+0.6%	—
Profit growth YoY	-33.0%	+1.1%	+0.2%	—

GSPLGujarat State Petronet Ltd

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Oil & Gas

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Recent news

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Recent news

Stock scorecard

SWOT analysis

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Oil & Gas