Gujarat State Petronet Limited (GSPL) is a leading natural gas transmission and city gas distribution (CGD) company in India, primarily operating in Gujarat. Incorporated in 1998 as a joint venture between the Government of Gujarat and GAIL (India) Ltd, GSPL owns and operates over 2,700 km of natural gas pipelines and supplies PNG and CNG across 30+ districts. The company also generates renewable energy through 52.5 MW of wind power capacity. Despite a sharp decline in sales and profit in FY2025 due to lower gas volumes and tariff adjustments, GSPL maintains a zero-debt balance sheet, strong cash reserves, and consistent dividend payouts—making it a resilient player in India’s clean energy transition. This article provides a data-backed outlook on the GSPL share price target 2026–2030.
Gujarat State Petronet Ltd: Company Overview
- Founded: 1998
- Headquarters: Gandhinagar, Gujarat
- Key Segments: Natural Gas Transmission (85%+ of revenue), CGD (CNG/PNG), Wind Power
- Strategic Assets: 2,704 km pipeline network connected to Hazira, Dahej, and Mundra LNG terminals
- Ownership: 37.63% held by the Government of Gujarat → Yes, it is a government company
GSPL benefits from Gujarat’s industrial demand, policy support for a gas-based economy, and long-term PPAs with gas suppliers. However, its performance is sensitive to gas availability, regulatory pricing, and seasonal demand cycles.
Gujarat State Petronet Ltd: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹299.00 |
| Market Capitalization | ₹16,909.41 Cr |
| No. of Shares Outstanding | 56.42 Cr |
| 52-Week High / Low | ₹470 / ₹261 |
| P/E Ratio (TTM) | 23.82 |
| P/B Ratio | 1.52 |
| EPS (TTM) | ₹12.58 |
| Book Value (TTM) | ₹197.46 |
| ROE | 7.67% |
| ROCE | 9.61% |
| Dividend Yield | 1.67% |
| Face Value | ₹10 |
| Cash | ₹1,930.72 Cr |
| Total Debt | ₹0 Cr |
| Debt-to-Equity | 0.00 |
| Sales Growth (YoY) | -45.32% |
| Profit Growth (YoY) | -37.13% |
| Promoter Holding | 37.63% |
Gujarat State Petronet Ltd Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹320 – ₹360 |
| 2027 | ₹340 – ₹390 |
| 2028 | ₹360 – ₹420 |
| 2029 | ₹380 – ₹450 |
| 2030 | ₹400 – ₹480 |
Gujarat State Petronet Ltd Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹320 | ₹360 |
GSPL reported a steep 37.13% YoY profit decline and 45.32% sales drop in FY2025, primarily due to reduced gas transmission volumes and one-time tariff revisions. However, its zero debt, ₹1,930 Cr cash, and 1.67% dividend yield provide stability. Trading at a P/E of 23.8x and P/B of 1.52x, the stock appears fairly valued for a PSU gas utility. A 2026 target of ₹320–₹360 assumes volume recovery and stable margins.
Gujarat State Petronet Ltd Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹340 | ₹390 |
The company’s CGD expansion and wind power diversification offer incremental growth. If EPS recovers to ₹14–₹15 by FY27 and P/E holds at 24–25x, the 2027 range of ₹340–₹390 is realistic.
Gujarat State Petronet Ltd Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹360 | ₹420 |
By 2028, benefits from new industrial gas connections and higher CNG penetration should reflect in profitability. Assuming EPS of ₹15–₹16 and P/E of 24–26x, the ₹360–₹420 band is justified.
Gujarat State Petronet Ltd Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹380 | ₹450 |
Long-term tailwinds include India’s push for 15% gas in the energy mix (from ~6.5% today) and Gujarat’s industrial leadership. Using a P/E of 25–27x on projected EPS (~₹15.50–₹17), the 2029 target is ₹380–₹450.
Gujarat State Petronet Ltd Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹400 | ₹480 |
Over a five-year horizon, GSPL’s value lies in its irreplaceable infrastructure and clean energy alignment—not high growth. A terminal P/E of 26–28x on FY30 EPS (~₹15.50–₹17.20) supports the ₹400–₹480 range.
Gujarat State Petronet Ltd: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (GoG + GAIL) | 37.63% |
| Domestic Institutional Investors (DII) | 27.21% |
| Public & Retail | 19.66% |
| Foreign Institutional Investors (FII) | 15.49% |
| Others | 0.00% |
High institutional ownership (42.7%) reflects confidence in governance and asset quality.
Gujarat State Petronet Ltd: Strengths vs Risks
Strengths:
- Zero debt and ₹1,930 Cr cash—exceptional balance sheet strength
- Monopoly-like position in Gujarat gas transmission
- Consistent dividend payer (1.67% yield; ~40% payout ratio)
- Backed by the Government of Gujarat and GAIL
Risks:
- Sales and profit declined sharply in FY25 due to volume and pricing issues
- Modest ROCE (9.61%) limits capital efficiency appeal
- Exposure to gas supply volatility and regulatory risks
- P/E of 23.8x leaves a limited margin for error
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Moderate |
| Ideal Time Horizon | 3–5+ years |
| Volatility | Lower than market average (PSU utility stock) |
| Dividend/Income Potential | Yes (1.67% yield + consistent payouts) |
| Best For | Conservative investors seeking clean energy exposure with income |
GSPL: Owned by the Govt. of Gujarat (37.63%) and GAIL
Petronet LNG: A separate company owned by GAIL, IOCL, BPCL, HPCL
Final Verdict
Gujarat State Petronet Ltd combines strategic infrastructure, financial prudence, and policy tailwinds. While near-term headwinds persist, its zero-debt balance sheet and dividend consistency make it a reliable holding. Our GSPL share price target 2026–2030 (₹320 to ₹480) reflects steady appreciation driven by fundamentals—not speculation.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – GSPL Consolidated Page (FY2025 + TTM)
- Finology Ticker – GSPL Financial Ratios & Valuation
- GSPL Investor Presentation (Q1 FY26, Aug 2025)
- BSE India – Annual Report FY2025
- Ministry of Petroleum & Natural Gas – National Gas Grid Policy
