Thank you, Ali. Good afternoon, everyone.

We have with us Avantika Singh Aulakh, madam, Managing Director, Gujarat Energy Limited, as well as senior management team from Gujarat Energy. I request Managing Director madam to take us through details of operating and financial performance.

Over to you, madam, please.

Good afternoon, everyone. Respected shareholders, distinguished analysts, members of the investor community, ladies and gentlemen.

On behalf of Gujarat Energy Limited, I extend a warm welcome to all of you to the company's earnings call for the first quarter of FY 26-27. Thank you for taking the time to join us today.

We are pleased to present the operational and financial performance of GEL for the quarter ended 30th June. This quarter is significant for the company as apart from delivering excellent performance across our key business segments, we also completed the listing and trading of our additional equity shares allotted pursuant to the scheme.

Our post-merger performance reflects the strength of our integrated business model bringing together scale, sourcing strength, operational synergies, and broader capabilities across the energy value chain. We are today positioned as one of India's leading integrated energy companies with a presence across gas trading, city gas distribution, exploration and production, and renewable energy.

This integrated business model enables us to navigate evolving energy markets, supports sustainable growth, and create long-term value for stakeholders. Let me begin with our gas trading business.

During the quarter, global energy markets witnessed significant disruption due to geopolitical developments and supply-side constraints. Despite these challenges, we were able to leverage our robust sourcing capabilities, extensive supplier network, and deep market expertise to secure critical LNG volumes for our customers.

During the quarter, the company sourced 10 LNG cargoes despite unprecedented circumstances, demonstrating the resilience of our procurement network and our commitment to uninterrupted customer service. The gas trading segment delivered strong profitability, with earnings before tax increasing to 726 crores in this quarter as against 237 crore in the previous year same quarter, reflecting a growth of 206%.

I will now move to our city gas distribution business, which continues to demonstrate healthy momentum across customer categories. In the CNG segment, we achieved a new benchmark with CNG volume of 3.76 MMSCMD during this quarter compared to 3.33 MMSCMD the previous quarter, registering a growth of 13%.

CNG volumes in Gujarat recorded a 12% increase, while areas outside Gujarat delivered a notable 19% growth, highlighting our success in deepening our presence across geographies. Our CNG infrastructure has expanded to 844 stations.

During the quarter, the company added 6 new CNG stations and upgraded 9 CNG stations. I would like to draw your attention to the fact that the company is now planning to add more than 75 new CNG stations and upgrade approximately 70 CNG stations during the current financial year.

CNG continues to remain an attractive fuel option for customers, offering a compelling economic advantage being approximately 46% cheaper than petrol and 25% cheaper than diesel based on current pricing. In the PNG domestic segment, we continued to witness healthy customer additions.

During the current quarter, the company added approximately 59,000 new domestic PNG customers, taking our cumulative domestic PNG customer base to more than 24.77 lakh households. The PNG penetration drive has also gained strong momentum.

In the wake of constrained LPG supplies caused by the conflict in the Middle East, the Government of India took policy measures to boost PNG connections for domestic usage. In support of this initiative, GEL has undertaken focused actions including aggressive marketing campaigns across various digital and print medium, mobilization of additional contractors for execution of new connections, and prioritized outreach to essential category customers such as hospitals, community kitchens, etc.

These efforts have translated into visible results. From January to June 2026, GEL connected approximately 91,000 PNG connections and more than 1,000 commercial PNG connections under the PNG drive.

In the PNG commercial segment, the company registered a volume of 0.17 MMSCMD in Q1. As of now, we serve more than 16,600 commissioned commercial customers across our network.

We expect additions in both domestic and commercial categories to remain robust as our newer geographical areas in Punjab, Haryana, MP, Rajasthan, Maharashtra continue to mature and deepen customer penetration. The PNG industrial segment delivered a strong performance during the quarter.

Industrial sales volumes reached 7.17 MMSCMD in Q1 FY27 from 4.71 MMSCMD in Q1 FY26, registering a growth of 64%. The Morbi ceramic cluster continues to remain our largest partner in the PNG industrial segment.

Our successful supply strategy provided significant support to the Morbi ceramic industry during the crisis period. The average volume in the Morbi ceramic cluster during the quarter was 5.67 MMSCMD, while volume outside the Morbi cluster was 2.04 MMSCMD.

Morbi cluster volume registered an increase of 181% in Q1 FY27 compared to Q4 FY26. It is especially noteworthy that during the quarter, the availability of alternate fuels such as propane remained adversely impacted, and the fact that we could source and ensure continued supply of gas even against an increased demand from Morbi cluster is in itself a testament to our gas trading capabilities.

During the crisis period, our efforts in ensuring continuous gas supply to Morbi cluster has resulted into increase in gas volumes, rising from approximately 0.4 MMSCMD in April 2026 to around 8 MMSCMD during May-June 2026. We will continue to closely monitor key market dynamics, including spot RLNG prices, availability of alternate fuels, and end consumer demand trends across industries in our operating areas.

Our focus remains clear: to maintain the right balance between volume growth and sustainable margins while continuing to serve our customers reliably and efficiently. I will now present the financial highlights for the quarter.

For Q1 FY27, we reported revenue from operations of 9,670 crores compared to 5,924 crores in Q1 FY26, representing a year-on-year growth of 63%. EBITDA stood at 1,482 crores compared to 896 crores in Q1 FY26, reflecting a growth of 65%.

Profit after tax stood at 998 crores compared to 561 crores in Q1 FY26, registering a growth of 78%. On the volume front, our overall sales volume stood at 15.66 MMSCMD.

Notably, the gas trading segment continued to witness strong traction with sales volumes reaching 12.22 MMSCMD, reflecting the company's growing presence and capabilities in the gas marketing and trading business. Out of this volume, 8.9 MMSCMD volumes were allocated for our CGD segment.

Further, the CGD segment contributed 12.34 MMSCMD, underpinned by a balanced volume mix across customer segments. Our infrastructure base also continues to expand.

The company's total pipeline network spans approximately 45,900 km across 6 states and 1 union territory. During the quarter, the company invested 127 crores in CGD infrastructure.

Sustainability and safety remains central to our operations. Through average Q1 PNG sales to industrial customers, the company helped reduce carbon dioxide emissions by approximately 1.07 crore kilograms per day due to customers using PNG instead of coal.

Similarly, through average Q1 CNG sales, the company helped reduce CO2 emissions by approximately 21 lakh kilograms per day due to the use of CNG for transport instead of petrol or diesel. In conclusion, Q1 FY27 has been a strong quarter for Gujarat Energy Limited.

Our performance reflects the strength of our integrated business model, the resilience of our supply chain, the quality of our execution, and the dedication of our teamwork. Looking ahead, global energy markets are likely to remain uncertain due to continuing geopolitical developments.

However, we remain confident in our strategy. Our diversified sourcing portfolio, strong infrastructure, disciplined capital allocation, and customer-centric approach positions us well to navigate challenges and capture growth opportunities arising from India's transition towards cleaner energy solutions.

We remain committed to delivering sustainable growth, supporting India's cleaner energy transition, and creating long-term value for all our stakeholders. With this, I now request the moderator to open the floor for questions and answers.

My leadership team and I will be happy to respond to your queries. Thank you.

Thanks for the opportunity and congratulations on a strong set of numbers. I have a couple of questions.

Firstly, just to understand the math a bit. You mentioned that overall sales volume is 15.66, whereas gas trading sales is 12.2 and, of course, CGD sales is 12.3.

Apologies for not understanding, where is the balance 3.4 MMSCMD coming from? That is upstream sales, is it?

No, that is the gas trading which we have done for the other than the CGD business.

Sir, but you just mentioned that 8.9 MMSCMD was internal out of 12.2. Yeah.

Then that balance would be the external sales, right?

That will be external sales, yeah, right.

Then that would be 8.9 plus whatever it is. How are we arriving at the 15.66?

No, I'll just tell you the numbers. 15.66 is the overall company number.

Mhm. The CGD segment number is 12.34.

Right.

After removing the intercompany sale of 8.9, that's close to 3.32.

Got it. It's essentially 12.34 plus whatever has been sold externally.

That is the overall sales volume. Yes.

Is that a fair way to look at it? Sir.

That's right.

Got it, sir. The second question was more about Morbi.

If I understood correctly, ma'am mentioned 8 MMSCMD is the sales volume in the Morbi cluster for May and June. Just wanted to understand what is the run rate prevailing now and what we are hearing is that propane availability is starting to become a bit easier.

Just wanted to understand if that is having an impact on the business right now and what is the respective pricing on even a rough average of what our industrial retail sales prices versus the propane equivalent price as of now?

In the last quarter, we have sold close to 8, more than 8 million volume in Morbi. Post July, the availability of propane has gradually improved because India has started sourcing from non-Middle East countries like USA and Venezuela and others.

So,

Right.

As far as the current run rate is concerned, I think we are delivering close to 3 million gas in Morbi and close to 5.3, 5.4 million equivalent gas is being delivered as propane.

Got it. What would be the pricing, sir, if I can understand, in terms of rupees per SCM terms roughly, ours as well as propane?

Ours is close to 78 and propane is close to 65.

Got it, sir. The other question was with respect to CNG, what kind of growth rate should one be looking at for the rest of the year?

How confident are we of maintaining this 12, 13% kind of growth in CNG?

I think we have been growing at close to 12% and this growth has continued, and this quarter, it's growing at 13% now. Basically, we are expecting that, and as our MD's told that we are going to add on more stations now.

We will be able to sustain that growth for the next couple of years at least.

Understood, sir. I will come back in the queue if I may.

Thank you so much and all the best.

Thank you.

Hi. Thanks for the opportunity.

With regards to the Morbi supply coming off to 3 MMSCMD now, what is the visibility now you have of, let's say going higher again or now that propane is coming from US, it's fair to say that the price gap will stay a bit elevated between propane and PNG and therefore it'll be tough to basically gain volume back in the Morbi market?

Currently, that is what it seems to be the case, because spot prices being close to $20 and propane pricing being what it is right now, I think gas prices would be at a premium to propane and our expectation is that we will continue to do close to 3 MMSCMD of gas at least in this quarter.

Understood. If you could also then highlight what is the margin that you will be making at, let's say, this price of 78, which is the Morbi price, which you just mentioned, like in Q1 obviously you had the operating leverage benefit, which I'm guessing will be missing in Q2 now.

What really is the gross margin you're making here?

I think we are giving the margin at a company level and the segment level, and I think the segment results are there in the investor presentation.

Sure. Also with regards to the propane plans, then now that propane is getting available from other suppliers beyond Middle East, are you also looking to make more progress on your propane business plans?

Yes, we have plans to have our own propane import facilities. We have basically shortlisted few sites in Gujarat where we can put up our own terminal.

Those studies are going on. We will be coming to you with some details shortly.

We have plans to set up our own import and storage facilities of propane near the Morbi market.

Sir, and just the last question if I can, the third-party gas trading volume has dropped to 3.3 MMSCMD, as you mentioned, which I think was close to 5 earlier. Again, what was the reason?

Was it the high pricing or was it the sourcing issues which were there?

Yes, because of the volume which got cut off from the Middle East and because of the high prices, volume has come off a bit. This time, power volumes are also not there.

That has also impacted.

Sure. Any outlook you could give there for coming quarter or later part of the year?

I think in a long term, we do expect good third-party volumes, especially around 20, 27, especially in the year 28, 29, where we expect pricing to be much more reasonable.

The long-term volume, you're saying, will still be 4.5, 5 range?

I think it should be in that range, 4.5 to 5 million.

Okay.

Thank you.

That's it from my side.

Thank you for the opportunity, sir. Just a two question over here.

Can you please share the gas sourcing mix during the quarter? What was the capex we spent for Q1 and what would be for the FY27 and '28?

Can you repeat the question? We could not get you right.

What was the gas sourcing for Q1 and what is our capex guidance for FY27 and '28? Any incremental capex are we doing on the gas trading segment?

There is no capex on the gas trading segment, but there will be capex on the CGD segment, which practically we are giving a guidance of close to 1,000 crores. We still stick with that.

You needed sourcing split of the CGD business or the entire thing?

CGD and plus, even on the gas trading part.

On an overall level, we are doing close to 20% on term contract basis. Domestic gas is close to 12.5%, and the rest is spot.

Okay. That's really helpful.

Thank you.

Yeah.

Hi, sir, thanks for the opportunity. A couple of questions on gas trading side.

Can you highlight how gas trading offtake contracts with your customers are structured? As in what proportion are back-to-back with a fixed margin, and any trading volume that is exposed to pricing risk like similar to GAIL, where you have some bit of pricing risk in terms of sourcing on nine-month DTC average whereas your offtake is on three-month JTC or there's another contract with GAIL where they have Henry Hub-Brent LNG pricing risk?

Is there anything like that in your case? What explains very high marketing trading margin in this quarter?

We do have term contracts, let's say, for example, in fertilizer, we have term contract which are on Brent on a three-month pricing basis. Same is the case with the CGD.

Most of the power consumers are on spot. As far as sourcing is concerned, it's a mix of Brent and Henry Hub, and obviously, in CGD, we have this APM gas as well.

Any margin we can share per unit margin, say, for LNG as well as for domestic gas on the trading side?

Domestic gas, it is basically HPHT gas, there the margins are fixed. Same is the case in fertilizer, where we can't charge more, where we can charge only a fixed marketing margin, which is close to $0.20.

In other segments, industrial and all, the marketing margin depends on the market at that point of time.

Okay. Sir, why was the margin so high in this quarter?

Because, I think, fertilizer and CGD will be largely very nominal margin. What is the upside coming from?

I think we have sourced the gas at a appropriate time with respect to the margins which we have earned, and we had long-term agreements which were there linked on Brent. Basically, you have a dated Brent which comes in on a averaging basis.

Based on that, basically, we had a slight advantage with respect to the product which you have offering to the market.

Sir, next quarter, is there a chance for reversal of some of these gains when the prices, say, reverse when your nine-month, three-month spread, if that get reversed, is there a chance of second-quarter marketing trading gain some of it getting reversed?

There is no reversal. You meant to say negative numbers?

Negative, yes, Q-on-Q.

No, there will not be any negative numbers. I think we stick to our guidance.

Last time, we gave around 1,100 crores of profit from the gas trading business. That still remains.

Despite the very strong first quarter. Despite the very strong first quarter, you are still sticking

Yeah, on a conservative basis, we are giving it 1,100. We stick to the earlier earlier, guidance which we have given.

Okay.

Yeah.

Yeah. Sir, lastly, with the upcoming new LNG contracts from Uniper, Qatar, I think even Total, will you have lower proportion of spot volume in the trading side, and will that impact your trading business margin?

Because from what I understand, spot, you can earn more margin, and when you have a longer-term fixed contract, you'll probably have a more back-to-back contract.

For genuine reasons. Generally, we try and sell the long-term contract that we sign on a back-to-back basis.

Similarly, on the Henry Hub side, we have contracted some of the volume on back-to-back basis. We don't keep all the volume exposed.

We do sign contracts whenever we do a long-term contract. Yes, it is expected to improve the profitability, and we will also be able to expand our business with these long-term volume.

Will this also help the CGD business in terms of lower proportion of spot and then you have higher contracted LNG, which is much cheaper and more stable price route?

Absolutely. It will.

Sir. Thank you, sir.

I'll go back to the queue.

Yeah.

Thanks, sir. Thanks for taking my questions and congratulations for the good set of numbers.

Question related to gas sourcing break up for CGD business, that would be helpful. If you could provide the in MMSCMD, in terms of the how much was APM, NWG, exchange, and gas.

I think we told that 12.44 was the volumes which we did in the CGD segment. Of that, close to 14% was APM, and 6% was the new well gas, and GAIL pool gas was close to 2%, and long-term contracts, we had close to 9%, and rest, close to 69%, was on a short-term or intersegment sale basis.

Ajay Sharma. Can you hear me?

Please go ahead.

Can you hear me?

We can hear you.

I want to ask that for the gas trading, right, in terms of rupees per SCM, is there a margin target, right? I see noted that it is a 6 rupees per SCM in first quarter.

Last year was 3.5. You gave some numbers for fertilizer and CGD.

Can you just quantify how much is the number in term per SCM for fertilizer, CGD, and for other categories which you target?

I think what we have told as a guidance earlier also, basically, we make a margin of close to 4 to 5% in the gas trading business. There will be exceptional quarters which would be there, but we stick to that guidance again.

It's not per SCM, is it? Is it a percentage margin you target?

It's a percentage margin which we target overall. Overall, on a basis.

Thank you.

Hi, sir, good evening. Thanks for the opportunity.

Just had a clarificatory question on CNG sales. Sir, post amalgamation, I suppose, Sabarmati Gas volumes would also be included in this sales, right?

Is that the right understanding or correct me if I'm wrong over there?

No, it's not. It's a wrong understanding.

It's a joint venture. Only the profit is taken on a line-by-line basis.

This volume of 3.76 is only erstwhile Gujarat Gas CNG volume?

You're right. You're right, yeah.

Okay. Great, sir.

Thanks for that clarification. Secondly, sir, on the industrial sales, our other than Morbi industrial sales, it continues to languish somewhat, and even in this quarter, we managed only about 2 MMSCMD.

What is the roadmap for growing this segment if you can throw some light on that, and also if any measures we are taking in other areas, other GAs where there is industrial consumer which is present, and what we are doing about growing this segment?

Yes, currently, we are doing to more than approximately 2 2.2 MMSCMD in other than Morbi, but we have certain promising regions like GNS, then Ahmedabad Rural, Dahej, Kutch, Thane, and Thane, we expect much more volumes, and as we expect LNG prices to become stable maybe in a year's time from now, we expect these volumes to be at least 3, 3 MMSCMD in 1.5 to 2 years from now. Sorry,

you mentioned 3 MMSCMD in 1.5 to 2 years?

Yes.

Sir. Thanks.

Thanks for the answers. I'll get back in the queue.

Thanks for the opportunity again, sir. Sir, again, coming back to the question that Nitin asked earlier, the development of Ahmedabad Rural, Thane, Kutch, Dahej, etc.

has been ongoing for a while now. Just wanted to understand, is pricing the only constraint that we have been facing since volumes in these regions haven't really shown that much traction for the past, let's say, 2, 3 years where, if you look at industrial sales other than Morbi, they have broadly stayed in a fairly narrow range for a period of time.

What LNG price would actually incentivize people to convert, if you can give us a sense of what is holding it back and is there any other reason why volumes have not picked up in these regions?

See, while we are discussing on the non-Morbi areas, main reason is not only price, we are in the process of developing the infrastructure also. In Ahmedabad Rural, Thane, etc., our pipeline network is in advanced stages and we are reaching the industrial areas.

We will be connecting the new industrial units and then the volumes will start increasing. Just to share that in the non-Morbi section, we have added almost 86 new industries in the past, from April to June.

This will result in handy growth in the volumes from these areas. It is not only the pricing differential which is the constraint, it is the infrastructure which we are developing.

That is why we are saying that gradually, it will start resulting in the volumes.

Got it, sir. That is useful.

If I can ask a small follow-up, similar to Morbi where let's say propane is the main alternate fuel, can we get a sense of what are the key alternate industrial fuels that we are competing with in some of these new regions?

See, there are multiple alternate fuels like steam house is there in the Ankleshwar and South Gujarat area, then briquettes and solid fuels are there in other regions. We are facing competitions from all these alternate fuels, but definitely we'll try to market and get customers on board for a long-term basis on NG.

Got it. The second question I had, sir, if I may, is is there any regulatory push that we are seeing or advocating for for more mandatory usage of gas, whether it's in industrial or commercial units or basically for the CNG segment in the Gujarat region over the next, let's say, year or two?

Because that is something that can probably drive much stronger growth. Just your outlook on that.

See, right now, the mandatory push is more on the domestic segment, domestic as well as the commercial, but not on the industrial. Industrial, open competition is there from alternate fuels.

Propane is coming, customers have a choice to switch to propane. Yes, in the domestic segment, the mandate is there from the government to switch from LPG to domestic, and also in the commercial segment, but not in industry.

Understood, sir. That is very useful.

Thank you, ma'am and sir.

Okay.

Thank you for doing the call, team. I had a follow-up on the question around sourcing for gas.

I think if you look at for the last 3 to 5 years, we have gone through three of three shocks now. I think we have heard for a couple of times in terms of the management looking to source long-term gas, but it's been a bit of a struggle there.

Is it the bottleneck of confidence on demand that's keeping you away on long-term sourcing of gas? Now that you have become a integrated energy company, you can now really go forward and be more aggressive in signing long-term supply of gas.

What's kind of keeping it a bit of on a back burner in terms of sourcing long-term supply?

No, it's not because of low confidence in demand. It is basically whenever, and you talked about the three shocks that we have witnessed starting with the Russia-Ukraine thing and then now this Middle East.

We have signed few contracts. You must be aware that we have signed with Total, we have signed with Uniper, we have signed with Qatar, and we are already in the market for few more contracts.

It's only that because of the shocks, the timeline for reasonable priced gas keeps on shifting. Earlier, war began, the new wave of LNG supplies that was to hit the market was '26, '27 maybe.

Now because of this Iran thing which has happened, it has slightly shifted. Right now, what we are trying to do is to source our gas starting 2028, and we are in the market for sourcing these additional volumes.

It's not because of the demand issue that we are not sourcing yet and nor it was because we are separate companies. Obviously, having one company gives us much more confidence.

That's true. We are in the market for sourcing new additional volumes on long-term basis.

Okay. Sir, what percentage of your volumes, maybe in a couple of years, you think will be now on long-term sourcing, because APM is obviously coming down, but if you can give us a bit of a sense of what percentage of your volumes could kind of come in, which will be on long-term supply versus spot?

Basically, as of today, around '28 would be 2 million ton on of 2 million ton LNG equivalent on term contract basis. We expect to do close to at least 4 million ton in 2030.

Got it. That's clear.

The final question I had was on the power business. Can you give us a bit more details around the power business and how the PLFs have been and what is your kind of a pace at which you think power PLFs could kind of come for you going forward?

I think the PLFs have been lower because these are all gas-based power plants. Practically, they have been operating at close to 1% for both the plants.

For the last quarter, if you look at GSEG, the 351 MW was around 6% and for Pipavav, it was close to 1%. Basically, only thing is when there is a shortage of electricity, especially in the summers, basically, there is a peak demand which comes from this gas-based power plants.

Other than that, basically, we don't have much of utilization or the PLF coming up from there. We are working on the strategy on how to revive it or how to do certain things.

We'll be coming back to the investors maybe in a few months down the line of what strategy we are using is to basically turn it round.

Okay. A lot of other power companies are basically tying it up back of the meter deals in terms of supplying power to data centers.

Is that something that's on the thinking process as well?

We are looking at multiple options. We are working on it.

Perfect. Thank you.

Thank you.

Thank you, sir, for the opportunity. My question was just more of a housekeeping.

Can you please share the EBITDA for each segment for Q4 and Q1 FY26?

I think we have shared this time in the investor presentation.

Sir, I think investor presentation only has Q1.

Oh, you want the previous year?

Previous year, Q4 and Q1. Q1 FY26.

Q1 FY Okay, just a minute. Just a minute.

We will we'll just give it. The gas trading was around 236 crores, CGD was around five 544 crores, E&P was 7, and renewables was close to 14, making a total of around 800 crores.

This was for, sir, Q4 or Q1 FY26?

Q1 of '26, yeah, Q1 of '26.

Sir, Q4?

Q4, it was 409 for gas trading, CGD 465, E&P 14, and renewables 5, making it 893.

Sir. Thanks a lot.

That's all from my side. Thank you.

Thanks for the opportunity, sir. Few questions.

First you gave the Morbi pricing. Similarly,

Is it better now?

Thanks. Sir, we had given the pricing on Morbi.

Similarly, if you could give the industrial pricing on the non-Morbi front, what was it Q1 and where is it currently?

Just 1 second. It's close to 70 rupees, 70 rupees for the non-Morbi ceramic segment.

Sir, this is Q1 average?

Q1.

In Q4, the equivalent number would have been?

Q4, it would be much lower. I think we'll get back to you maybe.

You can send us a mail. We'll send the details.

Okay. Sir, second question on the gas trading and the sourcing.

This 12 MMSCMD, if you could give us a break up in terms of sourcing, long term, Henry Hub, Brent, and spot?

Long term is 2 20%, domestic gas is 12.5%, and the rest is spot, 67 close to 67%. Out of this long term, almost 20% is Henry Hub.

Okay. Sir, also the sales that outside of the CGD segment roughly comes around 5 MMSCMD, if you can give a break up between fertilizer, power, and any other end-use segment.

You are talking about the gas trading segment for the breakup?

The gas trading segment apart from CGD, the other volumes that we have. If you could just give a break up in terms of any customer.

Fertilizer is close to 1.6, chemicals is close to 0.24, and steel is close to 0.2, and power is close to 0.2. Other CGD companies also we are selling, close to 0.5.

Other industrial segments which we sell is also 0.5.

Understood, sir. Sir, last question on the 3 MMSCMD current Morbi volumes, despite having such a price gap, 78 versus 65 rupees, is it because these are the units that don't have a propane infrastructure or is there any contractual obligation for them to still consume gas at the minimum level?

That is because these companies they don't have infrastructure for propane, either because they are smaller in size or because they don't have the required space in their premises to install propane facilities. Understood.

Does that mean if there are no further propane infra addition, even if there is a meaningful price gap, 2 to 2.5 MMSCMD of volumes can still hold through? Is that a fair way to look at it?

I think so. I think 1.8 to 2 million would be a fair number to assume, because in the past, it had reduced to 1.8 MMSCMD around that number.

Understood, sir. Thank you.

Thank you.

Hi, sir. Thanks for the opportunity again.

Sir, this bottom of 1.8 MMSCMD in the Morbi, which you think could be something which will hold for you. Are these contracts on a longer term or they are also 1-month basis?

They are 1-month contracts.

Okay. Basically, because of no availability of infrastructure to probably use propane, they'll be staying around with natural gas?

Yes. Okay.

Okay. Second question is on when is the listing for GTL, Gujarat State Transmission?

I think it was supposed to be listed by end of July and now in the middle of August. Any timeline you can share, please?

We are closely coordinating with BSE, NSE, and SEBI on this, since it will require exemption for listing without going for public issue route. It is likely to take slightly longer time.

We expect this to happen somewhere towards early September.

Sir. Thank you.

Hello. Hello.

Thank you for taking my question. I had two questions.

One on Morbi, but that has been answered just now. The second question is regarding the present cash on the balance sheet.

You already mentioned about 1,000 crore of capex. Could you kindly highlight what is the current cash on the balance sheet and how do you plan to utilize it going forward?

Thank you so much.

We have a cash of around 7,200 crores. We have a capex plan of around 1,000 crores for the CGD business, and with respect to the rest of the cash to be utilized, basically, we are working on certain, certain programs with respect to the strengthening of the present business with respect to the CNG and the pipelines, as well as we are also looking at the diversification strategy in the energy business.

On a concrete plan, we'll be coming in maybe in the Q3. By Q3, we'll be having a concrete plan of how that deployment of the cash would happen.

Since you mentioned that the gas trading business doesn't really require any capex as such.

This

1,000-crore capex, which you already outlined, does it include your proposed capex on the propane infrastructure, which you're trying to set up?

No, it doesn't include that, because that's in an early stage of DRHP. You have to have the detailed project report in place and then, basically, the capex will happen in next 2 years.

That's a long-term plan.

Okay. We will get to know the position only over the next two quarters, once you have detailed reports and

Yeah, absolutely.

Fine. Thank you.

That's all.

Hi. Thanks for the opportunity again.

In this quarter, the CGD EBITDA margin has come down. Is it largely because of Morbi or is there any other reason in that number?

I think it's around 5.18, and because we have a bigger volume now to be divided. That's the reason it's 5.18.

We have given a guidance of 5.5 to 6.5. We still stick to that guidance.

Right. No, but in Q1, it was below that guidance.

Was it because, let's say, Morbi margins were a bit lower than the portfolio margins? Was that the reason or was there any other reason?

See, we look at a portfolio. We don't look at each segment when you look at the EBITDA margin of the segment.

Okay. Five 5.5 to 6.5 remains the range?

Yeah.

Okay. Sure.

That's all from my side.

am I audible?

You're audible. Yeah.

My question is regarding the dividend policy. Now, we have merged three companies together, and we have sufficient cash balance of 7,000 cr.

Also, we are generating regular cash from our business. Will there be any relook on the dividend policy of the company since the merger is now completed?

I think we have been following the Government of Gujarat's guidelines with respect to dividends, which has been announced last quarter also. I think we have given a dividend of close to 800 crores,

835 crores.

With respect to the rest of the cash to be utilized, as we have told earlier also, basically, we are looking at proper investment with a better returns to the investors itself. We are planning those things, and basically, by the quarter 3, we'll be coming up to the investors maybe which all areas we'll be investing.

Okay. The next question is regarding the earnings predictability.

In, for the year for this financial year 2027, what would be our revenue projection and margin projection if you can share something on this?

Margin projection, I think, basically, as I told you earlier, basically, for the gas trading business, we have projecting around 1,100 to 1,200 crores of margins. With respect to the CGD business also, basically, we'll be going with the same numbers which you have there earlier.

Except only thing is why Q2 by the Q2 number, Q2, we'll be in a better position to tell you the numbers, because we still have the volatility of the Middle East crisis, which is going on.

Right. Thank you.

These were the only two questions from my side. Thank you.

Thanks, sir. Is it possible to share any financials of the GTL, which is yet to be listed?

No, that's a separate company now, sir.

Can you give any idea regarding the performance?

GTL results are available on their website. You can access the website and get a hang of their performance.

They've been doing with the user results on quarter-on-quarter basis. Those results are available.

Sir,

what is our gross block as on 30th June? It's

around 12,000 close to

12,000 crores?

Close to 12,000.

Okay. Thank you, sir.

Hi. Thanks for the opportunity again.

You had mentioned the last call that there are some refunds that you'll be claiming from the department for FY26, for the merger, unabsorbed losses for tax adjustment basically. Where are we in that process, and by when you expect the refund to come in?

I think, presently, we are in the process of filing the revised returns. It will take time, in the sense, at least a year to get the refunds, because we need to refile the returns for the 24-25, 25-26.

26 will be the reverse one, but the 24-25, we have to file the revised returns, which we are in the process of filing it.

Right. The expected quantum is about what, 900-odd crores, if I'm right?

You're right.

Sure. Just secondly on the internal transfer between gas trading to CGD, are we still following the old methodology of the pricing how used to happen when there were two separate entities, or has there been any change made to that Q1 now?

No, that was between two companies. Now, internally, we have the flexibility of changing it.

Sure. Is it now on a cost basis or how is it now being done?

I think that is reflected in the results also.

No, the CGD margin is still low, just wanted to understand that.

I No, I think, see, we are there See, there is a section which is making, the the segment which is there, basically not on, as arm's length See, the problem is, when you are two companies, you have to, run the arm's length concept which is there, which is not typically applicable when you are having the same business internally.

Right.

So, Basically, that's the sourcing can be different, that's the other pricing can be different.

Other way to maybe understand this is the external volume of 3.32 MMSCMD that you made in gas trading. The EBIT which is reported in gas trading, is it only for this 3.32 MMSCMD or would it also largely be for the transfer to the CGD?

It's for the entire thing. If somebody's sourcing the entire thing, basically the segment is for the entire thing.

That's why we clearly told in the beginning of the entire volume of 12.22, which the trading segment did, 8.9 was transferred to the CGD segment.

Sure. There is still a markup basically on the CGD transfer then?

There is still a markup.

Okay. Okay.

That's it. Thank you.

Yeah. Thanks for the opportunity again.

I suppose you've already partially answered the question, but I still ask. The 1,100 crore guidance that you've given, that's also on the entire trading volume, right?

It's not on the external sales. That's the right understanding?

That's the right understanding.

All right, sir. Thank you.

Thank you all for sparing your valuable time in attending the call. We look forward to interact with you during our Q2 numbers somewhere towards middle of November.

Thank you all.