GSPL Transmission Limited (GTL) filed a disclosure with BSE and NSE under SEBI Regulation 30, submitting its Investor Presentation for Q2 and H1 FY 2026-27. The presentation was made available on the company website www.gspltrans.com.

Operational Performance Highlights

Standalone Q2 FY27 Performance:

  • Revenue: ₹289.6 crore, up 8.4% YoY (Q2FY26: ₹267.2 crore)
  • Gas Transmission Expense: ₹45.9 crore, down 1.4% YoY
  • EBITDA: ₹169.1 crore, marginally up 0.6% YoY
  • EBITDA Margin: 58.4% (down 454 bps YoY)
  • PAT: ₹120.4 crore, up 2.2% YoY
  • PAT Margin: 41.6% (down 252 bps YoY)
  • Diluted EPS: ₹3.85, up 2.1% YoY

Volume Growth Drivers:

  • HP Grid volume increased 9.3% YoY in Q2FY27
  • LP Grid volume grew 30.8% YoY in Q2FY27
  • HAPi Grid volume increased 16.5% YoY in Q2FY27
  • CGD remains the largest demand segment

H1 FY27 Standalone Performance:

  • Revenue: ₹566.7 crore, up 4.6% YoY
  • EBITDA: ₹362.9 crore, marginally down 0.2% YoY
  • PAT: ₹258.3 crore, up 1.2% YoY
  • Diluted EPS: ₹8.26, up 1.2% YoY

Financial Position

Balance Sheet as of September 30, 2026 (Standalone):

  • Share Capital: ₹312.7 crore
  • Other Equity: ₹6,837.7 crore
  • Total Equity: ₹7,150.4 crore
  • Plant, Property and Equipment: ₹3,208.1 crore
  • Capital Work in Progress: ₹582.9 crore
  • Cash & Cash Equivalents: ₹387.6 crore
  • Total Assets: ₹8,371.1 crore
  • Company is debt-free with strong net worth position

Expansion Strategy and Capex

  • Current expansion capex plan of ₹3,500 crore underway
  • Plans to add ~700 km of pipeline, expanding network to 3,600+ km from current ~2,900 km
  • Key projects under implementation:
  • Anjar-Palanpur (284 km)
  • Jamnagar-Dwarka (98 km)
  • Vapi-Tarapur (71 km)
  • Dahej-Bhadbhut (36 km)
  • Various spur lines and customer connectivities
  • Awarded EPC contracts worth ₹1,800 crore for Anjar Palanpur Pipeline Project in July 2026
  • H1 FY27 capex incurred: approximately ₹300 crore

Subsidiary Performance

GSPL India Gasnet Limited (GIGL) - 52% owned:

  • Q2FY27 Transportation Volume: 5.49 MMSCMD, up 27% YoY
  • Q2FY27 Transportation Revenue: ₹81.49 crore, up 13% YoY
  • Operates ~1,439 km cross-country pipeline across Gujarat, Rajasthan, Haryana, Punjab
  • ~120 km pipeline under construction

GSPL India Transco Limited (GITL) - 52% owned:

  • Q2FY27 Transportation Volume: 1.68 MMSCMD, up 137% YoY
  • Q2FY27 Transportation Revenue: ₹26.29 crore, up 18% YoY
  • Operates ~365 km pipeline from Kothapalli/Tadepalligudem in Andhra Pradesh to Ramagundam, Telangana
  • Part of proposed Mallavaram-Bhopal-Bhilwara-Vijaipur pipeline system

Market Position and Strategy

  • Pure-play, open-access natural gas transmission network
  • Only grid connected to all operational LNG terminals in Gujarat (Dahej, Hazira, Mundra, Chhara)
  • Transports ~23% of India's LNG imports and ~41% of KG Basin volumes
  • Gujarat accounts for ~22% of India's natural gas consumption (42.17 MMSCMD in September 2026)
  • Strategic focus on network expansion, customer diversification, and asset integrity
  • Regulated business model with PNGRB tariffs providing assured returns

Corporate Governance

Board of Directors:

  • Chairman: Shri Manoj Kumar Das, IAS (1990-batch Gujarat cadre)
  • Non-Executive Directors: Dr. T. Natarajan, IAS; Shri Ashwini Kumar, IAS
  • Independent Directors: Smt. Gauri Kumar, IAS; Ms. Vanaja N Sarna, IRS; Shri Jayant Misra, IRS; Prof. Vishal Gupta
  • Vice Chairperson: Smt. Avantika Singh Aulakh, IAS

Management Team:

  • CEO: Prakash Karnik (33+ years experience)
  • Company Secretary: Rajeshwari Sharma (filing signatory)
  • CFO: Lokesh Agarwal

Additional Information

  • Company received 3rd Greentech Environment, Health & Safety Award 2026
  • Maintains ISO certifications: 9001:2015 (Quality), 14001:2015 (Environmental), 45001:2018 (Occupational Health & Safety)
  • Comprehensive CSR program including battery research lab, medical facilities, anganwadis, and healthcare initiatives
  • 24×7 SCADA-based network surveillance with redundant control systems