Disclosure Context

GSPL Transmission Limited (Scrip Code: BSE 544801, NSE: GSPLTRANS) submitted a disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to BSE and NSE on November 3, 2026. The disclosure contains the company's unaudited financial results for Q2 FY27 and half year ended September 30, 2026, along with strategic updates.

Financial Results Summary

The company reported the following financial performance (all figures in INR Crores, except margins and EPS):

Q2 FY27 Performance:

  • Revenue: ₹289.57 crore (compared to ₹267.20 crore in Q2 FY26)
  • EBITDA: ₹169.14 crore (compared to ₹168.22 crore in Q2 FY26)
  • PAT: ₹120.44 crore (compared to ₹117.87 crore in Q2 FY26)
  • PAT Margin: 41.59% (compared to 44.11% in Q2 FY26)
  • EBITDA Margin: 58.41% (compared to 62.96% in Q2 FY26)
  • Diluted EPS: ₹3.85 (compared to ₹3.77 in Q2 FY26)

Half Year FY27 Performance:

  • Revenue: ₹566.70 crore (compared to ₹541.94 crore in H1 FY26)
  • EBITDA: ₹362.90 crore (compared to ₹363.46 crore in H1 FY26)
  • PAT: ₹258.25 crore (compared to ₹255.09 crore in H1 FY26)
  • PAT Margin: 45.57% (compared to 47.07% in H1 FY26)
  • EBITDA Margin: 64.04% (compared to 67.07% in H1 FY26)
  • Diluted EPS: ₹8.26 (compared to ₹8.16 in H1 FY26)

Full Year FY26 Reference:

  • Revenue: ₹1,070.41 crore
  • EBITDA: ₹608.20 crore
  • PAT: ₹405.63 crore
  • PAT Margin: 37.90%
  • EBITDA Margin: 56.82%
  • Diluted EPS: ₹12.97

Note: EBITDA and margin calculations exclude other income.

Operational Highlights

Revenue growth was driven by higher transport volumes across all three pipeline networks:

  • HP Grid volume increased by 9% YoY in Q2 FY27
  • LP Grid volume grew by 31% YoY in Q2 FY27
  • HAPI Grid volume increased by 17% YoY in Q2 FY27

Strategic and Corporate Developments

Expansion Plan:

  • The company has an expansion-led capex plan of ₹3,500 crore underway
  • The plan aims to enhance pipeline capacity to new geographical areas
  • The existing ~2,900 km pipeline network will be supplemented by 700 km of planned additions
  • Post-expansion, GTL's network will expand to 3,600+ km

Recent Contracts and Capex:

  • GTL awarded EPC contracts worth ₹1,800 crore for implementation of Anjar Palanpur Pipeline Project in July 2026
  • During first half of FY27, GTL incurred capital expenditure of approximately ₹300 crore

Management Commentary

Shri Manoj Kumar Das, IAS, Chairman stated: "We executed on volumes across HP, LP and HAPI networks which resulted in higher revenue growth in addition to continued focus on operating resilience. Our standalone revenue has risen more than 8% YoY supporting our PAT growth."

Shri Prakash Karnik, CEO added: "Currently we are India's second largest natural gas transmission network covering 2,900+ km across 26 districts in Gujarat. In the years ahead India targets increasing natural gas share in its energy mix and we expect the demand forecast to reach 297 MMSCMD by 2030. In anticipation to meet this increasing demand we are planning an expansion led capex of Rs 3,500 crore. This expansion will not only enhance our pipeline capacity and geographical reach but also create value for our investors and stakeholders through revenue and EBITDA growth."

Company Background

GSPL Transmission Limited (GTL) is engaged in natural gas transmission infrastructure, facilitating transportation of gas from supply sources to demand centers through its pipeline network. The company plays a key role in enabling reliable gas availability for industries, city gas distribution entities and other customers.