Gujrat State Petronet’s (GUJS) 2QFY26 revenue/EBITDA stood 9%/13% below our estimate at INR2.3b/INR1.7b, as total volumes came 8% below our estimate at 28.5mmscmd. Volumes continue to remain soft amid weak demand from the refining/petchem and power sectors. Implied tariff came in 8% below our estimate at INR839/mmscm.
OutlookBased on the announced share swap ratio of 10:13 (GUJS:GUJGA), we arrive at our TP of INR311. We reiterate our Neutral rating on the stock.
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