Ladies and gentlemen, good day and welcome to Gujarat Energy Limited, erstwhile Gujarat Gas Limited's Q4 and financial year ended on 31st March 2026 earnings conference call. I now hand the conference over to Company Secretary of Gujarat Gas, Mr. Sandeep Dave. Thank you, and over to you, Mr. Dave. Thank you. Good afternoon, ladies and gentlemen. A very warm welcome to Q4 and FY 2025/2026 earnings call post effective date of scheme of arrangement under the aegis of Gujarat Energy Limited. We have with us our Managing Director, Avantika Singh, IAS. Now I request MD Madam to share business update. Madam, over to you. Thank you. Thank you, Sandeep. Our valued shareholders, distinguished analysts, and representatives from the investor community, ladies and gentlemen. On behalf of Gujarat Energy Limited, I, Avantika Singh, MD of GEL, extend a warm welcome to all of you to this earnings call. Thank you all for attending today's earnings call. We are here to discuss the company's operational and financial performance for the fourth quarter of FY 2026, as also for the full financial year 2025/2026. Q4 of the financial year was marked by contrasting situations with several positive developments in the form of progress on our scheme of arrangement, as well as our highest-ever CNG segment sales, and several difficult situations in the form of gas market instability caused by the conflict in the Middle East. I propose to first update you all about the scheme of arrangement. On 17th April 2026, we received the final order from Ministry of Corporate Affairs approving the scheme of arrangement. After completing all formalities, the scheme of arrangement has become effective from 1st May 2026, which coincided with the Gujarat State Foundation Day celebration. On 1st May 2026, Gujarat State Petroleum Corporation Limited, Gujarat State Petronet Limited, and GSPC Energy Limited have been merged into Gujarat Gas Limited. Consequent to their merger into Gujarat Gas, GSPC, GSPL, and GSPC Energy Limited have ceased to exist. Concurrently, with the merger of GSPL into Gujarat Gas, the gas transmission business undertaking has been de-merged into GSPL Transmission Limited or GTL. As was envisaged under the scheme, the name of Gujarat Gas Limited has been altered to Gujarat Energy Limited with effect from 14th May 2026. The new name reflects the positioning of Gujarat Energy Limited as a true integrated energy company. While the scheme has become effective from 1st May 2026, the appointed date for merger of GSPC, GSPL, and GSPC Energy Limited into Gujarat Gas is 1st April 2024, and the appointed date for demerger of gas transmission business into GTL is 1st April 2025. From a financial reporting perspective, FY 2025/2026 financials and restated financials of FY 2024/2025 do not provide a like-to-like comparison. This is so because the restated financials of FY 2024/2025 include the financials of gas transmission business undertaking of GSPL as well, which does not form part of FY 2025/2026 financials due to effect of demerger having been given from 1st April 2025. Getting back to progress on implementation of the scheme of arrangement, 12th May 2026 was declared as the record date for issuance of shares of Gujarat Energy to shareholders of GSPC and GSPL. The allotment has been made on 16th May 2026, and application to BSE and NSE has been made seeking listing permission for such additional shares of Gujarat Energy allotted to the shareholders of GSPC and GSPL. We expect to receive listing permission from BSE and NSE in next 7-1 0 days, which will enable us to initiate corporate actions for crediting the additional shares to Demat accounts of shareholders of GSPC and GSPL, followed by actual listing and trading of additional shares of Gujarat Energy on BSE and NSE. In the meantime, GTL will also commence steps for declaration of record date for issuance of shares of GTL to the shareholders of Gujarat Energy, followed by listing and trading permission for GTL's shares on BSE and NSE. We expect the entire process for listing and trading of GTL shares to be completed by end of July 2026. I now propose to move on to our operational performance during the period. We now have four major business segments in the form of city gas distribution, gas trading, exploration and production, and wind power generation. Out of the said four segments, the two segments of gas trading and city gas distribution hold the lion's share in our revenues and profits. I would like to begin with the gas trading segment. This segment is singularly the most value accretive aspect of merger of GSPC into Gujarat Energy Limited. Just to give you all a heads up on how significant this segment is, pre-merger, GSPC's gas trading segment revenues during the last five financial years of 2021 to 2024/2025 aggregated to more than INR 1 lakh crore, while the EBITDA for the same period was in excess of INR 9,000 crore. Our gas trading volume for FY 2025/2026 stood at 10.2 MMSCMD, of which approximately 5.3 MMSCMD of gas was accounted for as inter-segment sales, since the said supply was made to our own CGD segment. The trading volume net of inter-segment sales stood at approximately 4.9 MMSCMD. In FY 2024/2025, our gas trading volumes stood at approximately 12.6 MMSCMD, against which the FY 2026 volumes fell by about 19%. Despite this, due to our diversified sourcing portfolio, our gas trading segment was able to deliver strong profitability with earnings before tax from the segment increasing to INR 1,334.61 crores in FY 2026 from INR 1,222 crores in FY 2025, demonstrating our resilience despite a challenging business environment. We already have access to competitively priced long-term LNG supplies from various international suppliers under different LNG SPAs, aggregating to approximately 2.96 MTPA of LNG, which translates to approximately 10.66 MMSCMD of gas every year. We are committed to adding more volumes of competitively priced long-term LNG into our sourcing portfolio. During FY 2025/2026, we have signed two long-term LNG SPAs aggregating to up to 1.36 MTPA of LNG, which translates to approximately 4.9 MMSCMD of natural gas supplies with QatarEnergy and Uniper Global Commodities. We continue to perceive opportunities to add more long-term volumes. We also effectively managed our long-term regasification contracts at Petronet LNG's Dahej Terminal, totaling a firm capacity of 2.25 MMTPA in highly volatile global spot markets and domestic demand shifts. Moving on to our next important business segment, that is the city gas distribution segment. The CGD segment is further subdivided into CNG domestic, CNG commercial, and CNG industrial segments. Talking of the CNG segment, we achieved our highest ever CNG volume of 3.6 MMSCMD during Q4 FY 2026, representing a 12% year-on-year growth, with Gujarat recording an 11% increase and areas outside Gujarat delivering a notable 18% growth in Q4 FY 2026 compared to Q4 of FY 2025, underscoring our success in deepening our presence across geographies. Our CNG infrastructure expanded to 839 stations. As of March 2026, the CNG vehicle base across our network reached approximately INR 17.68 lakhs compared to INR 15.4 lakhs a year earlier, reflecting a solid 15% growth. CNG continues to offer a compelling economic advantage, being approximately 47% cheaper than petrol and 15% cheaper than diesel when compared to current pricing. Talking of the CNG domestic segment, we continue to witness healthy growth in the segment during the quarter. In Q4 FY 2026, we registered approximately 43,000 new domestic CNG customers and commissioned more than 35,400 connections. With this, our cumulative domestic PNG customer base has crossed 24.18 lakh customers. In the wake of constrained LPG supplies caused by conflict in the Middle East, Government of India took policy measures to boost PNG connections for domestic usage. A PNG penetration drive was launched across India to replace LPG with PNG for domestic cooking purposes. As a part of the PNG penetration drive, we have taken various initiatives such as aggressive marketing campaign in print, media, and digital platforms, appointment of direct to expedite customer registration process, mobilizing additional contractors to execute new connections, and prioritizing outreach to essential category customers such as hospitals, hotels, community kitchens, et cetera. Our efforts have led to several visible results. During March to May 2026, we could convert 86 residential societies comprising approximately 13,000 households as LPG-free societies with 100% PNG connectivity. As of May 2026, we have cumulatively converted a total of 2,835 residential societies in our GAs comprising Approximately 4.86 lakh households as LPG-free societies with 100% PNG connectivity. We also commissioned new commercial units, which increased from 152 in March 2026 to 527 by the last week of May. The PNG commercial segment has delivered steady growth. As on March 2026, we served more than 16,000 commissioned commercial customers across our network. We expect customer additions in both domestic and commercial segments to remain robust as our newer geographical areas in Punjab, Haryana, Madhya Pradesh, Rajasthan, and Maharashtra continue to mature and enhance customers' penetration levels. In the PNG industrial segment, sales volume was 4.19 MMSCMD in Q4 FY 2026, while the sales volume in Q4 FY 2025 was 5.03 MMSCMD. However, the sales volume in this segment has increased compared to Q3 FY 2026, which was 3.93 MMSCMD, registering an overall increase of approximately 7% quarter- on- quarter. As you're all aware, Morbi Ceramic Cluster remains our largest partner in PNG industrial segment. Our successful supply strategy has provided significant support to the Morbi ceramic industry during the crisis period of March to May 2026. The number of units off taking gas increased from 83 units with gas consumption of 0.66 MMSCMD in March 2026 to 710 units, with gas consumption reaching approximately 8 MMSCMD by the last week of May 2026. The average volume in Morbi Ceramic Cluster during the quarter was 2.02 MMSCMD, and volumes other than Morbi Cluster was 2.17 MMSCMD. The Morbi Cluster volume registered an increase of 21% in Q4 FY 2026 as compared to Q3. The volume other than Morbi Cluster reduced marginally by 3.5% in Q4 FY 2026 compared to Q3. Looking ahead, propane supplies are expected to remain impacted over the short to medium term, which may further encourage industrial customers to increasingly rely on natural gas to meet their fuel requirements. At the same time, we 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 on maintaining the right balance between volume growth and sustainable margins while continuing to reliably serve our customers. I now propose to provide highlights of our financial performance. For Q4 FY 2026, EBITDA stood at INR 943 crores compared to INR 790 crores in the corresponding quarter of the previous year. For the full year, EBITDA stands at INR 3,772 crore as compared to INR 3,241 crore in previous year. PAT for the full year stands at INR 2,299 crore as compared to INR 2,308 crore in this year. We are pleased to announce that our board of directors has recommended a dividend of INR 8.9 per share, equivalent to 445% of face value, with a total dividend outgo of approximately INR 835 crore, reaffirming our commitment to delivering value to our shareholders. The year also marked our embarkment on the digital transformation journey. We have planned for a more integrated and future-ready organization through planned ERP expansion, AI-enabled analytics, advanced metering infrastructure, SCADA implementation, and broader automation initiatives. These investments will strengthen operational efficiency, enhance decision-making capabilities, and support sustainable growth in the years ahead. As a part of our business development strategy, we have engaged McKinsey as a strategic consultant to evaluate growth opportunities within our existing businesses, as well as to advise on both organic and inorganic expansion initiatives. We have taken up the business development strategy initiative with the primary objective of setting up GEL for steady growth over the next decade. The initiative aims to accelerate core business growth, define expansion opportunities in adjacencies and emerging energy segments, and create a future-ready portfolio. The initiative seeks to strengthen organizational capabilities in the post-merger context and build a structured implementation plan to translate strategy into measurable outcomes. ESG considerations remain central to how we create long-term value for our stakeholders. As part of our commitment to ESG initiatives, we have signed 24 new tripartite agreements with biogas producers for purchase of compressed biogas, taking the total tally to 35 agreements with a total volume of approximately 1.6 SCMD of CBG. By virtue of our average Q4 PNG sales to industrial consumers reduced carbon dioxide emissions by approximately 60 lakh kilograms per day due to PNG utilization by customers instead of coal, and through its CNG sales, reduced carbon dioxide emissions by approximately 90 lakh kilograms per day due to CNG utilization for transport instead of petrol or diesel. Gujarat Energy, we have the highest standards and a strong culture of safety. GGL is an ISO-certified organization for integrated quality, occupational health, safety, and environment management systems. We build, create, and maintain a safe and reliable gas network in our areas of operation. Looking ahead, while global energy markets continue to face uncertainty due to geopolitical developments, we remain confident in our strategy. Our diversified sourcing portfolio, strong infrastructure base, disciplined capital allocation, and customer-centric approach positions us well to navigate challenges and capture growth opportunities arising from India's increasing transition towards cleaner energy solutions. I would like to thank you all for sparing your valuable time for attending this call. With this, I now request the moderator to start the Q&A session. My leadership team and I would be happy to respond to any queries that you may have. Over to you. Thank you. We will now begin the question- and- answer session. The first question comes from the line of Probal Sen with ICICI Securities. Please go ahead. Thank you for the opportunity. I hope I'm audible. Yes, please go ahead. Yeah. A couple of questions. Firstly, on Morbi. Earlier indications in terms of the gas equivalent demand in the entire region has been that it is around 8- 8.5 MMSCMD. As per the guidance given by MD ma'am, the volumes have already reached close to 8 MMSCMD. Is it fair to assume that at least in the near term, volumes are hitting a peak level, or can further growth be expected, assuming propane continues to be tight as far as supplies concern in the region? Okay. As of now, we are selling close to 8 MMSCMD. I think what we hear from the customers, that it can reach up to 8.9, 8.8 MMSCMD. Still there is a gap of almost 10% or so. Okay. Can we get a sense of what is the pricing in Morbi and other than Morbi industrial regions? Just a range would also be helpful. Basically, we are selling currently in Morbi close to INR 75 per SCM. Okay. non-Morbi would be close to INR 68 per SCM. INR 78, sir, if I heard you correctly. Non-Morbi would be close to INR 68 per SCM. Okay. Non-Morbi is 68 and Morbi is around INR 75 onward, right? Yes. Okay, got it. Sir, the other question was basically with respect to the sourcing mix. If we can kindly get a sense of what the sourcing mix is right now. What are the arrangements in terms of LNG, Brent link or Henry Hub link, and how much was the APM and New Well Gas that we bought. If you can kindly break it down source-wise, that will be really helpful. Is this for the CGD or? For the entire company also would be fine, sir, if you can give us a percentage mix. APM would be close to two MMSCMD. New Well Gas would be close to 0.5 MMSCMD. 0.4, 0.5 MMSCMD. Okay. We have long-term contracts close to 3.5 MMSCMD, and short term, almost 3.5 MMSCMD. Sir, these long term are all Brent linked in terms of pricing benchmarks? Majority of them are Brent linked. Okay. One last question, sir, if I may. With respect to the blend between the trading and the net volumes that was mentioned. Out of the 10.2 MMSCMD, I think what was mentioned was 5.3 MMSCMD was the inter segment sales, which basically means the LNG that was procured by the company for Gujarat Gas CGD business. The net volume was 4.9 or so. What's the current run rate in terms of the trading business? Is it possible to share for Q1 so far? It's close to Whatever increase is there is basically Morbi. Around Trading volume is close to five and a half MMSCMD, and the rest would be like, were you asking for Q1? TotalEnergies CGD volume is close to 14 million. Which includes APM, New Well Gas, and others. The trading business of GSPC is close to INR 5 million. Okay. The net volume for trading is 5.5 out of the 14 that Gujarat Gas is doing in the CGD business right now, roughly. Yeah. Okay. All right, sir. Thank you. I'll come back for more questions. Thank you. Thank you. A reminder to all the participants, please restrict yourself to two questions. Next question comes from the line of Hardik with ICICI Securities. Please go ahead. Thanks for the opportunity, sir. Just two questions. Basically on the tax benefit that is coming out of the merger, it is only the INR 164 crore that is left as on March 2026, or there is an additional something? The second question is on the CapEx. What would be our CapEx guidance for the CGD's business and as well as the trading segment? If you can just give some guidance over here. There is no CapEx with respect to trading segment. With respect to your tax issues, basically, we had tax losses of close to INR 7,200, which came in at the time of merger, that is on 1st of April 2024. Of that, close to INR 2,800 got absorbed in 2024/2025, and in 2025/2026, we got absorbed around INR 2,500 crores. There is a balance of close to INR 1,900 crores which is remaining. Any profits up to INR 1,900 crores, there will be no tax. Over and above that, there will be tax. Okay. Yeah. CapEx guidance on CGD and trading segment? Yeah. CapEx guidance on CGDs will be close to INR 1,000 crores. With respect to the E&P business, we'll be close to INR 100 crores. Basically, we'll be drilling few wells. To the extent of that, basically, we'll be having close to INR 100 crores of E&P operations to take in. Okay. That's clear. Thanks. Thank you. Next question comes on the line of Kishan Mundhra with DAM Capital. Please go ahead. Hi, sir. Thanks for taking my question, and congratulations to the entire team on getting the merger through, sir. I have two questions. Firstly, if you could, on the power business. From what I gather, I think the PLF load factors in our power plants are in single digits. I think we've reported losses in the segment for the financial year as well. If you could throw some light on the business and what is the outlook on the business from here on? Yeah, I think the losses which they have reported is basically certain exceptional items which came in, especially the Forex loss with respect to the contracts which they have with BHEL. The other is basically the impairment they have done to some extent. Yes, there was a PLF low with respect to GPPC. The PLF was close to 1% and with respect to LCG it was close to 6.5%. Yes, at an overall level, we are looking at a strategy of reviving this company. We are basically assigning or aligning it with some other businesses so that the power plant can be used to the maximum capacity, basically this also helps in our trading activities also because we'll be importing gas to that extent. We are in a discussion to relook at this opportunity which is there. We don't look at it as a drag as on date. Yes, on the long-term basis, it will be an opportunity for us, which practically we are having 1,000 MW of power which is there. Basically, that's an opportunity to sell gas to them also. Yeah, we are looking at certain combinations over there. Basically, we'll come back to you gradually on this. Okay. Is it possible to quantify what the quantum of Forex losses and one-offs are in this year or quarter? The Forex losses with respect to GS CG is close to INR 15 crore, and with respect to GPPC is close to INR 23 crore. Losses in the sense they have a contract with BHEL, that is APC contract, wherein certain value of the contract to be paid is denominated in US dollars. That is the notional losses they have had this time. Okay. Second question on the outlook of the gas trading business, sir. What are the nature of contracts that we have there with our customers, and are these back-to-back contracts with respect to the long-term agreements that we have signed with our suppliers? Just wanted to understand, because given the fact that we have one of the highest profitability in trading on a per unit basis. What is the outlook there? Can we maintain the current profitability run rate in that segment, or can there be a lot of volatility as well? We do have long-term contracts in line with the long-term purchase agreement that we have. For example, in fertilizer segment, we have contract till 2028, and then we are talking to all these fertilizer units for extension beyond 2028. In addition to that, we have long-term contracts with the CGD companies other than Gujarat Gas as well, and industrial clients like refineries and other industrial customers. industrial consumers have long-term contracts. Obviously, we will not like to expose ourselves because we have purchased a few volumes on long-term contract basis. Yes, there is a good mix of back-to-back contracts. Based on whatever purchase we have, we have sold it on a back-to-back basis with the downstream consumers. Okay. The current profitability levels, we are confident that we can maintain those, right? Absolutely. Okay. These long-term contracts that we were earlier referring to of 2.6 million tonne of LNG portfolio and then additional 1.36 million tonne. This 2.6 million tonne includes 1.36 or this 1.36 million tonne is over and above the 2.6 million tonne? This 2.6 million tonne is existing and 1.3 million tonne is in addition to that. Sorry, 1.36 is within this 2.6 MMTPA. Okay. When is this 1.36 million tonne starting or has it already started? One has already started, the other one starts in 2028. Okay. Are there any contracts which are expiring then? One Qatar contract expires in 2028. We have the new contract which will replace that with higher volumes. Okay. Understood, sir. I'll come back in the queue if I have more questions. Thank you. Sure. Thank you. Next question comes from the line of Achal Shah with Ambit Capital. Please go ahead. Hi, sir. Am I audible? Yeah, you're audible. Well, what was the EBITDA per SCM without the impact of the amalgamation for either FY 2026 or Q4 FY 2026 for the CGD segment? Okay. For the entire year, it was close to 6.16. Got it. Sir, can you reiterate as to how much boost in margins will be there or moderation in RM cost in the CGD segment due to the amalgamation structure? There will be some VAT elimination, I'm assuming that there is some margin uplift due to lower sourcing costs because the trading segment will not earn any margin while supplying to CGD. Is the understanding correct? If you can quantify some? Yeah, I think the businesses will be running as it is. That will be just that we showed you now, that's an inter-segment sale which happens. The same way it will be happening going forward also. Yeah, with respect to the sourcing advantage, definitely we'll be having with Gujarat Energy going forward. That advantage will anyway be reflected in the profitability also. Got it. Thanks. Yeah. Thank you. Next question comes from the line of Maulik with Equirus. Please go ahead. Hi. Thanks for the opportunity. Just a couple of questions. On that trading profitability in FY 2026, it's approximately around some INR 1,350 crore or something. Are there any one-offs in that? That's number one. Number two, we have some of this exceptional item related to that LNG regasification business, particularly with Mundra. Can you just explain that in detail, what are those from an accounting perspective, those exceptional items? I think exceptional item Your first question is with respect to? To the LNG trading business. Yeah, in the financial year 2025/2026, only one thing is there. Basically, we have a refund of customs duty which is there. Okay. If I adjust that, the recurring profitability is around INR 1,500 crore on the trading side. Yeah, we'll be maintaining that INR 1,100 to INR 1,000, INR 1,100 CR of profitability will be there. Okay. No, in the segment, it's shown as INR 1,367 crore or something, that number. Are there any more If you look at the standalone business- Yeah for FY 2026 gas trading EBIT is INR 1,334 crore. Yeah. Yeah. You are saying around INR 1,100 crore will be the run rate. Is there another gap between this? Are there any one-offs in that LNG trading segment? That one-off would be, you see, we have a agreement with Petronet LNG with respect to the regasification facilities. In GSPC LNG, we had diverted certain cargos over there. Basically we had a back-to-back agreement with them. Any liability coming in, practically they will have to fulfill. To that extent, one-off is there, that's close to INR 200 crore. Okay. That is close to INR 200 crores. The INR 50 crore is some refund which you had. Yes. Yeah. What's the additional stake we got because of this arrangement in GSPC LNG? No, basically this outstanding was converted into equity by them. Correct. That's the reason there is an increase in the equity shareholding of Gujarat Energy into GSPC LNG. Now the stake will be closer to earlier it used to be 25%, if I remember across all the. At the time of the merger announcement, it was close to 14%. Now it is close to 36.8%. Okay. That's why it's in a part of the subsidiary and you have to report. Yeah. Beyond 25% stake of GSPC Group, it becomes a subsidiary to us. Got it. That's one I think that this also covers part of your exceptional items also, which you mentioned. Just one more question, the last question. You have close to INR 6,000 crore plus kind of an amount cash on the book, and you will be paying close to INR 9 crore of dividend, which will reduce approximately INR 800 crore-INR 900 crore from the cash balance. The normal CapEx, what we spend generally is around INR 800 crore-INR 900 crore. At the same time, our operating cash flows are significantly higher than that. I remember that in the last discussion, you mentioned that we will come out with some kind of an thought process or at the board level, what we are going to do with this cash. Any update on that? I think just as our MD updated you in the earlier opening remarks. We have appointed McKinsey, we are working on that. We'll come back to the investors and all with respect to the way forward on that. Maybe in the next quarter or subsequent quarter, where we have definite plans on that. Got that. Thank you, and wish you all the best. Thank you. Next question comes from the line of Amit Murarka with Axis Capital. Please go ahead. Hi. Good evening, and thanks for the opportunity. On Morbi volumes, I just wanted to get a sense of how do you see the sustainable volumes at Morbi right now? Of course, propane is not available, we've therefore been able to ramp up the volumes quite sharply, almost to full utilization levels. Let's say once things normalize and propane comes back in the market, what would be your sense of sustainable volume from Morbi? Also secondly, are you still looking to kind of get into the propane business, which you had highlighted last year? On propane, I think, at least in the short to medium term, we don't see propane coming back to normal levels. We are reasonably sure of good amount of sale of gas in Morbi market. If things get to normal, we will likely see a dip in spot prices as well. I think we are in a good position to compete with propane whenever it comes. If propane comes back, so would the gas. I think we'll be in a good position to compete. As of now, for the short and medium term, we see a good amount of sale of gas in Morbi. Second question. Can you repeat the second question? Your propane business. On propane business, we are basically talking to various ports for setting up the infrastructure dedicatedly for us. In the meantime, we have already initiated discussions with various counterparties for import of propane. Counterparties like QatarEnergy and Saudi Aramco and others. We have had discussions on draft of contracts with various companies. As far as infrastructure is concerned, we are very much interested in setting up our own infrastructure so as to be able to import and store propane without any hindrances. We are looking at setting up port facilities close to Morbi. Investigations are currently on. We are in discussions with port authorities in Gujarat. That is very much on the card. Propane business, we are still evaluating that one seriously. Got it. Just lastly, on margin, given that there's a lot of movement in raw material prices as well as your selling prices, what is the margin that one can expect, let's say in the near term on a per SCM basis? I think margin guidance, I think we'll be maintaining it. There is some volatility, that's definite for sure. I think we'll be able to maintain the trading volumes, the margins in the trading, which we have been maintaining earlier also. Got it. CGD will still be like, I think INR 5.5 FM? Yeah, the guidance for CGD would be close to INR 5-INR 6 would be there. INR 5.5-INR 6.5. Understood. Thank you very much. That's all. Thank you. Next question comes from the line of Varatharajan Sivasankaran with Antique Limited. Please go ahead. Thank you for the opportunity. In Morbi, what is the mechanism currently? The players cannot enter into a contract. For what period and how often do you roll that contract over? Basically right now they are signing for a month. Started somewhere in middle of April after the voluntary shutdown. Right now they are continuing, and this month and next month we expect good volumes. Fair enough. Secondly, on the E&P side, we seem to be booking losses. If you can highlight how it is going on currently and what is your plan in terms of turning it to profitability? Yeah. See, if you look at E&P on an operational level, we are making profits. Only after the depreciation which is there, then only we are making losses. For example, last year ended, we have made an operating profit of close to INR 29 crores. After depreciation, that is the negative which is there. I think we also have a tail leg of that KG thing, which 10% of that asset we are holding onto, for which we have an operational loss over there. For the other assets, basically we are making profits with respect to the E&P activities, yeah. In case you do have some reserve estimates right now which you can share, it will be great. What we have currently is what you shared during the investor meet. Yeah, we have the reserve estimate. Basically, the reserve, the million barrels of oil equivalent is close to 6.71. That is the 2P reserves which we have. Thanks a lot, sir. I'll come back in the queue. Yeah. Thank you. Next question comes from the line of Yogesh Patil with Dolat Capital. Please go ahead. Thanks for taking my question, sir. My question is related to power segment and mostly to the 700 MW combined cycle power plant where we have signed the PPAs. On a steady state, how much one can expect the operating profit from this power plant? That's one. As per my knowledge, the PPAs for this power plant are expiring in 2028. Are we looking for merchant power selling or we are planning to enter into the new PPAs? The PPA is expiring in the 2036, not in 2028. Okay. Sir, steady state, how much one can expect the operating profit from this power plant, 700 MW? See, the thing is, presently there is no loans basically. Till the loans were there, basically GUVNL was adhering to the fixed cost regime which was there, where GUVNL, the utility entity, was paying them the fixed cost, which was excluding of the ROE of that project practically. That stage still continues. Basically, we need to explore other options of utilizing this plant, which we are underway. We are actively looking in and pursuing that. Subsequent that, basically, we'll be able to tell you what is the steady state of profit, because the steady state of profit also includes the ROE, which presently is not available because GUVNL has funded for that over a period of when the plants were not functioning. Subsequently, once we identify an opportunity, we'll be discussing with GUVNL and basically coming up with a business plan for this project. GUVNL is paying fixed cost. That would be approximately INR 2.5-INR 3 per unit? Yeah, that's the minimum fixed cost they are paying. That's the maintenance of the plant and insurance, et cetera. Okay. Sir, second question is related to, in the current state, we are selling close to 8 MMSCMD kind of gas to Morbi industry. How one can see the EBITDA margins for this Morbi volume? Our back calculations are suggesting at a EBITDA level, the margins would be approximately INR 3-INR 3.5 per SCM. Is that the correct calculations or you can correct me on that side? We can talk on the quarter one numbers, then we can talk on those numbers. Okay, sir. Thanks a lot. Thank you. Next question comes from the line of Probal Sen with ICICI Securities. Please go ahead. Yeah. Thank you for the opportunity again, sir. Just one housekeeping question in terms of the number of shares that was spoken about. What will be the final number of shares post the listing of the new shares for which the approval is pending? Close to INR 93 crore shares total. INR 93 crore shares. Yeah. All right. Sir, another was on the GSPC LNG Mundra, what was the LNG volumes that were shipped in FY 2026, any outlook you can share for 2027? I think it's a regasification facility which is there. Yeah. Regasification facility is there. They are not importing cargo. Their utilization was close to 17% of the capacity. With the terminal being operational now in full swing, I think right now they are doing close to 35%-38% of utilization starting in May, and probably June, July would be the same, I guess. Okay. All right. All right, sir. Thanks. That's all from my side. All the best. Thank you. Next question comes from the line of Nitin Tiwari with PhillipCapital India. Please go ahead. Hi, sir. Good evening. Thank you for the opportunity. Just a bookkeeping question from my end, sir. Would be great if you can give us the operating profit for all segments for this year as well as last year, and also for this quarter, if possible. Yeah. Basically, the operating profit for the last year was around seven I think you would want the EBITDA numbers, I suppose. Yes, EBITDA number for all segments, sir. You've already given the PBT number, I suppose, if we can also have the EBITDA number. Okay. The EBITDA numbers for the gas trading business, it is close to INR 1,300 crores for the gas trading business. CGD is close to INR 1,900 crores. The exploration business, E&P business INR 29 crores and renewables is INR 46 crores. INR 46 crores. Right, sir. Sir, secondly, how should we look at the gas trading business in terms of growth in its volume? Any guidance that you can give over this? In CGD we usually give a guidance, but in case of gas trading, if you can provide us some guidance, what kind of growth we are looking at. I think we do expect good growth in gas trading business. We expect prices to be reasonable starting 2028, 2029, once the conflict gets resolved. I think we right now are doing close to 10- 12 MMSCMD. We do expect, by 2020, 2030, 2031, maybe 25%-30% growth in gas trading business. All right, sir. Thanks for answering my question. Thank you. Next question comes from the line of Kishan Mundhra with DAM Capital. Please go ahead. Hi, sir. Thanks for the opportunity again. Two questions. Firstly, in the segmental bifurcation, sir, where are we including the profitability from Sabarmati Gas and also in which segment are we incorporating the take-or-pay charges of INR 200 crores? I think it has been shown as an unallocated expenditure with respect to the consolidated numbers, because that's with respect to the GSPC LNG which is there. Other than that, it has been allocated to the respective segments in the standalone. Sir, you can- The point. Yeah, go on, sir. No, tell me. Sabarmati Gas, let's say, where is it included? It's unallocated or it's part of CGD? Yeah. Sabarmati Gas, it's a JV, it's a equity tie-up which happens. Basically, it's only one line comes in the profit statement. There is no line-by-line accounting with respect to the Sabarmati Gas. Yeah. In the segmental breakup, it should be a part of other unallocable expenditure. Yeah, it will be part of that. Yeah. Correct. The INR 200 crores of take-or-pay that we had paid would be? We have not paid take-or-pay. GSPC LNG has paid to us. That is part of the consolidation unallocated number which is there. That's close to INR 200, which is coming in. Okay. The second question is, we were talking about setting up infrastructure for supplying propane business. What kind of infrastructure is it that we're talking about, like setting up tankages and pipelines to Morbi, or what is it exactly? Basically, setting up import jetty and storage tanks. Okay. Understood, sir. Thank you. Thank you. Next question comes from the line of Bineet Banka with Nomura. Please go ahead. Hi, sir. Thanks for the opportunity. On the gas trading business, how do we look at the margin per unit? For GAIL, I think they have something like $0.20 per MMBtu for LNG segment trading. Any number that you can share for the gas trading per unit margin? We have been making a margin of around 4%-6% in the gas trading business. I think we can go with that percentage. You don't share any per unit kind of, because that will be blended from the imported LNG as well as domestic gas. Yeah That breakup would be more helpful. Yeah, today we'll share only this percentage which is there. Okay. On the tax loss, I think there is a INR 7,200 crore of tax loss, which you mentioned earlier. In the balance sheet, where can I see this tax loss asset? We have created a deferred tax asset. I think in the detail schedule which comes in, there is a different schedule for the deferred tax and the tax calculation would be there. Okay. In how many years you have to use that INR 7,200 crores? We have to use that in eight years, we already used close to INR 5,000 crores in the last two years, in 2024, 2025 and 2025, 2026. Practically for the last two years, the advance tax we paid, close to INR 900 crores of refund would be available now. Balance is around INR 2,000 crore odd. Yeah. Close to INR 1,900 crores is balance. Yeah. Okay. Sir, lastly, on the balance sheet, I think in the presentation you mentioned there's a cash balance of around INR 5,000 crore. If you add the numbers in the consolidated balance sheet, cash and cash balance is around INR 1,300 crore and there is another item, other financial assets that is around INR 5,500 crores. That gives you around INR 6,800 crores. I'm a bit confused. What is the correct number? No, I think from last two years, we have changed the representation of that. Basically, the fixed deposits which are more than one year, we are showing it as other financial assets, which is there. Okay. That presentation is different. Yeah. If we add the cash balance plus other financial assets, the total comes to around INR 6,800 crore kind of. You have mentioned INR 5,000 crore in the presentation. No. Yeah. See, other financial assets, one of the line items is with respect to the GSFS funds which we have placed. Once you get the detailed schedule of accounts, basically this will be clear. Mm-hmm. Okay. Yeah. Okay. One more question, sir. At current spot LNG price of say $17, $18 and dollar at say INR 95. I think the pre-VAT selling price in the Morbi region is around INR 73 per SCM. Are we making money at the EBITDA level on these numbers? Because if I do the maths, I'm looking at negative margin. We are in the business of making profits, so we cannot be making losses. What is the selling price in the Morbi region? Is it INR 73 or higher than that? INR 73 is at a particular exchange rate at a particular net calorific value. Depending on the calorific value and the exchange rate at that point of time, the prices are basically indexed. Okay. Basically, exchange rate is passed through and calorific value. Yeah. Sir, at current exchange rate, what could be the price? If INR 73 becomes INR 77, INR 78, what could be that number? Around INR 76, I guess. I think even at $76 and $17 spot price, I don't think we'll be making margin of say INR 5 or INR 6 per SCM, which we have guided. No, but we are not selling at a loss, for sure. That's not possible for us to be selling at a loss. Price is valid for the whole month or it changes start of month, or it changes even during the month? It doesn't change during the month. The price for May was fixed. The price for June is also fixed. Okay. Can you share June price, if possible? I think we have increased by INR 1.5. Okay, 77, 78 kind of number. Yeah. Okay, sir. Thanks. That's all I had. Thank you. Thank you. Next question comes from the line of Vikas Jain with CLSA. Please go ahead. Mr. Jain, please go ahead. Mr. Jain, please unmute yourself and go ahead with the question. Yeah, hi. Am I audible? Yes, please proceed. You're audible. Okay. Yeah, hi. Thanks for taking my question, sir. On the gas trading business segment that is there, when you show that the 4Q volume was, I think 4.6 MMSCMD or so. The volume that you procure and use within city gas, is that also part of 4.6 MMSCMD or that is over and above that? I want to understand that. Earlier there was an arrangement where GSPC would procure for Gujarat Gas. How does that work in the merged entity? If you procure LNG, does it straightaway seen as a volume for city gas or it goes through gas trading? I think in the press release also it's very clear what is the total volume of the company and what is the volume which is inter-segment sales which is there. That's very clear in the press note itself. The net trading volume of 4.94 is excluding the CGD. The total is close to 10.19. Okay. When there is an inter-segment over there, like the segmental EBIT that you have given, that would be including the margin for the inter-segment transfer. Is that how it would be? Like you have given a segmental EBIT for gas trading. No, we have not given you the EBITDA for gas trading. EBIT. The segment results, whatever that you call. Yeah. That is EBIT, right? Yeah. INR 1,300. Yeah, it includes the segment. Yeah, you are right. It includes the profit from the gas trading also. Yeah. It includes the margin that gas. Margin from the yeah. You are right The gas to city gas. Is that right? Yeah. Yeah, you're right. Yeah. Okay. Just maybe one suggestion, because as now it's multiple segments which are there. I think it'll make a lot of sense if you add EBITDA in your press release, because that's what most companies with multiple segments also do. It helps the analysis because the multiple that each of these segments will get would be very different. Yeah, I understand. Yeah, we'll try to improve. Yeah. Thank you. Okay. Thank you. Thank you. Next question comes from the line of Somaiah V with Avendus Spark. Please go ahead. Yeah, thanks for the opportunity, sir. Sir, you did give the EBITDA breakup for the full year numbers. Could you just provide the same for Q4? Segment level EBITDA breakup. Yeah, definitely. Yeah, for Q4 of 2026, its gas trading is close to 400. CGD is close to 450. E&P is close to 14 and renewables is five. Got it, sir. In terms of the gas trading business, I think you did mention at the beginning in terms of contracts. On either sides, from a sourcing standpoint currently, the long-term contracts until what point we have, and also from an end consumer, you did mention about refineries and fertilizers. Till what point are these contracts? If you could provide the quantum, that would be helpful. Our sourcing contracts, we have two contracts with Qatar, one with Shell and one with Uniper, and Total also. The existing contracts with Shell and Qatar, they run up to 2028 and 2030. The new contract from Qatar starts in 2026 and is valid for a period of 15 years, I guess. Sorry, 17 years. TotalEnergies contract is from 2026, it goes up to 2035. Uniper, 2028 to 2037. That's on the sourcing side. One of the Qatar contracts expires in 2028. Shell contract can expire in 2030. On the sales side, on the customer side, we have contracts still with fertilizer companies which are valid till 2028. We are obviously talking to the fertilizer companies for extension. Not only extension, but increase in volumes as well. We hope to do much more volume than what we are doing right now. We have contracts with some other CGD companies other than Gujarat Gas. For example, Sabarmati Gas, Indian Oil Adani, Charotar Gas, IRM, IGL, and Mega. These are long-term contracts. As far as industrial customers are concerned, we have contracts with JSW, we have contract with Deepak Fertilizer, PGP Glass, Indo-German Nirma. There are many industrial customers with whom we have long-term contracts. Obviously, after this contract expires, we are talking to them for renewal as well. That's helpful, sir. Just one additional thing. If you could just help with the quantum on these contracts. For instance, you mentioned Shell and Qatar. What would be the existing quantum, and also the three new contracts that you mentioned, what will be the quantum? The quantum of purchase contracts? Yeah, purchase contracts. The contract with QatarEnergy that we signed is 1 million ton, but it has a ramp up. Starts in 2026, and goes up to 1 million ton in 2030. TotalEnergies is six cargoes per year. Shell, we have 15 cargoes per year, and Uniper we have six cargoes per year starting in 2028. Got it. This 1 million ton because of the West Asia conflict, do we see any impact this year or it can still come in here? Yes, there will be impact this year because of the conflict. Yes, I think we have already lost two cargoes, which were scheduled this year, I mean, in May and June. Got it, sir. Thank you. Thanks for the answers. Thank you. Next question comes from the line of Raj Kiran Gandhi, SBI Mutual Fund. Please go ahead. Hi. Thanks for the opportunity. On this demerger scheme, from what I understood, you mentioned that the shareholder of erstwhile GSPC and GSPL will get the shares of transmission entity. In effect, that 12th May, that ex-date was also the ex-date for the transmission shares. If I buy the shares today of Gujarat Energy, which is listed, I will not get the transmission entity shares. Is that correct? You will still get shares of transmission entity because we are yet to fix a record date for GTL. Once we have credited shares to the shareholders of GSPC and GSPL, thereafter, we are going to fix the date for record date of GTL. Whosoever is holding shares on the given record date will be eligible to get shares of GTL. Okay. Sure. Given the quantum of that other financial asset is huge, possible to share the breakup so that people can make assessment in terms of underlying how much to take as cash in? Yeah, definitely. You can send us a mail, we can give you the details. Because anyway, it's part of the accounts. Sure. This INR 900 crore tax refund that we are due on this past losses that we have set out, by when should we get that? Yeah, it's an assessment which happens with the income tax department. That will take its time. Okay. Against this future, you have about INR 1,900 crore of pending losses here. You will straight away not pay any tax, right? There it won't be a question of. No, we'll not be paying any tax. Okay, perfect. For this power plant which is there, in your assessment, what level of spot LNG gas will help turn us around on the PLF and all? I think close to what they generally tell us is that INR 6, INR 7 gas will make things work for them. Okay, sure. This gas trading business which is there, last question. Here you will try to now incrementally grow it as an independent business in itself, or it will largely be to just support our CGD power and other businesses? We should see it just like GAIL has a big trading business independently being done. It will be directionally be run that way. That's business as usual for us. Obviously, one of the bigger customers would be our own companies, but we will be independently trying to sell additional volumes to other customers also. Sure. Thanks. I will come back in the question queue. Thank you. Ladies and gentlemen, as there are no further questions, we have a question that is from the line of Sabri Hazarika from Emkay Global. Please go ahead. Yeah, good evening. Thanks for giving me the opportunity. Just a small question. Yes, please go ahead. Hello, am I audible? Hello. Yes, Mr. Hazarika, you are audible. Please go ahead. Yeah. What address? Yeah. Gas trading, I wanted to know, when we talk about the trading EBITDA and trading EBIT, that is on a total volume of 13, 14 MMSCMD, right? Not this four, 5 MMSCMD pure volumes. Is that right? Yeah, INR 1,300 crores you are talking about. Yeah. That would be on 13.5 MMSCMD, which is the total. Yeah, you are right. Yeah. The trading margins, even for our own entity, that part is part of gas trading. No. Just a minute. That INR 1,300 would be for the gas trading volumes of the previous year. That would be close to 10 MMSCMD. Okay. That is 10 MMSCMD for the full year. Yeah, for the full year. Yes. If I add the CGD and the trading volumes, I think the number comes at 13 MMSCMD. That is which number? What you have reported in your press release? Yeah, because for the CGD, you are also getting APM gas allocation also, no? Oh, okay. Basically, for the total volume of gas being sold or purchased for the company, that will also be included as a part of this. Okay, got it. The GSPC portfolio is mostly LNG portfolio only, which is around 10-11. Yeah. Anything on top of that is basically APM plus NWG and all, which is coming from. Yeah. UL gas plus whatever is allocable to the CGD business, that will be coming in separately to the CGD business. Yeah. Okay. For the full year, the GSPP volume is around 10.5 MMSCMD. Is that right? Yeah, 10.1 MMSCMD. You are right. Thank you so much, and all the best. Thank you. Next question comes from the line of Hardik with ICICI Securities. Please go ahead. Yeah. Thanks for the opportunity, Anil sir. Sir, just want to know what would be your investment so far in GSPC Mundra LNG? Investment. Yeah, what will be the investment value? Yeah, we have a 38% investment over there. Amount? They are close to around INR 1,700 crores. INR 1,700 crores. Okay. Yeah. Thank you. Yeah. Thank you. Next question comes from the line of Rakesh Dixit with Elara Securities. Please go ahead. Yeah. Thanks for taking my question, sir. Sir, for the GPPC, what is the user industry breakdown of the- Sorry for interrupting, Mr. Dixit. We cannot hear you. Can you speak a little louder? Am I audible now? Yes. Better than before. Thank you. Yeah. Just want to know, for the GPPC, what is the user industry-wise breakdown in FY 2026, sir? Yeah. Basically, you're talking of the segment which we sold gas to. That's what you're trying to tell us with respect to gas trading business? Yes. Basically, city gas distribution companies, then we have fertilizers, and then refinery, power, and other industries. Yeah. Close to 52%. 50%-53% goes to the city gas. It means 27% goes to the fertilizer, and rest is others. Sir, my second question is that as the CGD volumes will become very specific spike because of the Morbi demands that you are factoring. Sir, what is the risk mitigation plan? To safeguard the LNG, because initially you will be depend more on the spot LNG or short-term LNG. Ultimately you need some medium-term or long-term contract to avoid the volatility or you can say some floating links or pending link type contracts. What is the, I think, plan over the next one year, if we got to see? Sorry for interrupting. Rakesh, we cannot hear you. Your voice is breaking. Can you come in the range and talk? Yeah. Is it audible now? Yeah, it is. Yeah, it's good. Yeah. I just want to know that your CGD, with the ramp-up of the Morbi volume. I think near-term dependency on the short-term LNG will increase you. What is the risk mitigation plan for that, because your volume ultimately to convert into the medium-term or long-term contract in one year down the line to avoid the volatility in the gas cost, something like that, if you try to see in one or two years down the line, sir? Basically what we are doing is we have signed a few long-term contracts that I have talked about with Qatar and Uniper. These volumes are linked to Brent and at a very attractive linkage. Propane prices also vary along with oil prices. We understand that these prices are competitive vis-à-vis propane, and we will be able to match the propane prices with these volumes. In addition to the contracts already signed, we are also looking for volumes on Henry Hub, so as to provide a stable pricing which we'll be able to pass on to propane consumers. We are looking for long-term volumes so as to have a stable kind of supplies in Morbi, and be able to compete with propane as well. Yeah. That's it. Thanks for your comments. Thanks, sir. Thank you. Thank you. Next question comes from the line of Bineet Banka with Nomura. Please go ahead. Mr. Banka, please go ahead with the question. Mr. Banka, please unmute yourself and go ahead with the question. Since there is no reply from the line of Mr. Banka, we will move to the next. That is Nitin Tiwari with PhillipCapital India. Please go ahead. Thank you for the opportunity again, sir. Pardon for a very basic question, sir. Like we are eliminating basically the inter-segment risk, how is that adjustment happening in the case of your PBT margins? As you mentioned that gas trading, the INR 1,300 crore is the total margin for all the trading volume, which is 10.5, I suppose, right? The net volume is only around 4.5. How is the margin adjustment taking place, if you can throw some light on that? I think we are showing the revenue adjustment with the intercompany sales over there. Yeah, revenue is inter-segment sales. That I understood. When we come to the margin, which is your EBIT or PBT margin, there gas trading margin is the total margin for the entire volume, right? Yeah. Effectively, it should be for the net volume, right? How is the extra margin getting compensated? No. I mean, adjusted. The segments will be having their own profitability. Okay. That is reflected as a cost in the other segment, CGD business. Okay. You need to understand that for 2024/2025 and 2025/2026, the companies were operating separately. The numbers basically are flowing from the accounts itself, the listed numbers which are there. Basically, that becomes a cost for the city gas. Yeah. I mean, the margin. Yes, you are right. Okay, got it. Yeah. Got it. Yes, you are right. Yeah. If you can help us with the EBITDA number for 2025 as well, the segmental EBITDA you gave for 2026, for 2025 as well. Yeah, 25, gas trading is close to INR 1,200 crores. CGD, you would be aware, it's close to INR 2,000 crores. E&P is close to INR 9 crores, and renewables is close to INR 39 crores. All right, sir. Thank you so much. Thank you. Thank you. Next question comes from the line of Amit Murarka with Axis Capital. Please go ahead. Yeah. Hi. Thanks for the opportunity again. Just on this whole transfer pricing that you're following for trading to CGD business, there's an element of profit within that, of course, I understand. Is there any thought or consideration that to transfer that volume to the CGD business on a cost basis, given that it is one company now and anyways volumes you're netting off to show only the external sales? Will it continue to be booked as a trading business EBITDA, like how it is being done currently? Yeah, we will be optimizing that, to what extent we'll be doing, because these are two separate business segment as such, being evaluated separately with respect to their performance, et cetera. To what extent basically we'll be transferring the profits, et cetera, that will be over a period of time, you'll come to know with the results which is being out. Sure. Just a follow-up to the earlier question, I think, to put it another way. Is the margin similar when you transfer to the CGD business as well as to third parties, or is it lower for the CGD business? Basically, when we sell to any consumer, the pricing that we do is basically depending on the opportunity that is available in the market. For example, if we are able to sell at a price which is higher, then obviously we'll be selling at a higher price. Obviously it won't be same always. Only thing to add is basically now we have flexibility of basically doing an inter-segment sale without that arms' length thing. That obvious optimization would definitely happen with respect to the CGD and the gas trading business. Fair to say that you'll try to then maybe book more profits in the CGD business in the future years than the trading business? I'm not saying that, but you can always interpret what I'm saying. Understood. Okay. That's helpful. Thank you. Thank you. Ladies and gentlemen, that was the last question for today. We have reached the end of question and answer session. I now hand the conference over to Mr. Sandeep Dave, Company Secretary for closing comments. Well, I'll take this opportunity to thank everyone for sparing their valuable time. We look forward to interact with you in early August with Q1 results. Thank you all. Thank you. On behalf of Gujarat Energy Limited, that concludes this conference. Thank you for joining us. You may now disconnect your line.