Gujarat Energy Ltd and GSPL Transmission Ltd have paid a combined dividend of ₹384.67 crore to the Gujarat government for FY26, the highest-ever dividend paid in a single financial year by a company under state government control, according to an official release.
Gujarat Energy contributed ₹324 crore, while GSPL Transmission paid ₹60.67 crore. The dividend cheques were presented to Gujarat Chief Minister Bhupendra Patel in Gandhinagar on Wednesday by Avantika Singh, managing director of Gujarat Energy and vice-chairperson of GSPL Transmission.
The payout marks a sharp increase in the state’s direct financial returns from the two energy-sector companies following a restructuring of the Gujarat State Petroleum Corporation Group. Gujarat Energy was formerly known as Gujarat Gas Ltd, while GSPL Transmission was previously associated with the gas transmission business operated by Gujarat State Petronet Ltd.
Under the restructuring implemented on May 1, 2026, Gujarat State Petroleum Corporation was integrated into Gujarat Gas, which was subsequently renamed Gujarat Energy Ltd. The gas transmission business previously operated by Gujarat State Petronet was transferred to the newly named GSPL Transmission Ltd.
The restructuring also increased the Gujarat government’s direct shareholding in Gujarat Energy from approximately 6% to 38%. In GSPL Transmission, the government previously had no direct shareholding and now holds around 38%, according to the release. The change has increased the state’s participation in the financial returns generated by both companies.
The dividend from Gujarat Energy alone was nearly four times the ₹81.55 crore paid by Gujarat Gas to the state government cumulatively over FY23 to FY25. The company’s ₹324-crore contribution therefore represents the immediate fiscal impact of the revised ownership structure, although the release did not provide a broader projection of future dividend payments.
Chief Secretary Manoj Kumar Das, who is also chairman of Gujarat Energy and GSPL Transmission, described the payment as a historic milestone for both companies. The state government said the higher dividend contribution would strengthen its revenue position and support development-oriented and public welfare programmes.
The payout came as Gujarat Energy’s shares touched a 52-week low of ₹219 on October 13. Its shares were trading at ₹225.80 on Wednesday, up 1.83%. GSPL Transmission shares were trading at ₹116.10 on the BSE, up 4.97%.
The payment places the financial consequences of the restructuring at the centre of Gujarat’s state-owned energy businesses, with the government now holding a direct stake in both the integrated energy company and the transmission entity.
