Gujarat Natural Resources (GNRL) had a P/E of 77.3× on 6 Nov 2026, in line with the industry P/E of 77.3×, and the shares are 14% below their 52-week high. Sales grew 32% a year over 3 years, with ROCE of 6.5% and ROE of 5.5%, though net profit is above operating profit, which points to a one-off gain. It carries very little debt. It is a small-cap company with a market cap of ₹1,660 Cr, ranked 5th of 5 Oil & Gas E&P companies by market cap; the shares rose 3.7% over the past year.
- ₹11.01
- ₹11.67
- ₹10.27
- ₹12.20
- 82.2 L
Health check
- ReturnsIn line
+3.7% over a year, better than 2 of 4 peers.
- Price tagDistorted
A one-off gain inflates profit, so P/E isn’t comparable right now.
- GrowthSteady
Sales +31.9% a year over 3 years.
- ProfitabilityWeak
ROCE 6.5% vs peer median 5.8%.
- Balance sheetSolid
Debt 0.06× equity, interest covered 25.9×, Piotroski 6 of 9.
- Red flags2 to check
Return on equity is low at 5.5%.
Small cap
Defensive
Key metrics
- Market cap
- ₹1,660 Cr
- Small cap
- P/E
- 77.3
- Industry 77.3
- Price to book
- 7.97
- Peers 3.07
- Dividend yield
- 0.00%
- ROE
- 5.5%
- Peers 7.0%
- ROCE
- 6.5%
- Peers 5.8%
- Debt to equity
- 0.06
- Debt ₹13 Cr
- EPS (TTM)
- ₹0.14
- Face value ₹1
- OPM (TTM)
- 46.5%
- Net margin 58.7%
- Sales growth
- +70.6%
- Latest quarter vs a year ago
- Profit growth
- +496.4%
- Latest quarter vs a year ago
- Price to sales
- 50.46
- EV/EBITDA 7.9
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly profit up 496.4% on a year ago.
- Quarterly sales up 70.6% on a year ago.
Risks to check
- Return on equity is low at 5.5%.
- Net profit is above operating profit, so a one-off gain is likely flattering earnings.
About Gujarat Natural Resources
Gujarat Natural Resources Limited, together with its subsidiaries, engages in the exploration and production of oil and natural gas in India. The company holds interests in producing 6 blocks, including five operated blocks in the Cambay basin. It also provides well engineering, technical advisory, and drilling project management services. In addition, the company engages in the trading of goods; and other activities. The company was formerly known as…
- Headquarters
- Ahmedabad
- Employees
- 4
- Sector
- Energy
- ISIN
- INE207H01026
- Website
- gnrl.in
Price range
- Avg volume (3M)
- 40.6 L
- 1-year return
- plus 3.7%
- From 52-week high
- minus 14.3%
Peers · Oil & Gas E&P
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEEPINDSDeep Industries | 641.70 | plus 0.32% | 4,107 | 19.9 | 11.6 | 6.7% | 33.0% | 0.10 | 37.7% | plus 29.2% |
| ANTELOPUSAntelopus Selan Energy | 888.60 | plus 0.62% | 3,136 | 17.6 | 19.5 | 15.9% | 55.7% | 0.01 | 33.2% | plus 59.2% |
| PRABHAPrabha Energy | 198.71 | minus 0.73% | 3,102 | 2207.9 | – | 0.1% | 18.1% | 0.38 | −43.4% | minus 7.7% |
| HINDOILEXPHindustan Oil Exploration Company | 151.84 | minus 1.92% | 2,008 | 79.9 | 15.6 | 4.8% | 3.1% | 0.04 | −22.2% | plus 1.5% |
| GNRLGujarat Natural Resources | 10.82 | minus 11.31% | 1,660 | 77.3 | 152.9 | 6.5% | 46.5% | 0.06 | 31.9% | plus 3.7% |
| Median of 4 peers | – | −0.20% | 3,119 | 49.9 | 15.6 | 5.8% | 25.5% | 0.07 | 5.5% | 15.3% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 3.4 | 8.6 | 7.3 | 11.2 | 5.7 | |
| 4.2 | 5 | 5.1 | 11.7 | −4.2 | |
| −0.9 | 3.6 | 2.3 | −0.5 | 9.9 | |
| −25.5% | 41.7% | 30.9% | −4.2% | 172.7% | |
| 3.4 | 1.3 | 2 | 4 | 1.7 | |
| 0.6 | 0.6 | 0.6 | – | 0 | |
| 1.9 | 4.3 | 3.7 | 3.6 | 11.5 | |
| – | 11.7% | 16.0% | 70.4% | – | |
| 1.9 | 3.8 | 3.1 | 1.1 | 11.5 | |
| 0.15 | 0.30 | 0.24 | 0.07 | 0.74 |
Profit & loss
- Sales CAGR 3Y
- +31.9%
- ROE
- 5.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 13.3 | 27.4 | 20 | 30.5 | |
| – | +105.9% | minus 26.8% | +52.3% | |
| 12.3 | 21.5 | 18.5 | 19.6 | |
| 1 | 5.8 | 1.5 | 10.9 | |
| 7.7% | 21.4% | 7.6% | 35.8% | |
| 1 | 5 | 2.8 | 9.5 | |
| 2.6 | 2.6 | 3.5 | 0.5 | |
| 3.1 | 7.5 | 5.2 | 6.4 | |
| −2.1 | −5 | – | – | |
| −5.7 | −4.3 | −4.4 | 13.5 | |
| −8.1% | 9.9% | 14.7% | 26.7% | |
| −6.2 | −3.9 | −3.8 | 9.9 | |
| -0.60 | -0.38 | -0.29 | 0.64 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 80.3 | 80.3 | 128 | 153 | |
| 32.8 | 28.8 | 24.9 | 54.9 | |
| 35.9 | 40.7 | 11.7 | 13.3 | |
| 14 | 9.7 | 8.4 | 22.6 | |
| 163 | 160 | 173 | 244 | |
| 76.5 | 65.4 | 62.3 | 124 | |
| 42.1 | 21 | 22.4 | 67.5 | |
| 6 | 5.4 | 6.8 | 2.1 | |
| 38.3 | 67.7 | 82 | 50.2 | |
| 163 | 160 | 173 | 244 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 8.9 | −2 | −30.4 | 66.9 | |
| −11.2 | 0.7 | −2.1 | −77.6 | |
| 3.5 | 0.7 | 33.9 | 6 | |
| 1.2 | −0.6 | 1.4 | −4.7 | |
| −11.1 | – | −2.1 | −69 | |
| −2.2 | −2 | −32.5 | −2.1 |
Shareholding pattern
NSE hasn’t returned a shareholding pattern for this company.
Major shareholders
Filings & events
News
No recent news coverage found.