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 reported by The Hindu BusinessLine.
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 follows a corporate restructuring of the Gujarat State Petroleum Corporation Group implemented on May 1, 2026. Under the restructuring, 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 Ltd was transferred to the newly named GSPL Transmission Ltd.
The restructuring also changed the Gujarat government’s direct ownership in the two companies. Its shareholding in Gujarat Energy increased from approximately 6% to around 38%. In GSPL Transmission, the state government previously had no direct shareholding; it now holds approximately 38%.
The increased ownership has expanded the state’s direct participation in the financial returns generated by both energy companies. Gujarat Energy’s ₹324-crore contribution is nearly four times the ₹81.55 crore that Gujarat Gas paid to the state cumulatively over FY23, FY24 and FY25.
Chief Secretary Manoj Kumar Das, who is also chairman of Gujarat Energy and GSPL Transmission, described the dividend payment as a historic milestone for both companies. The state government said the higher contribution would strengthen its revenue position and support development-oriented and public welfare programmes.
The payment comes as Gujarat Energy’s shares touched a 52-week low of ₹219 on October 13. The stock was trading at ₹225.80 on Wednesday, up 1.83%. GSPL Transmission shares were trading at ₹116.10 on the BSE, up 4.97%.
The restructuring has therefore altered both the operating identity of the two companies and the state’s direct financial stake in their businesses. The immediate fiscal outcome is the record dividend transfer announced for FY26, while the companies’ future payouts will depend on their financial performance and the state’s continuing ownership position.
