*Gujarat State Petronet Ltd.* | *CMP* Rs. 332 | *M Cap* Rs. 18732 Cr | *52 W H/L* 470/260 (Nirmal Bang Retail Research) *Result Ahead of Expectation* Revenue from Operations came at Rs. 260.4 Cr (1% QoQ, -53% YoY) vs expectation of Rs. 244.5 Cr, QoQ Rs. 258 Cr, YoY Rs. 554.2 Cr EBIDTA came at Rs. 192.5 Cr (-0.2% QoQ, -49.3% YoY) vs expectation of Rs. 179 Cr, QoQ Rs. 192.9 Cr, YoY Rs. 379.6 Cr EBITDA Margin came at 73.9% vs expectation of 73.2%, QoQ 74.8%, YoY 68.5% Adj. PAT came at Rs. 135.6 Cr vs expectation of Rs. 125.9 Cr, QoQ Rs. 389.3 Cr, YoY Rs. 262.2 Cr Quarter EPS is Rs. 2.4 Stock is trading at P/E of 12.7x FY26E EPS