Gujarat Gas (GUJGA) reported decline of 4% YoY and 2% QoQ in total sales volume to 9.3mmscmd in Q4FY25 (PLe 9.7mmscmd). However, due to lower mix of industrial volume, EBITDA/scm of Rs5.4 beat our estimates of Rs4.7. EBITDA stood at Rs4.5bn (-24% YoY, +18% QoQ, PLe: Rs4.1bn, BBGe: Rs4.1bn) and PAT of Rs2.2bn (-30% YoY, +30% QoQ, PLe: Rs2.4bn, BBGe: Rs2.4bn). For the full year, EBITDA stood at Rs18.8bn, flat YoY while adj PAT stood at...