New Delhi, June 5 -- Gujarat Gas Ltd's (GGL) March quarter (Q4FY26) results, while strong, are yet to reflect the medium-term gains expected from its restructuring: integrating the group businesses across the entire natural gas value chain into one entity.

"We see significant value unlocking from the amalgamation and subsequent demerger of the transmission business," noted Nomura Global Market Research, with gains accruing from scale and efficiency arising out of an integrated gas value chain, higher gas trading margin, and elimination of holding company discount.

The restructuring, announced in August 2024, involved the amalgamation of Gujarat State Petroleum Corp. (GSPC), Gujarat State Petronet Ltd (GSPL) and GSPC Energy with GGL; and...