This article first appeared on GuruFocus .
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Revenue:INR1,38,328 crores in FY26, up from INR1,36,942 crores in FY25.
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Profit Before Tax (PBT):INR8,964 crores in FY26, down from INR14,825 crores in FY25.
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Net Profit (PAT):INR6,968 crores in FY26, compared to INR11,312 crores in FY25.
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Quarterly Revenue (Q4 FY26):INR34,591 crores, up from INR34,030 crores in Q3 FY26.
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Quarterly PBT (Q4 FY26):INR1,577 crores, down from INR2,030 crores in Q3 FY26.
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Quarterly PAT (Q4 FY26):INR1,262 crores, down from INR1,603 crores in Q3 FY26.
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Gas Marketing Volumes:104.21 MMSCMD in FY26, up from 101.49 MMSCMD in FY25.
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Natural Gas Transmission Volume:122.18 MMSCMD in FY26, down from 127.32 MMSCMD in FY25.
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Polymer Production:768 TMT in FY26, achieving 94% of nameplate capacity.
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LPG Transmission Volume:4,600 TMT in FY26, up from 4,478 TMT in FY25.
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CapEx:INR9,594 crores in FY26, with INR2,900 crores on pipelines.
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Dividend Payout Ratio:52% for FY25-26, the highest ever.
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Consolidated Revenue:INR1,41,716 crores in FY26, compared to INR1,41,931 crores in FY25.
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Consolidated PBT:INR9,725 crores in FY26, down from INR16,096 crores in FY25.
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Consolidated PAT:INR7,582 crores in FY26, compared to INR12,450 crores in FY25.
Release Date: May 22, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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GAIL (India) Ltd ( GAILF ) reported a turnover increase to INR1,38,328 crores in FY26, driven by higher gas marketing volumes.
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The company successfully commissioned around 2,000 kilometers of natural gas pipelines, including major projects like the Mumbai-Nagpur-Jharsuguda pipeline.
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GAIL (India) Ltd ( GAILF ) received authorization to double the capacity of the Jamnagar-Loni pipeline, indicating future growth potential.
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The company is expanding its renewable energy portfolio, with significant investments in solar and wind projects, aiming to exceed 1 gigawatt capacity.
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GAIL (India) Ltd ( GAILF ) maintained uninterrupted natural gas and LPG supplies despite global geopolitical challenges, showcasing operational resilience.
Negative Points
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Profit before tax decreased significantly from INR14,825 crores in FY25 to INR8,964 crores in FY26, impacted by one-time settlements and increased input costs.
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The petrochemical segment faced losses due to high feedstock prices and market volatility, with a reported loss of INR1,413 crores.
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Natural gas transmission volumes declined to 122.18 MMS EMD from 127.32 MMS EMD in the previous year, affected by supply chain disruptions.
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The liquid hydrocarbon segment saw a 14% production decrease, attributed to deallocation of APM gas for LPG production.
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The company's profitability was further impacted by provisions for outstanding dues and elevated input gas costs, affecting overall financial performance.
Q & A Highlights
Q: Can you provide details on the switch from gas-based to ethane-based input for the petrochemical business, and how will this affect production capacity if the current dispute continues? A: Deepak Gupta, Executive Director - Projects, explained that GAIL is currently operating its Pata petrochemical complex on natural gas, which is subject to price volatility due to geopolitical issues. The company plans to run the plant on both gas and ethane, with studies underway for an ethane pipeline. Currently, the plant is running at 50% capacity, and profitability is break-even based on current market prices.
Q: What is causing the delay in the commissioning of the PDHPP and GMPL petrochemical projects? A: Deepak Gupta clarified that GMPL will be commissioned within this financial year, while PDHPP is expected to complete by mid-next year. Delays are due to multiple factors, including contractor issues and pipeline connectivity challenges, not feedstock issues.
Q: How is GAIL addressing LNG supply and pricing issues amid the Middle East disruption? A: Deepak Gupta stated that GAIL has diversified its LNG sources, primarily through spot purchases, maintaining uninterrupted supplies despite price volatility. Long-term contracts have been crucial, and the company continues to procure gas without significant issues.
Q: What are GAIL's plans for capital allocation across various business segments? A: An unidentified company representative mentioned that GAIL will focus on pipeline projects, net-zero initiatives, and expanding LNG capacity. The company plans to invest around INR35,000 crores over the next decade in net-zero projects and is evaluating opportunities in line with its business strategy.
Q: Can you provide an update on the coal gasification and fertilizer projects? A: Deepak Gupta noted that the Talcher coal gasification project is 65-70% complete, with expected delays due to contractor issues. GAIL is also involved in a JV with Coal India for another project. The company is pursuing two fertilizer projects in Chhattisgarh and Maharashtra, with an expected CapEx of around INR20,000 crores.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
