GAIL (India) (GAIL) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 saw strong financial and operational performance, with natural gas transmission at 122–122.36 MMSCMD and marketing at 93.82–101 MMSCMD, despite sector challenges from geopolitical disruptions managed through portfolio flexibility and spot sourcing.

• Gross turnover for Q1 FY27 reached INR 38,912 crore standalone and INR 41,277 crore consolidated, with sequential improvement in profitability.

• The Mumbai-Nagpur-Jharsuguda pipeline became fully operational, and Konkan LNG Limited became a wholly owned subsidiary, streamlining operations.

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 were approved by the Board on 31 July 2026.

Financial highlights

• Standalone gross turnover for Q1 FY27 was INR 38,912 crore, up 12% sequentially from INR 34,591 crore in Q4 FY26.

• Standalone PBT was INR 5,773 crore (vs. INR 1,577 crore in Q4 FY26); PAT was INR 4,292 crore (vs. INR 1,262 crore in Q4 FY26).

• Consolidated turnover reached INR 41,277 crore (vs. INR 35,499 crore in Q4 FY26); EBITDA was INR 7,573 crore (vs. INR 2,703 crore).

• Consolidated PAT excluding minority interest was INR 4,665 crore (vs. INR 1,485 crore).

• EPS for Q1 FY27 was INR 8 per share, up from INR 6 in FY26.

Outlook and guidance

• Gas marketing PBT guidance for FY 2026/2027 maintained at INR 4,500 crore, with potential revision after subsequent quarters.

• Natural gas transmission volume for FY27 expected at around 123 MMSCMD, assuming current geopolitical conditions persist.

• Polymer segment expected to reach break-even for FY27, with ongoing feedstock transition to ethane.

• CapEx guidance for FY27 is INR 11,500 crore, with INR 6,176 crore already spent in Q1.

• LNG supply disruptions from the Middle East due to geopolitical tensions were mitigated by spot sourcing and alternative suppliers.