GAIL (India) (GAIL) Q2 25/26 earnings summary

Executive summary

• Srikakulam-Angul pipeline (422 km) dedicated; Mumbai-Nagpur-Jharsuguda pipeline at 97% completion, commissioning by Dec 2025.

• Achieved strong operational performance in H1 FY26, with growth in natural gas transmission and marketing volumes compared to previous periods.

• Maintained leadership in natural gas supply to key sectors such as fertilizers and city gas distribution.

• Unaudited standalone and consolidated financial results for the quarter and half year ended 30th September 2025 were approved by the Board and reviewed by auditors.

• PNGRB authorized Vijaypir-Bina pipeline (105 km, INR 450 crore CapEX) and GLPL-LPG pipeline expansion to 6.5 MMTPA, boosting revenue by INR 700 crore annually.

Financial highlights

• Q2 FY26 standalone turnover: INR 34,972 crore; PBT: INR 2,823 crore; PAT: INR 2,217 crore.

• Standalone revenue from operations for Q2 FY26 was ₹35,031.24 crore, up from ₹32,930.72 crore in Q2 FY25; net profit after tax was ₹2,217.24 crore, down from ₹2,671.93 crore year-over-year.

• Consolidated Q2 turnover: INR 35,594 crore; PBT: INR 2,565 crore; PAT: INR 1,972 crore.

• H1 FY26 standalone gross turnover: ₹91,426 crore; PAT: ₹4,104 crore.

• Year-over-year, both standalone and consolidated profits declined compared to H1 FY25.

Outlook and guidance

• FY26 gas marketing PBT guidance: INR 4,000–4,500 crore; expected to meet or exceed this.

• FY26 gas transmission volume expected at 123–124 MMS CMD; FY27 guidance: 133–135 MMS CMD.

• Dabhol LNG terminal to reach full 5 MMTPA utilization by 2026–27; expansion to 6.5 MMTPA underway.

• Management expects full recovery of outstanding dues from Nagarjuna Fertilizers and Chemicals Limited, based on escrow arrangements, government policy changes, and asset sales.