GAIL (India) (GAIL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 PBT was INR 5,838 crore and standalone PAT was INR 4,650.22 crore; H1 standalone and consolidated PAT were INR 8,942.55 crore and INR 9,394.74 crore.

• Natural gas transmission reached a record 147.55 MMSCMD on 21 September; Q2 average transmission volume rose QoQ as domestic consumption recovered.

• Diversified sourcing and portfolio flexibility helped maintain customer supplies amid West Asia LNG disruption.

Financial highlights

• Q2 standalone revenue from operations was INR 45,923.57 crore and net profit INR 4,650.22 crore; consolidated revenue was INR 47,301.03 crore and net profit INR 4,723.75 crore.

• H1 standalone PBT was INR 11,611 crore and PAT INR 8,942.55 crore; consolidated PBT was INR 12,367.85 crore and PAT INR 9,394.74 crore.

• H1 standalone and consolidated PAT rose from INR 4,103.56 crore and INR 4,370.96 crore, respectively, in H1 FY26.

Outlook and guidance

• FY27 transmission volume guidance is 126–127 MMSCMD; FY28 guidance is 134–135 MMSCMD, with growth expected mainly from CGD and refinery demand recovery.

• FY27 gas marketing margin guidance is INR 9,000–9,500 crore at PBT level; FY28 guidance is INR 4,500–5,000 crore on 100+ MMSCMD marketing volume.

• FY27 capex is expected at INR 12,900 crore; FY28 PDH-PP commissioning is planned, with the scheduled 30 June 2027 completion date subject to possible six-month timing variation.

• GAIL Gas targets 275 additional CNG stations and 3.7 lakh DPNG connections over two years; its IPO is expected in FY28.