GAIL (India) (GAIL) Q3 25/26 earnings summary

Executive summary

• Q3 and 9M FY26 saw strong operational performance in natural gas transmission and marketing, with 9M FY26 transmission at 123.23 MMSCMD and marketing at 104.97 MMSCMD, driven by demand from fertilizer and city gas sectors.

• New CGD tie-ups of ~2 MMSCMD and over 15,000 capacity transactions booked through the open pipeline access portal in 2025.

• Board approved unaudited financial results for Q3 and 9M FY26 and declared an interim dividend of ₹5.00 per share (50% of face value), totaling ₹3,287.55 crore.

• Strategic focus on renewables, LNG retail, and expansion in fertilizer and petrochemical sectors.

Financial highlights

• Standalone revenue for Q3 FY26: ₹34,075.81 crore; 9M FY26: ₹1,03,899.50 crore; consolidated revenue for Q3: ₹35,302.76 crore; 9M: ₹1,06,388.80 crore.

• Standalone net profit for Q3 FY26: ₹1,602.57 crore; 9M: ₹5,706.13 crore; consolidated net profit for Q3: ₹1,729.13 crore; 9M: ₹6,100.06 crore.

• Exceptional income of ₹2,440.03 crore recognized due to a settlement with an LNG supplier.

• Interim dividend declared at ₹5 per share (50% of face value) for FY26.

• Net worth as of December 31, 2025: ₹68,290 crore (standalone); ₹66,921.70 crore (consolidated).

Outlook and guidance

• Gas transmission guidance for FY25/26: 124-125 MMSCMD; expected to reach 134-135 MMSCMD in FY27.

• Marketing margin guidance maintained at INR 4,000 crore+ for FY26 and FY27 despite volume growth.

• CapEx guidance for FY27: INR 9,000-10,000 crore, focused on pipelines, renewables, and net-zero initiatives.

• LNG portfolio targeted to increase by 6-7 MMTPA by 2030, with progressive contracting.

• Management confident of recovering outstanding dues from NFCL based on escrow arrangements and expected policy changes.