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, refinery, and CGD sectors.

• Over 15,000 capacity transactions were booked through the open pipeline access portal in 2025, supporting infrastructure investment.

• The company secured new CGD tie-ups totaling approximately 2 MMSCMD and is expanding its clean energy and LNG retail businesses.

• 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.

• Interim dividend will be paid based on the record date of February 5, 2026.

Financial highlights

• Q3 FY26 standalone turnover: ₹34,030 crore; consolidated turnover: ₹35,253 crore; Q3 FY26 standalone PAT: ₹1,603 crore; consolidated PAT: ₹1,756 crore.

• 9M FY26 standalone turnover: ₹1,03,899.50 crore; consolidated turnover: ₹1,06,388.80 crore; standalone PAT: ₹5,706.13 crore; consolidated PAT: ₹6,100.06 crore.

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

• Net worth as of December 31, 2025: ₹68,290 crore (standalone); ₹66,921.70 crore (consolidated); capital employed: ₹97,699 crore.

• Interim dividend of ₹5 per share declared for FY 2025/26.

Outlook and guidance

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

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

• CapEx for FY27 projected at ₹9,000-10,700 crore, focused on pipelines, renewables, and net-zero initiatives.

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