Gas transmission volume to reach 123 MMSCMD by FY24 end
Management expects transmission volume to grow 6-7% from current 116 MMSCMD to 123 MMSCMD by March 2024, driven by petchem ramp-up, CGD growth, and restoration of disrupted pipelines.
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Gas marketing margin of INR 3,500 crore for FY24
Management reiterated its guidance of earning at least INR 3,500 crore in gas marketing margin for FY24, supported by Q1 margin of INR 1,000 crore.
CapEx of INR 9,000-10,000 crore for FY24
Planned capital expenditure includes INR 4,000 crore on pipelines, INR 3,200 crore on petrochemicals, INR 700 crore operational, INR 200 crore CGD, and INR 2,500 crore equity contributions.
Medium-term transmission volume target of 138-140 MMSCMD
Over the next 2-3 years, GAIL expects transmission volumes to reach 138-140 MMSCMD, driven by new refinery demand, CGD expansion, and pipeline commissioning.
Gas marketing margin minimum INR 4,500 crore for FY25
Management raised the full-year marketing margin guidance from INR 4,000-4,500 crore to a minimum of INR 4,500 crore, with potential upside to be reviewed at Q2.
Gas transmission volume guidance of 130-132 MMSCMD for FY25
Management maintained full-year transmission volume guidance of 130-132 MMSCMD, with Q1 already at 131.79 MMSCMD.
Transmission volume growth of 10-12 MMSCMD over 2-3 years
Management expects to add 10-12 MMSCMD of transmission volume by FY26-27, driven by CGD, refinery, and new customer connections.
Petrochemical segment to deliver 'reasonably good profit' in FY25
Despite Q1 loss of INR 42 crore due to shutdown, management expects full-year petrochemical profitability to improve significantly.
Marketing margin guidance maintained at INR 4,000-4,500 crore for FY26
Management reiterated the annual marketing margin guidance of INR 4,000-4,500 crore, with Q1 contributing INR 994 crore.
Gas transmission volume revised down to 127-128 MMSCMD for FY26
Revised guidance from 132 MMSCMD to 127-128 MMSCMD due to lower refinery, power, and fertilizer demand.
FY27 transmission volume expected at 135-136 MMSCMD
Next year's volume expected to recover driven by CGD growth and new pipeline connections.
Capex plan of INR 12,000 crore for FY27
Includes INR 4,000 crore for pipelines, INR 2,500 crore for petrochemicals, and INR 2,000 crore for net zero initiatives.
FY24 average gas transmission volume of 120 MMSCMD
Management expects to exit FY24 at a run rate of 123-124 MMSCMD, with FY25 average of 132-133 MMSCMD.
FY25 gas marketing margin of at least INR 4,000 crore
After achieving INR 3,700 crore in H1 FY24, management guided for a higher marketing margin next year.
Petrochemical segment near breakeven by FY24 end
Management aims to close FY24 near breakeven and normalize with positive bottom line from next fiscal.
Mumbai-Nagpur-Jharsuguda pipeline first section completion by June 2024
698 km section expected to be completed by June 2024; full pipeline of 1,755 km under construction.
FY25 marketing margin guidance of INR 4,500 crore likely to be exceeded
Management expects to exceed the INR 4,500 crore marketing margin guidance for FY25, with 73% already achieved in H1. Formal revision will be provided in Q3 results.
Gas transmission volume expected at 130 MMSCMD for FY25
Full-year transmission volume guidance of 130 MMSCMD, with H1 average at 131.21 MMSCMD. Over 2-3 years, volumes expected to grow 10-12 MMSCMD YoY.
Petrochemical segment to return to reasonable profitability in FY25
After H1 PBT of INR 116 crore (vs loss of INR 461 crore in FY24), management expects reasonable full-year profit from the segment.
PDH-PP plant at Usar to be commissioned by October 2025
Mechanical completion expected by April 2025, commercial production by October 2025. Project cost INR 11,256 crore, currently 75% complete.
FY26 gas transmission volume guidance revised to 123-124 mmscmd
Management lowered full-year transmission volume guidance from earlier expectations to 123-124 mmscmd due to power demand weakness, refinery fuel switching, and pipeline outages.
FY27 gas transmission volume target of 133-134 mmscmd
Management expects FY27 volumes to increase by 8-10 mmscmd driven by CGD growth, power recovery, new pipelines, and refinery demand.
Gas marketing PBT guidance of INR 4,000-4,500 crore for FY26
Management reiterated the annual PBT guidance for the gas marketing segment, with H1 PBT at INR 2,221 crore, indicating confidence in achieving the target.
FY27 gas marketing PBT expected at similar level of INR 4,000-4,500 crore
Management guided that next year's gas marketing PBT will be around the same level as FY26, with no new major additions expected.
FY24 gas marketing margin to exceed INR 5,500 crore
Management raised guidance from INR 3,500 crore to INR 5,500 crore, with nine-month margin already at INR 4,300 crore.
FY25 gas marketing margin at least INR 4,000 crore
Minimum expected marketing margin for FY25, with potential upside based on market conditions.
FY26 gas marketing margin at least INR 4,500 crore
Minimum expected marketing margin for FY26, reflecting volume growth and optimization.
FY25 CapEx target of INR 17,000 crore
Includes INR 4,400 crore on petrochemicals, INR 3,000 crore on pipelines, INR 3,000 crore on net zero, and INR 5,000 crore equity contributions.
FY25 marketing margin guidance of INR 4,500 crore (excl. exceptional)
GAIL maintains its guidance of earning INR 4,500 crore from gas marketing margin in FY25, excluding the one-time exceptional income of INR 2,440 crore.
FY26 marketing margin expected around INR 4,500 crore
Management indicated that the marketing margin for FY26 is expected to remain in the same range of approximately INR 4,500 crore.
Gas transmission volume growth of 10 MMSCMD per annum over next 2-3 years
Transmission volume is expected to increase by 10 MMSCMD year-on-year for the next two to three years, driven by CGD, refinery, and new pipeline volumes.
Dabhol terminal to become full-weather by May 2025
Breakwater work at Dabhol will be completed by March 2025, with regulatory approvals expected by May, enabling year-round cargo operations.
FY26 gas transmission volume guidance of 124-125 MMSCMD
Management expects to achieve the lower end of the guided range, with December exit at 128.65 MMSCMD.
FY26 gas marketing PBT guidance of INR 4,000 crore+
Despite HH volatility, management maintains marketing margin guidance of INR 4,000 crore+ for FY26.
FY27 gas transmission volume target of 134-135 MMSCMD
Driven by CGD growth (4 MMSCMD), power sector recovery (2 MMSCMD), and new refinery demand (3 MMSCMD).
FY27 CapEx guidance of INR 9,000-10,000 crore
Includes pipeline projects (Jamnagar-Loni doubling, INR 5,400 crore), renewable energy (700+ MW), and CGD/CBG.
FY26 transmission volume guidance of 138-139 MMSCMD
Management expects gas transmission volume to average 138-139 MMSCMD in FY26, driven by CGD growth and new plant connections.
FY26 marketing PBT guidance of INR 4,000-4,500 crore
Gas marketing segment is expected to generate a minimum PBT of INR 4,000-4,500 crore in FY26, consistent with prior guidance.
Integrated tariff revision to INR 70-72 from INR 58
Expected tariff revision for GAIL's integrated pipeline network, likely implemented in FY26, with a conservative estimate of INR 70-72 per MMBtu.
Dabhol LNG terminal to handle 34-36 cargoes in FY26
With breakwater completion, Dabhol terminal is expected to regasify 34-36 cargoes in FY26, up from 21 in FY25, adding ~INR 300 crore to profit.