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Revenue
₹34,738 Cr
verified against source
Revenue YoY
5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GAIL reported a strong Q1 FY25 with standalone PAT surging 93% YoY to INR 2,724 crore, driven by robust gas transmission volumes and improved gas trading margins. Revenue grew 5% YoY to INR 33,627 crore, supported by higher domestic gas marketing volumes and favorable pricing. The gas transmission segment saw volumes rise to 131.79 MMSCMD (63% capacity utilization), while marketing margins hit INR 1,994 crore, prompting management to raise the full-year guidance to a minimum of INR 4,500 crore. Petrochemicals were impacted by a planned shutdown but are expected to recover with 105% run-rate post-turnaround. Management guided for 5% volume growth in gas marketing and 10-12 MMSCMD incremental transmission volumes over 2-3 years. Key risks include potential regulatory tariff revisions and delays in ONGC's KG basin ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management maintained full-year transmission volume guidance of 130-132 MMSCMD, with Q1 already at 131.79 MMSCMD.
- Management expects to add 10-12 MMSCMD of transmission volume by FY26-27, driven by CGD, refinery, and new customer connections.
- Despite Q1 loss of INR 42 crore due to shutdown, management expects full-year petrochemical profitability to improve significantly.
Risks flagged
- PNGRB may revisit integrated pipeline tariffs, potentially reducing returns if volume growth leads to excess returns above regulatory limits.
- ONGC's projected 1-2 MMSCMD in FY25 and 5-6 MMSCMD in FY26 from KG basin have been delayed, impacting GAIL's sourcing and transmission plans.
- Management acknowledged that APM gas allocation to CGD will continue to decline as demand grows, potentially squeezing margins for CGD operators and indirectly affecting GAIL.
Key quotes
- We have given the kind of range to you this time, and we are on the course of achieving those targets. In Q1 2025, we have already earned almost INR 1,994 crore of marketing margin from this segment, and we expect to surpass the current target given to you, INR 4,000 crore-INR 4,500 crore. For guidance purpose, you may consider now INR 4,500 crore as a minimum target for this financial year.
- We have ability to change $0.70 to $2. We have ability to make it $2.5. Last month's close price for Henry Hub was $1.90 per MMBTU. The Henry Hub price sometimes reaches $3. We do the paper trading. We take the benefit of arbitrage.
- Pipeline transmission is a monopoly. Wherever you exist, you continue to have those market shares. So we are 70%, almost 70% infrastructure share, so we continue to maintain those shares.
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