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Revenue
₹35,369 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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What the record says.
GAIL's Q1 FY26 consolidated PAT fell to INR 2,369 crore, impacted by a petrochemical loss of INR 249 crore at Pata due to a shutdown and weak polymer prices. Gas transmission volume averaged 120.62 MMSCMD, well below the earlier guidance of 132 MMSCMD, prompting a revised full-year guidance of 127-128 MMSCMD. Marketing margin stood at INR 994 crore, with management maintaining the INR 4,000-4,500 crore annual guidance. The petrochemical segment is expected to remain under pressure, with management aiming for breakeven at best. Key risks include further transmission volume downside from fertilizer plant outages and weak alternate fuel pricing. The tariff revision from PNGRB remains pending, with no clear timeline.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated the annual marketing margin guidance of INR 4,000-4,500 crore, with Q1 contributing INR 994 crore.
- Revised guidance from 132 MMSCMD to 127-128 MMSCMD due to lower refinery, power, and fertilizer demand.
- Next year's volume expected to recover driven by CGD growth and new pipeline connections.
- Includes INR 4,000 crore for pipelines, INR 2,500 crore for petrochemicals, and INR 2,000 crore for net zero initiatives.
Risks flagged
- Pata petrochemical plant posted INR 249 crore loss in Q1; management expects only breakeven at best in FY26 due to high input costs and weak polymer prices.
- Unscheduled shutdowns at fertilizer plants (e.g., KFCL) reduced volumes by 1.4 MMSCMD; further disruptions could pressure guidance.
- Tariff revision has been pending for over a year; management could not provide a timeline, creating uncertainty for transmission segment earnings.
- Lower naphtha and furnace oil prices led to fuel switching by refineries, reducing gas offtake; this trend may continue if crude remains soft.
Key quotes
- We are not optimistic of around 132 revised guidance. We expect this year, on an average basis, we'll end around 127-128 MMSCMD of volume.
- In terms of guidance, we do not feel that we will be very good in petrochemical business in this year. We may be able to reduce our losses. We may be trying to come nearer to break even level.
- If I say August and I meet you in August, you will say it has not come because it is beyond my control. We expect it may come any time from now.
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