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Revenue
₹33,861 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹3,453 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GAIL reported a strong Q2 FY25 with consolidated PAT of INR 2,694 crore, driven by robust marketing margins and higher transmission volumes. Gas marketing volume was 96.60 MMSCMD, while transmission volume was 130.63 MMSCMD. The petrochemical segment returned to profitability with PBT of INR 116 crore in H1. Management maintained its FY25 marketing margin guidance of INR 4,500 crore, with 73% already achieved in H1. Key projects like the PDH-PP plant (75% complete) and the Mumbai-Nagpur-Jharsuguda pipeline are on track. Risks include potential APM allocation cuts impacting CGD margins and elevated spot LNG prices. Overall, the outlook remains positive with volume growth expected across segments.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- 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.
- After H1 PBT of INR 116 crore (vs loss of INR 461 crore in FY24), management expects reasonable full-year profit from the segment.
- Mechanical completion expected by April 2025, commercial production by October 2025. Project cost INR 11,256 crore, currently 75% complete.
Risks flagged
- Recent government notification reduced APM allocations, impacting GAIL Gas by INR 16 crore/quarter and GAIL standalone by INR 6 crore/quarter. Management sees opportunity to source LNG but margin pressure remains.
- Spot LNG prices remain high at ~$13/MMBtu, reducing arbitrage opportunities. Management expects normalization but timing uncertain.
- New PDH-PP plant and GMPL project may not contribute profits in first year (FY26-27), with potential delays or cost overruns.
- Tariff petition submitted to PNGRB; approval expected by March 2025 but timing and quantum of revision are uncertain.
Key quotes
- GAIL has registered highest-ever PBT and PAT of INR 7,095 crore and INR 5,396 crore for the first half in financial year 2025.
- We expect that our guidance of INR 4,500 crore is likely to exceed. We do not want to give any number right now.
- We have sourced 1.53 MMTPA from two sources... these are crude-linked contracts... certainly you can take it that this contract is cheaper than the current contracts.
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