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Revenue
₹35,537 Cr
verified against source
Revenue YoY
7%
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's Q2 FY26 standalone revenue was flat QoQ at INR 34,972 crore, up 7% YoY, but PAT fell 17% YoY to INR 2,217 crore due to lower gas marketing margins and petrochemical losses. Gas transmission volumes improved to 123.59 mmscmd, but full-year guidance was revised down to 123-124 mmscmd due to power demand weakness, refinery fuel switching, and pipeline outages. Management expects FY27 volumes to recover to 133-134 mmscmd driven by CGD growth, power recovery, and new pipelines. Gas marketing PBT guidance of INR 4,000-4,500 crore for FY26 remains on track. Key risk: sustained high Henry Hub prices could further pressure petrochemical margins.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management expects FY27 volumes to increase by 8-10 mmscmd driven by CGD growth, power recovery, new pipelines, and refinery demand.
- 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.
- Management guided that next year's gas marketing PBT will be around the same level as FY26, with no new major additions expected.
Risks flagged
- Petrochemical segment posted a loss of INR 299 crore in Q2 due to high input gas costs (~$10.6/mmbtu). If Henry Hub remains elevated, losses may persist.
- The integrated pipeline tariff submission (INR 78) is pending approval. Any adverse ruling could impact transmission revenue expectations.
- New gas allocation for LPG shrinkage was reduced from 0.32 mmscmd to 0.2 mmscmd from Oct 1, 2025, estimated to impact H2 production by 33 TMT.
- Government plans to phase out imported gas for power could limit demand recovery, despite management's expectation of 2-3 mmscmd power volume returning in FY27.
Key quotes
- We maintain that next financial year, we will be having 134 MMS CMD - 135 MMS CMD kind of volume.
- We have already crossed INR 3,200 crore in first half in spite of the various negative things. We expect that we will certainly touch INR 4,500 crore of guidance at PBT level, and we may even exceed that.
- We in GAIL believe that now it is high time that we start the process of listing GAIL Gas.
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