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Revenue
₹36,887 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Where this quarter sits.
Quarter read
What the record says.
GAIL reported a strong Q3 FY25 with consolidated PAT of INR 4,082 crore, up 52% QoQ, boosted by an exceptional income of INR 2,440 crore from the SEFE arbitration settlement. Excluding this, marketing margin guidance of INR 4,500 crore for FY25 is maintained. Gas transmission volumes averaged 129.44 MMSCMD in 9M, with FY25 guidance of 129-130 MMSCMD and expected 10 MMSCMD annual growth over the next 2-3 years. Petrochemicals turned profitable with 9M PBT of INR 121 crore vs a loss of INR 399 crore last year. Key risks include volatility in gas marketing margins due to crude price movements and the APM gas allocation cut impacting LPG production by ~75 TMT in Q4.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Management indicated that the marketing margin for FY26 is expected to remain in the same range of approximately INR 4,500 crore.
- 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.
- Breakwater work at Dabhol will be completed by March 2025, with regulatory approvals expected by May, enabling year-round cargo operations.
Risks flagged
- Marketing margins dropped sharply in Q3 due to crude price decline, Henry Hub price increases, and spot sourcing at unfavorable prices. Management expects recovery over time but near-term volatility persists.
- A government order cut APM gas allocation to GAIL for LPG production by 0.63 MMSCMD, expected to reduce LPG production by ~75 TMT in Q4 FY25. No subsidy or alternative arrangement has been offered.
- PNGRB authorized a pipeline by GSPL group that diverted ~1.5 MMSCMD of GAIL's transmission volume. GAIL is challenging this but the impact is immediate.
- Tariff revision petition filed in August 2024 is delayed beyond the typical six-month timeline. Management expects it in Q1 FY26, but further delays could affect transmission revenue.
Key quotes
- We maintain the guidance of earning INR 4,500 crore of GAIL marketing margin in the current financial year, excluding the exceptional income of INR 2,440 crore.
- Settlement is like a marriage. You don't lose or gain. So we have done what we thought is best in interest of organization, both the organizations.
- We have been maintaining next year's number. Sir, we have in our year-end earnings call given that marketing margin will remain in this range only for next year as well.
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