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Revenue
₹35,173 Cr
verified against source
Revenue YoY
-2.5%
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's Q3 FY26 standalone PAT fell 58.5% YoY to INR 1,603 crore, largely due to a high base from last year's exceptional arbitration gain of INR 2,440 crore. Revenue was flat at INR 34,030 crore. Gas transmission volume recovered to 125.45 MMSCMD (up 1.5% QoQ), driven by fertilizer, refinery, and CGD demand, while gas marketing PBT guidance for FY26 remains at INR 4,000 crore+. The petrochemical segment posted a loss of INR 483 crore due to higher Henry Hub-linked feedstock costs and lower polymer prices. Management expects transmission volume to reach 134-135 MMSCMD in FY27 and maintains a cautious outlook on marketing margins. Key risks include sustained high HH prices impacting petchem and marketing margins, and potential delays in tariff review outcomes.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to achieve the lower end of the guided range, with December exit at 128.65 MMSCMD.
- Despite HH volatility, management maintains marketing margin guidance of INR 4,000 crore+ for FY26.
- Driven by CGD growth (4 MMSCMD), power sector recovery (2 MMSCMD), and new refinery demand (3 MMSCMD).
- Includes pipeline projects (Jamnagar-Loni doubling, INR 5,400 crore), renewable energy (700+ MW), and CGD/CBG.
Risks flagged
- January HH settlement at $7.46/MMBTU will increase feedstock costs for petchem and may compress marketing margins on open volumes.
- GAIL filed a review petition seeking additional INR 15/MMBTU; no timeline for regulator response, and full tariff revision due only in April 2028.
- Management admitted Q4 could be worse due to higher HH prices, but ruled out temporary shutdown citing customer sentiment and energy efficiency concerns.
- The INR 21,000 crore fertilizer plant proposal is subject to government policy on subsidies; returns depend on assured subsidy framework.
Key quotes
- We are expecting to achieve a marketing margin level from the gas marketing segment in the financial year 2026.
- We are hopeful of achieving our gas transmission guidance of 124-125 MMSCMD for the financial year 25/26.
- If we stop the plant for a period of, say, 1 or 2 months, actually, it hurts two ways... the customer sentiment.
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