GAIL (India) Margin Trend — Quarter by Quarter

GAIL (India)'s EBITDA margin moved from 11.0% in Q2 FY24 to 8.0% in Q3 FY26 across 5 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q3 FY26	8.0%	—
Q2 FY26	10.0%	—
Q4 FY25	10.0%	—
Q1 FY25	14.0%	—
Q2 FY24	11.0%	—

What management said about ebitda margin

Q3 FY26 · FY26 gas marketing PBT guidance of INR 4,000 crore+

Despite HH volatility, management maintains marketing margin guidance of INR 4,000 crore+ for FY26.

Q1 FY26 · Marketing margin guidance maintained at INR 4,000-4,500 crore for FY26

Management reiterated the annual marketing margin guidance of INR 4,000-4,500 crore, with Q1 contributing INR 994 crore.

Q3 FY25 · FY25 marketing margin guidance of INR 4,500 crore (excl. exceptional)

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.

Q3 FY25 · FY26 marketing margin expected around INR 4,500 crore

Management indicated that the marketing margin for FY26 is expected to remain in the same range of approximately INR 4,500 crore.

Q2 FY25 · FY25 marketing margin guidance of INR 4,500 crore likely to be exceeded

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.

Q2 FY25 · Petrochemical segment to return to reasonable profitability in FY25

After H1 PBT of INR 116 crore (vs loss of INR 461 crore in FY24), management expects reasonable full-year profit from the segment.

Q2 FY25 · PDH-PP plant at Usar to be commissioned by October 2025

Mechanical completion expected by April 2025, commercial production by October 2025. Project cost INR 11,256 crore, currently 75% complete.

Q1 FY25 · Gas marketing margin minimum INR 4,500 crore for FY25

Management raised the full-year marketing margin guidance from INR 4,000-4,500 crore to a minimum of INR 4,500 crore, with potential upside to be reviewed at Q2.

Q1 FY25 · Petrochemical segment to deliver 'reasonably good profit' in FY25

Despite Q1 loss of INR 42 crore due to shutdown, management expects full-year petrochemical profitability to improve significantly.

Q3 FY24 · FY24 gas marketing margin to exceed INR 5,500 crore

Management raised guidance from INR 3,500 crore to INR 5,500 crore, with nine-month margin already at INR 4,300 crore.

Q3 FY24 · FY25 gas marketing margin at least INR 4,000 crore

Minimum expected marketing margin for FY25, with potential upside based on market conditions.

Q3 FY24 · FY26 gas marketing margin at least INR 4,500 crore

Minimum expected marketing margin for FY26, reflecting volume growth and optimization.