GAIL
Large CapGAIL (India) Limited
Power
GAIL (India) Limited operates an 18,000+ KM natural gas pipeline network (65% market share), markets 16.56 MMTPA LNG (48% domestic RLNG share), and produces 870 KTA petrochemicals. It also has 155 MW renewables, 1.3 MMTPA LHC processing, and 4.58 MMTPA LPG transmission capacity.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -2% YoY · PAT -41% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹35,577 Cr | -2.4% | +1.1% |
| EBITDA | ₹1,453 Cr | -58.8% | -50.4% |
| Operating margin | 4.0% | -600 bps | -400 bps |
| PAT | ₹1,481 Cr | -40.9% | -14.3% |
| PAT margin | 4.2% | -272 bps | -76 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
GAIL (Standalone) reported a significant decline in FY26 financial performance with Turnover down 1.2%, EBITDA down 31.5%, PBT down 39.6%, and PAT down 38.3% YoY. Consolidated results also showed declines across key metrics.
FY26 saw a sharp decline in profitability, likely impacted by market volatility and one-off provisions. While GAIL has ambitious growth plans in pipelines, petrochemicals, and renewables, and a diversified LNG portfolio, the ongoing Middle East conflict and its impact on LNG supply/prices pose significant near-term risks. Long-term India gas demand outlook remains strong.
Gas Transmission Mix - FY2026
Latest issuer-disclosed distribution across 5 reported categories.
CGD Sector Growth
Expected to grow at a CAGR of ~15% till 2030, leading gas consumption growth in India.
Petrochemical Capacity Expansion
Upcoming PDH-PP Usar (500 KTA) and GMPL PTA Plant (1,250 KTA) will drive top-line growth.
Renewable Energy Capacity
Target to attain 3.6 GW RE capacity by 2035; work commenced to increase RE portfolio from 155 MW to 1,063 MW.
LNG Sourcing Diversification
To source additional 4-5 MMTPA LNG by 2030; diversified portfolio averted energy crisis during current war.
Pipelines under construction
~1,500 km pipeline under construction; DUPL Pipeline capacity expansion.
LPG Pipeline Capacity Augmentation
PNGRB authorization received for doubling the capacity of Jamnagar Loni Pipeline (JLPL).
New Petrochemical Plants
PDH-PP Usar (500 KTA) and GMPL PTA Plant (1,250 KTA) in pipeline.
Renewable Energy Projects
600 MW Solar with BESS (UP), 100 MW Solar with BESS (MH), 178.2 MW Wind (MH).
India's Natural Gas Demand Growth
Expected to grow strongly, led by CGD, refineries, petrochemicals, steel, and power sectors.
Government Support for CGD
Measures like reallocating cheapest domestic gas and priority for CNG/D-PNG use promote sector growth.
Global LNG Supply Increase
Expected to rise significantly by 2030 (~220 MMTPA new capacity), mainly from US and Qatar, softening prices.
Polymer Demand in India
Future polymer demand growth estimated at ~7-8% p.a., driven by packaging, auto/construction, and agriculture.
Middle East Conflict
Hormuz closure significantly disrupted LNG industry; recovery will take time, impacting global LNG supply.
LNG Production Normalization
Even after war subsides, normalization is expected to be gradual, with Qatar indicating multi-year recovery.
Market Volatility
Remained high due to geopolitical and supply chain disruptions in 2025.
Geopolitical Disruptions
Strait of Hormuz is a critical chokepoint; any disruption can create far-reaching impacts on global energy security.
LNG Supply Vulnerability
Concentration of LNG exports from Qatar and UAE through Strait of Hormuz (~20% global supply) creates systemic vulnerability.
Project Execution Risk
Large number of projects in pipeline (pipelines, petrochemicals, renewables) carry execution and commissioning risks.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document presents annual financial results and operational KPIs over several fiscal years (FY22-FY26), making year-over-year comparison most appropriate to assess long-term trends and annual performance.
Natural Gas Transmission Volume
122.18 MMSCMD in FY'26
Natural Gas Sales Volume
104.21 MMSCMD in FY'26
Petrochemical Sales
785 TMT in FY'26
LPG Transmission
4,600 TMT in FY'26 (Highest ever)
Net Zero Strategy
Aims for 100% reduction in Scope-1 & Scope-2 emissions by 2035 and 35% reduction in Scope-3 by 2040.
Renewable Energy Target
Set target to attain 3.6 GW of Renewable Energy capacity by 2035.
Strategic LNG Sourcing
India should strengthen a diversified LNG sourcing portfolio to improve energy security.
Key Priorities
LNG sourcing from diversified geographies, infrastructure development, strategic gas storage, CBG, and favourable government policies.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| LNG Supply Normalization | Middle East conflict and Hormuz closure have significantly disrupted the LNG industry; recovery will take time. | Signs of easing geopolitical tensions and actual LNG production normalization from Qatar and other regions. |
| New Liquefaction Capacity | Global LNG supply expected to rise significantly by 2030 (~220 MMTPA new capacity), mainly from US and Qatar. | Commissioning timelines and actual output from new liquefaction projects, especially from the US and Qatar. |
| CGD Sector Growth | CGD sector expected to grow at a CAGR of ~15% till 2030, leading gas consumption in India. | Growth in CNG and D-PNG connections and volumes, particularly the reallocation of domestic gas. |
| Petrochemical Project Progress | Upcoming PDH-PP Usar (500 KTA) and GMPL PTA Plant (1,250 KTA) will drive top-line growth. | Commissioning dates and ramp-up of new petrochemical capacities, including the 60 KTA PATA Plant commissioned in Q4 FY26. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49Neutrallabel neutral
Technical chart
GAILweekly · 3Y-17.9%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 55.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 55 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 14% off 52W high · 25% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 13/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -20.3%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 53rd percentile of the scored universe and 51st percentile within Power. Main check: results consistency is weak at 27/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 4 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 51st pctile, median 67 · Large: 30th pctile, median 74
53 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸11 years of positive FCF.
Trust risks
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -3.3%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 14.60
- P/B
- 1.25
- EV/EBITDA
- 8.84
- Market Cap
- 110856.00Cr
Profitability
- ROE
- 8.71%
- ROCE
- 9.68%
- ROA
- 5.40%
- Dividend Y
- 4.45%
Growth (CAGR)
- Revenue 5Y
- 20.00%
- EPS 5Y
- 4.00%
- Revenue 3Y
- -1.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.28
- Interest Coverage
- 11.94×
- Altman Z
- 3.62
- Book Value
- 135.00
Cash Flow
- FCF Yield
- 1.89%
- FCF Positive Y
- 11/5
- OCF
- 11249.00 Cr
- EPS TTM
- 11.53
Shareholding
- Promoter Hold
- 51.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.