India · Delayed Price · Currency is INR GAIL (India) Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw lower revenue and profit due to the absence of last year's exceptional income, but gas transmission volumes recovered and clean energy investments advanced. Guidance for FY26/27 remains robust, with major CapEx planned for pipelines and renewables.
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Q2 FY26 saw flat sequential revenue and improved QoQ profitability, but YoY profit declined due to lower tariffs and higher input costs. Major pipeline projects near completion, with volume and margin growth expected in FY27 as new assets ramp up and market conditions normalize.
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Q1 FY26 saw flat revenue and lower profits sequentially, with a one-off tariff settlement and continued pressure in the petrochemical segment. Transmission volume guidance was revised downward due to sectoral demand challenges, while capex and marketing margin guidance remain robust.
Fiscal Year 2025
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Record FY2025 results with 28% PAT growth, driven by strong gas marketing and transmission. Major infrastructure projects and regulatory reforms support robust outlook, with guidance for continued volume and profit growth in FY2026.
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Record quarterly and nine-month profits were driven by strong segment performance and a one-time arbitration settlement. Marketing margins are guided at INR 4,500 crore (excluding exceptional income), with steady transmission volumes and major projects on track for FY26 completion.
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Reported record H1 FY25 profits, with strong marketing margins and stable transmission volumes. CapEx for FY25 is guided at INR 8,000-10,000 crore, and new LNG contracts are expected to improve cost structure. Major project completions and tariff updates are anticipated by FY26.
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Q1 FY25 saw strong sequential and year-over-year growth in revenue and profit, driven by robust gas transmission, higher domestic demand, and improved margins. CapEx and project execution remain on track, with guidance for continued volume and margin growth in FY25.