GAIL (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Natural Gas Trading: 82.1% • Natural Gas: 7.4% • Petro-chemicals: 5.5%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Latest quarter profit grew 127.5% YoY, showing strong momentum
- Company has delivered good sales growth of 19.6% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.38x)
- Company has been maintaining a healthy dividend payout of 51.9%
- Working capital cycle has improved - days down from -2 to -10
- Company has a consistent dividend-paying track record
CONS
- A large part of profit comes from other income (31.1% of PBT)
- Company has delivered a poor profit growth of 7.3% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GAIL | 175.00 | 11.65 | 115064.24 | 3.14 | 4670.99 | 96.08 | 41350.18 | 16.71 | 10.16 | 17.99 |
| ATGL | 602.90 | 104.88 | 66307.55 | 0.04 | 1417.20 | 757.66 | 19067.90 | 1172.62 | 16.96 | 14.67 |
| GUJENERGY | 254.75 | 12.60 | 23901.43 | 3.49 | 10074.00 | 207.47 | 97713.80 | 140.35 | 11.32 | 14.41 |
| IGL | 153.45 | 15.78 | 21483.02 | 3.10 | 237.92 | -44.39 | 5043.44 | 16.56 | 18.23 | 6.95 |
| MGL | 1101.05 | 15.20 | 10875.93 | 2.72 | 192.64 | -39.38 | 2598.90 | 13.88 | 18.78 | 13.18 |
| CFEL | 44.48 | 15.47 | 111.29 | 0.56 | 11.72 | 4995.65 | 358.40 | 774.59 | 8.59 | 11.04 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 32,227 | 31,823 | 34,254 | 32,334 | 33,692 | 32,931 | 34,958 | 35,707 | 34,792 | 35,031 | 34,076 | 34,797 | 38,982 | |
| 29,795 | 28,331 | 30,431 | 28,777 | 29,164 | 29,186 | 32,120 | 32,491 | 31,459 | 31,841 | 31,421 | 33,645 | 33,780 | |
| Operating Profit | 2,433 | 3,491 | 3,823 | 3,558 | 4,528 | 3,745 | 2,838 | 3,216 | 3,334 | 3,191 | 2,655 | 1,152 | 5,201 |
| OPM % | 7.55% | 10.97% | 11.16% | 11.00% | 13.44% | 11.37% | 8.12% | 9.01% | 9.58% | 9.11% | 7.79% | 3.31% | 13.34% |
| 268 | 561 | 812 | 638 | 372 | 713 | 3,190 | 566 | 292 | 793 | 679 | 1,023 | 572 | |
| Interest | 176 | 172 | 156 | 193 | 209 | 190 | 167 | 178 | 209 | 230 | 250 | 253 | 310 |
| Depreciation | 636 | 750 | 784 | 1,161 | 1,049 | 815 | 832 | 903 | 883 | 930 | 1,054 | 346 | 865 |
| Profit before Tax | 1,889 | 3,130 | 3,694 | 2,842 | 3,642 | 3,453 | 5,029 | 2,701 | 2,533 | 2,823 | 2,030 | 1,577 | 5,773 |
| Tax % | 25.24% | 23.17% | 23.05% | 23.39% | 25.20% | 22.62% | 23.09% | 24.14% | 25.54% | 21.46% | 21.06% | 19.97% | 25.65% |
| Net Profit | 1,412 | 2,405 | 2,843 | 2,177 | 2,724 | 2,672 | 3,867 | 2,049 | 1,886 | 2,217 | 1,603 | 1,262 | 4,292 |
| 2.15 | 3.66 | 4.32 | 3.31 | 4.14 | 1.06 | 5.88 | 3.12 | 2.87 | 3.37 | 2.44 | 1.92 | 6.53 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 48,149 | 53,662 | 75,126 | 71,880 | 56,730 | 91,626 | 1,44,250 | 1,30,573 | 1,37,208 | 1,38,601 | 1,42,886 | |
| 41,739 | 46,028 | 65,571 | 63,697 | 50,285 | 77,797 | 1,37,666 | 1,17,199 | 1,22,882 | 1,28,269 | 1,30,686 | |
| Operating Profit | 6,409 | 7,634 | 9,555 | 8,183 | 6,445 | 13,829 | 6,584 | 13,374 | 14,326 | 10,332 | 12,200 |
| OPM % | 13.31% | 14.23% | 12.72% | 11.38% | 11.36% | 15.09% | 4.56% | 10.24% | 10.44% | 7.45% | 8.54% |
| 921 | 1,046 | 1,332 | 1,736 | 2,006 | 2,058 | 2,806 | 2,209 | 4,843 | 2,787 | 3,067 | |
| Interest | 522 | 307 | 252 | 140 | 157 | 185 | 318 | 698 | 744 | 942 | 1,042 |
| Depreciation | 1,397 | 1,415 | 1,550 | 1,836 | 1,908 | 2,111 | 2,488 | 3,331 | 3,600 | 3,213 | 3,195 |
| Profit before Tax | 5,411 | 6,958 | 9,085 | 7,943 | 6,386 | 13,590 | 6,584 | 11,555 | 14,825 | 8,964 | 12,204 |
| Tax % | 35.26% | 33.63% | 33.67% | 16.65% | 23.42% | 23.74% | 19.48% | 23.52% | 23.69% | 22.26% | 23.18% |
| Net Profit | 3,503 | 4,618 | 6,026 | 6,621 | 4,890 | 10,364 | 5,302 | 8,836 | 11,312 | 6,968 | 9,374 |
| EPS | 15.53 | 20.48 | 13.36 | 14.68 | 10.85 | 15.56 | 8.04 | 13.44 | 17.20 | 10.60 | — |
| Dividend Payout % | 54.08% | 44.38% | 30.01% | 43.60% | 45.40% | 42.84% | 62.01% | 40.92% | 43.59% | 51.90% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 10%
- 5 Years:
- 20%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 12%
- 5 Years:
- 7%
- 3 Years:
- 10%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 12%
- 3 Years:
- 12%
- 1 Year:
- -3%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 14%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,691 | 2,255 | 2,255 | 4,510 | 4,440 | 4,440 | 6,575 | 6,575 | 6,575 | 6,575 |
| 36,458 | 38,073 | 41,838 | 39,461 | 42,171 | 51,146 | 49,079 | 57,604 | 63,989 | 67,499 | |
| 4,277 | 2,597 | 4,309 | 9,898 | 11,463 | 12,989 | 21,097 | 22,155 | 20,316 | 24,251 | |
| Trade Payables | 2,716 | 3,882 | 3,961 | 4,128 | 4,326 | 5,466 | 7,299 | 6,719 | 8,075 | 6,323 |
| 11,554 | 12,754 | 14,007 | 12,404 | 12,099 | 15,551 | 13,359 | 19,077 | 20,186 | 19,407 | |
| Total Liabilities | 56,696 | 59,561 | 66,370 | 70,401 | 74,499 | 89,593 | 97,409 | 1,12,131 | 1,19,141 | 1,24,057 |
| 28,506 | 28,790 | 31,086 | 33,645 | 36,498 | 39,781 | 44,307 | 48,960 | 52,166 | 60,267 | |
| Capital Work in Progress | 3,585 | 5,514 | 9,202 | 10,582 | 11,903 | 13,071 | 13,662 | 15,859 | 18,843 | 15,895 |
| 9,377 | 9,953 | 9,624 | 7,498 | 9,724 | 12,121 | 12,789 | 17,514 | 17,484 | 20,304 | |
| 1,698 | 1,920 | 2,322 | 2,960 | 2,604 | 3,015 | 5,281 | 5,291 | 6,008 | 4,910 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9,609 | 10,198 | 8,277 | |
| Cash & Bank | 1,342 | 2,529 | 1,215 | 804 | 1,362 | 2,085 | 402 | 703 | 1,104 | 886 |
| 12,187 | 10,855 | 12,921 | 14,912 | 12,408 | 19,519 | 20,967 | 14,195 | 13,338 | 13,517 | |
| Total Assets | 56,696 | 59,561 | 66,370 | 70,401 | 74,499 | 89,593 | 97,409 | 1,12,131 | 1,19,141 | 1,24,057 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 6,952 | 9,984 | 9,953 | 8,844 | 9,648 | 11,950 | 4,326 | 11,848 | 15,560 | 9,879 | |
| Cash from Investing | -380 | -2,568 | -5,437 | -6,829 | -4,170 | -4,413 | -6,553 | -8,002 | -6,048 | -7,746 |
| Cash from Financing | -5,238 | -5,470 | -3,365 | 338 | -3,539 | -4,186 | 2,552 | -3,431 | -9,212 | -2,290 |
| 143 | 624 | -925 | 398 | 664 | 155 | -1,194 | 415 | 301 | -157 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Appointment of Joint Statutory Auditor(s) for FY 2026-27
2026-09-09 - Appointment of Joint Statutory Auditor(s) for FY 2026-27
2026-09-08 - GAIL (India) Limited has informed the Exchange regarding a press release dated September 07, 2026, titled " GAIL (India) Limited and Petronet LNG Limited host MC² Plus Hyderabad Connect to Accelerate Innovation and Entrepreneurship in the Energy Sector ".
2026-09-03 - GAIL (India) Limited has informed the Exchange about Schedule of meet
2026-08-28 - GAIL (India) Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 27, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-27 - GAIL (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 27, 2026
2026-08-26 - GAIL (India) Limited has informed regarding Disclosure of material issue
2026-08-23 - GAIL (India) Limited has informed the Exchange about change in Management
2026-08-20 - GAIL (India) Limited has informed the Exchange about change in Management
News
Recent coverage and analyst commentary for GAIL
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GAIL (India) Ltd.
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