GAIL FY 2025-26: Strong topline, weaker margins, and a sharper pivot to infrastructure and net zero

Standalone turnover was 1,38,328 crore and PAT was 6,968 crore, as presented for FY2025-26.

Management guided minimum Gas Marketing PBT of 4,000 crore if the West Asia crisis persists through the full year, and 4,500 crore if the situation normalizes by mid Q2.

The presentation states GAIL has an 18,000+ km natural gas pipeline network with about 65% market share.

Management cited approvals for a 600 MW solar project with 550 MWh BESS in Uttar Pradesh, a 178.2 MW wind project in Maharashtra, and a 100 MW solar project with 22 MWh BESS in Maharashtra, and stated the renewable portfolio would exceed 1 GW by end of next financial year.

Management attributed the decline primarily to a one-time settlement benefit of 2,440 crore in the previous year, higher input gas cost in petrochemicals (about 1,400 crore) in FY2025-26, and a 675 crore provision against outstanding dues from Nagarjuna Fertilizers.

FY2025-26 capex was 9,594 crore. For FY2026-27, the company indicated capex of about 11,500 to 11,600 crore.