GAIL H1 FY27 standalone EBITDA and PAT exceed FY26 totals

GAIL (India) Limited reported standalone H1 FY27 earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 13,999 crore and profit after tax (PAT) of Rs 8,943 crore. Both exceeded the respective full-year FY26 totals of Rs 13,119 crore and Rs 6,968 crore, while consolidated EBITDA reached Rs 15,009 crore.

Did GAIL’s H1 FY27 standalone earnings exceed FY26?

Yes. GAIL’s standalone EBITDA was Rs 13,999 crore in H1 FY27, Rs 880 crore above the Rs 13,119 crore reported for the full FY26. Standalone profit before tax (PBT) rose to Rs 11,611 crore from FY26’s Rs 8,964 crore, while PAT was Rs 8,943 crore, exceeding the prior full-year figure by Rs 1,975 crore.

The comparison follows a decline in FY26 from the preceding year. Standalone EBITDA had reached Rs 19,168 crore in FY25 before falling to Rs 13,119 crore in FY26, while PAT declined from Rs 11,312 crore to Rs 6,968 crore. H1 FY27 EBITDA was therefore below FY25’s full-year level but had already moved above the FY26 total within six months.

GAIL’s H1 FY27 gross turnover was Rs 84,783 crore, compared with Rs 1,38,328 crore in all of FY26. The reported earnings crossover was not confined to PAT: EBITDA and PBT both surpassed their respective FY26 totals, whereas six-month turnover remained below the preceding full-year revenue base.

How did GAIL’s consolidated results compare with standalone results?

GAIL’s consolidated H1 FY27 EBITDA and PAT also exceeded FY26 totals, reaching Rs 15,009 crore and Rs 9,385 crore respectively. Consolidated EBITDA was Rs 485 crore higher than FY26’s Rs 14,524 crore, and consolidated PAT was Rs 1,803 crore above FY26’s Rs 7,582 crore.

The gap between the two reporting bases remained visible in H1 FY27. Consolidated turnover of Rs 88,521 crore was Rs 3,738 crore higher than standalone turnover of Rs 84,783 crore, while consolidated EBITDA exceeded standalone EBITDA by Rs 1,010 crore. Consolidated PAT was Rs 442 crore above the standalone figure of Rs 8,943 crore.

Consolidated performance also recovered from FY26’s retreat from FY25. EBITDA had been Rs 20,643 crore in FY25 and PAT Rs 12,450 crore, before declining to Rs 14,524 crore and Rs 7,582 crore in FY26. The H1 FY27 figures passed FY26 but did not reach the full FY25 consolidated results.

What happened to GAIL’s returns and debt-equity ratio?

GAIL reported annualised PAT to net worth of 24% and return on capital employed of 22% in H1 FY27, compared with 10% for both measures in FY26. The presentation states that these return measures include exceptional items and have been annualised, so the H1 FY27 percentages are not reported as unadjusted six-month returns.

The improvement followed a reversal from FY25. PAT to net worth was 18% in FY25 before falling to 10% in FY26, while return on capital employed moved from 17% to 10% across the same periods. H1 FY27’s 24% and 22% were also above the FY24 levels of 16% and 14%, respectively.

GAIL’s debt-equity ratio was 0.29 at the H1 FY27 closing date, compared with 0.28 at the FY26 closing date and 0.26 at FY25. Its share price was Rs 171 at the H1 FY27 closing date, up from Rs 138 at FY26-end but below Rs 183 at FY25-end. Earnings per share, adjusted for the bonus issue and buyback for past periods, was Rs 27 in H1 FY27 versus Rs 11 in FY26.

The standalone balance sheet as of September 30, 2026 listed assets of Rs 1,35,986 crore, equity of Rs 81,277 crore and liabilities of Rs 54,709 crore. It also showed long-term loan outstanding of Rs 13,393 crore, capital employed of Rs 1,08,978 crore and net worth of Rs 74,979 crore; the presentation notes that balance-sheet totals are rounded.

Which operating measures and spending plans matter next for GAIL?

GAIL’s H1 FY27 physical performance was mixed across its main standalone businesses. Natural-gas transmission was 126 million metric standard cubic metres per day (MMSCMD), above FY26’s 122 MMSCMD, while natural-gas marketing was 96 MMSCMD against 104 MMSCMD for FY26. Petrochemical sales were 226 thousand metric tonnes (TMT), compared with 785 TMT in FY26, and liquid-hydrocarbon sales were 483 TMT against 815 TMT.

Natural-gas supply was 95.53 MMSCMD in H1 FY27, lower than 105.47 MMSCMD in H1 FY26. The supply mix shifted toward regasified liquefied natural gas (RLNG), which accounted for 54% and 51.33 MMSCMD, compared with 49% and 52.27 MMSCMD a year earlier. City gas distribution supply increased to 32.19 MMSCMD from 28.86 MMSCMD, while overseas sales fell to 7.42 MMSCMD from 13.58 MMSCMD.

GAIL spent Rs 7,600 crore in capital expenditure in H1 FY27 against an annual planned capex of about Rs 12,900 crore for FY2026-27. Operational capex, including ship chartering, accounted for Rs 4,776 crore or 63% of the half-year total; petrochemicals received Rs 748 crore, pipelines Rs 655 crore and net-zero and renewables Rs 356 crore.

Liquefied petroleum gas transmission was 2,207 TMT in H1 FY27, compared with 4,600 TMT in FY26. The disclosed capex plan spans operational spending as well as pipelines, petrochemicals, city gas distribution projects, equity contributions to joint ventures and subsidiaries, exploration and production, and renewable activities.

Conclusion

GAIL’s reported H1 FY27 standalone and consolidated earnings both exceeded their respective FY26 annual totals. The central comparison is standalone EBITDA of Rs 13,999 crore versus Rs 13,119 crore in FY26 and standalone PAT of Rs 8,943 crore versus Rs 6,968 crore, alongside annualised return measures of 24% for PAT to net worth and 22% for return on capital employed.

The next disclosed marker is execution against GAIL’s approximately Rs 12,900 crore capex plan for FY2026-27 after Rs 7,600 crore of H1 spending. Readers can also monitor whether natural-gas transmission, at 126 MMSCMD in H1 FY27, and the changed gas-supply mix support results through the remaining half of the fiscal year.