Analyst Concall
GAIL expects regulator to approve revised tariff by Nov
This story was originally published at 19:49 IST on 31 October 2025
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--GAIL: Did capex of INR 16.62 bln in Jul-Sept, INR 48.38 bln in Apr-Sept
--CONTEXT: GAIL (India) mgmt's comments at post-earnings call with analysts
--GAIL: Delay in pipeline connectivity hit gas transmission volumes in Q2
--GAIL: Hope to see Dabhol LNG terminal at 50% capacity by next fincl year
--GAIL: Expect integrated tariff hike nod from regulator by November
--GAIL: See gas transmission volumes at 134-135 mscmd in FY27
--GAIL: To expand Dabhol LNG terminal capacity beyond 6.5 mln tn per annum
--GAIL: May need more regassification facility for LNG imports from FY27
--GAIL: Expect to earn INR 45 bln as profit before tax in FY26, FY27
By Ashutosh Pati and Sunil Raghu
MUMBAI – GAIL (India) Ltd. expects the Petroleum and Natural Gas Regulatory Board to approve by November the company's proposal to revise upwards the tariff to transport gas through its pipelines, the company's management said Friday in a post-earnings call with analysts.
The company expects natural gas transmission volumes to rise to 134-135 million standard cubic meters per day in financial year 2026-27 (Apr-Mar) after a drop in volumes this year. Delays in pipeline connectivity, early onset of monsoon, and lack of demand hit the company's gas transmission volumes during the September quarter, which stood at 123.59 mscmd.
GAIL expects to clock profit before tax of INR 45 billion in FY26 and aims to maintain similar level in FY27 as well, its management said. The state-owned company incurred a capital expenditure of INR 16.62 billion in the September quarter, mainly on pipelines and petrochemicals. In Apr-Sept, the company incurred a capital expenditure of INR 48.38 billion.
The management said they are planning to expand the capacity of the liquefied natural gas terminal at Dabhol in Maharashtra beyond 6.5 million tonnes per annum and they are hoping to see the terminal at 50% capacity by FY27. "...we are quite conscious of the capacities availability currently and the capacity requirement in future," the management said.
Currently, GAIL has over 8.5 million tonnes of LNG regassification facility available at Petronet LNG Ltd.'s Dahej LNG terminal, Dhamra LNG terminal run by Adani group and Total S.A. of France and at Dabhol LNG terminal. The company is currently working to tie up additional regassification capacities with different terminal operators "where we feel that the market is there", its management said. They may need additional regassification facilities for LNG imports from FY27.
The company posted a net profit of INR 22.17 billion for the September quarter, down 17% on year. GAIL's revenue for the quarter rose 6% on year to INR 350.31 billion. On Friday, the company's shares ended 0.2% lower at INR 182.76 on the National Stock Exchange. GAIL announced its earnings during market hours. End
Edited by Ashish Shirke
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