Earnings Review
GAIL Q3 PAT, revenue fall YoY, miss Street estimates
This story was originally published at 19:15 IST on 31 January 2026
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--GAIL Oct-Dec net profit INR 16.03 bln
--Analysts saw GAIL Oct-Dec net profit at INR 19.05 bln
--GAIL Oct-Dec revenue INR 340.76 bln
--Analysts saw GAIL Oct-Dec revenue at INR 350.83 bln
--GAIL Oct-Dec net profit INR 16.03 bln vs INR 38.67 bln year ago
--GAIL Oct-Dec revenue INR 340.76 bln vs INR 349.58 bln year ago
--GAIL to pay INR 5 per share interim dividend
--GAIL interim dividend record date is Feb 5
--GAIL Apr-Dec net profit INR 57.06 bln vs INR 92.63 bln year ago
--GAIL Apr-Dec revenue INR 1.04 tln vs INR 1.02 tln year ago
--GAIL Q3 natural gas marketing sales INR 306.05 bln vs INR 306.25 bln yr ago
--GAIL Oct-Dec petrochemical revenue INR 20.21 bln vs INR 20.70 bln yr ago
--GAIL Oct-Dec operating margin 4.71% vs 5.75% year ago
By Arundathi A R and Sunil Raghu
MUMBAI – GAIL (India) Ltd. reported an on-year fall in its net profit in the December quarter for the fourth consecutive quarter. Its revenue from operations for the reporting quarter fell on year after rising for the previous six quarters. Both the metrics of the company failed to meet the analysts' expectations for the December quarter.
GAIL (India) posted a fall of nearly 59% on year in net profit to INR 16.03 billion for the December quarter as its revenue declined. Excluding the one-time gain of INR 24.4 billion reported in the year-ago-quarter, the company's net profit rose nearly 12% on year. Analysts saw the company's net profit for the quarter at INR 19.05 billion. The operating margin of the company for Oct–Dec contracted to 4.71%, down 104 basis points from the year-ago quarter.
Its revenue from operations for the latest quarter was INR 340.76 billion, down 2.5% on year. GAIL (India)'s revenue for the quarter, net of excise duty of INR 243.3 million, came in at INR 340.51 billion. The company was expected to report a revenue of INR 350.83 billion for the quarter.
For the nine months ended Dec. 31, the company's net profit fell over 38% on year to INR 57.06 billion. However, the top line for the period was up over 2% on year at INR 1.04 trillion.
Revenue from the company's natural gas marketing segment saw nearly flat on-year growth at INR 306.05 billion in the December quarter. Earnings from its petrochemicals business for the reporting quarter were at INR 20.21 billion, down over 2% on year. Revenue from the LPG and liquid hydrocarbons business was INR 9.73 billion, down nearly 38% on year. Revenue from GAIL's other segment rose over 19% on year to INR 5.47 billion during the reporting quarter.
Its overall expenses for the quarter, including the excise duty, were INR 327.25 billion, down over 1% on year. The expenses excluding the duty were INR 327.01 billion. Expenses incurred towards purchase of stock-in-trade constituted the highest chunk of the company's overall expenses pie, falling over 6% on year to INR 262.90 billion. Other expenses saw nearly flat on-year growth at INR 21.61 billion. The cost of materials consumed was up nearly 10% at INR 21.81 billion.
GAIL's gross earnings before interest, taxes, depreciation, and amortisation for the first nine months of the financial year 2025-26 (Apr-Mar) was INR 109.43 billion. On Friday, the company's shares ended flat at INR 167.29 on the National Stock Exchange. End
Edited by Tanima Banerjee
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