Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
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GAIL (India) Limited
NSE: GAILUtilitiesUtilities - Regulated Gas
- Last close
- ₹166.91
- Day change
- +₹0.27 (+0.16%)vs
- Market cap
- ₹1.10 lakh crIndian rupees
- Research updated
- 1 report
About GAIL (India)
GAIL (India) Limited is a leading natural gas company involved in the processing and transportation of natural gas across India. As a state-owned enterprise, its primary function is to manage and optimize the nation’s natural gas infrastructure, enhancing the delivery and use of clean energy. GAIL's operations encompass several critical areas, including the transmission of natural gas, the production of petrochemicals, liquefied petroleum gas, and the exploration and production of hydrocarbons. Serving both domestic and industrial sectors, GAIL is instrumental in supporting India's economic growth by ensuring energy security and contributing to a more sustainable energy mix. Established in 1984 and headquartered in New Delhi, GAIL operates extensive gas pipeline networks and engages in joint ventures and partnerships to further expand its footprint both nationally and internationally. The company plays a vital role in India’s efforts to reduce carbon emissions by promoting natural gas as a reliable and less polluting alternative to traditional fossil fuels.
- Sector
- Utilities
- Industry
- Utilities - Regulated Gas
- Listing
- NSE: GAIL
- Employees
- 5,356
- Headquarters
- New Delhi, India
- ISIN
- INE129A01019
- Website
- gailonline.com
Public research · Report of
Business model & financial foundation
GAIL (NSE: GAIL), Gas transmission and marketing (integrated natural gas company with petrochemicals and LPG/liquid hydrocarbons): revenue of ₹1,42,094 crore in FY26 (-0.1% on FY25), an EBITDA margin of 8.1%, net profit of ₹7,582 crore and net debt of ₹23,872 crore.
- Revenue, FY26 (₹ crore)
- 1,42,094
- consolidated
- Revenue growth, FY26
- -0.1%
- on FY25
- EBITDA margin, FY26
- 8.1%
- EBITDA (rev-cogs-emp-other exp) / revenue
- Net profit, FY26 (₹ crore)
- 7,582
- to owners
- Return on equity, FY26
- 8.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 23,872
- Net debt (borrowings less cash and equivalents)
- Market capitalisation (₹ crore)
- 1,13,492
- at the close of 12 Oct 2026
Company profile
GAIL is India's largest natural gas transmission and marketing company, majority owned by the Government of India. It operates most of the country's long-distance gas pipeline network, markets domestic and imported LNG (including long-term US Henry Hub-linked and Qatar contracts), and produces polymers (HDPE/LLDPE at Pata), LPG and liquid hydrocarbons. Pipeline tariffs are regulated by PNGRB on a unified-tariff basis; marketing and petrochemicals are cyclical and drive most earnings volatility.
| Item | Value |
|---|---|
| Legal name | GAIL (India) Limited (formerly Gas Authority of India Limited) |
| Exchange and ticker | NSE: GAIL; BSE: 532155 |
| ISIN | INE129A01019 |
| CIN | L40200DL1984GOI018976 |
| Sector | Oil, Gas & Consumable Fuels |
| Industry | Gas transmission and marketing (integrated natural gas company with petrochemicals and LPG/liquid hydrocarbons) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Ravi Rajan & Co. LLP and Arun K Agarwal & Associates (joint statutory auditors, appointed by C&AG) (since FY26) |
| Market capitalisation | ₹1,13,492 crore (12 Oct 2026) |
| Shares outstanding | 657.51 crore shares (FY26) |
| Price | ₹166.6 (close, 12 Oct 2026) |
| 52-week range | ₹134.4 - ₹186.9 (to 12 Oct 2026) |
| Website | https://gailonline.com |
Corporate structure and shareholding
Parent: President of India (Government of India, Ministry of Petroleum and Natural Gas).
| Entity | Holding | Business |
|---|---|---|
| GAIL Gas Limited | 100% | City gas distribution |
| GAIL Global (USA) Inc. | 100% | Overseas LNG/shale holdings and trading |
| GAIL Global Singapore Pte. Ltd. | 100% | LNG/LPG trading |
| GAIL Global IFSC Ltd. | 100% | Trading from GIFT City IFSC |
| GAIL Mangalore Petrochemicals Limited | 100% | PTA plant (acquired JBF Petrochemicals) |
| Konkan LNG Limited | 93.5% | Dabhol LNG regasification terminal |
| Bengal Gas Company Limited | 88.13% | City gas distribution, West Bengal |
| Tripura Natural Gas Company Limited | 48.98% | City gas distribution, Tripura (subsidiary by control) |
| Maharashtra Natural Gas Limited | 22.5% | CGD joint venture |
| Talcher Fertilizers Limited | 39.87% | Coal-gasification fertiliser JV under construction |
| Indradhanush Gas Grid Ltd. | 20% | North-east gas grid JV |
| Aavantika Gas Limited | 49.99% | CGD joint venture |
| Bhagyanagar Gas Limited | 47.72% | CGD joint venture |
| Green Gas Ltd. | 49.99% | CGD joint venture |
| Central UP Gas Ltd. | 25% | CGD joint venture |
The FY26 annual report states the company has no material subsidiary. Equity-accounted associates also include listed stakes (Petronet LNG, Indraprastha Gas, Mahanagar Gas via JV list) and others.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.88% | 51.88% | 51.79% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 14.07% | 13.04% | 14.99% | |
| Domestic institutions | 19.86% | 20.60% | 19.20% | |
| of which mutual funds | 10.22% | 10.30% | 8.42% | |
| Retail | 6.68% | 6.97% | 6.53% | |
| Other | 7.51% | 7.51% | 7.50% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
GAIL owns ~18,354 km of India's 26,646 km of operating common-carrier gas pipelines (~69%, PNGRB Jul-2026) and is the largest gas marketer, reselling domestic APM/HPHT gas and ~16.56 MMTPA of contracted LNG (Qatar/JCC-linked, US Henry Hub-linked, Vitol). It also produces polymers at Pata (870 KTA PE/PP), LPG and liquid hydrocarbons from rich gas, and holds equity in Petronet LNG (12.5%), IGL (22.5%), MGL (32.5%), OPaL, RFCL and CGD JVs. Gas marketing is ~87% of revenue (FY26 segment revenue 124,244cr of 142,094cr consolidated) but revenue is mostly pass-through; profit pools in FY26 (standalone segment PBIT) were transmission 6,229cr, marketing 3,078cr, LHC 489cr, LPG transmission 456cr, other 518cr and petchem -1,408cr. Transmission is regulated (PNGRB tariff on a return-on-capital basis), marketing is a spread business exposed to Brent/JCC/HH/JKM differentials and LNG supply shocks, petchem is a cyclical spread business. GAIL controls the grid and its LNG contract book; it does not control tariffs, APM allocations or gas prices, which the Government and PNGRB set.
| Segment | revenue, FY26 (₹ crore) | Share | segment pbit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Transmission services - natural gas | 11,206 | 7.4% | 6,229 | 66.5% |
| Transmission services - LPG | 916.2 | 0.6% | 455.5 | 4.9% |
| Natural gas marketing | 1,24,244 | 82.6% | 3,078 | 32.9% |
| Petrochemicals | 7,574 | 5.0% | -1,408 | -15.0% |
| LPG and liquid hydrocarbons | 4,293 | 2.9% | 489.3 | 5.2% |
| Other (CGD, E&P, CBG, power) | 2,211 | 1.5% | 517.9 | 5.5% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Petronet LNG (PETRONET) | LNG regasification; gas value chain, GAIL is a 12.5% promoter |
| Gujarat State Petronet (GSPL) | Regulated gas transmission pipeline operator under PNGRB |
| Gujarat Gas (GUJGASLTD) | Gas marketing/CGD exposed to LNG spot spreads |
| Indraprastha Gas (IGL) | CGD downstream of GAIL; associate |
| Mahanagar Gas (MGL) | CGD downstream of GAIL |
| Oil and Natural Gas Corporation (ONGC) | |
| Oil India (OIL) | State-owned upstream oil & gas, PSU comparator |
| Indian Oil Corporation (IOC) | State-owned downstream/petrochemicals, competitor in gas marketing and polymers |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 92,532 | 1,45,325 | 1,33,500 | 1,42,290 | 1,42,094 |
| Cost of revenue (vendor classification) * | 73,922 | 1,34,838 | 1,14,675 | 1,15,728 | 1,17,396 |
| Other operating costs (vendor classification) * | 1,452 | 1,220 | 1,560 | 9,114 | 10,613 |
| EBITDA (vendor classification) * | 18,309 | 10,386 | 17,191 | 18,195 | 14,524 |
| EBIT * | 15,664 | 7,627 | 13,321 | 16,836 | 10,689 |
| Finance costs | 200.5 | 370.8 | 719.0 | 740.4 | 963.5 |
| Profit before tax | 15,464 | 7,256 | 12,595 | 16,096 | 9,725 |
| Total tax expense | 3,160 | 1,660 | 2,692 | 3,633 | 2,144 |
| Profit for the period | 12,304 | 5,596 | 9,903 | 12,463 | 7,582 |
| Diluted EPS (INR) | 18.40 | 8.52 | 15.06 | 18.93 | 11.53 |
| Cost of goods (materials+traded goods+inventory change) | 1,07,954 | 1,15,728 | 1,17,385 | ||
| Employee benefits expense | 2,273 | 2,236 | 2,079 | ||
| Other expenses incl excise duty | 8,975 | 8,903 | 11,121 | ||
| EBITDA (rev-cogs-emp-other exp) | 14,298 | 15,422 | 11,509 | ||
| Other income | 1,007 | 1,269 | 1,510 | ||
| Depreciation & amortisation | 3,672 | 3,799 | 3,835 | ||
| Exceptional items | 0.00 | 2,440 | 0.00 | ||
| Share of profit of JVs/associates | 1,682 | 1,503 | 1,504 | ||
| Non-controlling interest | 4.00 | 13.1 | -0.95 | ||
| PAT attributable to owners | 9,899 | 12,450 | 7,582 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 64,305 | 65,107 | 77,196 | 85,240 | 89,292 |
| Borrowings * | 9,216 | 17,816 | 21,794 | 21,595 | 24,831 |
| Cash and cash equivalents * | 1,520 | 243.8 | 1,146 | 1,317 | 959.2 |
| Trade receivables * | 7,447 | 10,680 | 9,580 | 9,436 | 8,605 |
| Inventories * | 3,577 | 5,918 | 5,970 | 6,250 | 5,155 |
| Trade payables * | 5,361 | 7,144 | 6,640 | 7,760 | 6,104 |
| Net property, plant and equipment * | 2,729 | 3,187 | 3,313 | 4,206 | 4,760 |
| Capital work in progress * | 16,036 | 17,523 | 24,842 | 28,522 | 24,864 |
| Total assets * | 96,559 | 1,07,781 | 1,24,717 | 1,33,149 | 1,40,537 |
| Net debt (borrowings less cash and equivalents) | 20,648 | 20,278 | 23,872 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 8,755 | 2,512 | 14,191 | 15,727 | 11,249 |
| Free cash flow (vendor definition) * | 2,449 | -5,626 | 84.6 | 7,805 | 2,442 |
| Dividends paid (the provider's sign: an outflow is negative) * | -3,995 | -3,069 | -3,621 | -4,275 | -3,945 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -6,939 | -8,753 | -12,487 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 666.06 | 659.41 | 657.51 | 657.68 | 657.51 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 33,981 | 36,937 | 36,549 | 35,429 | 35,657 | 35,303 | 35,705 | 41,350 |
| Cost of revenue (vendor classification) * | 27,284 | 30,741 | 30,143 | 29,026 | 29,395 | 30,004 | 31,458 | |
| Other operating costs (vendor classification) * | 2,111 | 2,354 | 2,220 | 2,082 | 2,403 | 3,648 | 2,089 | |
| EBITDA (vendor classification) * | 4,580 | 3,941 | 4,200 | 4,234 | 3,610 | 2,703 | 7,573 | |
| EBIT * | 3,658 | 5,441 | 3,414 | 3,242 | 2,418 | 2,229 | 6,587 | |
| Finance costs | 188.2 | 169.3 | 174.2 | 212.9 | 233.7 | 253.8 | 263.1 | 319.0 |
| Profit before tax | 3,470 | 5,272 | 3,240 | 3,029 | 2,565 | 2,165 | 1,966 | 6,268 |
| Total tax expense | 780.0 | 1,188 | 734.4 | 646.6 | 576.7 | 435.5 | 484.9 | 1,597 |
| Profit for the period | 2,690 | 4,084 | 2,506 | 2,382 | 1,989 | 1,729 | 1,481 | 4,671 |
| Diluted EPS (INR) | 4.10 | 6.21 | 3.79 | 3.60 | 3.00 | 2.67 | 2.26 | 7.10 |
| Cost of goods (materials+traded goods+inventory change) | 27,284 | 30,741 | 30,133 | 29,026 | 28,960 | 29,395 | 30,004 | 31,458 |
| Employee benefits expense | 556.9 | 570.7 | 550.8 | 534.0 | 625.2 | 448.4 | 471.4 | 553.4 |
| Other expenses incl excise duty | 2,203 | 2,456 | 2,339 | 2,200 | 2,612 | 2,532 | 3,777 | 2,241 |
| EBITDA (rev-cogs-emp-other exp) | 3,937 | 3,169 | 3,526 | 3,669 | 3,460 | 2,927 | 1,453 | 7,098 |
| Other income | 276.7 | 378.1 | 394.2 | 144.1 | 236.5 | 338.1 | 791.4 | 132.5 |
| Depreciation & amortisation | 922.0 | 939.4 | 785.7 | 992.7 | 1,177 | 1,192 | 473.6 | 986.5 |
| Exceptional items | 0.00 | 2,440 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit of JVs/associates | 365.9 | 393.4 | 279.8 | 421.6 | 279.1 | 345.3 | 458.2 | 342.7 |
| Non-controlling interest | -3.88 | 2.68 | 13.9 | 13.0 | 16.3 | -27.0 | -3.26 | 5.63 |
| PAT attributable to owners | 2,694 | 4,082 | 2,492 | 2,369 | 1,972 | 1,756 | 1,485 | 4,665 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 61.9% | 57.1% | -8.1% | 6.6% | -0.1% |
| EBITDA margin | 10.7% | 10.8% | 8.1% | ||
| Net margin | 7.4% | 8.7% | 5.3% | ||
| Return on equity | 13.9% | 15.3% | 8.7% | ||
| Return on capital employed | 23.3% | 9.8% | 14.6% | 16.4% | 9.7% |
| Return on assets | 8.5% | 9.7% | 5.5% | ||
| Net debt (₹ crore) | 20,648 | 20,278 | 23,872 | ||
| Net debt / EBITDA | 1.44x | 1.31x | 2.07x | ||
| Interest cover | 78.1x | 20.6x | 18.5x | 22.7x | 11.1x |
| Asset turnover | 1.04x | 1.42x | 1.15x | 1.10x | 1.04x |
| Receivable days | 29 | 27 | 26 | 24 | 22 |
| Inventory days (on revenue) | 14 | 15 | 16 | 16 | 13 |
| Payable days (on revenue) | 21 | 18 | 18 | 20 | 16 |
| Cash conversion | 1.43x | 1.26x | 1.48x | ||
| Capex intensity | 7.5% | 6.0% | 9.4% | ||
| Free cash flow (₹ crore) | 1,817 | -6,241 | 1,703 | ||
| Dividend payout | 36.6% | 34.3% | 52.0% | ||
| EPS, diluted (₹) | 18.40 | 8.52 | 15.06 | 18.93 | 11.53 |
| Book value per share (₹) | 96.55 | 98.74 | 117.4 | 129.6 | 135.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (rev-cogs-emp-other exp) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash and equivalents); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (rev-cogs-emp-other exp).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on GAIL (India) includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on GAIL (India)
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