GAIL GAIL (India) Q3 FY26 results (Oct–Dec 2025) and concall
GAIL delivered a mixed quarter with gas transmission volumes recovering but petrochemical losses weighing on profitability. The headline YoY decline is misleading due to a Rs.2,440 crore exceptional arbitration settlement in Q3 FY25. The key positive was the PNGRB tariff revision adding Rs.1,200 crores annually, with GAIL pursuing an additional Rs.15/MMBTU. Management maintained marketing margin guidance of Rs.4,000 crores PBT for FY26 despite HH price volatility. Several major pipeline and petrochemical projects are nearing completion in CY2026.
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What they filed
Q3 FY26: revenue down 4.5%, net profit down 57.7% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 33,889 | 36,835 | 36,440 | 35,311 | 35,537 +5% | 35,173 −5% |
| EBITDA | 3,937 | 3,169 | 3,526 | 3,669 | 3,460 −12% | 2,927 −8% |
| Net profit | 2,690 | 4,084 | 2,506 | 2,382 | 1,989 −26% | 1,729 −58% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
