GAIL Q2FY26 Results: Net profit beats estimates, revenue grows marginally

GAIL (India) Ltd reported a steady performance for the September quarter, with net profit coming in at ₹2,217 crore. Though this was lower than ₹2,671 crore recorded in the same period last year, it still came in ahead of Street estimates. Sequentially, net profit improved by 17.6% compared with ₹1,886.34 crore reported in the June quarter.

The decline on a year-on-year basis was primarily driven by losses in the petrochemicals and LPG & liquid hydrocarbons segments, even as gains were seen in other areas.

The petrochemicals segment recorded a loss of ₹299 crore, widening from a ₹249 crore loss in the previous quarter and against a profit of ₹157 crore a year ago. The LPG and liquid hydrocarbons segment also saw a decline in profit to ₹112 crore from ₹205 crore in Q1FY26 and ₹249 crore in Q2FY25.

On the top line, the company’s revenue from operations rose 6.4% year-on-year to ₹35,031 crore, slightly ahead of expectations. At the operating level, EBITDA stood at ₹3,190 crore, lower both sequentially and year-on-year compared with ₹3,334 crore and ₹3,745 crore, respectively.

Meanwhile, the EBITDA margin improved to 9.1%, exceeding projections of around 8.2%, though it remained lower on both QoQ and YoY bases.

According to GAIL, natural gas, which is used to generate power, produce fertiliser, turned into CNG to run automobiles or used in kitchens for cooking, sold in H1 of current fiscal year was 105.47 million standard cubic meters per day (mmscmd), up from 98.02 mmscmd a year back.

It transported 122 mmscmd of gas through its pipeline network in H1, down from 127 mmscmd in the 2024-25 fiscal year.

The company sold 386,000 tonnes of petrochemicals in April-September as compared to 845,000 tonnes in the 2024-25 fiscal year. The company did not give numbers for H1 FY25.

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