GAIL (India) LimitedQ2 FY27 Results & Financial Update
GAIL (India) Limited: Q2 FY27 consolidated results and company financials – revenue ₹47,301.03 Cr, PAT ₹4,723.75 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore GAIL (India) Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
GAIL (India) Limited recorded consolidated revenue from operations of INR 47,301.03 crore for the second quarter ended September 30, 2026, advancing by 21.34% sequentially compared to INR 38,982 crore reported in the previous quarter ended June 30, 2026.
Consolidated profit before tax (PBT) stood at INR 6,100.28 crore for Q2 FY27, reflecting a slight moderation of 2.68% compared to INR 6,268 crore in Q1 FY27.
Consolidated profit after tax (PAT) for the quarter was reported at INR 4,723.75 crore, compared to INR 6,96800 crore in the preceding quarter, accompanied by basic earnings per share of INR 7.18.
The operational performance during the quarter demonstrated resilience across major volume drivers, underpinned by higher natural gas transmission volumes and expanded petrochemical output on a standalone basis.
Standalone physical numbers for Q2 FY27 showed natural gas transmission rising to 130.10 MMSCMD compared to 122.36 MMSCMD in Q1 FY27, while gas marketing volume grew to 97.23 MMSCMD from 93.82 MMSCMD.
Polymer production on a standalone basis registered a sharp recovery to 204 TMT in Q2 FY27 from 51 TMT in Q1 FY27, and liquid hydrocarbon production increased to 256 TMT from 232 TMT.
Cumulative capital expenditure for the first half of FY27 reached INR 7,600 crore, which included INR 1,425 crore incurred during the second quarter, progressing toward the annual planned capex target of approximately INR 12,900 crore.
01 · Business model
What does GAIL (India) do?
GAIL (India) Limited is a Maharatna public sector undertaking operating in India's natural gas sector, spanning transmission, distribution, and marketing.
The company manages an extensive network of natural gas pipelines that form the backbone of India's gas transmission infrastructure, supplying fuel to core industries such as fertilizers, power generation, and city gas distribution (CGD) networks.
GAIL's revenue engines include natural gas transmission tariffs, natural gas marketing and trading, liquid hydrocarbon (LHC) production, and petrochemical manufacturing.
Geographically, the company operates across domestic domestic corridors in India while maintaining overseas sales and international supply arrangements to secure LNG volumes.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹47,301.03 Cr | ₹38,982.00 Cr |
| Total income | ₹47,473.89 Cr | — |
| Profit before tax | ₹6,100.28 Cr | ₹6,268.00 Cr |
| Profit after tax | ₹4,723.75 Cr | ₹696,800.00 Cr |
| EPS | ₹7.18 | ₹31.00 |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone natural gas transmission volume expanded to 130.10 MMSCMD in Q2 FY27 from 122.36 MMSCMD in Q1 FY27, bolstering pipeline tariff revenues.
Gas marketing volumes increased to 97.23 MMSCMD during the quarter compared to 93.82 MMSCMD in the preceding quarter.
Standalone polymer production jumped to 204 TMT in Q2 FY27 from 51 TMT in Q1 FY27, driving higher product sales.
What drove margins
Management noted that transmission and natural gas marketing maintained robust performance despite geopolitical headwinds affecting international supply chains.
Higher capacity utilization in petrochemical and liquid hydrocarbon units contributed to sequential margin support.
04 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Achieved throughput of 130.10 MMSCMD in Q2 FY27 compared to 122.36 MMSCMD in Q1 FY27.
Polymer production scaled up significantly to 204 TMT in Q2 FY27 from 51 TMT in the previous quarter.
LHC production increased to 256 TMT in Q2 FY27 compared to 232 TMT in Q1 FY27.
LPG transmission volume rose to 1,130 TMT in Q2 FY27 from 1,077 TMT in Q1 FY27.
Geography and market mix
Natural gas supply across domestic sectors in H1 FY27 totaled 95.53 MMSCMD, comprising supplies to fertilizers, power, city gas distribution (CGD), and other industries.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Q2 FY27 production figures include 256 TMT of LHC and 204 TMT of polymer, showing sharp increases over Q1 FY27 output levels.
Projects, capex and execution
Cumulative capex for H1 FY27 reached INR 7,600 crore, including INR 1,425 crore incurred in Q2 FY27.
Annual planned capex for FY2026-27 is estimated at approximately INR 12,900 crore.
H1 FY27 capex breakdown comprises operational capex and ship chartering at 63% (INR 4,776 crore), petrochemicals at 10% (INR 748 crore), pipelines at 9% (INR 655 crore), equity contributions to JVs/subsidiaries at 6% (INR 442 crore), CGD projects at 5% (INR 389 crore), net zero/renewables at 4% (INR 356 crore), and exploration & production at 3% (INR 234 crore).
06 · Strategy & new businesses
How the company is trying to change its growth mix
GAIL and RCF signed an MoU for setting up a gas-based fertilizer project in Maharashtra.
07 · Reported developments
What changed operationally
Sequential volume expansion was observed across natural gas transmission, marketing, polymer production, LHC production, and LPG transmission.
08 · Items worth noticing
The line items that can distort a quick read
The company reported provisions of INR 993.99 crore for the quarter ended September 30, 2026.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Standalone long-term loan outstanding stood at INR 13,393 crore as of September 30, 2026.
10 · Previous-quarter changes
What changed since the previous quarter
Natural gas transmission increased from 122.36 MMSCMD in Q1 FY27 to 130.10 MMSCMD in Q2 FY27.
11 · Key Q&A
The quarter, answered directly
What does GAIL (India) do?
GAIL (India) Limited is a Maharatna public sector undertaking operating in India's natural gas sector, spanning transmission, distribution, and marketing.
What is the clearest takeaway from Q2 FY27?
GAIL (India) Limited recorded consolidated revenue from operations of INR 47,301.03 crore for the second quarter ended September 30, 2026, advancing by 21.34% sequentially compared to INR 38,982 crore reported in the previous quarter ended June 30, 2026.
What drove revenue or demand?
Standalone natural gas transmission volume expanded to 130.10 MMSCMD in Q2 FY27 from 122.36 MMSCMD in Q1 FY27, bolstering pipeline tariff revenues.
What mattered most for margins or profitability?
Management noted that transmission and natural gas marketing maintained robust performance despite geopolitical headwinds affecting international supply chains.
What changed operationally beyond the headline numbers?
Q2 FY27 production figures include 256 TMT of LHC and 204 TMT of polymer, showing sharp increases over Q1 FY27 output levels.
What should the next disclosure help confirm?
Monitor quarterly progression toward the INR 12,900 crore annual capex target, particularly across pipelines, petrochemicals, and net-zero initiatives.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capex Execution: Monitor quarterly progression toward the INR 12,900 crore annual capex target, particularly across pipelines, petrochemicals, and net-zero initiatives.
- 02
Transmission Volume Trends: Track natural gas transmission throughput and segment-wise sector supply volumes in upcoming quarters.
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