WatchTalking point
Debt rising as profit falls
Total debt rose 22.4% while net profit fell 39.2% — worth checking how the balance sheet is being funded.
Importance 69 / 95 · financial health
Gail (India) · Research view
Gail (India) Ltd.
NSE: GAILBSE: 532155ISIN INE129A01019Face value ₹10standalone
₹171
+0.47% · 2026-10-01 · 52-wk ₹135–₹185
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
ContextTalking point
Cheaper than peers — but earns less
P/E of 11.38× is below the gas median (56.41×) — but ROE of 8.7% is also below that peer set (11.6%), so the lower multiple tracks the lower profitability.
Importance 58 / 95 · valuation
Context
Lower P/E than peers
Trades at 11.38× earnings — 80% below the gas median of 56.41×.
Importance 57 / 95 · valuation
Context
Lower P/B than peers
Trades at 1.26× book — 83% below the gas median of 7.22×.
Importance 55 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Energy › Oil, Gas & Consumable Fuels › Gas › Gas Transmission/Marketing.
- Market cap
- ₹1.12 L cr
- FY2026 revenue
- ₹1,38,697 cr
- FY2026 net profit
- ₹6,968 cr
- Net worth
- ₹74,074 cr
- Total debt
- ₹17,414 cr
- EPS (basic)
- ₹10.60
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 gas.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Concern
Net profit fell 39.2% year on year (FY2025 → FY2026).
Rule PROFIT_DECLINED_YOY
- Revenue growth per year
- +10.9%over 4 years
- Revenue growth
- +1.0%vs last year
- Net profit growth
- −38.4%vs last year
- Change in net profit since FY22
- −33%
Revenue has compounded at 11.2% a year over 4 years (₹92,874 → ₹1,42,094) — though FY2023 saw a one-off step-change of 57% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹4,671 cr, up 96.1% from ₹2,382 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 96.1% vs the same quarter last year, reversing the decline seen in the two preceding quarters (−57.7% and −40.9%).
Rule QTR_TREND_REVERSAL
Strength
Q1 FY27 net profit grew 96.1% while revenue grew 16.7% vs the same quarter last year — a gap of 79.4 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 33,981 | — | 2,690 | — | 7.9% |
| Q3 FY25 | 36,937 | +6.2% | 4,084 | +27.9% | 11.1% |
| Q4 FY25 | 36,551 | +11.3% | 2,506 | +1.3% | 6.9% |
| Q1 FY26 | 35,429 | +1.7% | 2,382 | −25.2% | 6.7% |
| Q2 FY26 | 35,657 | +4.9% | 1,989 | −26.1% | 5.6% |
| Q3 FY26 | 35,303 | −4.4% | 1,729 | −57.7% | 4.9% |
| Q4 FY26 | 35,705 | −2.3% | 1,481 | −40.9% | 4.1% |
| Q1 FY27 | 41,350 | +16.7% | 4,671 | +96.1% | 11.3% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹1,48,016 crTTM
- EBITDA
- ₹16,437 crTTM
- EBIT
- ₹12,608 crTTM
- PBT
- ₹11,539 crTTM
- Net profit
- ₹9,870 crTTM
C. Corporate actions
2 Sept 2026DividendFinal Dividend - Rs. - 0.5000 — ₹0.50/share
5 Feb 2026DividendDividend - Rs. - 5.0000 — ₹5.00/share
4 Aug 2025DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
7 Feb 2025DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share
6 Feb 2024DividendInterim Dividend - Rs. - 5.5000 — ₹5.50/share
21 Mar 2023DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
6 Sept 2022Bonus issueBonus issue 1:2 — 2:3
1 Aug 2022DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
21 Apr 2022BuybackBuy Back of Shares
21 Mar 2022DividendInterim Dividend - Rs. - 5.0000 — ₹5.00/share
30 Dec 2021DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
22 Mar 2021DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
27 Jan 2021BuybackBuy Back of Shares
27 Jan 2021DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
17 Feb 2020DividendInterim Dividend - Rs. - 6.4000 — ₹6.40/share
8 Aug 2019DividendFinal Dividend - Rs. - 0.8850 — ₹0.89/share
9 Jul 2019Bonus issueBonus issue 1:1 — 1:2
12 Feb 2019DividendInterim Dividend - Rs. - 6.2500 — ₹6.25/share
30 Aug 2018DividendFinal Dividend - Rs. - 1.4400 — ₹1.44/share
27 Mar 2018Bonus issueBonus issue 1:3 — 3:4
18 Jan 2018DividendInterim Dividend - Rs. - 7.6500 — ₹7.65/share
31 Aug 2017DividendFinal Dividend - Rs. - 2.7000 — ₹2.70/share
9 Mar 2017Bonus issueBonus issue 1:3 — 3:4
2 Feb 2017DividendInterim Dividend - Rs. - 8.5000 — ₹8.50/share
8 Sept 2016DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
EBITDA margin of 9.2% is below the gas median of 14.2%.
Rule MARGIN_BELOW_PEER_MEDIAN
- EBITDA margin now
- 9.5%
- 5-year range
- 6.5–17.3%
- ROE FY2026
- 9.6%
- ROCE FY2026
- 11.3%
ROE declined from 15.3% to 8.7% year on year.
EBITDA margin fell from 11.7% to 9.2% of revenue.
EBITDA margin has ranged from 6.0% to 17.6% over 4 years and sits at 9.2% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Total debt rose 22.4% while net profit fell 39.2% — worth checking how the balance sheet is being funded.
Rule DEBT_UP_EARNINGS_DOWN
Operating cash flowNet profit
- Total debt
- ₹17,414 cr
- Operating cash flow ÷ net profit
- 1.42×FY2026
- Free cash flow
- ₹2,703 cr
- Current ratio
- 0.83×
Free cash flow has been positive in 4 of the last 5 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 gas (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
P/E of 11.38× is below the gas median (56.41×) — but ROE of 8.7% is also below that peer set (11.6%), so the lower multiple tracks the lower profitability.
Rule CHEAP_VS_LOW_RETURNS
- P / E
- 11.4×TTM to Jun 26
- P / B
- 1.3×latest book
- P / S
- 0.8×TTM sales
- Earnings yield
- 8.8%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 14.8× · P/S 0.8× · ROE 8.7%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −2.2%
- 3-year return
- +37.3%
- 5-year return
- +57.0%
- From 52-wk high
- −7.8%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹174
- vs 200-day avg
- Above₹166
- RSI (14)
- 43.7neutral
- MACD histogram
- -0.3
- From 52-wk high
- −7.8%
- From 52-wk low
- +26.1%
- 30-day volatility
- 17.7%ann.
- 6-month return
- +24.1%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchDebt rising as profit fallsTotal debt rose 22.4% while net profit fell 39.2% — worth checking how the balance sheet is being funded.DEBT_UP_EARNINGS_DOWN · conviction 69
- ConcernProfit fellNet profit fell 39.2% year on year (FY2025 → FY2026).PROFIT_DECLINED_YOY · conviction 50
- ConcernThinner margins than peersEBITDA margin of 9.2% is below the gas median of 14.2%.MARGIN_BELOW_PEER_MEDIAN · conviction 48
- ConcernReturns decliningROE declined from 15.3% to 8.7% year on year.ROE_DETERIORATED_YOY · conviction 48
- ConcernMargins compressingEBITDA margin fell from 11.7% to 9.2% of revenue.MARGIN_COMPRESSED_YOY · conviction 41
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 91,646 | 1,44,302 | 1,30,638 | 1,37,288 | 1,38,697 |
| Total income | 93,693 | 1,46,986 | 1,32,846 | 1,39,689 | 1,41,483 |
| EBITDA | 15,876 | 9,384 | 15,583 | 16,728 | 13,119 |
| Profit before tax | 13,590 | 6,584 | 11,555 | 14,825 | 8,964 |
| Net profit | 10,364 | 5,302 | 8,836 | 11,312 | 6,968 |
| EPS (₹) | 23.3 | 8.0 | 13.4 | 17.2 | 10.6 |
| Net worth | 55,587 | 55,654 | 64,179 | 70,564 | 74,074 |
| Total debt | 6,353 | 14,309 | 16,413 | 13,577 | 17,414 |
| Operating cash flow | 8,955 | 2,808 | 11,848 | 15,568 | 9,879 |
| Free cash flow | 3,037 | −4,534 | 4,811 | 8,671 | 2,703 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 57.5 | -9.5 | 5.1 | 1.0 |
| Profit growth YoY | — | -48.8 | 66.7 | 28.0 | -38.4 |
| Profitability | |||||
| EBITDA margin % | 17.3 | 6.5 | 11.9 | 12.2 | 9.5 |
| Net margin % | 11.1 | 3.6 | 6.7 | 8.1 | 4.9 |
| Return on equity % | 18.6 | 9.5 | 14.7 | 16.8 | 9.6 |
| Return on capital % | 22.2 | 10.5 | 16.3 | 15.9 | 11.3 |
| Leverage & cash | |||||
| Debt to equity | 0.11 | 0.26 | 0.26 | 0.19 | 0.24 |
| Cash flow ÷ profit | 0.86 | 0.53 | 1.34 | 1.38 | 1.42 |
| Current ratio | 1.10 | 0.92 | 0.92 | 0.95 | 0.83 |