GAIL · Oil Gas & Consumable Fuels
GAIL (India) Ltd. reported revenue of ₹35,577 cr for January to March 2026, −2.4% on the year and +1.1% on the quarter. Over the last four quarters revenue comes to ₹1.42 lakh cr, −0.2% on the four before.
Operating profit (EBITDA) was ₹1,453 cr, a margin of 4.1%, −559 bps on the year and −424 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 4.1% to 13.8%). Operating costs grew +3.7%, faster than revenue at −2.4%, so operating profit grew less than sales.
Net profit was ₹1,481 cr, −40.9% on the year and −14.3% on the quarter, with earnings per share of ₹2.26. Profit before other income, one-offs and tax fell 72.1%, so 31 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹7,581 cr, −39.2% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹11.53 over the last four quarters, the stock at ₹168.10 trades at 14.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 64% of profit before tax, against 21% a year earlier.
Source: Quarterly statements
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹263 cr, +51.1% on the year; 18% of EBITDA.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 4.1%, −559 bps on the year (−424 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹32,986 cr | ₹34,698 cr | ₹32,756 cr | ₹34,738 cr | ₹33,889 cr | ₹36,835 cr | ₹36,440 cr | ₹35,311 cr | ₹35,537 cr | ₹35,173 cr | ₹35,577 cr | ₹41,198 cr |
| YoY | — | — | — | +6% | +3% | +6% | +11% | +2% | +5% | −5% | −2% | +17% |
| EBITDA margin | 10.9% | 12.1% | 11.8% | 13.8% | 11.6% | 8.6% | 9.7% | 10.4% | 9.7% | 8.3% | 4.1% | 17.2% |
| Other income, % of PBT | 19% | 22% | 21% | 17% | 19% | 61% | 21% | 19% | 20% | 32% | 64% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 22% | 20% | 23% | 22% | 23% | 23% | 21% | 22% | 20% | 25% | 25% |
| Net profit | ₹2,442 cr | ₹3,193 cr | ₹2,474 cr | ₹3,183 cr | ₹2,690 cr | ₹4,084 cr | ₹2,506 cr | ₹2,382 cr | ₹1,989 cr | ₹1,729 cr | ₹1,481 cr | ₹4,671 cr |
| YoY | — | — | — | +78% | +10% | +28% | +1% | −25% | −26% | −58% | −41% | +96% |
| Core profit YoY | — | — | — | +95% | +11% | −35% | +5% | −28% | −28% | −28% | −72% | +135% |
| EPS | ₹3.72 | ₹4.86 | ₹3.75 | ₹4.84 | ₹4.10 | ₹6.21 | ₹3.79 | ₹3.60 | ₹3.00 | ₹2.67 | ₹2.26 | ₹7.10 |
| Flags | · | · | · | ✓ | ✓ | 3 | 1 | 2 | ✓ | ✓ | 3 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
GAIL (India) Ltd. reported revenue of ₹35,577 cr (−2.4% on the year) and net profit of ₹1,481 cr (−40.9% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −72.1% on the year, against −40.9% for reported profit.
2 checks raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.