GAIL

GAIL (India) Limited

State-owned gas major — pipeline transmission, gas trading and petrochemicals

Energy›Oil, Gas & Consumable Fuels›Gas›Gas Transmission/Marketing

gailonline.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹168.10
Market cap
1,10,457 Cr
Stock P/E
11.2
P/B
1.24
Dividend yield
3.6%
ROE (FY26)
8.5%
ROCE (FY26)
9.8%
Operating margin (FY26)
5.4%
Debt / equity (FY26)
0.22
OCF / EBITDA (FY26)
97.7%
OCF / EBITDA (3Y)
96.0%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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What you need to know

GAIL (GAIL (India) Limited) is a Maharatna public sector company that transports, trades and markets natural gas across India and also produces LPG, petrochemicals and city gas, describing itself as India's leading natural gas company.

Company snapshot

1stBy market cap

Ranked among 2 companies in Gas Transmission/Marketing.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 97.0% of revenue

SegmentRevenue shareRevenuePBTAssets
City Gas
9.4%
9,969 Cr596 Cr—
LPG Transmission
0.6%
611 Cr306 Cr—
LPG and Liquid Hydrocarbons
3.8%
4,028 Cr857 Cr—
Natural Gas Marketing
97.0%
1,02,578 Cr6,226 Cr—
Natural Gas Transmission/Marketing
8.0%
8,463 Cr4,220 Cr—
Other Segment
0.8%
850 Cr358 Cr—
Petrochemicals
5.6%
5,878 Cr94 Cr—
Unallocated
0.0%
0.86 Cr0 Cr—

Shares add up to 125% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓96% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales33,050 Cr34,768 Cr32,833 Cr34,822 Cr33,981 Cr36,937 Cr36,551 Cr35,429 Cr35,657 Cr35,303 Cr35,705 Cr41,350 Cr
Operating expenses (approx.)29,469 Cr30,559 Cr28,985 Cr30,032 Cr30,044 Cr33,768 Cr33,016 Cr31,760 Cr32,197 Cr32,376 Cr34,252 Cr34,252 Cr
EBITDA3,580 Cr4,208 Cr3,849 Cr4,790 Cr3,937 Cr3,169 Cr3,535 Cr3,669 Cr3,460 Cr2,927 Cr1,453 Cr7,098 Cr
OPM %10.8%12.1%11.7%13.8%11.6%8.6%9.7%10.4%9.7%8.3%4.1%17.2%
Other income205 Cr414 Cr237 Cr221 Cr277 Cr378 Cr392 Cr144 Cr237 Cr338 Cr791 Cr132 Cr
Interest200 Cr176 Cr159 Cr209 Cr188 Cr169 Cr182 Cr213 Cr234 Cr254 Cr263 Cr319 Cr
Depreciation837 Cr872 Cr1,241 Cr1,152 Cr922 Cr939 Cr786 Cr993 Cr1,177 Cr1,192 Cr474 Cr987 Cr
Profit before tax3,138 Cr4,075 Cr3,099 Cr4,114 Cr3,470 Cr5,272 Cr3,240 Cr3,029 Cr2,565 Cr2,165 Cr1,966 Cr6,268 Cr
Tax %22.2%21.6%20.2%22.6%22.5%22.5%22.7%21.3%22.5%20.1%24.7%25.5%
Net profit2,442 Cr3,193 Cr2,474 Cr3,183 Cr2,690 Cr4,084 Cr2,506 Cr2,382 Cr1,989 Cr1,729 Cr1,481 Cr4,671 Cr
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

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales49,312 Cr54,694 Cr76,234 Cr72,568 Cr57,428 Cr92,874 Cr1,45,875 Cr1,33,500 Cr1,42,291 Cr1,42,094 CrSign in free for the trailing twelve months
Operating expenses (approx.)42,721 Cr46,915 Cr66,567 Cr63,543 Cr50,185 Cr77,722 Cr1,38,387 Cr1,19,203 Cr1,26,860 Cr1,30,584 CrSign in free for the trailing twelve months
EBITDA6,591 Cr7,779 Cr9,668 Cr9,025 Cr7,244 Cr15,152 Cr7,488 Cr14,296 Cr15,432 Cr11,510 CrSign in free for the trailing twelve months
OPM %13.4%14.2%12.7%12.4%12.6%16.3%5.1%10.7%10.8%8.1%Sign in free for the trailing twelve months
Other income1,006 Cr813 Cr1,214 Cr1,546 Cr1,120 Cr1,172 Cr1,328 Cr1,008 Cr1,268 Cr1,510 CrSign in free for the trailing twelve months
Interest509 Cr295 Cr159 Cr309 Cr179 Cr202 Cr367 Cr719 Cr748 Cr964 CrSign in free for the trailing twelve months
Depreciation1,541 Cr1,527 Cr1,667 Cr2,080 Cr2,174 Cr2,420 Cr2,702 Cr3,672 Cr3,799 Cr3,835 CrSign in free for the trailing twelve months
Profit before tax5,184 Cr6,956 Cr9,831 Cr10,429 Cr7,725 Cr15,464 Cr7,256 Cr12,595 Cr16,096 Cr9,725 CrSign in free for the trailing twelve months
Tax %34.9%30.9%33.3%8.8%20.5%20.4%22.9%21.4%22.6%22.0%Sign in free for the trailing twelve months
Net profit3,374 Cr4,805 Cr6,553 Cr9,515 Cr6,143 Cr12,304 Cr5,596 Cr9,903 Cr12,463 Cr7,582 CrSign in free for the trailing twelve months
EPS (₹)₹14.94₹42.54₹29.03₹20.89₹13.61₹27.60₹8.52₹15.06₹18.93₹11.53Sign in free for the trailing twelve months
Dividend payout %————36.4%32.5%54.8%36.6%34.3%52.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,691 Cr2,255 Cr2,255 Cr4,510 Cr4,440 Cr4,440 Cr6,575 Cr6,575 Cr6,575 Cr6,575 Cr
Reserves37,614 Cr39,424 Cr43,749 Cr44,758 Cr48,742 Cr59,674 Cr58,352 Cr70,422 Cr78,422 Cr82,475 Cr
Borrowings3,909 Cr2,096 Cr2,071 Cr6,338 Cr6,760 Cr7,830 Cr16,275 Cr18,608 Cr16,307 Cr19,964 Cr
Other liabilities15,024 Cr17,520 Cr20,287 Cr19,221 Cr21,345 Cr24,424 Cr26,399 Cr28,913 Cr31,601 Cr31,281 Cr
Total liabilities58,271 Cr61,334 Cr68,407 Cr74,914 Cr81,385 Cr96,559 Cr1,07,781 Cr1,24,717 Cr1,33,149 Cr1,40,537 Cr
Fixed assets (net)29,334 Cr29,417 Cr31,288 Cr35,897 Cr37,953 Cr40,410 Cr44,651 Cr47,957 Cr49,353 Cr59,424 Cr
CWIP3,908 Cr5,798 Cr9,738 Cr11,666 Cr13,400 Cr15,490 Cr16,647 Cr23,627 Cr27,421 Cr24,072 Cr
Investments10,125 Cr10,452 Cr10,626 Cr9,893 Cr468 Cr16,408 Cr17,248 Cr21,910 Cr14,639 Cr16,873 Cr
Loans & advances——824 Cr1,070 Cr686 Cr100 Cr68 Cr73 Cr74 Cr75 Cr
Inventories1,708 Cr1,933 Cr2,503 Cr3,183 Cr2,990 Cr3,577 Cr5,918 Cr5,970 Cr6,250 Cr5,155 Cr
Trade receivables2,751 Cr3,430 Cr4,363 Cr4,818 Cr3,502 Cr7,447 Cr10,680 Cr9,580 Cr9,436 Cr8,605 Cr
Cash & bank520 Cr1,377 Cr297 Cr624 Cr1,507 Cr1,520 Cr244 Cr1,146 Cr1,317 Cr959 Cr
Other assets9,926 Cr8,928 Cr8,770 Cr7,763 Cr20,881 Cr11,608 Cr12,325 Cr14,455 Cr24,658 Cr25,373 Cr
Total assets58,271 Cr61,334 Cr68,407 Cr74,914 Cr81,385 Cr96,559 Cr1,07,781 Cr1,24,717 Cr1,33,149 Cr1,40,537 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity6,024 Cr8,769 Cr7,984 Cr8,345 Cr8,993 Cr9,629 Cr3,205 Cr12,586 Cr15,735 Cr11,249 Cr
Cash from investing-383 Cr-2,632 Cr-5,707 Cr-7,445 Cr-4,693 Cr-5,646 Cr-7,640 Cr-8,273 Cr-6,738 Cr-9,154 Cr
Cash from financing-5,275 Cr-5,252 Cr-3,364 Cr281 Cr-3,471 Cr-3,916 Cr2,972 Cr-3,457 Cr-8,941 Cr-2,750 Cr
Net cash flow366 Cr885 Cr-1,087 Cr1,182 Cr882 Cr13 Cr-1,276 Cr902 Cr171 Cr-358 Cr
Free cash flow (OCF − Capex)3,983 Cr5,367 Cr188 Cr-918 Cr3,296 Cr2,657 Cr-5,626 Cr85 Cr7,805 Cr2,442 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.2%16.5%20.8%19.3%13.2%21.7%9.4%13.9%16.6%9.8%
ROE %8.6%11.5%14.2%19.1%11.5%19.1%8.6%12.8%14.6%8.5%
Debtor days20232124222927262422
Inventory days193170179263279117314297313233
Days payable310343278324415176379331388276
Cash conversion cycle-97-150-78-37-114-29-38-7-51-21
OCF / EBITDA %91.4%112.7%82.6%92.5%124.2%63.5%42.8%88.0%102.0%97.7%
OCF / EBITDA % (3 years)——94.8%94.8%97.6%85.8%73.0%68.8%84.7%96.0%
Debt / equity0.100.050.050.130.130.120.250.240.190.22
Current ratio1.010.971.040.960.871.080.950.940.980.85
Net debt / EBITDA0.51—0.180.630.730.422.141.220.971.65