GAIL (India) Q2 FY27 Results: Consolidated Net Profit ₹4,724 Crore on Total Income of ₹47,474 Crore
Earnings
Natural gas transmission
Blacklitt Research3 min read
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GAIL (India) reported consolidated total income of ₹47,473.89 crore and net profit of ₹4,723.75 crore for the quarter ended 30 Sep 2026. On a standalone basis, total income was ₹46,562.99 crore and net profit ₹4,650.22 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹47,473.89 crore, up 32.3% YoY and 14.4% QoQ
Net profit: ₹4,723.75 crore, up 137.5% YoY and 1.1% QoQ
EPS, basic: ₹7.18, against ₹3.00 in Q2 FY26 and ₹7.10 in Q1 FY27
Finance costs: ₹323.11 crore, up 38.2% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹46,562.99 crore, up 30.0% YoY and 17.7% QoQ
Net profit: ₹4,650.22 crore, up 109.7% YoY and 8.3% QoQ
EPS, basic: ₹7.07, against ₹3.37 in Q2 FY26 and ₹6.53 in Q1 FY27
Other income: ₹639.42 crore, down 19.3% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
47,473.89
35,893.77
+32.3%
41,482.65
+14.4%
Revenue from operations
47,301.03
35,657.23
+32.7%
41,350.18
+14.4%
Other income
172.86
236.54
-26.9%
132.47
+30.5%
4,723.75
1,988.71
+137.5%
4,670.99
+1.1%
Profit before tax
6,100.28
2,565.39
+137.8%
6,267.56
-2.7%
Finance costs
323.11
233.72
+38.2%
318.96
+1.3%
Depreciation
1,012.70
1,176.86
-13.9%
986.53
+2.7%
Tax expense
1,376.53
576.68
+138.7%
1,596.57
-13.8%
Net profit margin
9.95%
5.54%
+4.41 pp
11.26%
-1.31 pp
EPS, basic (₹)
7.18
3.00
+139.3%
7.10
+1.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit rose faster than total income. Consolidated net profit rose 137.5% to ₹4,723.75 crore, while total income rose 32.3% to ₹47,473.89 crore. Profit before tax rose 137.8% to ₹6,100.28 crore, and tax expense rose 138.7% to ₹1,376.53 crore.
Revenue from operations rose 32.7% to ₹47,301.03 crore, while other income fell 26.9% to ₹172.86 crore. Other income was 0.4% of total income this quarter.
The auditors draw attention to a CESTAT order on the classification of Naphtha. The order confirms a demand for differential Central Excise duty of ₹2,889 crore including penalty and interest, which the filing puts at ₹3,831 crore with interest up to 30 Sep 2026. The Company has appealed to the Supreme Court and has treated the amount as a contingent liability. The Supreme Court has admitted the appeal and granted a stay on compliance with a deposit of ₹20 crore and security of ₹132 crore. The Company says it is confident of a favourable outcome, based on legal opinions it has obtained.
Finance costs rose 38.2% to ₹323.11 crore, while depreciation fell 13.9% to ₹1,012.70 crore from ₹1,176.86 crore a year earlier.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
46,562.99
35,823.81
+30.0%
39,553.54
+17.7%
Revenue from operations
45,923.57
35,031.24
+31.1%
38,981.63
+17.8%
Other income
639.42
792.57
-19.3%
571.91
+11.8%
4,650.22
2,217.24
+109.7%
4,292.33
+8.3%
Profit before tax
5,838.21
2,823.19
+106.8%
5,773.23
+1.1%
Finance costs
314.88
229.75
+37.1%
309.70
+1.7%
Depreciation
897.83
930.19
-3.5%
864.79
+3.8%
Tax expense
1,187.99
605.95
+96.1%
1,480.90
-19.8%
Net profit margin
9.99%
6.19%
+3.80 pp
10.85%
-0.87 pp
EPS, basic (₹)
7.07
3.37
+109.8%
6.53
+8.3%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit rose faster than total income. Standalone net profit rose 109.7% to ₹4,650.22 crore, against total income growth of 30.0% to ₹46,562.99 crore. Profit before tax rose 106.8% to ₹5,838.21 crore.
Revenue from operations rose 31.1% to ₹45,923.57 crore, while other income fell 19.3% to ₹639.42 crore.
Tax expense was ₹1,187.99 crore, up 96.1% from ₹605.95 crore.
In the standalone segment table, natural gas marketing profit before interest and tax was ₹3,284.30 crore, up 151.8% from ₹1,304.12 crore a year earlier and below ₹3,481.29 crore in the June quarter.
Inference
The filing says the Company has filed appeals before the Appellate Tribunal for Electricity against two provisional tariff orders issued by the Petroleum and Natural Gas Regulatory Board for petroleum and petroleum product pipelines, and that any adjustment will be recognised when the matter is finally decided.
On LNG, the filing says Petronet LNG Limited (PLL) declared force majeure on 3 Mar 2026, and the Company's RLNG allocation under the contract was reduced to zero with effect from 4 Mar 2026 and is continuing. Based on supplies from its upstream supplier, about 190 MMSCM of RLNG was supplied by PLL in the half year ended 30 Sep 2026. The Company says it has taken mitigation measures, including spot-market and alternative-source procurement.
Borrowings and revolving facilities totalled ₹13,393 crore as on 30 Sep 2026, and the filing reports no default on them. The listed non-convertible debt securities are unsecured. Standalone dividend paid in the half year was ₹328.74 crore, and standalone net worth stood at ₹74,979.12 crore at 30 Sep 2026. The filing does not say why standalone revenue rose or when the appeals will be decided.
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