# Gail (India) (GAIL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/gail

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹185.79
- Change: -0.11%
- As of: 2026-11-06
- 1D return: -0.11%
- 5D return: +10.65%
- 1M return: +10.79%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

GAIL’s technical setup on 2026-11-06 presents a conflict between strong daily trend structure and elevated near-term volatility. The stock closed at ₹185.79, trading above all key moving averages (SMA/EMA 20, 50, 200) and the Supertrend across daily, weekly, and monthly horizons, with an established daily trend (ADX 29.59). However, price is positioned near the upper end of its recent ranges (+89% in the 20-day and 50-day windows; +94.3% in the 252-day window), suggesting limited immediate upside room.

Momentum indicators show bullish bias (Plus DI 33.92 vs Minus DI 13.81 on daily), but recent anomalies highlight instability: an extreme downward gap on 2026-11-06 (-0.1% return despite +10.8% range) and a prior extreme upward gap on 2026-11-02. This whipsaw behavior, combined with high annualized volatility (27.2%) and a current drawdown of -7.1%, indicates fragile participation. Resistance is dense just above, with pivot levels at ₹186.36 and ₹186.52 (within 0.3–0.4%). Support lies closer at ₹184.15 (-0.88%).

The setup remains valid as long as price holds above the Supertrend and daily moving averages. A break below ₹184.15 would signal weakening momentum, while a sustained close above ₹188.37 would confirm renewed strength.

- Trend Structure: Bullish across all timeframes; price trades above SMA/EMA 20, 50, 200 and Supertrend. Daily trend is established (ADX 29.59); weekly/monthly trends are weak (ADX  16).
- Range Position: Near multi-year highs (+94.3% in 252-day range). Limited upside buffer before resistance cluster at ₹186.36–₹188.37.
- Volatility & Risk: High annualized volatility (27.2%) and recent extreme gaps (Nov 2 and Nov 6) indicate erratic participation. Current drawdown is -7.1%; ATR is 2.36%.
- Key Levels: Immediate support at ₹184.15 (-0.88%); immediate resistance at ₹186.36 (pivot) and ₹188.37 (high). Break below ₹184.15 invalidates short-term bullishness.

- Harami
- Morning Star
- Doji
- Bullish Engulfing Reversal
- Bearish Engulfing Reversal

### News Context

In the seven-day window ending November 6, 2026, GAIL’s market narrative was driven by third-party analyst actions and dividend recognition rather than new corporate announcements. On November 3, shares rose nearly 3% following strong second-quarter results, coinciding with Nomura raising its target price while maintaining a 'Buy' rating. Earlier that day, Motilal Oswal also issued a 'Buy' recommendation with a specific price target of ₹200. Additionally, Livemint highlighted GAIL among the top ten dividend-paying stocks based on annual yields, underscoring its status as a cash-return vehicle for investors.

These developments reflect external validation of GAIL’s financial performance and income profile. The convergence of upgraded targets from two major brokerages suggests positive sentiment regarding the company's recent quarterly execution. However, these are analyst opinions and should not be interpreted as guaranteed outcomes or investment advice. Investors should monitor whether the stock sustains momentum beyond these initial reactions and how crude oil price fluctuations, noted in broader market context, continue to influence energy-linked valuations.

- On November 3, GAIL shares gained nearly 3% after reporting strong Q2 results; Nomura raised its target price and maintained a 'Buy' rating.
- Motilal Oswal issued a 'Buy' recommendation on November 2 with a price target of ₹200.
- Livemint listed GAIL among the top ten dividend-paying stocks in early November, highlighting its annual yield relative to share price.

- [Dividend stocks: Coal India, TCS, HUDCO, HCL Tech, GAIL among top 10 dividend paying stocks - Check yield, annual return | Stock Market News](https://www.livemint.com/market/stock-market-news/dividend-stocks-coal-india-tcs-hudco-hcl-tech-gail-among-top-10-dividend-paying-stocks-check-yield-annual-return-11793892901046.html)
- [GAIL shares up nearly 3% after strong Q2 results; Nomura raises target price, maintains 'Buy'](https://www.moneycontrol.com/news/business/stocks/gail-shares-up-nearly-3-after-strong-q2-results-nomura-raises-target-price-maintains-buy-14067529.html)
- [Monday Cruise: Markets Take a Joyride with Reliance Industries](https://economictimes.indiatimes.com/epaper/delhicapital/2026/nov/03/et-front/monday-cruise-markets-take-a-joyride-with-ril/articleshow/135475032.cms)
- [Engineers India, GAIL, Zensar, Motherson Sumi Wiring, Delhivery shares: Target prices](https://www.businesstoday.in/markets/stocks/story/engineers-india-gail-zensar-motherson-sumi-wiring-delhivery-shares-target-prices-565274-2026-11-03)
- [Buy GAIL; target of Rs 200: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-gail-target-of-rs-200-motilal-oswal-14066409.html)

### What Changed

GAIL (India) Limited has materially expanded its downstream petrochemical footprint with the commissioning of a new Purified Terephthalic Acid (PTA) manufacturing plant. On November 5, 2026, GAIL Mangalore Petrochemicals Limited (GMPL), a wholly owned subsidiary, successfully commissioned the facility in the Mangalore Special Economic Zone, Karnataka. The plant has an installed capacity of 1.25 million tons per annum. This development follows GAIL’s acquisition of the asset from JBF Petrochemicals Limited through the Corporate Insolvency Resolution Process in 2023 and subsequent revival efforts. The PTA will be marketed under the brand name “G-Tex.”

In parallel, GAIL remains recognized for its shareholder return profile. As of early November 2026, it was listed among the top ten dividend-paying stocks by annual yield, alongside peers such as Coal India and TCS, highlighting its continued status as a high-yield equity in the Indian market.

- New Capacity: GMPL commissioned a 1.25 million tons per annum PTA plant on November 5, 2026, at the Mangalore SEZ, marking a substantive expansion into petrochemicals.
- Asset History: The facility was acquired via insolvency resolution in 2023 and revived; output will be branded as “G-Tex.”
- Dividend Profile: GAIL is identified among the top ten dividend-paying stocks based on annual yields, reinforcing its cash-return characteristics relative to market peers.

- [Dividend stocks: Coal India, TCS, HUDCO, HCL Tech, GAIL among top 10 dividend paying stocks - Check yield, annual return | Stock Market News](https://www.livemint.com/market/stock-market-news/dividend-stocks-coal-india-tcs-hudco-hcl-tech-gail-among-top-10-dividend-paying-stocks-check-yield-annual-return-11793892901046.html)
- [GAIL (India) Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "GMPL, A Wholly Owned Subsidiary of GAIL (India) Limited, Successfully Commissions 1.25 million tons per annum PTA Manufacturing Plant at Mangalore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GAIL_05112026214710_PR05112026.pdf)

### Official Filings

GAIL (India) Limited reported strong financial performance for the half-year ended September 30, 2026, with consolidated revenue from operations reaching ₹88,651.21 crore and a net profit of ₹9,394.74 crore. Standalone results showed revenue of ₹84,905.19 crore and PAT of ₹8,942.55 crore. However, the financial results include an Emphasis of Matter regarding a significant Central Excise duty demand of ₹2,889 crores (₹3,831 crores with interest), which is currently under appeal before the Supreme Court. Additionally, LNG supplies from the Middle East were disrupted due to Force Majeure declared by Petronet LNG Limited.

On the operational front, GAIL’s wholly owned subsidiary, GMPL, successfully commissioned its 1.25 million tons per annum PTA manufacturing plant in Mangalore on November 5, 2026. This follows the acquisition of the former owner, JBF Petrochemicals Limited, through the Corporate Insolvency Resolution Process in 2023. The company will market the PTA under the brand name “G-Tex.”

In investor relations news, GAIL has scheduled meetings with institutional investors in Mumbai (November 5, 2026), New York (November 17, 2026), and Miami (November 19, 2026). These events are routine engagements where no unpublished price-sensitive information will be shared.

- H1 FY2026-27 Consolidated Revenue: ₹88,651.21 crore; Consolidated Net Profit: ₹9,394.74 crore
- Standalone H1 FY2026-27 Revenue: ₹84,905.19 crore; Standalone PAT: ₹8,942.55 crore
- Emphasis of Matter: Central Excise duty demand of ₹2,889 crores (₹3,831 crores with interest) under appeal before the Supreme Court
- GMPL commissioned 1.25 million tons per annum PTA plant in Mangalore on November 5, 2026
- LNG supplies from Middle East disrupted due to Force Majeure by Petronet LNG Limited
- Scheduled Investor Meetings: Mumbai (Nov 5), New York (Nov 17), Miami (Nov 19)

- [GAIL (INDIA) LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261105_172359398.xml)
- [GAIL (India) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_05112026171946_Letter_Signed.pdf)
- [GAIL (India) Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "GMPL, A Wholly Owned Subsidiary of GAIL (India) Limited, Successfully Commissions 1.25 million tons per annum PTA Manufacturing Plant at Mangalore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GAIL_05112026214710_PR05112026.pdf)
- [GAIL (India) Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_03112026124702_Trascript.pdf)
- [GAIL (India) Limited has informed the Exchange regarding a revised press release dated October 30, 2026, titled " GAIL reports Revenue from Operations of ₹45,924 crore and PAT of ₹4,650 crore for Q2 FY2026-27 .". |SUBJECT: Press Release (Revised)](https://nsearchives.nseindia.com/corporate/GAIL_02112026101431_PR02112026.pdf)
- [GAIL (India) Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/DEVIKA_31102026164115_news.pdf)
- [GAIL (INDIA) LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261030_140649672.xml)
- [GAIL (India) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_30102026141022_AnalystSchedule30102026.pdf)
- [GAIL (India) Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/DEVIKA_30102026143000_UFR.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/DEVIKA_30102026143622_UFR.pdf)

### Fundamentals

GAIL (India) demonstrated a significant earnings recovery in Q2 FY2026-27, with net profit rising to ₹4,724 crore from ₹4,671 crore in Q1. Revenue expanded sequentially to ₹47,301 crore, supported by strong year-on-year growth of 33% in the September 2026 quarter. However, operating efficiency faced headwinds as finance costs increased to ₹323 crore and expenses rose sharply to ₹41,645 crore, causing Profit Before Tax to dip slightly to ₹5,829 crore. Balance-sheet expansion is evident, with total assets growing to ₹1,54,839 crore and borrowings increasing to ₹24,192 crore as of Sep 2026. While cash conversion remains robust at 113% of operating profit for the Mar 2026 period, Return on Capital Employed (ROCE) declined to 10%, reflecting the impact of higher leverage and asset base growth on returns.

- Q2 FY2026-27 Net Profit: ₹4,724 crore (sequential increase); Revenue: ₹47,301 crore (YoY growth: 33%).
- Margin Pressure: Finance costs rose to ₹323 crore; Expenses increased to ₹41,645 crore, leading to a sequential drop in PBT to ₹5,829 crore.
- Balance Sheet: Total assets grew to ₹1,54,839 crore; Borrowings stood at ₹24,192 crore as of Sep 2026.
- Efficiency Metrics: ROCE declined to 10% (Mar 2026); Cash Conversion Cycle improved to 19 days.

### Bull Case

GAIL (India) presents a conditional constructive case anchored by strong technical momentum and consistent shareholder returns. As of November 6, 2026, the stock trades at ₹185.79 with a market capitalization of approximately ₹12.23 lakh crore. Technically, the daily trend is bullish, characterized by a Plus DI of 33.92 significantly outweighing the Minus DI of 13.81, and a Supertrend signal that remains positive. This upward pressure is supported by solid medium-term performance, including a +13.3% return over the last 10 days and an +8.2% year-to-date gain. Furthermore, GAIL is recognized as a top-tier dividend payer, offering immediate cash returns to investors alongside its operational profile. While the stock faces near-term resistance levels close to ₹186–₹188 and has experienced a maximum historical drawdown of -32.3%, the current alignment of rising price trends, institutional buy ratings from brokerages like Nomura and Motilal Oswal, and high dividend yields provides a supportive foundation for investor interest.

- Daily technical structure is bullish: ADX(14) stands at 29.59, with Plus DI (33.92) well above Minus DI (13.81), indicating active buying momentum.
- Medium-term performance is strong: The stock has delivered a +13.3% return over the past 10 days and an +8.2% YTD return as of Nov 6, 2026.
- Shareholder yield is a key attribute: GAIL is highlighted among the top ten dividend-paying stocks in India, providing tangible cash returns relative to share price.
- Institutional sentiment supports upside: Brokerages such as Nomura and Motilal Oswal have issued 'Buy' ratings with target prices of ₹200 and higher, following strong Q2 results.

- [Dividend stocks: Coal India, TCS, HUDCO, HCL Tech, GAIL among top 10 dividend paying stocks - Check yield, annual return | Stock Market News](https://www.livemint.com/market/stock-market-news/dividend-stocks-coal-india-tcs-hudco-hcl-tech-gail-among-top-10-dividend-paying-stocks-check-yield-annual-return-11793892901046.html)
- [GAIL shares up nearly 3% after strong Q2 results; Nomura raises target price, maintains 'Buy'](https://www.moneycontrol.com/news/business/stocks/gail-shares-up-nearly-3-after-strong-q2-results-nomura-raises-target-price-maintains-buy-14067529.html)
- [Monday Cruise: Markets Take a Joyride with Reliance Industries](https://economictimes.indiatimes.com/epaper/delhicapital/2026/nov/03/et-front/monday-cruise-markets-take-a-joyride-with-ril/articleshow/135475032.cms)
- [Engineers India, GAIL, Zensar, Motherson Sumi Wiring, Delhivery shares: Target prices](https://www.businesstoday.in/markets/stocks/story/engineers-india-gail-zensar-motherson-sumi-wiring-delhivery-shares-target-prices-565274-2026-11-03)
- [Buy GAIL; target of Rs 200: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-gail-target-of-rs-200-motilal-oswal-14066409.html)
- [GAIL (INDIA) LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261105_172359398.xml)
- [GAIL (India) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_05112026171946_Letter_Signed.pdf)
- [GAIL (India) Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "GMPL, A Wholly Owned Subsidiary of GAIL (India) Limited, Successfully Commissions 1.25 million tons per annum PTA Manufacturing Plant at Mangalore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GAIL_05112026214710_PR05112026.pdf)
- [GAIL (India) Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_03112026124702_Trascript.pdf)
- [GAIL (India) Limited has informed the Exchange regarding a revised press release dated October 30, 2026, titled " GAIL reports Revenue from Operations of ₹45,924 crore and PAT of ₹4,650 crore for Q2 FY2026-27 .". |SUBJECT: Press Release (Revised)](https://nsearchives.nseindia.com/corporate/GAIL_02112026101431_PR02112026.pdf)

### FAQs

**What were GAIL's financial results for the second quarter of FY2026-27?**

GAIL reported standalone revenue from operations of ₹45,924 crore, a profit before tax (PBT) of ₹5,838 crore, and a profit after tax (PAT) of ₹4,650 crore for Q2 FY2026-27. For the first half (H1) of the fiscal year, standalone revenue was ₹84,905 crore with a PAT of ₹8,943 crore.

**Has GAIL made any significant operational developments recently?**

Yes. On November 5, 2026, its wholly owned subsidiary, GAIL Mangalore Petrochemicals Limited (GMPL), successfully commissioned a 1.25 million tons per annum Purified Terephthalic Acid (PTA) manufacturing plant in Karnataka. The plant was acquired via the Corporate Insolvency Resolution Process in 2023 and will market PTA under the brand name 'G-Tex'.

**How is GAIL's stock performing technically as of November 6, 2026?**

The stock closed at ₹185.79 on the NSE. Technical indicators show a bullish daily trend with an ADX of 29.59. Over the past month, the stock has returned +8.0%, while it is up +13.3% over the last 10 days. The nearest resistance levels are at ₹186.36 and ₹186.52, with support at ₹184.15.

**What are analysts saying about GAIL's valuation and outlook?**

Brokerages have issued positive views. Motilal Oswal set a 'Buy' recommendation with a target price of ₹200. Nomura also maintained a 'Buy' rating and raised its target price following strong Q2 results. Additionally, GAIL is highlighted among top dividend-paying stocks based on annual yields.

- [Dividend stocks: Coal India, TCS, HUDCO, HCL Tech, GAIL among top 10 dividend paying stocks - Check yield, annual return | Stock Market News](https://www.livemint.com/market/stock-market-news/dividend-stocks-coal-india-tcs-hudco-hcl-tech-gail-among-top-10-dividend-paying-stocks-check-yield-annual-return-11793892901046.html)
- [GAIL shares up nearly 3% after strong Q2 results; Nomura raises target price, maintains 'Buy'](https://www.moneycontrol.com/news/business/stocks/gail-shares-up-nearly-3-after-strong-q2-results-nomura-raises-target-price-maintains-buy-14067529.html)
- [Monday Cruise: Markets Take a Joyride with Reliance Industries](https://economictimes.indiatimes.com/epaper/delhicapital/2026/nov/03/et-front/monday-cruise-markets-take-a-joyride-with-ril/articleshow/135475032.cms)
- [Engineers India, GAIL, Zensar, Motherson Sumi Wiring, Delhivery shares: Target prices](https://www.businesstoday.in/markets/stocks/story/engineers-india-gail-zensar-motherson-sumi-wiring-delhivery-shares-target-prices-565274-2026-11-03)
- [Buy GAIL; target of Rs 200: Motilal Oswal](https://www.moneycontrol.com/news/business/buy-gail-target-of-rs-200-motilal-oswal-14066409.html)
- [GAIL (INDIA) LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261105_172359398.xml)
- [GAIL (India) Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_05112026171946_Letter_Signed.pdf)
- [GAIL (India) Limited has informed the Exchange regarding a press release dated November 05, 2026, titled "GMPL, A Wholly Owned Subsidiary of GAIL (India) Limited, Successfully Commissions 1.25 million tons per annum PTA Manufacturing Plant at Mangalore". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/GAIL_05112026214710_PR05112026.pdf)
- [GAIL (India) Limited has informed the Exchange about Transcript |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/GAIL_03112026124702_Trascript.pdf)
- [GAIL (India) Limited has informed the Exchange regarding a revised press release dated October 30, 2026, titled " GAIL reports Revenue from Operations of ₹45,924 crore and PAT of ₹4,650 crore for Q2 FY2026-27 .". |SUBJECT: Press Release (Revised)](https://nsearchives.nseindia.com/corporate/GAIL_02112026101431_PR02112026.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹186.52
- Risk regime: Price Risk Currently Contained

### Support levels
- 178.99906249999998
- 174.45427677154544
- 161.05070312499998

### Resistance levels
- 186.36080078125002
- 187.68875
- 194

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -0.11% |
| return_10 | +13.31% |
| return_1m | +7.97% |
| return_1y | +3.80% |
| return_20 | +10.79% |
| return_3m | +5.32% |
| return_5 | +10.65% |
| return_6m | +12.14% |
| return_since_start | -2.77% |
| return_ytd | +8.16% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | contained_risk |
| label | Price risk currently contained |
| summary | Recent drawdown and price variability remain within the producer's contained-risk thresholds. |
| maximum_drawdown | -32.33% |
| annualized_volatility | +27.18% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# GAIL (India) Limited FY2026-27 Q2: Revenue up 14% QoQ, pre-tax profit down slightly

GAIL’s consolidated revenue from operations rose 14.4% quarter on quarter (QoQ) to ₹47,301 crore in Q2 FY2026-27, while expenses increased 17.1% and profit before tax (PBT) eased 1.6% to ₹5,829 crore. Profit from continuing operations increased 2.9% to ₹4,452 crore, and profit for the period rose 1.1% to ₹4,724 crore. Year on year (YoY), revenue and PBT were higher, while total comprehensive income declined 20.1% from Q1 FY2026-27.

## Revenue growth outpaced by expenses

Revenue has increased for three consecutive quarters, from ₹35,303 crore in Q3 FY2025-26 and ₹35,705 crore in Q4 FY2025-26 to ₹41,350 crore in Q1 FY2026-27 and ₹47,301 crore in Q2 FY2026-27. Q2 revenue was up 32.7% YoY from ₹35,657 crore.

Expenses rose by ₹6,087 crore QoQ to ₹41,645 crore, a faster percentage increase than revenue. PBT consequently slipped from ₹5,925 crore to ₹5,829 crore. Segment revenue matched consolidated revenue at ₹47,301 crore, while segment PBT fell 2.7% QoQ to ₹6,100 crore from ₹6,268 crore. Compared with Q2 FY2025-26, PBT was up 154.9% and expenses increased 23.9%.

## Lower tax supported continuing-operations profit

Tax expense decreased 13.8% QoQ to ₹1,377 crore from ₹1,597 crore. Alongside the slight decline in PBT, the lower tax expense supported a 2.9% rise in profit from continuing operations, to ₹4,452 crore from ₹4,328 crore. Profit for the period was ₹4,724 crore, up 1.1% from ₹4,671 crore in Q1 FY2026-27.

Total comprehensive income, by contrast, fell 20.1% QoQ to ₹3,471 crore from ₹4,344 crore. This decline contrasts with the increase in both profit measures. YoY, profit from continuing operations rose 160.4% and profit for the period increased 137.5%.

## Finance costs and balance-sheet position

Finance costs edged up 1.3% QoQ to ₹323 crore from ₹319 crore, but were 38.2% higher than in Q2 FY2025-26.

At 30 September 2026, total assets stood at ₹1,54,839 crore, compared with ₹1,40,537 crore at 31 March 2026. Equity rose to ₹97,003 crore from ₹89,292 crore, while liabilities increased to ₹57,835 crore from ₹51,245 crore.

Several working-capital balances also increased over the period: inventories rose to ₹7,488 crore from ₹5,155 crore, trade receivables to ₹14,306 crore from ₹8,605 crore, and trade payables to ₹9,652 crore from ₹6,104 crore. Current assets increased to ₹28,809 crore from ₹19,762 crore; cash and cash equivalents rose to ₹1,074 crore from ₹959 crore.

Current borrowings declined to ₹2,797 crore at 30 September 2026 from ₹6,336 crore at 31 March 2026, and non-current borrowings fell to ₹12,698 crore from ₹13,628 crore. Combined, these reported borrowing balances decreased over the period, even as total assets expanded.

## Key Takeaway

GAIL delivered strong YoY growth in revenue and PBT, but within Q2 FY2026-27, expenses grew faster than revenue and PBT edged lower. A reduced tax charge supported higher profit from continuing operations, while total comprehensive income fell sharply QoQ. The balance sheet expanded between 31 March and 30 September 2026, alongside higher working-capital balances and lower borrowings.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +51.85%
- FII holding: +16.59%
- DII holding: +17.88%
- Mutual fund holding: +7.10%
- Retail holding: +4.58%
- Promoter pledged: +0.00%

### Major reported shareholders

- PRESIDENT OF INDIA — +51.85%
- LICI ANNUITY NON-PAR — +8.58%
- OIL AND NATURAL GAS CORPORATION LIMITED — +5.00%
- SBI ARBITRAGE OPPORTUNITIES FUND — +3.57%
- INDIAN OIL CORPORATION LIMITED — +2.50%
- NPS TR AC ICICI PENSION FUND SCHEME E - TIER I — +1.52%
- T. ROWE PRICE EMERGING MARKETS DISCOVERY STOCK TRUST — +1.30%

## Official filings

- 2026-11-06 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_06112026184559_Analyst06112026.pdf)
- 2026-11-06 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261106_184830806.xml)
- 2026-11-05 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261105_172359398.xml)
- 2026-11-05 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_05112026171946_Letter_Signed.pdf)
- 2026-11-05 — Press Release: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_05112026214710_PR05112026.pdf)
- 2026-11-03 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_03112026124702_Trascript.pdf)
- 2026-11-02 — Press Release: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_02112026101431_PR02112026.pdf)
- 2026-10-31 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVIKA_31102026164115_news.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1594_WebXMLFile_20261030_140649672.xml)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_30102026141022_AnalystSchedule30102026.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVIKA_30102026143000_UFR.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/DEVIKA_30102026143622_UFR.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/DEVIKA_30102026144237_UFR.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/DEVIKA_30102026144447_UFR.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/DEVIKA_30102026144409_UFR.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_30102026145326_JHBDPL.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_30102026145419_GJPL.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVIKA_30102026145647_GAIL_Gas_Listing.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_30102026145544_BTA.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVIKA_30102026145456_KKBMPL.pdf)
- 2026-10-30 — Earnings Presentation: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/DEVIKA_30102026153938_PPT.pdf)
- 2026-10-30 — Financial Results Filing: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749871_30102026040323_WEB.xml)
- 2026-10-30 — Financial Results Filing: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1749866_30102026040256_WEB.xml)
- 2026-10-30 — Press Release: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_30102026170448_PR30102026.pdf)
- 2026-10-30 — Generic Announcement: GAIL (India) Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/GAIL_30102026175400_audio.pdf)

## News and market events

- 2026-11-06 — NEWS.WEBINDIA123.COM: **GAIL commissions 1.25 MTPA PTA facility in Mangalore, to market products under 'G-Tex' brand** — GAIL Mangalore Petrochemicals Limited (GMPL), a wholly owned subsidiary of GAIL (India) Limited, has commissioned its 1.25 million tonnes per annum Purified Terephthalic Acid (PTA) manufacturing plant at the Mangalore Special Economic Zone in Karnataka. The company stated that it will market the products produced by this facility under the 'G-Tex' brand. — [Source](https://news.webindia123.com/news/Articles/Business/20261106/4516741.html)
- 2026-11-05 — Mint: **Dividend stocks: Coal India, TCS, HUDCO, HCL Tech, GAIL among top 10 dividend paying stocks - Check yield, annual return | Stock Market News** — Livemint highlights Coal India, TCS, HUDCO, HCL Tech, and GAIL among the top ten dividend-paying stocks based on their annual yields. The report details specific payout figures and yield percentages for these entities, including Coal India's 6.72% yield and ONGC's 5.76%, to illustrate immediate cash returns relative to share prices. — [Source](https://www.livemint.com/market/stock-market-news/dividend-stocks-coal-india-tcs-hudco-hcl-tech-gail-among-top-10-dividend-paying-stocks-check-yield-annual-return-11793892901046.html)
- 2026-11-03 — MONEYCONTROL: **GAIL shares up nearly 3% after strong Q2 results; Nomura raises target price, maintains 'Buy'** — GAIL shares rose nearly 3% following the company's strong Q2 results. Nomura raised its target price for the stock while maintaining a 'Buy' rating. — [Source](https://www.moneycontrol.com/news/business/stocks/gail-shares-up-nearly-3-after-strong-q2-results-nomura-raises-target-price-maintains-buy-14067529.html)
- 2026-11-03 — Economic Times: **Monday Cruise: Markets Take a Joyride with Reliance Industries** — Indian equity markets rallied on Monday, with the Sensex rising over 1,200 points and Reliance Industries shares surging 11.6%, driven by easing crude oil prices and hopes for a diplomatic breakthrough in the Iran conflict. While energy-linked stocks, metals, and cement saw strong buying as Brent crude fell to near $110 per barrel, brokerages cautioned that sustaining the recovery requires continued foreign institutional inflows and further moderation in crude prices. — [Source](https://economictimes.indiatimes.com/epaper/delhicapital/2026/nov/03/et-front/monday-cruise-markets-take-a-joyride-with-ril/articleshow/135475032.cms)
- 2026-11-03 — BUSINESSTODAY: **Engineers India, GAIL, Zensar, Motherson Sumi Wiring, Delhivery shares: Target prices** — Brokerages have issued rating updates for a dozen stocks, including Engineers India, GAIL, Zensar Technologies, Motherson Sumi Wiring, and Delhivery, following September quarter results. Analysts have upgraded Delhivery to 'Buy' with a target price of Rs 490 and Engineers India to 'Accumulate' at Rs 338, while downgrading Zensar Technologies to 'Add' with a target of Rs 614. — [Source](https://www.businesstoday.in/markets/stocks/story/engineers-india-gail-zensar-motherson-sumi-wiring-delhivery-shares-target-prices-565274-2026-11-03)
- 2026-11-02 — MONEYCONTROL: **Buy GAIL; target of Rs 200: Motilal Oswal** — Motilal Oswal has issued a 'Buy' recommendation for GAIL, setting a price target of Rs 200. The brokerage's view suggests an upward trajectory for the stock from its current levels. — [Source](https://www.moneycontrol.com/news/business/buy-gail-target-of-rs-200-motilal-oswal-14066409.html)
- 2026-11-02 — MONEYCONTROL: **Buy GAIL; target of Rs 200: Emkay Global Financial** — Emkay Global Financial issued a 'Buy' recommendation for GAIL with a price target of Rs 200. — [Source](https://www.moneycontrol.com/news/business/stocks/buy-gail-target-of-rs-200-emkay-global-financial-2-14066320.html)
- 2026-11-02 — Economic Times: **GAIL shares jump 4% as Q2 net profit rises over 8% to Rs 4,650 crore, revenue grows 17%** — GAIL (India) reported strong Q2FY27 financial results with net profit rising 8.3% to Rs 4,650 crore and revenue from operations increasing 17.8% to Rs 45,895 crore, leading to a nearly 4% jump in its share price on the NSE. — [Source](https://cfo.economictimes.indiatimes.com/news/strategy-operations/gail-shares-jump-4-as-q2-net-profit-rises-over-8-to-rs-4650-crore-revenue-grows-17/135449048)
- 2026-11-02 — Economic Times: **GAIL shares jump 4% as Q2 net profit rises over 8% to Rs 4,650 crore, revenue grows 17%** — GAIL (India) reported strong Q2FY27 financial results with an 8.3% rise in net profit to Rs 4,650 crore and a 17.8% increase in revenue, while its board approved the IPO of subsidiary GAIL Gas Ltd and the transfer of six CGD areas to it. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/gail-shares-jump-4-as-q2-net-profit-rises-over-8-to-rs-4650-crore-revenue-grows-17/articleshow/135447997.cms)
- 2026-11-02 — MONEYCONTROL: **Buy GAIL India; target of Rs 206: Prabhudas Lilladher** — Brokerage firm Prabhudas Lilladher has issued a 'Buy' recommendation for GAIL India with a price target of Rs 206. — [Source](https://www.moneycontrol.com/news/business/earnings/buy-gail-india-target-of-rs-206-prabhudas-lilladher-2-14066170.html)
- 2026-11-02 — Economic Times: **Stocks in news: Reliance Industries, Jio Platforms, M&M, CDSL, ITC, NTPC, IOCL and Hero MotoCorp** — Several major Indian companies reported their quarterly earnings results, with Reliance Industries, Jio Platforms, NTPC Green Energy, CDSL, NTPC, Bank of Baroda, GAIL, Bharat Electronics, and Mahindra & Mahindra showing profit growth, while Sun Pharma reported a decline due to exceptional charges. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-reliance-industries-jio-platforms-mm-cdsl-itc-ntpc-iocl-and-hero-motocorp/articleshow/135432220.cms)
- 2026-10-31 — Economic Times: **GAIL Q2 profit surges over two fold YoY to 4,650 cr despite global disruptions** — GAIL (India) reported a surge in Q2 net profit to ₹4,650 crore, more than double the previous year's figure, attributed to increased gas marketing margins due to global energy supply disruptions. The company also approved the listing of its subsidiary GAIL Gas and the transfer of six city gas licensed areas to it via slump sale effective January 1, 2027. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/gail-q2-profit-surges-over-two-fold-yoy-to-4650-cr-despite-global-disruptions/articleshow/135387433.cms)
- 2026-10-30 — The Hindu: **GAIL (India) to list city gas distribution arm; profit surges to ₹4,724 cr in Q2 FY27** — GAIL (India) posted a consolidated net profit of approximately ₹4,724 crore for Q2 FY27, significantly higher than the ₹1,989 crore recorded in the same period last year. This performance occurred despite force majeure declarations by Petronet LNG disrupting Middle East LNG supplies since March 2026. — [Source](https://www.thehindubusinessline.com/companies/gail-india-to-list-cgd-arm-profit-surges-to-4724-cr-in-q2-fy27/article71645078.ece)
- 2026-10-30 — MONEYCONTROL: **GAIL Q2 results: Net profit rises 110% to Rs 4,650 crore on growth in gas marketing business** — GAIL reported an 110% rise in net profit to Rs 4,650 crore for the second quarter, driven by growth in its gas marketing business. — [Source](https://www.moneycontrol.com/news/business/earnings/gail-q2-results-net-profit-rises-110-to-rs-4-650-crore-on-growth-in-gas-marketing-business-14064623.html)
- 2026-10-30 — CNBC-TV18: **GAIL Gas IPO: Board approves listing, GAIL to dilute up to 25% stake in subsidiary** — GAIL India's board approved the initial public offering of subsidiary GAIL Gas with up to 25% stake dilution and the transfer of six CGD areas to the subsidiary via slump sale effective January 1, 2027. This announcement coincided with GAIL India reporting Q2 revenue of ₹45,895 crore and EBITDA of ₹6,412 crore, both beating analyst estimates. — [Source](https://www.cnbctv18.com/market/gail-gas-ipo-board-approves-listing-gail-to-dilute-up-to-25-pc-stake-in-subsidiary-20023466.htm)
- 2026-10-30 — BUSINESSTODAY: **GAIL shares gain over 3% on Q2 earnings, check details** — GAIL (India) Ltd reported Q2 earnings showing an 8.3% increase in net profit to Rs 4,650 crore and a 17.8% rise in revenue to Rs 45,923 crore year-on-year, leading to a stock price gain of over 3%. — [Source](https://www.businesstoday.in/markets/stocks/story/gail-shares-gain-over-3-on-q2-earnings-check-details-564783-2026-10-30)
- 2026-10-30 — The Hindu: **Q2 Results 30th Oct Highlights: GAIL, IOC, Sun Pharma, Aditya Birla, BOB, Aether, Smartworks Q2 PAT rise, Zee Entertainment con. PAT declines, Dixon's profit fall, Reliance, Jio Platforms, BEL, GE Vernova, Lodha, Delhivery, NTPC Green to announce Q2 results** — Market participants reacted to the day's Q2 results with specific stocks identified as gainers and losers. Trent, IndiGo, Deepak Nitrite, and Milky Mist were among the gainers, while Coal India, Strides Pharma, Blue Star, CAMS, Equitas SFB, and Godrej Consumer were among the losers. — [Source](https://www.thehindubusinessline.com/markets/q2-results-today-highlights-reliance-ind-jio-platforms-sun-pharma-dixon-bel-ioc-bob-gail-ge-vernova-lodha-developers-max-healthcare-ntpc-delhivery-aether-company-results-30-october-2026/article71640116.ece)
- 2026-10-30 — CNBC-TV18: **Q2 Results Live Updates: Suzlon, Trent react to numbers; RIL, Sun Pharma, BEL, report today** — Reliance Industries, Sun Pharma, Bharat Electronics, Max Healthcare, Bank of Baroda, Dixon Technologies, Delhivery, GAIL, Engineers India, and Indian Oil Corporation are among the companies reporting their Q2 financial results today. — [Source](https://www.cnbctv18.com/market/q2-results-live-updates-reliance-industries-jio-sun-pharma-bel-gail-dixon-bob-ioc-eil-suzlon-trent-max-health-share-price-liveblog-20022987.htm)
- 2026-10-28 — BUSINESSTODAY: **JioBlackRock MF folios jump 261%: Can new fund houses challenge established AMCs?** — JioBlackRock Mutual Fund's investor folios surged 261% year-on-year to 13.37 lakh in September 2026, highlighting the rapid expansion of newer fund houses in India's competitive mutual fund industry. — [Source](https://www.businesstoday.in/mutual-funds/story/jioblackrock-mf-folios-jump-261-can-new-fund-houses-challenge-established-amcs-563522-2026-10-29)
- 2026-10-28 — The Hindu: **GAIL India to invest $63 million in heating unit at Ratnagiri LNG terminal, executive says** — GAIL India to invest ₹600 crore ($63.1M) for a heating unit at Ratnagiri LNG terminal to reach full 5 mtpa capacity by 2027. — [Source](https://www.thehindu.com/business/gail-india-to-invest-63-million-in-heating-unit-at-ratnagiri-lng-terminal-executive-says/article71637659.ece)
- 2026-10-28 — Economic Times: **GAIL India to invest $63 million in heating unit at Ratnagiri LNG terminal, executive says** — GAIL India is investing 6 billion rupees to build a heating unit at its Ratnagiri LNG terminal. This facility is expected to be completed by June 2027, enabling full operational capacity. Currently, the terminal is running at about 50% capacity without an operational heating unit. A captive power plant is also under construction to generate heat for this LNG facility. — [Source](https://economictimes.indiatimes.com/industry/energy/oil-gas/gail-india-to-invest-63-million-in-heating-unit-at-ratnagiri-lng-terminal-executive-says/articleshow/135253852.cms)
- 2026-10-25 — REDIFF.COM: **US Fed rate decision, corporate earnings, crude oil to steer market sentiment** — Indian stock markets are set to be influenced this week by a confluence of factors including quarterly corporate earnings, the US Federal Reserve's interest rate decision, fluctuations in crude oil prices, and ongoing geopolitical developments in West Asia. — [Source](https://www.rediff.com/business/report/us-fed-interest-rate-decision-q3-earnings-crude-oil-prices-to-dictate-market-trends/20261025.htm)
- 2026-10-25 — Mint: **Trump hints at an Iran attack or deal! Impact on India stock market, Sensex, Nifty, gold decoded; top 10 stocks to watch** — US-Iran news hints at two scenarios: US-Iran deal or US attack on Iran, but there is a third angle, which is status quo until the US Midterm elections 2026 results are out, say experts — [Source](https://www.livemint.com/market/stock-market-news/trump-hints-at-an-iran-attack-or-deal-impact-on-india-stock-market-sensex-nifty-gold-decoded-top-10-stocks-to-watch-11792906667676.html)
- 2026-10-12 — Orissa POST: **Trump to attend ASEAN summit in Manila, then APEC summit in China - OrissaPOST** — Washington: President Donald Trump will travel to Manila next month for the Association of Southeast Asian Nations (ASEAN) summit before heading to China for the Asia-Pacific Economic Cooperation (APEC) summit, the White House has said. Trump will take part in the summit in the Philippine capital on November 16 and then go to Shenzhen for […] — [Source](https://www.orissapost.com/trump-to-attend-asean-summit-in-manila-then-apec-summit-in-china/)
- 2026-10-10 — Economic Times: **GAIL launches Season 2 of ‘Wah Kya Energy Hai’ campaign with new anthem** — GAIL (India) has launched the second season of its consumer awareness campaign called Wah Kya Energy Hai. The campaign includes four short films and a new anthem promoting cleaner energy options. These films feature the Mishra family navigating everyday situations while highlighting the benefits of compressed natural gas and other cleaner fuels. The newly released anthem showcases GAIL's energy infrastructure and initiatives in compressed biogas. — [Source](https://economictimes.indiatimes.com/industry/energy/oil-gas/gail-launches-season-2-of-wah-kya-energy-hai-campaign-with-new-anthem/articleshow/134852283.cms)

## Business profile

**Strategic vision:** India's natural gas company optimizing economic use.

### Business segments
- **Natural Gas Transmission:** Operates a large network of natural gas pipelines spanning approximately 16,420 km.
- **Gas Processing:** Operates five gas processing plants for the production of LPG and other liquid hydrocarbons with a capacity of about 1.4 MMTPA.
- **Petrochemicals:** Operates a gas-based integrated petrochemical plant with a capacity of 810 KTPA of polymer and is involved in co-promoting other petrochemical complexes.
- **LNG Trading and Infrastructure:** Involved in LNG sourcing, regasification terminals, and international LNG trading through subsidiaries.
- **City Gas Distribution (CGD):** Pioneer in the CGD business with a presence in 72 Geographical Areas across India through joint ventures and subsidiaries.
- **Renewable Energy:** Portfolio includes wind and solar energy, exploring opportunities in Compressed Bio Gas (CBG), ethanol, and hydrogen.

### Competitive strengths
- Extensive natural gas pipeline network across India.
- Integrated operations from gas processing to petrochemical production.
- Pioneering presence in the city gas distribution sector.
- Strategic investments in LNG infrastructure and trading.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/gail
Markdown representation: https://faxioms.com/stocks/gail?render=md