Audited Financial Results (Standalone & Consolidated) of the Company for the Quarter and FY ended 31st March, 2026 along with Independent Auditors' Report with unmodified opinion(s) of ....
GAIL · price
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GAIL reported standalone revenue of ₹1,38,696.52 crore for FY26, up ~1% from ₹1,37,287.56 crore in FY25. Standalone net profit dropped sharply to ₹6,968.30 crore from ₹11,312.32 crore (~38% decline) due to the prior year including a one-time exceptional income of ₹2,440.03 crore from an LNG supplier settlement. Consolidated net profit was ₹7,581.52 crore vs ₹12,462.87 crore in FY25. The auditors issued unmodified opinions with emphasis of matter on: (i) pending PNGRB tariff orders contested at APTEL, (ii) CESTAT demand of ₹3,768 crore (including interest) for excise duty on naphtha classification with appeal filed in Supreme Court, and (iii) recoverability of ₹163.46 crore from NFCL via DoF subsidy release. PAT declined despite stable revenue, reflecting compressed margins due to geopolitical disruptions affecting LNG supplies in Q4 FY26. Board recommended final dividend of ₹0.50 per share (5%).
The ~38% PAT decline is primarily due to a non-recurring exceptional item in the prior year; underlying operational performance was impacted by LNG supply disruptions in West Asia and force majeure declared by Petronet LNG in Q4. The ₹3,768 crore contingent liability and governance gap (lack of Independent Directors) add risk, though strong operating cash flows (₹9,879 crore) and improved debt-equity ratio (1.46x vs 2.47x) provide balance sheet strength.