Motilal Oswal's research report on GAIL
GAIL’s standalone EBITDA came in 5% above our estimate at INR31.9b. While gas transmission EBIT missed our estimate by 6%, the marketing segment posted a strong performance, and 1HFY26 EBIT now forms ~50% of the guidance of INR45b. Petchem sales were above our estimate at 209tmt, while the petchem segment reported an EBIT loss of INR3b.
Outlook
We reiterate our BUY rating on GAIL with our SoTP-based TP of INR205. Over FY26-28, we estimate a 7% CAGR in PAT, driven by:
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