Reduce GAIL (India); target of Rs 157: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on GAIL (India)

GAIL reported higher than estimated EBITDA of Rs 38.2 bn (up 9% QoQ, PLe: Rs 33.5 bn) while PAT came in at Rs 28.4 bn (up 18% QoQ, PLe: Rs 24 bn). Transmission and trading volumes grew 1% QoQ. The company expects transmission volumes to grow by 12-15 mmscmd in the next 2 years. Going forward, we build in a 4.5/4% CAGR volume growth over FY24-26E in transmission and trading segments.

Outlook

We downgrade our rating from ‘Hold’ to ‘Reduce’ and value it at 12x FY26 adj EPS of 10.8 and the value of listed and unlisted investment at Rs 27 to arrive at our target price of Rs 157(previous TP Rs155).

For all recommendations report, click here

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GAIL (India) - 3012024 - prabhu