GAIL (India) Limited’s standalone profit more than doubled in the quarter ended Sept. 30, 2026, while its board advanced a possible GAIL Gas IPO that could dilute its stake by up to 25%.
The results filing showed standalone profit after tax of ₹4,650.22 crore, compared with ₹2,217.24 crore a year earlier. Revenue from operations rose 31% to ₹45,923.57 crore from ₹35,031.24 crore. The board approved unaudited standalone and consolidated results on Oct. 30; consolidated net profit was ₹4,723.75 crore.
The IPO has in-principle approval, but its terms are not final. GAIL Gas must submit a proposal drawing on recommendations from book-running lead managers, after which GAIL’s board must consider it. Valuation, price band, structure and the final dilution amount remain undecided, and the filing gives no timetable.
The board also approved transferring six city gas distribution areas to GAIL Gas as a going concern, effective Jan. 1, 2027. The areas are Varanasi, Patna, Ranchi, East Singhbhum, Cuttack and Khordha. An earlier EconoTimes report on the IPO approval and distribution-area transfer covered the board’s initial decision.
Natural gas transmission averaged 130.10 million metric standard cubic meters per day (MMSCMD), up from 122.36 MMSCMD in the first quarter of fiscal 2027. Gas marketing volume rose to 97.23 MMSCMD from 93.82 MMSCMD. GAIL said transmission and marketing held up amid geopolitical pressures.
In a March filing, GAIL said a force majeure notice from Petronet LNG had reduced its allocation under their contract to zero from March 4, amid LNG vessel constraints linked to Strait of Hormuz navigation restrictions. GAIL said at the time that supplies from other sources were unaffected and that the potential impact could not be quantified.
GAIL Chairman and Managing Director Deepak Gupta said, “Our foremost priority has remained meeting customer requirements and ensuring uninterrupted supplies.” The next disclosed step for the proposed IPO is GAIL Gas’ submission of a proposal, followed by further board approval.
