Any current/future new fundraising through debt or equity?

No specific mention of new fundraising through debt or equity during the call. Debt is expected to remain around the current level with a possible increase of ₹1,000 to ₹2,000 crore once projects are capitalized. Average interest rate on debt is around 7.5% to 7.6%. No update on equity fundraising or issuance was provided. Management did mention plans for listing one or two joint ventures (JVs), with updates expected in Q3, which may involve equity activities at JV level but no direct impact on parent company fundraising as of now. Overall, no concrete decisions or announcements on fresh capit

Any current/future capex/capital investment/strategic investment?

Major petrochemical project PDH-PP Usar is at 75% completion with a project cost of ₹11,256 crore; around ₹3,000 crore capex remaining. Planned total capex for FY'25 is around ₹8,000 to ₹9,000 crore, with higher spend expected in H2. Capital expenditure primarily focused on pipelines, CGD projects, net zero renewables, and operational capex. Evaluation ongoing for new investment opportunities including an ethane cracker; no final decision yet. Expect capitalization of projects to increase depreciation to around ₹3,600 crore for FY'25. Potential restructuring or listing of some City Gas Distrib

Future growth expectations in sales/revenue/volumes?

Gas Marketing volume growth guidance: Expected to grow by 5 MMSCMD in FY '25 and to continue similar growth in FY '26 and FY '27. (Page 15) Gas transmission volume: Expected to increase by approximately 10 to 12 MMSCMD year-on-year over the next two to three years. (Page 4) Petrochemical segment expansions: Major new plants (PDH-PP and JBF projects) expected to commission around June 2025 and FY '26; profitability expected from FY '26-'27 onwards with major contributions post second half FY '27. (Page 13) LNG sourcing: Target to source 7 MMTPA of LNG by 2030; currently sourced 1.53 MMTPA with

Future growth expectations in earnings/operating earnings/profits/EPS?

Gas Marketing segment expects volume growth of about 5 million cubic meters per day annually for this year and continuing similarly for FY '26 and '27. Petrochemical projects (e.g., PDH-PP Usar and JBF acquisition) to start contributing to profitability from FY '26-'27 onwards, with major profitability expected post second half of FY '27. Transmission volumes are expected to increase by approximately 10 to 12 MMSCMD year-on-year over next 2-3 years. Marketing margin guidance for FY '25 is ₹4,500 crore annualized, with the company on track to meet or exceed this. Revised guidance expected

GAIL (India) LtdQ2 FY25Gas

GAIL (India) Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹167P/E: 11.1Market Cap: ₹1.1L CrSector: Gas

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

Gas Marketing volume growth guidance: Expected to grow by 5 MMSCMD in FY '25 and to continue similar growth in FY '26 and FY '27. (Page 15)
Gas transmission volume: Expected to increase by approximately 10 to 12 MMSCMD year-on-year over the next two to three years. (Page 4)
Petrochemical segment expansions: Major new plants (PDH-PP and JBF projects) expected to commission around June 2025 and FY '26; profitability expected from FY '26-'27 onwards with major contributions post second half FY '27. (Page 13)
LNG sourcing: Target to source 7 MMTPA of LNG by 2030; currently sourced 1.53 MMTPA with phased additions to increase volume. (Page 13)
Polymer production capacity utilization and LPG transmission throughput expected to sustain or improve, supporting volume and revenue growth. (Page 3)
City Gas Distribution (CGD): Plans to add around 80 new CNG stations and 1,20,000 new PNG connections in next two years. (Page 3)

Margin guidance

Category 3

Gas Marketing segment expects volume growth of about 5 million cubic meters per day annually for this year and continuing similarly for FY '26 and '27.
Petrochemical projects (e.g., PDH-PP Usar and JBF acquisition) to start contributing to profitability from FY '26-'27 onwards, with major profitability expected post second half of FY '27.
Transmission volumes are expected to increase by approximately 10 to 12 MMSCMD year-on-year over next 2-3 years.
Marketing margin guidance for FY '25 is ₹4,500 crore annualized, with the company on track to meet or exceed this. Revised guidance expected by Q3 FY '25.
EBITDA guidance for FY '26-'27 pending, but new LNG sourcing contracts are at cheaper crude-linked prices, likely enhancing margins.
Overall highest ever PBT and PAT recorded in H1 FY '25, reflecting growth momentum.
Capex planned around ₹8,000-₹9,000 crore in FY '25 to support growth projects.

See what GAIL (India) Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

No specific mention of new fundraising through debt or equity during the call.
Debt is expected to remain around the current level with a possible increase of ₹1,000 to ₹2,000 crore once projects are capitalized.
Average interest rate on debt is around 7.5% to 7.6%.
No update on equity fundraising or issuance was provided.
Management did mention plans for listing one or two joint ventures (JVs), with updates expected in Q3, which may involve equity activities at JV level but no direct impact on parent company fundraising as of now.
Overall, no concrete decisions or announcements on fresh capital raising via debt or equity in progress.

Order book

The document does not provide specific details on the current or expected order book or pending orders for GAIL (India) Limited. The discussion mainly revolves around financial results, marketing margins, volumes, capex, contracts, project updates, and regulatory matters. No explicit information or figures related to order book or pending orders are mentioned on the available pages, including page 17.

See what GAIL (India) Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Major petrochemical project PDH-PP Usar is at 75% completion with a project cost of ₹11,256 crore; around ₹3,000 crore capex remaining.
Planned total capex for FY'25 is around ₹8,000 to ₹9,000 crore, with higher spend expected in H2.
Capital expenditure primarily focused on pipelines, CGD projects, net zero renewables, and operational capex.
Evaluation ongoing for new investment opportunities including an ethane cracker; no final decision yet.
Expect capitalization of projects to increase depreciation to around ₹3,600 crore for FY'25.
Potential restructuring or listing of some City Gas Distribution JVs expected to be decided by Q3.
Development of Dabhol breakwater to complete by February 2025 for enhanced utilization.
New pipeline projects post Gurdaspur-Jammu (expected completion mid-2025) not yet announced; some pipelines expected to come under GAIL through regulator approval or bidding.

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GAIL (India) Ltd Q2 FY25 Earnings Call Analysis

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