State-run GAIL (India) reported a weak performance for the March quarter and full FY26, weighed down by lower revenue and a decline in gas transmission volumes. Despite the softer operational performance, the company reported a higher share of profit from associates and joint ventures during the quarter.

For the March quarter (Q4FY26), the company’s consolidated revenue from operations declined marginally by 2.3% to ₹35,705 crore from ₹36,549 crore in the same period last year.

The pressure on earnings was more visible at the profitability level. Profit before tax dropped sharply to ₹1,966 crore from ₹3,240 crore in the year-ago quarter.

Net profit for the quarter fell 41% year-on-year to ₹1,481 crore against ₹2,505 crore reported in the corresponding quarter last year.

On a sequential basis, the company reported a decline across key business segments in Q4FY26. Gas transmission volume stood at 118.99 MMSCMD compared to 125.45 MMSCMD in Q3FY26, while gas marketing volume slipped to 101.88 MMSCMD from 103.98 MMSCMD.

LHC sales came in at 195 TMT against 200 TMT in the previous quarter. Polymer sales also declined to 180 TMT from 218 TMT, while LPG transmission volume dropped to 1,114 TMT compared to 1,188 TMT in Q3FY26.

Meanwhile, the share of profit from associates and joint ventures increased to ₹458 crore in Q4FY26, compared to ₹279 crore in the same quarter last year and ₹345 crore in Q3FY26.

For the full financial year FY26, GAIL reported revenue from operations of ₹1.42 lakh crore, largely flat compared to ₹1.42 lakh crore in FY25. Total income stood at ₹1.43 lakh crore.

However, annual profitability remained under pressure. Profit before tax declined to ₹9,725 crore from ₹16,095 crore in FY25, while net profit dropped sharply to ₹7,581 crore from ₹12,462 crore in the previous financial year.

Deepak Gupta, Chairman & Managing Director, GAIL (India) Limited, said, “The year was marked by a challenging & complex global backdrop, beginning with the ongoing Russia-Ukraine conflict and evolving geopolitical developments, including the onset of the West Asian crisis towards the later part of the year. Despite these headwinds, supported by timely policy interventions by the government, GAIL delivered a resilient operational and financial performance.

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