GAIL (India) Limited has disclosed a revision in the completion schedule for its Mumbai-Nagpur-Jharsuguda Pipeline (MNJPL) Project under Regulation 30 of SEBI (LODR) Regulations, 2015. The announcement was made on January 31, 2026, following the company's board meeting held on the same date.

Project Overview and Revised Timeline

The MNJPL Project spans a total length of 1702 Km across three distinct sections. The completion schedule has been revised from January 1, 2026 to February 28, 2026 progressively.

Current Project Status

According to the company's disclosure, the entire MNJPL Pipeline construction has been completed, with pre-commissioning and commissioning activities currently underway across various sections. Significant progress has been achieved in operationalizing key segments of the pipeline network.

The Mumbai-Nagpur Section has already been operationalized, along with the Chhattisgarh and Odisha Section of the Nagpur-Jharsuguda section. The remaining portions of the MNJPL are expected to be ready for gas-in by February 2026.

Regulatory Compliance and Approvals

The company has indicated that approval for the extension in completion schedule of the MNJPL Project is being sought from the Petroleum and Natural Gas Regulatory Board (PNGRB). This revision was formally approved by GAIL's Board of Directors during their meeting on January 31, 2026, which commenced at 02:00 p.m. and concluded at 05:15 p.m.

The disclosure has been made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stakeholders regarding the project timeline adjustment. The company has communicated this development to both the National Stock Exchange of India Limited and BSE Limited as part of its listing compliance obligations.

GAIL (India) Limited announced its Q3FY26 quarterly results showing continued pressure on profitability with net profit declining both on year-on-year and quarter-on-quarter basis. The company's results reflect challenging market conditions in the natural gas and petrochemicals sectors, with sequential quarterly performance also showing deterioration across key financial metrics including EBITDA performance.

Financial Performance Overview

The company's standalone financial results showed marked deterioration in profitability metrics across multiple timeframes. Net profit after tax fell to ₹1,602.57 crore, representing a substantial 59% decline from ₹3,867.38 crore reported in the same quarter last year. On a sequential basis, the decline was 28% from ₹2,220 crore in the previous quarter, indicating continued margin pressures.

EBITDA Performance Analysis

The company's operational efficiency showed significant deterioration during the quarter. EBITDA declined to ₹2,655 crore from ₹3,190 crore in the previous quarter, marking a 16.8% sequential decline. More concerning was the compression in EBITDA margin, which fell to 7.79% from 9.11% in the preceding quarter, indicating weakening operational profitability amid challenging market conditions.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, GAIL demonstrated resilience in revenue generation while facing margin pressures. Revenue from operations increased marginally by 2.3% to ₹1,03,899.50 crore compared to ₹1,01,580.11 crore in the corresponding period last year.

Segment-Wise Performance

The company's diversified business portfolio showed mixed results across different segments. Natural gas transmission remained the strongest performer, while petrochemicals faced significant challenges.

Natural Gas Transmission emerged as the most profitable segment, generating ₹1,376.09 crore in segment results compared to ₹1,370.29 crore in the same quarter last year. Natural Gas Marketing contributed ₹30,605.41 crore in revenue for the quarter, though segment results declined to ₹853.18 crore from ₹2,880.98 crore in the previous year. Petrochemicals segment reported a loss of ₹482.64 crore in segment results, compared to a marginal profit of ₹4.68 crore in the corresponding quarter last year.

Board Meeting and Regulatory Compliance

The Board of Directors meeting was held on January 31, 2026, commencing at 2:00 p.m. and concluding at 5:15 p.m. The board approved the unaudited financial results for the quarter and nine months ended December 31, 2025, along with the payment of interim dividend. The results were filed with stock exchanges including NSE (Scrip Code: GAIL-EQ) and BSE (Scrip Code: 532155) in compliance with SEBI regulations.

Dividend Declaration and Corporate Actions

The Board of Directors approved an interim dividend of ₹5.00 per equity share (face value ₹10 each), amounting to ₹3,287.55 crore. The record date for dividend payment has been fixed as February 5, 2026.

Key Financial Ratios and Regulatory Matters

The company's financial health indicators showed mixed trends with debt equity ratio at 0.25 times compared to 0.23 times in the previous year, while current ratio declined to 0.99 times from 1.22 times. Operating margin compressed to 4.71% from 5.75%, and net profit margin fell significantly to 4.71% from 11.09%.

The company continues to face regulatory challenges, including appeals against provisional tariff orders and a Central Excise demand of ₹2,889 crore related to Naphtha classification before the Supreme Court.

Source: GAIL (India) Limited Q3FY26 Results Filing