The muted revenue performance was driven primarily by lower realizations and volumes in LPG and liquid hydrocarbons, partially offset by resilient transmission income and higher ‘other’ revenues.

Within the revenue mix, natural gas transmission revenue rose 0.5% YoY to Rs 2,476 crore, supported by largely stable pipeline throughput. In contrast, LPG transmission revenue declined 4.9% YoY to Rs 232 crore.

Gas marketing revenue fell 1.3% YoY to Rs 27,924 crore, reflecting pressure on trading margins despite steady sales volumes.

Petrochemicals revenue moderated 2.3% YoY to Rs 2,007 crore, while LPG and other liquid hydrocarbon revenues declined sharply by 39.6% YoY to Rs 850 crore, tracking lower volumes and realizations.

The ‘others’ segment revenue for Q3 FY26 was Rs 541 crore, up 19.2% YoY.

Excise duty charges rose 17.5% YoY to Rs 24.33 crore in the third quarter.

Total operating expenditure for the period review was Rs 31,396.26 crore, down 2.2% YoY.

Profit before tax in Q3 FY26 stood at Rs 2,030 crore, down by 59.6% from Rs 5,028.75 crore in Q3 FY25.

GAIL (lndia) is the largest state-owned natural gas processing and distribution company in the country. It has a diversified business portfolio and has interests in the sourcing and trading of natural gas, production of LPG, liquid hydrocarbons and petrochemicals, transmission of natural gas and LPG through pipelines, etc.