GAIL (India) Limited

GAIL.NS

Regulated Gas · Utilities

Price

₹175.16

-2.79 (-1.57%)

Market Cap

₹1.15T

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 13, 2026 · filings through Jun 30, 2026

Share count falling — buybacks

−1.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 6.66B (2022) → 6.58B (2026)

GAIL (India) Limited is India's largest state-owned natural gas company. It transports natural gas through a massive pipeline network spanning thousands of kilometers across India, and it also processes, trades, and distributes gas to customers like power plants, fertilizer factories, and industrial users. The Indian government owns a majority stake in GAIL, giving it a central role in the country's energy infrastructure.

GAIL makes money by charging fees to move gas through its pipelines, selling gas directly, and operating petrochemical and liquid hydrocarbon businesses. It operates almost entirely within India, making it closely tied to the country's energy policies and domestic gas demand. Its pipeline network is a strong competitive moat because building new pipelines is expensive and heavily regulated. The key growth driver is India's push to increase natural gas's share of its energy mix, but the main risk is that government-set tariffs and subsidy policies can limit how much profit GAIL is allowed to earn.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-40.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (1%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

59.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$263.5B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

GAIL (India) Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

19.9%

Thin — 19.9% gross margin

Operating Margin

14.8%

Healthy — 14.8% operating margin

ROCE

5.6%

Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+3.5%

Slow sales growth (+3.5% YoY)

EPS YoY

-15.1%

Earnings shrinking (-15.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

58%

Weak — only 58% of profit becomes cash

FCF Margin

1.2%

Thin free cash flow (1.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.22

Conservative — low debt load (0.22)

Interest Cover

10.39x

Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

11.7x

Attractive valuation — P/E 11.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.4

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.37%

Moderate income — 3.37% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-16.1%

Dividend cut (-16.1% YoY) — warning sign

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