GAIL (India) Limited’s shares declined 6–6.5% on 28 November 2025 following the Petroleum and Natural Gas Regulatory Board’s (PNGRB) announcement of a revised pipeline tariff.
The regulator approved an increase for GAIL’s integrated natural-gas pipeline network to ₹65.69 per MMBtu from the current ₹58.60, reflecting a 12% rise. However, this was below both market expectations of approximately 15% and GAIL’s requested tariff of ₹78 per MMBtu, or a 33% increase. The new tariff will be effective from 1 January 2026, with a comprehensive review deferred until FY 2028.
Market analysts noted that while the tariff adjustment provides incremental revenue support, the smaller-than-anticipated revision limits its immediate impact on the company’s earnings. Certain cost components were revised, but the overall effect on realized tariffs is expected to be moderate.
Investor sentiment reflected caution as the stock adjusted to the tempered revenue outlook amid broader business uncertainties in GAIL’s petrochemicals and gas marketing segments.
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