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Beat on EBITDA driven by a robust marketing performance; transmission volumes disappoint

* In 4QFY25, GAIL’s EBITDA came in 11% above our est. at INR32.2b.

* While EBIT of the NG marketing, LPG transmission, LPG, and LHC segments beat our estimates, EBIT of the gas transmission and petrochemical segments came in below our estimates.

* However, reported PAT was in line at INR20.5b, as other income stood below est.; the tax rate was higher than our estimate.

* Natural gas transmission volume stood below our est. at 120.8mmscmd.

* However, NG marketing volume was 6% above our est. at 106.5mmscmd.

* Petchem sales were in line at 229tmt, while the petchem segment reported an EBIT loss of INR1.6b.

*  In FY25, net sales/EBITDA/APAT grew 5%/10%/5% to INR1.4t/INR143b/ INR94.5b.

* The Board declared a final dividend of INR1/share (FV: INR10/share; dividend for the full year: INR7.5/sh).

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