GAIL India: Profit ka bada jhatka! Dividend toh diya, par tax ke issues ne kiya pareshaan.

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AuthorKavya Nair|Published at:
GAIL India: Profit ka bada jhatka! Dividend toh diya, par tax ke issues ne kiya pareshaan.
Overview

GAIL India ke investors ke liye buri khabar hai, Q3 FY26 mein company ka profit saal dar saal **58.5%** gir gaya hai, ab yeh **₹1,602.57 crore** raha.

Profit mein toh lag gayi 58.5% ki सेंध!

Dekho, GAIL India ne Q3 FY26 ke results nikale hain aur numbers dekh kar lagta hai profit mein kaafi bada jhatka laga hai. Standalone net profit pichle saal ke is quarter ke ₹3,867.38 crore se 58.5% gir kar sirf ₹1,602.57 crore reh gaya hai. Per Share (EPS) bhi ₹5.88 se ₹2.44 ho gaya. Consolidated profit bhi ₹4,084.24 crore se neeche aakar ₹1,729.13 crore ho gaya hai.

Aur sirf Q3 hi nahi, saal ke pehle 9 mahine (9 months) mein bhi profit 38.5% kam hua hai, jo pichle saal ₹9,263.29 crore tha woh ab ₹5,706.13 crore hai. Consolidated profit bhi 9 mahino ka ₹9,957.26 crore se ghata hai aur ab ₹6,100.06 crore hai.

Margins ka pressure aur Quality ka sawaal

Sabse badi chinta ki baat ye hai ki company ke operating margins 4.71% (Q3 FY25 mein 5.75% tha) aur net profit margins bhi 4.71% (Q3 FY25 mein 11.09% tha) tak simat gaye hain. Matlab, company ko revenue ke hisaab se profit kam mil raha hai. Revenue ke numbers toh diye nahi hain, lekin profit mein itni badi girawat pakki hai.

Management ne aage ke liye koi guidance bhi nahi di hai, jo investors ke liye aur bhi pareshani wali baat hai.

Risks: Tax ke chakkar aur paison ka mamla

Ab aate hain issues par. Sabse bada risk toh yeh hai ki Supreme Court mein ek excise duty ka mamla chal raha hai, jahan ₹2,889 crore (plus ₹3,737 crore interest) ki maang hai. Company is par appeal kar rahi hai.

Phir, Nagarjuna Fertilizers se ₹915.68 crore ke dues bhi aane hain, jinki recovery par nazar rakhni hogi. Pipeline tariffs ko lekar bhi regulatory bodies (PNGRB) se dispute chal rahe hain.

Cash flow bhi thoda tight lag raha hai, kyunki current ratio 0.99 hai.

Dividend toh diya, par aage kya?

Is sab ke beech, company ne achhi khabar ke taur par ₹5 per share ka interim dividend declare kiya hai, jo 50% hai. Lekin, investors ko abhi Supreme Court ke decision, tax issues aur regulatory hurdles par closely nazar rakhni hogi. Jab tak yeh sab solve nahi hota, tab tak thoda sabhal kar chalne ki zarurat hai.

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