1–2 minutes
🔍 Observations
Topline
- Revenue from operations flat YoY at ₹1,42,094 Cr vs ₹1,42,290 Cr (-0.1%) — Natural Gas Marketing dominance (~₹1,44,713 Cr gross) masks transmission and city gas growth beneath a stagnant headline.
- Q4FY26 revenue at ₹35,705 Cr declined 2.3% YoY vs Q4FY25’s ₹36,549 Cr, with Natural Gas Marketing segment bearing most of the pressure.
- City Gas segment bucked the trend — full-year revenue grew 22.3% YoY (₹6,052 Cr → ₹7,401 Cr), the strongest growth vector across all segments.
Bottomline
- Net profit collapsed 39.2% YoY (₹12,463 Cr → ₹7,582 Cr); FY25 included ₹2,440 Cr exceptional income, but even on comparable pre-exceptional basis PBT fell 39.6% (₹13,655 Cr → ₹9,725 Cr).
- Q4FY26 PAT at ₹1,481 Cr fell 40.9% vs Q4FY25’s ₹2,506 Cr — deterioration accelerated in Q4, not just a full-year averaging effect.
- Petrochemicals swung to a deep loss of ₹1,410 Cr EBIT in FY26 vs near-breakeven ₹(41) Cr in FY25; Natural Gas Marketing EBIT crashed 59.3% (₹7,795 Cr → ₹3,175 Cr).
Margins
- EBITDA proxy (PBT + Finance Cost + Depreciation, before JV share): ₹9,725 + ₹964 + ₹3,835 = ₹14,524 Cr on revenue of ₹1,42,094 Cr → EBITDA margin ~10.2% vs FY25: ₹13,655 + ₹740 + ₹3,799 = ₹18,194 Cr on ₹1,42,290 Cr → 12.8%. 260 bps margin compression YoY.
- Net profit margin: 5.3% in FY26 vs 8.8% in FY25 — a 350 bps erosion driven by gas marketing spread compression and petrochemical losses.
- Other expenses surged 24.6% YoY (₹8,515 Cr → ₹10,613 Cr) — a cost-side deterioration that compounds the revenue-side weakness.
Growth Trajectory
- Natural Gas Transmission (the high-quality, regulated annuity segment) grew EBIT 13.5% YoY (₹5,488 Cr → ₹6,229 Cr) — the one structural bright spot.
- JV/associate profit contribution held flat at ~₹1,504 Cr — a stable but non-growing buffer.
- EPS fell from ₹18.93 to ₹11.53 (-39.1%) with no equity dilution — the decline is purely earnings-driven, not structural.