GAIL (India) Limited (GAIL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-40.7%

₹107.04

vs ₹180.62 price

Levered DCF

₹110.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.61

Grey zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.94×	9.84×	12.11×	12.34×	5.64×	9.96×	3.66×	12.23×
P/B	1.02×	1.44×	1.56×	1.07×	1.08×	1.15×	0.7×	1.74×
P/S	0.64×	0.86×	0.9×	0.48×	0.75×	1.06×	0.48×	1.05×
EV / EBITDA	7.88×	9.03×	9.51×	11.16×	5.01×	9.07×	4.33×	8.17×
Gross margin	17.1%	17.7%	18.3%	11.1%	23.8%	23.8%	21.6%	22.1%
Operating margin	5.4%	16.1%	16.6%	9.8%	21.7%	20.8%	19.3%	19.5%
Net margin	5.4%	8.8%	7.4%	3.9%	13.2%	10.7%	13.0%	8.6%
Current ratio	0.85×	0.98×	0.94×	0.95×	1.08×	0.89×	0.96×	1.04×
Debt / equity	0.28×	0.25×	0.28×	0.27×	0.14×	0.15×	0.14×	0.05×
Interest coverage	7.96×	30.53×	30.66×	38.63×	100.63×	70.23×	44.1×	88.26×
Dividend yield	4.4%	3.5%	3.0%	4.4%	5.8%	3.7%	11.5%	2.6%
Payout ratio	52.0%	34.3%	36.6%	54.7%	32.6%	36.5%	42.0%	31.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.5%	14.6%	12.9%	8.6%	19.1%	11.5%	19.1%	14.2%
Return on invested capital	4.8%	15.0%	15.8%	11.8%	19.1%	13.3%	19.5%	16.8%
Return on assets	5.4%	9.4%	7.9%	5.2%	12.7%	7.5%	12.6%	9.6%
Free cash flow yield	2.7%	6.4%	0.1%	-8.1%	3.8%	5.4%	-2.7%	0.2%
Earnings yield	8.4%	10.2%	8.3%	8.1%	17.7%	10.0%	27.3%	8.2%
Enterprise value	₹1.1T	₹1.4T	₹1.4T	₹869.1B	₹768.1B	₹674.5B	₹408.1B	₹819.1B
Net debt / EBITDA	1.64×	1.28×	1.4×	2.26×	0.5×	0.86×	0.67×	0.19×
Cash conversion cycle (days)	19	20	27	27	26	16	28	15