GAIL Share Price Today: Stock Slides Over 6% As PNGRB Tariff Hike Disappoints Investors (28 November 2025)

GAIL (India) Limited (NSE: GAIL, BSE: 532155) is under pressure in Friday’s trade after the long‑awaited pipeline tariff order from the Petroleum and Natural Gas Regulatory Board (PNGRB) came in materially below what the company and parts of the market had been hoping for. ^[1]

At a glance – GAIL stock on 28 November 2025

Last traded zone: around ₹173–174 per share on the NSE, down roughly 5.5% from Thursday’s close of ₹183.8. ^[2]
Intraday move: stock fell as much as 6.3% to an intraday low near ₹172.2 before stabilising. ^[3]
52‑week range: roughly ₹150.5–₹213.4. ^[4]
1‑year performance: down about 11–12%; six‑month return around ‑10%; 5‑year return still a chunky ~136%. ^[5]
Trigger today: PNGRB approved only a ~12% hike in integrated pipeline tariffs versus ~33% increase sought by GAIL and higher expectations baked in by the Street, and deferred full cost recovery to FY28. ^[6]

All price data and returns are as of the morning session on 28 November 2025 and may change by the close.

GAIL share price today: how the stock is trading

After a strong run earlier in the year, GAIL’s stock is having a rough Friday. Data from multiple exchanges and broker platforms show:

The stock opened sharply lower around ₹172.2, which also marked the early intraday low on the NSE. ^[7]
By around 10:00 a.m. IST, GAIL was quoted in the ₹173–174 band, still down about 5–6% from Thursday’s close of ₹183.8. ^[8]
Intraday, the stock has traded between roughly ₹172.2 and ₹175.0 on the NSE. ^[9]

From a broader performance standpoint:

Year‑to‑date (2025): GAIL is down roughly 9%. ^[10]
Last 12 months: total return is negative low‑teens (around ‑11–12%). ^[11]
Five years: despite recent weakness, ScanX data show GAIL has delivered a ~136% gain over the last five years. ^[12]

From a valuation angle, Kotak Securities pegs GAIL’s market capitalisation at about ₹1.21 lakh crore, with a trailing P/E of ~14.8x and P/B of ~1.6x as of today’s prices. ^[13] Add in a trailing dividend yield of roughly 4–4.5%, based on FY25 payouts of ₹7.5 per share, and you get a stock that screens as relatively cheap on traditional metrics. ^[14]

So why is the market still sulking? Short answer: tariffs.

What PNGRB decided: the tariff hike that underwhelmed

The key driver of today’s sell‑off is PNGRB’s long‑pending order on the integrated natural gas pipeline (INGPL) tariff for GAIL’s national grid.

The numbers

Based on multiple reports and regulatory commentary, the order does roughly the following:

Raises the integrated pipeline tariff from about ₹58.60 to ₹65.69 per mmBtu – an increase of ~12–12.1%. ^[15]
This is well below GAIL’s own proposal of ₹78/mmBtu, which would have implied a hike of about 33%. ^[16]
Street expectations were generally higher as well, with several broker models working with a 15% hike or tariffs in the ₹67–70/mmBtu zone. ^[17]

The effective date is another sore point:

The new tariff will apply from 1 January 2026, not from 1 January 2025 as GAIL had initially sought in its petition. ^[18]
PNGRB has indicated that the next full tariff review will happen in FY28, with revised tariffs kicking in from 1 April 2028. ^[19]

Only partial cost recovery for now

Crucially, PNGRB has limited the scope of what it is recognising right now:

NDTV and Upstox note that the current order mainly reflects higher system‑use gas (SUG) costs and changes in the volume divisor, but does not fully factor in future capital expenditure (capex), operating expenses (opex), or other allowances like transmission loss and working capital. ^[20]
Those items are explicitly deferred to the FY28 review, meaning a larger “true‑up” could come later – but not in the earnings windows investors are currently modelling. ^[21]

ScanX summarises it neatly: a 12.1% tariff hike is helpful, but far short of what GAIL had asked for, and the regulator has clearly tried to balance GAIL’s economics with consumer affordability. ^[22]

For the market, that combination – lower‑than‑hoped hike, delayed implementation, and partial recognition of costs – is reason enough to smack the stock in the short term.

How brokerages are reading the PNGRB order

The sell‑off comes even as most institutional research houses were broadly constructive on GAIL before today, and many remain so – just less excited than they might have been with a bigger hike.

Citi: moderate but ultimately constructive

According to Citi’s note, quoted in Upstox and GoodReturns:

PNGRB has finally announced about a 12% hike in integrated pipeline tariffs effective January 2026, versus the ~15% uplift Citi had pencilled into its models and the ~33% hike GAIL was targeting. ^[23]
Citi still thinks the decision is “moderately positive” for GAIL and could support a more favourable regulatory framework, including a push toward a unified tariff regime that is also positive for city‑gas players like IGL. ^[24]
The house sees scope for stock performance to improve over time as investors digest the structure of the order rather than just the headline percentage. ^[25]

UBS: disappointed by limited realised benefit

UBS is more downbeat. As summarised in Upstox and GoodReturns:

UBS argues that a 12% increase in the announced tariff does not translate into a 12% increase in realised tariffs, precisely because only a couple of parameters (SUG and the volume divisor) have been updated. ^[26]
The brokerage believes that deferring the broad true‑up to FY28 significantly caps the near‑term earnings uplift from this order. ^[27]
It also warns that a comprehensive recalculation later could create a sharper tariff shock for customers if done all at once. ^[28]

Jefferies: broadly in line with its base case

Moneycontrol cites Jefferies as saying:

The 12% hike to ₹65.7/mmBtu is “broadly in line” with its expectations, though below the 20% GAIL had sought. ^[29]
Jefferies expects transmission volumes to recover in FY27, aided by stronger gas demand and normalising weather, which could help earnings even with a smaller‑than‑hoped tariff adjustment. ^[30]

Street consensus still skewed to ‘Buy’

Despite today’s fall, NDTV’s compilation of Bloomberg data shows that out of 33 analysts covering GAIL, 25 rate it ‘Buy’, 5 ‘Hold’ and only 3 ‘Sell’, with a 12‑month consensus target implying roughly 19.5% upside from current levels. ^[31]

That doesn’t guarantee anything, but it tells you that most institutional money still sees GAIL as undervalued, even after factoring in a less generous tariff outcome.

Fundamentals check: GAIL’s Q2 FY26 results

Today’s tariff news lands on top of a recent earnings print that already had investors thinking hard about margins.

For the quarter ended September 2025 (Q2 FY26), GAIL’s various disclosures and analyst summaries show:

Revenue: around ₹35,000–35,500 crore, up ~5–7% year‑on‑year, depending on whether you look at standalone or consolidated numbers. ^[32]
Profit after tax (PAT): roughly ₹2,0–2.2k crore on a consolidated basis, down about 17–26% YoY, reflecting margin compression even as volumes held up. ^[33]
Standalone PAT for the quarter is widely cited around ₹2,823 crore, about 18% lower than the same quarter last year. ^[34]
EBITDA: Motilal Oswal’s review notes standalone EBITDA at ₹31.9 billion, about 5% above its estimate, driven by a strong performance in the marketing segment even as transmission EBIT missed forecasts. ^[35]

Segment‑wise:

Gas marketing and transmission remain the core earnings engines. Energy‑sector coverage shows gas marketing volumes around 105 mmscmd and transmission volumes around 123–124 mmscmd in Q2, with integrated pipeline utilisation above 70%. ^[36]
The petrochemicals business, however, has turned into a drag, with an operating loss of ~₹300 crore in Q2 versus a profit a year earlier, thanks to weak global polymer spreads and softer realisations. ^[37]

On a half‑year (H1 FY26) basis, GAIL has grown revenue but seen PBT and PAT decline versus the previous year, signalling that cost pressures and petrochemical weakness are still very much live issues, even before you factor in the tariff saga. ^[38]

Beyond today’s sell‑off: recent corporate and project news

While the market is obsessing over tariffs, there’s other material news flow around GAIL that matters for the medium term.

Board change at the top

ScanX reports that Government Nominee Director Ms Kamini Chauhan Ratan stepped down from GAIL’s board effective 22 November 2025, following a directive from the Ministry of Petroleum & Natural Gas. ^[39]

It’s a routine governance event rather than a crisis, but board churn at a Maharatna PSU is always watched closely by investors who care about policy direction and capital‑allocation decisions.

Mumbai–Nagpur pipeline: big capex nearing payoff

On the infrastructure side, GAIL has completed final testing of the ~700 km Mumbai–Nagpur section of its Mumbai–Nagpur–Jharsuguda natural gas pipeline project, part of a roughly 1,700 km grid with an estimated cost of around ₹8,000 crore. ^[40]

Testing and cleaning are done, and CNG supply to Nagpur is expected to begin shortly, which should support industrial and transport demand in the Vidarbha region. ^[41]
This pipeline connects to LNG import points like Dabhol, Dahej and Hazira, enhancing the utilisation of GAIL’s transmission network over time. ^[42]

For a transmission‑heavy business, every new region that starts consuming gas through a dedicated pipeline is a small but real volume catalyst, particularly once tariffs are settled.

LNG strategy and green energy bets

Recent months have also seen:

A swap tender for six U.S. LNG cargoes in exchange for deliveries into India in 2026, signalling GAIL’s continued use of portfolio optimisation to manage price and destination risk. ^[43]
Ongoing commentary from GAIL’s chairman that the company remains bullish on India’s gas demand, including emerging segments like data centres, even as it flags the usual worries around taxation and price sensitivity. ^[44]
Earlier in 2025, GAIL highlighted progress on green hydrogen, including a 10 MW electrolyser‑based plant at Vijaipur and hydrogen blending pilots in Indore, as well as a collaboration with Accelera to scale hydrogen production and infrastructure. ^[45]

None of these offset a disappointing tariff order overnight, but they matter for how investors think about GAIL’s role in India’s gas‑and‑transition story over the next decade.

Dividend profile and valuation context

For income‑oriented investors, GAIL remains a high‑yield PSU in the energy basket:

FY25 payouts totalled ₹7.5 per share (₹6.5 interim + ₹1 final). ^[46]
At recent prices, that translates to a trailing dividend yield of roughly 4–4.5%, depending on which day’s closing price you use. ^[47]

Combine that with:

P/E ~14–15x trailing earnings,
P/B ~1.6x, and
A still‑robust 5‑year price return of over 130%,

and GAIL screens as a reasonably valued, cash‑generating utility‑plus‑trading play whose short‑term earnings path just got murkier because of regulatory decisions. ^[48]

What today’s move means for investors

Put it all together and the story for 28 November 2025 looks like this:

Near‑term sentiment hit:
- The market had clearly priced in a bigger, earlier tariff uplift. A 12% hike effective only from January 2026, with major cost components deferred to FY28, is underwhelming versus that hope. ^[49]
Earnings trajectory still changes – just less dramatically:
- Even a 12% increase on a large regulated asset base should provide incremental support to transmission earnings, especially if volumes continue to grow with new pipelines ramping up. ^[50]
- But the upgrade to FY26–27 profit estimates will likely be modest, with the “big” tariff boost effectively punted to the FY28 cycle.
Core risks haven’t disappeared:
- Weak petrochemical margins, global gas price volatility, and policy uncertainty around future tariffs all remain live issues. ^[51]
Structural positives are intact:
- GAIL still owns and operates the backbone of India’s gas pipeline network, is pushing into LNG optimisation and green hydrogen, and has projects like the Mumbai–Nagpur pipeline on the verge of contributing fresh volumes. ^[52]
- Analyst coverage remains skewed towards ‘Buy’, with consensus targets implying meaningful upside from current depressed levels. ^[53]

From a market‑psychology angle, today’s reaction is the classic “expectations vs reality” clash: the fundamentals didn’t collapse, but hopes were higher than the outcome, so the stock gets punished.

Whether that ultimately sets up an opportunity or a value trap depends on: