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Natural gas transmission & marketing Historical case study · data as of 06 Jul 2026 · published 09 Oct 2026 (95 days later)

GAIL — 100-point case study

How GAIL looked on 50 technical and 50 fundamental measures on 06 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: GAIL · BSE: 532155
Close on 06 Jul 2026	₹175.03
Market cap then	₹1,15,188 crore
Valuation	P/E 15.2× · P/B 1.29×
Momentum	RSI (14) 59 · 1-year return -9.5%
Next 3 months	-4.2% vs Nifty 50 -9.0% (to 08 Oct 2026)

Scorecard

Technical — 50 points

21 bullish · 23 neutral · 0 caution · 5 bearish — the picture leaned positive.

Fundamental — 50 points

7 bullish · 30 neutral · 5 caution · 7 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 06 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.18%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.18% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +24.4%	Bullish	The 100-session trend line was up (+0.11%/day) and the stock was +24.4% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -9.5%	Neutral	Compared with a year earlier the price was -9.5%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 168.77 / 30W 162.98	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 170.70→178.47; lows 161.18→170.01	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	20.7	Bullish	ADX at 20.7 shows a trend of moderate strength. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 23.0 / –DI 14.5	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	173.01 (+1.2%)	Bullish	Close of 175.03 was 1.2% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	167.51 (+4.5%)	Bullish	Close of 175.03 was 4.5% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	167.95 (+4.2%)	Bullish	Close of 175.03 was 4.2% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 174.07 / 21E 172.26	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 25 May 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 0.3% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+6.2% in 20 sessions	Bullish	The 50-day average rose 6.2% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	173 / 168 / 161 / 168	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	174.38 (+0.4%)	Bullish	Anchored to the start of July, the volume-weighted average price was 174.38; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	59.1	Bullish	RSI at 59.1 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	none	Neutral	Comparing the last 20 sessions with the 20 before: no divergence — RSI moved in line with price. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 2.35 / signal 2.69	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-0.32 → -0.34	Bearish	The histogram fell over the last five sessions, meaning momentum was weakening. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	2.35	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 57.6 / %D 61.6	Bearish	Slow stochastic at 57.6 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-40.7	Neutral	%R of -40.7 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	54	Neutral	CCI at 54 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+0.6%	Neutral	Price changed +0.6% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.66 (bands 166.64–179.38)	Neutral	%B of 0.66 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 7.4% (28th pct of 6M)	Neutral	Band width was at the 28th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹3.59 (2.0% of price)	Neutral	A typical day's range was about ₹3.59, or 2.0% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	25.3% vs 1Y 24.9%	Neutral	Annualised 30-day volatility was 25.3%, close to the one-year level of 24.9%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	165.71–179.17	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.15	Neutral	A beta of 1.15 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.35× / 5-day 0.66×	Neutral	The final session traded 0.35× its 20-day average volume and the last five sessions averaged 0.66× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.21	Bullish	Average volume on up days was 1.21× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.02	Neutral	CMF at -0.02 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	52.4	Neutral	MFI, a volume-weighted RSI, was 52.4. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹135 cr/day	Neutral	About ₹135 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	165.71 / 151.41 / 148.50	Neutral	Nearest support (prior swing lows) sat at 165.71, 5.6% below the close, then 151.41, 148.50. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	176.86 / 195.45	Neutral	Nearest resistance (prior swing highs) sat at 176.86, 1.0% above the close, then 195.45. How to read: Information only.
40	Monthly pivot points (for next month)	P 174.62 \| R1 176.84 \| S1 172.81	Neutral	Classic pivots from July's high/low/close gave a pivot of 174.62; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 168 \| 38.2% 162 \| 50.0% 156 \| 61.8% 151	Neutral	Measuring the 6-month rise from 134.36 to 178.47, the close was nearest the 23.6% retracement at 168.06. How to read: Information only.
42	52-week high / low	H 195.45 / L 134.36	Neutral	The close was 10.4% below the 52-week high and 30.3% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 Apr at 145.78	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 145.78 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 165.01–178.47	Neutral	The close was inside the prior 20-day range of 165.01–178.47. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Bullish engulfing	Bullish	On 06 Jul the candle opened 174.02, ranged 173.99–176.43 and closed 175.03: Bullish engulfing. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 152.53–161.06; Tenkan 173.76 / Kijun 169.82	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.1% / 3M +16.7%	Bullish	The stock outperformed the Nifty 50 by 16.7 points over three months and outperformed by 0.1 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +8.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 8.5 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	21 bullish · 5 bearish · 23 neutral · 0 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 165.71, resistance 176.86. This is a description of the chart on 06 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 06 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 06 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	15.2×	Neutral	At ₹175.03 the market valued the company at about ₹1,15,188 crore, or 15.2× the ₹7,581 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	1.29×	Neutral	Market cap was 1.29× the Mar 2026 book value (equity + reserves) of ₹89,049 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	0.81×	Neutral	The company was valued at 0.81× its trailing-12-month sales of ₹1,41,598 crore. How to read: Information only.
4	EV / EBITDA (approx.)	12.2×	Neutral	Enterprise value (market cap + ₹24,831 cr borrowings; cash not netted) was 12.2× trailing operating profit of ₹11,509 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	6.6%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹6.6 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	1.43	Neutral	P/E of 15.2 divided by 3-year profit growth of 10.7% a year gives a PEG of 1.43. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: the Dec 2024 quarter carried unusual other income of ₹3,211 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	3.43%	Bullish	Dividends with ex-dates in the 12 months to the snapshot totalled ₹6 a share, a 3.43% yield on the ₹175.03 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹1,15,188 cr	Neutral	At about ₹1.15 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹187.27 vs ₹175.03	Bullish	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹187.27; the price was 7% below it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	-0.2%	Bearish	Revenue for FY26 was ₹1,41,598 crore, -0.2% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-2.4%	Bearish	The Jan–Mar 2026 quarter brought ₹35,577 crore of revenue, -2.4% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-39.2%	Caution	FY26 net profit was ₹7,582 crore, -39.2% on FY25's ₹12,463 crore. Note: the Dec 2024 quarter carried unusual other income of ₹3,211 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-40.9%	Caution	Quarterly profit was ₹1,481 crore versus ₹2,506 crore a year earlier (-40.9%). Note: the Dec 2024 quarter carried unusual other income of ₹3,211 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	-0.9%	Bearish	Revenue compounded at -0.9% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	10.7%	Neutral	Net profit compounded at 10.7% a year from FY23 to FY26. Note: the Dec 2024 quarter carried unusual other income of ₹3,211 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	19.8%	Caution	Over five years (FY21–FY26) revenue compounded at 19.8% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-39.1%	Caution	Reported EPS went from ₹18.93 to ₹11.53 (-39.1%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Dec 2024 quarter carried unusual other income of ₹3,211 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	8%	Neutral	Operating profit (EBITDA) was 8% of sales in FY26 versus 11% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	10% → 10% → 8% → 4%	Bearish	Quarterly margins moved from 10% to 4% over the last four quarters — contracting. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	5.4%	Neutral	₹5.4 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	8.7%	Bearish	FY26 profit was 8.7% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	10%	Neutral	Return on capital employed (debt + equity) was 10% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	5.39%	Neutral	Net profit was 5.39% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	22%	Neutral	The company paid about 22% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	31%	Caution	Non-operating 'other income' of ₹3,023 crore made up 31% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.28	Bullish	Borrowings of ₹24,831 crore were 0.28× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	2.16×	Neutral	Debt equalled 2.16 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	11.1×	Bullish	Earnings before interest and tax covered interest cost 11.1 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+4.8%	Neutral	Shareholders' equity grew +4.8% from ₹84,997 crore to ₹89,049 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹24,072 cr (35% of fixed assets)	Neutral	Projects under construction (CWIP) were 35% of fixed assets — a big expansion pipeline not yet earning. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-14 days	Neutral	Working capital tied up equalled -14 days of sales (FY25: -7). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	19 days	Neutral	It took 19 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	22 (FY25 27)	Neutral	Customers took 22 days on average to pay, versus 27 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹11,249 cr	Neutral	The business generated ₹11,249 crore of operating cash in FY26 versus ₹15,727 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	1.48×	Bullish	Operating cash flow was 1.48× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	48%	Neutral	The company paid out about 48% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	37% / 40% / 48%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹6,575 cr → ₹6,575 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	51.88% (+0.00 pts YoY)	Neutral	Promoters owned 51.88% at Mar 2026 versus 51.88% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	13.04% (-1.75 pts YoY)	Bearish	FIIs held 13.04% at Mar 2026, down from 14.79% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	20.50% (+1.48 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 20.50%, up from 19.02%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	16.2 lakh (-3.2% YoY)	Neutral	The shareholder count moved from 16.7 lakh to 16.2 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: positive profit, positive operating cash flow, CFO > net profit, no meaningful dilution (<3%). Failed: leverage fell, operating margin improved, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 1 weakness(es)	Neutral	Strengths: Company has been maintaining a healthy dividend payout of 41.3%. Weaknesses: Company has a low return on equity of 11.3% over last 3 years. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	7 bullish · 7 bearish · 30 neutral · 5 caution	Neutral	On the numbers published by 06 Jul 2026 the fundamental picture was mixed. Valuation: P/E 15.2×, P/B 1.29×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 06 Apr 2026 – 06 Jul 2026 that an investor could have known on the snapshot date.

08 Apr 2026 GAIL signs long-term charter for LNG carrier 'Energy Fidelity' with Alpha Gas — GAIL, through its Singapore affiliate, signed a long-term time-charter with Alpha Gas for the 174,000 cubic metre LNG carrier Energy Fidelity. source
16 Apr 2026 GAIL signs contract for 600 MW solar project with battery storage in Uttar Pradesh — GAIL signed agreements with TUSCO Ltd for a 600 MW solar project with 550 MWh battery storage in Jhansi, part of a Rs 3,800 crore, 700 MW renewable plan to power its petrochemical plants. source
21 May 2026 GAIL reports FY26 results; standalone PAT falls to Rs 6,968 crore, final dividend of Rs 0.50 recommended — FY26 standalone PAT was Rs 6,968 crore versus Rs 11,312 crore in FY25, and Q4 FY26 consolidated PAT was about Rs 1,481 crore. The board recommended a final dividend of Rs 0.50 per share on top of the Rs 5 interim dividend. source
27 May 2026 GAIL CMD Deepak Gupta's additional charge as Director (Projects) extended — The petroleum ministry extended CMD Deepak Gupta's additional charge of Director (Projects) for six months from 1 June 2026. source
10 Jun 2026 GAIL's stake in Konkan LNG rises to 100% after capital reduction — Following a 3 June 2026 NCLT order, about 14.81 crore Konkan LNG shares held by MSEB Holding Company were cancelled, leaving GAIL as the sole shareholder. source
22 Jun 2026 GAIL appoints Satish Kumar Sinha as Director (Finance) from 1 July 2026 — Executive Director Satish Kumar Sinha was appointed Director (Finance) effective 1 July 2026 following a ministry nomination, with tenure until 31 May 2029. source

What happened next (06 Jul 2026 → 08 Oct 2026)

Price went from ₹175.03 to ₹167.70 by 08 Oct 2026 (-4.2%) while the Nifty 50 moved -9.0% — outperforming by 4.8 points.
Highest ₹182.38 on 03 Aug 2026; lowest ₹166.30 on 08 Oct 2026.
S1 165.71: held on a closing basis.
S2 151.41: held on a closing basis.
R1 176.86: cleared on a closing basis on 31 Jul 2026.
R2 195.45: not cleared on a closing basis.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 31 Jul 2026): revenue ₹41,198 crore (+16.7% YoY), net profit ₹4,671 crore (+96.1% YoY), operating margin 17% vs 10% a year earlier (Screener consolidated figures).

Later news

22 Jul 2026 GAIL fixes 2 September 2026 as record date for FY26 final dividend — GAIL set 2 September 2026 as the record date for the FY26 final dividend, subject to approval at the 42nd AGM on 27 August 2026. source
29 Jul 2026 GAIL and RCF sign MoU for 1.27 MMTPA gas-based urea plant in Maharashtra — GAIL and Rashtriya Chemicals & Fertilizers signed an MoU to jointly set up a gas-based urea plant in Vidarbha through a special purpose vehicle, located along GAIL's Mumbai-Nagpur-Jharsuguda pipeline. source
31 Jul 2026 GAIL Q1 FY27 consolidated net profit rises to Rs 4,671 crore — Consolidated net profit for April-June 2026 was about Rs 4,671 crore, nearly double the year-earlier figure, on revenue from operations of Rs 41,350 crore, driven mainly by gas marketing. Standalone PAT was Rs 4,292 crore. source
03 Aug 2026 GAIL shares fall over 5% intraday after Q1 results — GAIL shares fell as much as 5.12% to an intraday low of Rs 172.15 on NSE on 3 August 2026, after rising to an eight-month high following the Q1 results. source
27 Aug 2026 GAIL chairman outlines pipeline, LNG and petrochemical expansion at 42nd AGM — At the AGM, the chairman said the pipeline network exceeds 18,690 km with 1,500 km under construction, and that the LNG portfolio stands at 16.56 MMTPA. He also said GAIL had approved the proposed merger of Konkan LNG with the company. source
18 Sep 2026 GAIL appoints Manoj Kumar Sharma as Director (Projects) — GAIL's board approved Manoj Kumar Sharma as Director (Projects) effective 19 September 2026, with a term until 30 April 2031. source

Educational summary. On 06 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved -4.2% against -9.0% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold GAIL today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 09 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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