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GAIL Shares Downgraded To 'Add' By ICICI Securities Citing Limited Near-Term Triggers — Check New Target Price
The downgrade reflects cautious optimism: while GAIL’s fundamentals remain strong, tariff disappointment and muted growth prospects temper expectations for outperformance over the next 12 months.
01 Dec 2025, 01:01 PM IST 
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While the PNGRB’s 'balancing act' aims to protect consumers from steep price shocks, it also ensures GAIL earns a reasonable return.
(Photo source: GAIL website)
PNGRB has announced a new transmission tariff of Rs 65.7/MMBtu, effective January 2026, marking a 12% increase from the current Rs 58.6/MMBtu. While this hike offers some relief, it falls short of GAIL’s proposed Rs 78/MMBtu and the street’s expectation of a 20% rise.
