PSU Q3 FY26 Earnings Special: GAIL and BDL Results Today
January 31, 2026 — India's public sector undertakings are in the spotlight today as Maharatna gas major GAIL (India) Limited and defence giant Bharat Dynamics Limited (BDL) are scheduled to release their Q3 FY26 financial results. Investors are also closely watching for interim dividend declarations from both boards.
1. GAIL (India) Limited: Focus on Pipeline Tariffs & Dividends
GAIL’s board meets today to approve results for the quarter ended December 31, 2025.
- Previous Result (Q2 FY26): GAIL reported a net profit (PAT) of ₹2,217 crore, which was a 17.6% sequential increase from Q1, despite an 18% year-on-year (YoY) decline. Revenue stood at ₹35,031 crore.
- Expected for Q3 FY26: Analysts expect a steady performance with revenue growth forecast around 6.2% per annum. A major positive trigger is the 12% tariff hike for its natural gas pipeline network, effective from January 1, 2026, which is expected to boost future EBITDA and PAT by 7-8%.
- Investor Tips:
- Dividend Yield: GAIL remains attractive with a dividend yield of approximately 4.10%.
- Record Date: If an interim dividend is declared today, the record date is fixed for February 5, 2026.
- Buy/Hold: Most analysts maintain a positive outlook with price targets ranging from ₹215 to ₹229 due to strong free cash flow.
2. Bharat Dynamics Limited (BDL): Defence Execution in Focus
The defence PSU is set to report its performance amid a massive surge in the domestic manufacturing sector.
- Previous Result (Q2 FY26): BDL delivered an exceptional performance with net profit soaring 76.2% YoY to ₹215.88 crore. Revenue for the same period more than doubled to ₹1,147.03 crore.
- Expected for Q3 FY26: While quarterly numbers can be "lumpy" due to contract execution cycles, analysts look for continued double-digit revenue expansion. Market sentiment remains high following the company's 89.4% jump in EBITDA during the previous quarter.
- Investor Tips:
- Execution Risk: Closely monitor management commentary on the order book and delivery timelines for missile systems.
- Dividend Potential: The board is considering an interim dividend today for the first time in FY26.
- Strategy: Hold for long-term gains as defence indigenisation continues to provide a strong tailwind.
Q3 FY26 Financial Comparison (Actual vs Forecast)
| Company | Metric | Previous (Q2 FY26) | Q3 FY26 Forecast / Goal | Analyst View |
|---|---|---|---|---|
| GAIL | Net Profit | ₹ 2,217 Cr | ~1.2% – 2% Growth | Steady / Positive |
| BDL | Net Profit | ₹ 216 Cr | High Volatility Expected | Growth-Oriented |
| GAIL | Revenue | ₹ 35,031 Cr | +6.2% YoY | Bullish on Tariffs |
| BDL | Revenue | ₹ 1,147 Cr | >100% Growth Target | Order Dependent |
PSU Q2 FY26 Net Profit (Actuals in Crores)
-
GAIL: ₹2,217 crore
-
NTPC*: ₹4,987 crore
-
Power Grid*: ₹4,160 crore
-
BDL: ₹216 crore
-
Bank of Baroda*: ₹5,054 crore
Investor Outlook & Strategy
- Banking & Power PSUs have already set a strong benchmark this week, with NTPC and Power Grid reporting solid profit jumps and dividends.
- Expected Trend: Focus on companies announcing dividends today, as the market is rewarding income-generating PSU stocks ahead of the Union Budget 2026.
- Important Dates:
- January 31 (Today): Results for GAIL and BDL.
- February 5, 2026: Record date for GAIL dividend (if approved).
- February 12, 2026: Results for ONGC and Coal India.