Kotak Warns: GAIL Faces 14% Downside Amid Multiple Worries

• Kotak Institutional Equities reiterates 'Sell' rating on GAIL with a price target of ₹145 per share.
• GAIL's marketing PBT guidance cut to ₹3,500 crore for FY26/27E due to rising Henry Hub gas prices and lower customer offtake.
• Concerns include potential weakening of marketing earnings if petrochemicals business is shut down.
• Limited near-term catalysts beyond INGPL tariff revision and elevated capital expenditure remain worries.
• GAIL's plan for two gas-based fertilizer plants raises investor concerns about capital allocation and returns.