Motilal Oswal Recommends 'BUY' on GAIL with Rs 190 Target Price

• Motilal Oswal has reiterated a 'BUY' rating for GAIL, setting a target price of INR 190.
• GAIL's 3QFY26 standalone EBITDA was 9% below estimates at INR 26.6 billion, primarily due to weak marketing, petrochemical, and LPG segments.
• Gas transmission EBIT missed estimates by 4%, while marketing EBIT was 19% below, likely due to higher Henry Hub prices.
• Reported PAT for 3QFY26 came in 19% below estimates at INR 16 billion, with other income also falling short.
• Motilal Oswal estimates a 19% CAGR in PAT for GAIL over FY26-28.