Gail's valuation looks attractive, but West Asia conflict weighs

The marketing segment traded volume of 105 mmscmd in 2025, and its dependency is less at 16%, thanks to diversified contracts from the US, Russia, and Australia. The segment should also gain from higher spreads in US LNG contracts, as procurement prices are largely stable given adequate supplies, while the natural gas selling price has spiked in India. Gail procures 5.8 million tonnes per annum of LNG, or about 7.7 mmscmd of natural gas from the US.