<ul data-eligibleForWebStory="false">Systematix Institutional Equities remains positive on GAIL India.In Q1 FY26E, the aggregate operating earnings for the gas sector coverage universe are expected to decline 25.9% YoY and -2.9% QoQ.CGDs are expected to outperform with just -2.1% YoY and +13.5% QoQ.Margin expansion is anticipated in CGDs due to lower gas costs, higher APM allocation, rupee appreciation, and CNG price hikes.