Agressive capex plan of ~Rs375bn by FY15

Transmission capacity to double to 300mmscmd and CGD presence in ~50 cities by FY15

Net sales and PAT to grow at a CAGR of 15% and 11%respectively from FY10 to FY13

Concern over slow ramp-up in gas supply, un-economical LNG price in spot market

At CMP of Rs456, GAIL is trading at PER of 14.5x & 13.4x and EV/ EBITDA of 10.3x & 10.7x for FY12E & FY13E respectively