Motilal Oswal reiterates a buy call on GAIL with a target price of Rs 265, up from the current market price of Rs 195.5. They project a 14% CAGR in PAT during FY24-27, driven by increased gas transmission volumes, improved petchem profitability, and healthy trading segment earnings. The target price is based on SoTP valuation across GAIL’s business segments.