Fellow Texan here. "Y'all" is plural, but certainly not formal.
I hasten to add that "y'all" is clearly not used exclusively by Texans.
I hasten to add that "y'all" is clearly not used exclusively by Texans.
edit also, if there's a possessive it gets pretty crazy, for example a tour guide, assembling several groups for a tour might say "Let's get together for alls y'all's tour".