Exit volume run-rate of 9.5 MMSCMD by Q4 FY25
Management targets exiting Q4 FY25 at 9.5 MMSCMD, up from 8.64 MMSCMD in Q1 FY25.
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Indraprastha Gas · forward-looking guidance across the available source record.
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EBITDA per SCM exceeding INR 8 in Q2 FY25
Management expects EBITDA per SCM to improve to over INR 8 in Q2 FY25 from INR 7.4 in Q1 FY25.
CapEx of INR 1,700-1,800 Cr for FY25
Total capital expenditure for FY25 is guided at INR 1,700-1,800 Cr, with INR 297 Cr spent in Q1.
5% CBG blending target in 3 years
IGL aims to achieve 5% CBG blending in its gas mix within 3 years, ahead of the government mandate.
Volume growth guidance of 10-11% for next 2-3 years
Management expects annual volume growth of 10-11% over the next 2-3 years, including contributions from new GAs and acquisitions.
EBITDA margin target of INR 7-8 per SCM long-term
Management aims to maintain EBITDA margins in the range of INR 7-8 per SCM over the long term, with potential upside from tariff rationalization and state tax cuts.
Capex plan of INR 1,400-1,500 crore for FY26
Annual capex guidance of INR 1,400-1,500 crore for the core business, with INR 290 crore incurred in Q1.
Commissioning of 102 CNG stations in FY26
Target to commission 102 new CNG stations during the full financial year.
FY25 volume target of 9.5 MMSCMD exit rate
Management targets to exit FY25 at 9.5 million standard cubic meters per day, with Q2 average at 9.03 MMSCMD.
FY25 capex of INR 1,700 crore
Planned capital expenditure of INR 1,700 crore for FY25, with 45-55% in Delhi NCR and 45% in other GAs.
EBITDA margin aspiration of INR 6-7 per SCM
Management aims to maintain EBITDA per SCM in the range of INR 6-7, despite APM allocation cuts.
50 LNG stations in 3-5 years
IGL plans to set up around 50 LNG stations over the next 3-5 years, with 3 stations expected by end of FY25.
Volume growth guidance of 8-10% for FY26 ex-DTC
Management expects overall volume growth of 8-10% for FY26, excluding DTC volumes, driven by strong CNG and PNG demand.
EBITDA margin guidance of INR 7-8 per SCM
Management reiterated long-term EBITDA margin guidance of INR 7-8 per SCM, achievable by Q4 FY26 with tariff and VAT benefits.
CapEx guidance of INR 1,200-1,400 crore for core business in FY26
Core business CapEx is planned at INR 1,200-1,400 crore for FY26, with INR 580 crore already spent in H1.
Saudi JV targeting 4-5 MMSCMD volume with INR 100-150 crore investment
The Saudi JV (40% stake) targets five industrial cities with potential volume of 4-5 MMSCMD and investment of INR 100-150 crore.
Exit FY25 at 9.5 MMSCMD sales volume
Management expects to exit the current financial year with average daily sales volume of 9.5 MMSCMD, driven by restored gas supplies and growth in new GAs.
Target 10.5 MMSCMD in one year
IGL anticipates reaching 10.5 MMSCMD average daily sales volume within the next year, supported by 10-11% annual growth.
EBITDA margin recovery to ₹7-8 per SCM in Q4
Management expects EBITDA per SCM to return to the ₹7-8 range in Q4 FY25, aided by price hikes and improved gas sourcing costs.
CapEx of ₹13,000-15,000 crore for next year
Capital expenditure for FY26 is projected at ₹13,000-15,000 crore, potentially higher if diversification initiatives materialize.
Exit Q4 FY26 at 10 MMSCMD daily volume
Management expects March 2026 average daily volume to exceed 10 MMSCMD, with current drawl already above 10 MMSCMD on many days.
Long-term EBITDA margin target of INR 7-8 per SCM
Target EBITDA margin of INR 7-8 per SCM, supported by transmission tariff benefit (INR 0.75/SCM net), Gujarat VAT (INR 0.25/SCM), and labor code reversal (INR 0.30/SCM).
Annual volume addition of ~1 MMSCMD per year
Target to add ~1 million SCMD annually over next 2-3 years, with 65-70% from CNG and 30-35% from PNG.
Core CapEx of INR 1,200-1,500 crore for FY27
Core business CapEx (CNG/PNG) expected at INR 1,200-1,500 crore; diversification CapEx (CBG, LNG, renewables) of INR 500-800 crore additional from FY27.
FY26 volume growth target of 10%
Management expects 10% overall volume growth in FY26, with CNG growing 7-8% and PNG growing 13-14%.
EBITDA per SCM target of INR 6-7 in Q1 FY26
Management guided for EBITDA per SCM in the INR 6-7 range in Q1 FY26, with a medium-term target of INR 7-8.
CapEx plan of ~INR 2,000 crore for FY26
CapEx of ~INR 2,000 crore planned, with INR 1,300-1,400 crore for core business, INR 400-500 crore for solar JV, and balance for LNG/CBG.
Solar JV commissioning in 18 months
The 500 MW solar plant JV with RVUNL is expected to be commissioned in 18 months, with IGL's equity contribution of INR 372 crore.