Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹3,517 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
₹582 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IGL reported Q1 FY25 revenue of INR 3,877 Cr (+4% YoY), but EBITDA fell 9% to INR 582 Cr and PAT declined 8% to INR 401 Cr, primarily due to a CNG price cut in March. Total sales volume grew 5% YoY to 786 MMSCM, with CNG up 5% and PNG up 7%. The EBITDA margin contracted ~210 bps YoY to 15.0%, though sequential improvement was seen. Management guided for an exit volume run-rate of 9.5 MMSCMD by Q4 FY25 and EBITDA per SCM exceeding INR 8 in Q2. Key growth drivers include LNG station expansion (100 stations planned), CBG blending targets (5% in 3 years), and the emerging CNG two-wheeler segment. Risks include DTC bus volume erosion (down to 1.5 lakh kg/day from 3.1 lakh) and potential LNG price spikes.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets exiting Q4 FY25 at 9.5 MMSCMD, up from 8.64 MMSCMD in Q1 FY25.
- Management expects EBITDA per SCM to improve to over INR 8 in Q2 FY25 from INR 7.4 in Q1 FY25.
- Total capital expenditure for FY25 is guided at INR 1,700-1,800 Cr, with INR 297 Cr spent in Q1.
- IGL aims to achieve 5% CBG blending in its gas mix within 3 years, ahead of the government mandate.
Risks flagged
- DTC bus CNG volumes have fallen from 3.1 lakh kg/day to 1.5 lakh kg/day and are expected to go to zero in 2-3 years, impacting overall CNG sales.
- A sudden spike in LNG prices (e.g., geopolitical event) could compress margins despite current cushion.
- Delhi's EV policy may shift new vehicle additions to electric, though management believes CNG remains cost-competitive.
- CBG production volumes and purity remain uncertain, posing a risk to achieving blending targets on time.
Key quotes
- We are targeting 9.5, exiting the fourth quarter at 9.5.
- We are targeting much more closer to 8, or rather in excess of 8.
- CBG would be the cheapest gas available in the country... landed cost to be somewhere around, even 10%-12% cheaper than the APM.
Research modules