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Revenue
₹3,914 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹512 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 FY26 revenue of INR 4,317 crore (+11% YoY), but EBITDA fell 11% YoY to INR 512 crore and PAT declined 11% to INR 356 crore, primarily due to reduced APM gas allocation raising gas costs. Total volumes grew 6% YoY to 831 MMSCM, with CNG up 6% (9% ex-DTC) and PNG up 10%. Management guided for 10-11% volume growth over 2-3 years and EBITDA margins improving to INR 7-8 per SCM, aided by expected transmission tariff rationalization (saving ~INR 1/SCM) and state tax cuts. Key risk: further APM allocation cuts could pressure margins if price hikes are delayed.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects annual volume growth of 10-11% over the next 2-3 years, including contributions from new GAs and acquisitions.
- 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.
- Annual capex guidance of INR 1,400-1,500 crore for the core business, with INR 290 crore incurred in Q1.
- Target to commission 102 new CNG stations during the full financial year.
Risks flagged
- Reduced APM allocation could increase gas costs and pressure margins if price hikes are not implemented.
- Transition of DTC buses to electric is expected to phase out remaining CNG buses in 2 years, impacting CNG volumes.
- Analyst raised concern about Henry Hub price increase; management noted current prices are lower but acknowledged risk.
- Delhi government's EV policy draft not finalized; extension to March 2026 creates regulatory uncertainty for CNG demand.
Key quotes
- We are quite confident and hopeful that around 8%-10% CNG traction will happen.
- We will try to keep the long term in the range of 7-8. In case if it is on the upper end, we may try to think of giving some benefit to the consumer.
- The industry has already represented that one is to the sector under GST. Second is the rationalization of excise duty. Third one would be your Gujarat VAT.
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