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Revenue
₹3,698 Cr
verified against source
Revenue YoY
7%
reported change
EBITDA
₹536 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IGL reported Q2 FY25 revenue of INR 4,070 crore (+7% YoY) and EBITDA of INR 536 crore, impacted by higher gas costs. Volumes grew 9% YoY to 9.03 MMSCMD, driven by CNG (+9%) and PNG (+12%). The company achieved record daily sales of 52.94 lakh kg and crossed 2 million vehicles per day. However, a 20% reduction in APM gas allocation in October will pressure margins, requiring price hikes of INR 5-6/kg to maintain EBITDA. Management targets 9.5 MMSCMD exit rate for FY25 and plans INR 1,700 crore capex. LNG expansion (50 stations in 3-5 years) and CBG are key growth levers. Risk: EV policy in Delhi may cap CNG growth, though near-term impact is negligible.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets to exit FY25 at 9.5 million standard cubic meters per day, with Q2 average at 9.03 MMSCMD.
- Planned capital expenditure of INR 1,700 crore for FY25, with 45-55% in Delhi NCR and 45% in other GAs.
- Management aims to maintain EBITDA per SCM in the range of INR 6-7, despite APM allocation cuts.
- IGL plans to set up around 50 LNG stations over the next 3-5 years, with 3 stations expected by end of FY25.
Risks flagged
- A 20% reduction in APM gas allocation in October 2024 will increase input costs, requiring price hikes of INR 5-6/kg to maintain margins.
- Delhi's mandatory EV norm for cab fleets could cap CNG growth, though management sees no near-term impact.
- Disputed allocation of Gurugram GA remains sub judice, limiting expansion in a key growth area.
- Long-term gas sourcing contracts are still under evaluation; short-term RLNG and IGX purchases may be at higher costs.
Key quotes
- We have a target of 9.5 million per day, and if we see the Q2 average, we have attained around 9.03. We are hopeful of touching in the balance period of the half year of around 9.5.
- If you're talking about the reduction, how much price increase it warrants, that is around INR 5 in Delhi and around INR 5.5 to INR 6 in other states.
- We are not seeing too much of conversion to electric at this moment, other than the Delhi Transport Corporation. The private vehicles, additions are definitely there, but the existing numbers continue to be with us.
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