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Revenue
₹4,023 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹443 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 FY26 revenue of INR 4,432 crore (+9% YoY), but EBITDA fell to INR 443 crore (vs INR 532 crore last year) due to higher gas procurement costs from reduced APM allocation (44% to 41%) and increased RLNG (25% to 37%). PAT declined to INR 373 crore. Total sales volume grew 3% YoY to 857 MMSCM, with CNG up 3% (ex-DTC +10%) and PNG up 6%. Management expects margin recovery from Gujarat VAT reduction (~INR 1/SCM benefit from Oct) and pending PNGRB single-zone tariff (additional INR 1+ benefit). They reiterated EBITDA margin guidance of INR 7-8/SCM, achievable by Q4. A new Saudi JV (40% stake) targeting five industrial cities with 1-1.5 MMSCMD potential each was announced. Risk: further INR depreciation could offset cost savings.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall volume growth of 8-10% for FY26, excluding DTC volumes, driven by strong CNG and PNG demand.
- Management reiterated long-term EBITDA margin guidance of INR 7-8 per SCM, achievable by Q4 FY26 with tariff and VAT benefits.
- Core business CapEx is planned at INR 1,200-1,400 crore for FY26, with INR 580 crore already spent in H1.
- The Saudi JV (40% stake) targets five industrial cities with potential volume of 4-5 MMSCMD and investment of INR 100-150 crore.
Risks flagged
- Further rupee depreciation may erode the INR 1/SCM benefit from Gujarat VAT reduction, as RLNG costs are dollar-denominated.
- The ongoing shift of DTC and DIMS buses to electric mobility reduces CNG sales, though the impact is diminishing.
- Lower LPG prices (crude at $60-65) have led some industrial customers to switch from PNG to propane, impacting PNG growth.
- The Saudi venture is at an early stage; tender details and regulatory approvals are pending, with no guarantee of winning bids.
Key quotes
- We are confident that INR 7-INR 8, the guidance, we will be able to maintain.
- Our bigger vision is to create an IGL kind of entity.
- If we get INR 1+ kind of a benefit in tariff and INR 1 from this VAT reduction, then I think we are in INR 7-INR 8 range.
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