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Revenue
₹3,759 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹363 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IGL reported Q3 FY25 revenue of ₹4,130 crore, with EBITDA of ₹363 crore, down 36% YoY due to higher gas input costs. PAT stood at ₹285 crore. Sales volume averaged 9.11 MMSCMD, up 7% YoY, driven by CNG (+6%) and PNG (+12%). The company faced significant APM gas supply cuts in October-November, reducing allocation from 5.11 to 3.23 MMSCMD, but secured additional volumes at competitive prices (Henry Hub and Brent-linked) and received partial restoration of 1 MMSCMD in January. Management expects to exit FY25 at 9.5 MMSCMD and targets 10.5 MMSCMD in one year. EBITDA margin is expected to recover to ₹7-8 per SCM in Q4, aided by price hikes and improved gas sourcing. Key risks include further APM cuts and competitive pressure from EVs.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- IGL anticipates reaching 10.5 MMSCMD average daily sales volume within the next year, supported by 10-11% annual growth.
- Management expects EBITDA per SCM to return to the ₹7-8 range in Q4 FY25, aided by price hikes and improved gas sourcing costs.
- Capital expenditure for FY26 is projected at ₹13,000-15,000 crore, potentially higher if diversification initiatives materialize.
Risks flagged
- Management acknowledged that future APM allocations depend on domestic production, which tends to decline over time, posing a risk to gas sourcing costs.
- An analyst raised concerns about EV growth reducing CNG vehicle additions, especially in high-consumption segments like buses. Management countered that CNG is growing fastest among fuels.
- The ongoing sub judice matter with APTEL regarding the remaining Gurgaon GA area remains unresolved, delaying expansion. Management declined to comment due to legal proceedings.
- During the APM cut, IGL had to source expensive spot RLNG at $14-15/MMBtu, which was unsustainable and forced deliberate volume reduction.
Key quotes
- We have successfully secured additional gas volumes at competitive price from our existing suppliers... with gas prices of these additional volumes remaining within ₹38-₹40 per SCM.
- If we have a INR 2 increase per kg, then I think INR 2 per SCM, rather, then I think that should take care of us reaching back to around INR 7-INR 8 range.
- The data shows that EV has been growing by around 4%-5%. That too only in the premium segment. Whereas in the passenger commercial vehicle, the normal category and all, I think CNG is growing fast at around 43%.
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