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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹4,068 Cr
verified against source
Revenue YoY
8%
reported change
EBITDA
₹473 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IGL reported a steady Q3 FY26 with total sales volume of 867 MMSCM (+3% YoY), driven by CNG (+3%) and PNG (+5%). Excluding DTC/DIMS, CNG grew ~10%. Revenue rose 8% YoY to INR 2,465 crore, EBITDA surged 31% to INR 473 crore (margin 19.2%, +340bps YoY), and PAT grew 25% to INR 358 crore. Key tailwinds include the two-zone transmission tariff (net benefit ~INR 0.75/SCM) and Gujarat VAT reduction (~INR 0.25/SCM), partially offset by rupee depreciation. Management reiterated long-term EBITDA margin guidance of INR 7-8/SCM and volume growth of ~1 MMSCMD annually. Risk: DTC bus electrification continues to erode institutional CNG volumes, though residual impact is minimal.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects March 2026 average daily volume to exceed 10 MMSCMD, with current drawl already above 10 MMSCMD on many days.
- Target EBITDA margin of INR 7-8 per SCM, supported by transmission tariff benefit (INR 0.75/SCM net), Gujarat VAT (INR 0.25/SCM), and labor code reversal (INR 0.30/SCM).
- Target to add ~1 million SCMD annually over next 2-3 years, with 65-70% from CNG and 30-35% from PNG.
- Core business CapEx (CNG/PNG) expected at INR 1,200-1,500 crore; diversification CapEx (CBG, LNG, renewables) of INR 500-800 crore additional from FY27.
Risks flagged
- DTC CNG consumption fell from 1.55 lakh kg/day in Q3 FY25 to 5,000 kg/day in Q3 FY26; expected to reach zero by March 2026. DIMS volumes also declining gradually.
- INR devaluation of ~7-8% (from 86-87 to 90-91) added INR 2-2.5/SCM to gas costs, partially offsetting regulatory benefits. Further depreciation could pressure margins.
- Management noted that high penalties on underperforming GAs deter M&A, limiting inorganic growth opportunities despite interest from larger players.
Key quotes
- Our vision is to make it queueless. I mean, there should be no queue at stations.
- The long-term guidance remains that seven to eight is our target range.
- We will be exiting the quarter at 10 million, that we are confident.
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