Indraprastha Gas / Q4-FY25

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Positive2025-04-24Back to IGL

Revenue

₹3,948 Cr

verified against source

Revenue YoY

6%

reported change

EBITDA

₹1,978 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
7 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY25: 582 · Watch source sentiment · 2024-07-24Q1 FY25Q2 FY25: 536 · Watch source sentiment · 2024-10-28Q2 FY25Q3 FY25: 363 · Watch source sentiment · 2025-01-28Q3 FY25Q4 FY25: 1,978 · Positive source sentiment · 2025-04-24Q4 FY25Q1 FY26: 512 · Watch source sentiment · 2025-08-01Q1 FY26Q2 FY26: 443 · Watch source sentiment · 2025-11-07Q2 FY26Q3 FY26: 473 · Positive source sentiment · 2026-02-10Q3 FY261,978363
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

IGL reported FY25 revenue of INR 16,400 crore (+6% YoY) with EBITDA of INR 1,978 crore and PAT of INR 1,468 crore. Volume grew 6% to 8.99 MMSCMD, driven by 11% PNG growth and 6% CNG growth (8% ex-DTC). Q4 EBITDA per SCM improved to INR 6.03 from INR 4.34 in Q3, aided by a one-time provision reversal of INR 114 crore. Management guided for 10% volume growth in FY26, with CNG up 7-8% and PNG up 13-14%. EBITDA per SCM is expected in the INR 6-7 range in Q1, targeting INR 7-8 medium-term. A 500 MW solar JV in Rajasthan was approved (equity ~INR 372 crore). Risk: Delhi EV Policy 2.0 could threaten CNG demand if it bans two/three-wheelers, though management is lobbying for CNG to be treated as a transition fuel.

Colored figures show movement against the previous available record.

Guidance to track

  • Management expects 10% overall volume growth in FY26, with CNG growing 7-8% and PNG growing 13-14%.
  • Management guided for EBITDA per SCM in the INR 6-7 range in Q1 FY26, with a medium-term target of INR 7-8.
  • CapEx of ~INR 2,000 crore planned, with INR 1,300-1,400 crore for core business, INR 400-500 crore for solar JV, and balance for LNG/CBG.
  • The 500 MW solar plant JV with RVUNL is expected to be commissioned in 18 months, with IGL's equity contribution of INR 372 crore.

Risks flagged

  • The draft EV policy may ban new CNG two/three-wheelers in Delhi, impacting ~8% of CNG volumes. Management is lobbying for CNG to be treated as a transition fuel.
  • APM allocation was cut by 0.8 MMSCMD, partially offset by new well gas. Further cuts could pressure margins if RLNG costs rise.
  • Delhi Transport Department plans to replace all buses with EVs, reducing DTC CNG volumes from 1.1 lakh kg/day to zero over time.
  • Kanpur and Ajmer GAs are still EBITDA-negative, though expected to turn positive in Q1 FY26. Delays could impact overall margins.

Key quotes

  • We are quite sure that the gas mix available with us or current portfolio is one of the best in the CGD sector.
  • Our main concern is how to remain competitive with respect to EV. That is what we are competing against.
  • We are confident that first quarter will be in this range [INR 6-7 EBITDA per SCM].

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