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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 quarter with total sales volume growing 3% YoY to 867 million SCM, driven by resilient CNG demand (up 10% ex-DTC) and PNG growth of 5%. Revenue rose 8% YoY to ₹465 crore, while EBITDA surged 31% to ₹473 crore and PAT grew 25% to ₹358 crore, aided by regulatory tailwinds (Gujarat VAT cut, transmission tariff rationalization) partially offset by forex headwinds. Management reiterated volume guidance of exiting FY26 at 10 MMSCMD and adding 1 MMSCMD annually, with EBITDA margin improving to ₹7-8/SCM as tariff benefits flow through. Key risks include DTC bus phase-out (now minimal) and potential delays in realizing transmission tariff benefits.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to exit Q4 FY26 at an average daily volume of 10 million SCM, with March 2026 averaging above 10 MMSCMD.
- IGL targets adding 1 million SCM per day each year for the next 2-3 years, driven by CNG (65-70%) and PNG (30-35%).
- Management expects EBITDA margin to reach ₹7-8 per SCM in the near term, aided by transmission tariff benefits (~75 paise/SCM), Gujarat VAT benefit (~25 paise/SCM), and reversal of one-time labor code provisions (~30 paise/SCM).
- Core business capex (CNG/PNG) is expected to be ₹1,200-1,500 crore in FY27, with additional ₹500-800 crore for diversification (CBG, LNG, renewables).
Risks flagged
- DTC CNG consumption declined from 1.55 lakh kg/day in Q3 FY25 to ~5,000 kg/day in Q3 FY26, and is expected to reach zero by March 2026, impacting headline volume growth.
- Rupee depreciation of 7-8% (from ~86 to ~90/USD) increased gas costs by ₹2-2.5/SCM, partially offsetting regulatory benefits. Further depreciation could pressure margins.
- Management deferred price increases to avoid volatility, delaying the full benefit of transmission tariff rationalization. If not passed through quickly, margin improvement may be slower than guided.
- Management noted that high penalties on existing GAs make M&A unattractive, limiting inorganic growth opportunities despite interest from potential acquirers.
Key quotes
- Our long-term guidance remains that 7 to 8 is our target range.
- We will be exiting the quarter at 10 million that we are confident.
- The DTC volume will be almost zero by March.
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