Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹280 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹112.25 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IRM Energy delivered a steady FY26 with revenue of ₹1,066.66 Cr (+9% YoY), EBITDA of ₹112.25 Cr (+17% YoY), and PAT of ₹56.89 Cr (+21% YoY). Volume grew 9% to 223.67 MMSCM, driven by CNG (61% of revenue) and PNG expansion. The company added 39 CNG stations (total 150) and 83,262 domestic PNG connections. Management guided for double-digit volume growth in FY27 (targeting 250+ MMSCM) and EBITDA per SCM improvement of 10-15% to ₹5.3-5.5. Capex of ₹150-180 Cr is planned for the high-growth Namakkal GA, funded by IPO proceeds. Key risks include geopolitical gas price volatility and delayed NGT order implementation in Punjab, which could cap industrial volume recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects double-digit volume growth, with all segments (CNG, PNG domestic/commercial) growing over 20% YoY, and industrial recovery in Fatehgarh Sahib.
- Company-wide EBITDA per SCM currently above ₹5, expected to improve by 10-15% in FY27 through operational efficiencies and volume growth.
- Planned capex for Namakkal and Tiruchirapalli GAs, funded by IPO proceeds of ₹194 Cr available as of March 2026.
- Target to add 36 new CNG stations, continuing the aggressive rollout seen in FY26 (39 added).
Risks flagged
- The Gulf crisis has increased spot gas prices and reduced APM/NWG allocations, pressuring margins. Management expects to pass on costs but demand elasticity remains uncertain.
- The NGT order mandating industrial fuel switching to PNG in Fatehgarh Sahib is pending state government notification. Management is cautious about pushing for implementation amid supply constraints.
- Q4 PAT was impacted by ₹1.34 Cr impairment on JV receivables and ₹2.86 Cr erroneous bank charges. While expected to reverse, such items add volatility.
- Analyst raised concern about EV penetration in three-wheeler segment. Management noted EV penetration is negligible in their GAs, but long-term risk remains if EV adoption accelerates.
Key quotes
- We are in a position to transfer any sort of sourcing cost strategically to customers... we have been able to pass it on.
- Our endeavor is to maintain the gross margins at levels... we expect the margins in the same range.
- We are expecting that in all four segments we will be growing more than 20% year on year.
Research modules