What was Indraprastha Gas's revenue in Q3 FY26?

Indraprastha Gas reported revenue of ₹4,068 Cr in Q3 FY26, a +8% change year-over-year.

Did Indraprastha Gas management deliver on previous promises?

Scorecard data is being built as historical quarters are processed.

Indraprastha Gas Q3 FY26 Research Workspace: Revenue ₹4,068 Cr (+8%)

Q: What guidance did Indraprastha Gas management give?

Volume exit rate of 10 MMSCMD in Q4 FY26: Management expects to exit Q4 FY26 at an average daily volume of 10 million SCM, with March 2026 averaging above 10 MMSCMD.

Revenue ₹4,068 Cr +8%

EBITDA ₹473 Cr +31%

PAT ₹392 Cr +25%

EBITDA Margin 12%

Duration 57 min

Read Time 1 min read

✓ Verified against BSE filing

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

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Risk Intelligence

DTC bus phase-out drag on volumes

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Quarter Snapshot

CNG daily sales (ex-DTC/DIMS) 48.63 lakh kg/day

+10.17% YoY

Underlying CNG demand grew 10% after adjusting for DTC and DIMS fleet transitions.

CNG station count 925

-50 stations YoY

DTC closed ~55 stations; operational stations now 925, but new additions continue.

Vehicle conversion rate (CNG) 26,000/month

+24% QoQ

Post GST reduction on CNG vehicles from 28% to 18%, monthly conversions rose from 21,000 to 26,000.

New GA volume contribution 57%

+17% YoY

Incremental volume from new geographical areas (outside Delhi-NCR) now accounts for 57% of growth.

Fast read

Guidance and risk preview

Top guidance Volume exit rate of 10 MMSCMD in Q4 FY26

Management expects to exit Q4 FY26 at an average daily volume of 10 million SCM, with March 2026 averaging above 10 MMSCMD.

Top risk DTC bus phase-out drag on volumes

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 h...