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 headline volume growth.
medium · management_commentary
Indraprastha Gas Limited — Q3 FY26
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%.
bullish
high
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
Forex volatility impacting gas costs
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.
medium · analyst_questionDelays in transmission tariff benefit realization
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.
low · data_observationM&A consolidation hindered by regulatory penalties
Management noted that high penalties on existing GAs make M&A unattractive, limiting inorganic growth opportunities despite interest from potential acquirers.
low · management_commentary