Indraprastha Gas (IGL) Q2 25/26 earnings summary

Executive summary

• Operates across 12 geographical areas in four states with a robust pipeline network and 955 CNG stations, serving over 3.175 million households and thousands of industrial and commercial units as of September 2025.

• Largest CNG bus fleet globally, with significant infrastructure growth and market penetration in key urban and industrial areas.

• Revenue from operations for Q2 FY25-26 increased 9% year-over-year to ₹4,445.89 crores, with total income at ₹4,608.46 crores.

• Net profit after tax for the quarter was ₹372.51 crores, down 14% year-over-year.

• CNG vehicle adoption surged, with a 21% increase in average monthly additions over last year, aided by GST reduction and festive demand.

Financial highlights

• Q2 FY2026 total sales volume: 857 million SCM, up from 830 million SCM last year.

• Revenue for the quarter: INR 4,432 crore, up 9% year-on-year.

• EBITDA for the quarter was ₹442.83 crores, down 17% year-over-year, with EBITDA margin at 11%.

• PAT for the quarter: INR 373 crore (down from INR 431 crore YoY).

• EPS for FY'25 was ₹5.20 (standalone) and ₹5.82 (consolidated); book value per share at ₹67.

Outlook and guidance

• Volume growth guidance for FY2026 maintained at 8%-10% (excluding DTC), with newer GAs expected to deliver double-digit growth.

• EBITDA margin guidance remains at INR 7–8 per SCM, with improvements expected from VAT reduction and single zone tariff implementation.

• Plans to expand CNG infrastructure with new DODO & FDODO models and 30 new stations in H1 FY 2025-26.

• Collaborations with major automobile OEMs to increase CNG vehicle variants and ongoing efforts to promote CNG adoption in public transport fleets.

• Actively seeking organic and inorganic growth opportunities, including diversification into new areas.