Indraprastha Gas (IGL) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 average gas sales reached a record 10.06 MMSCMD versus 9.31 MMSCMD in Q2 FY26; gross turnover reached a record ₹5,600 crore.

• Q2 total sales volumes grew 8% YoY, while EBITDA was -₹31.11 crore and standalone net profit fell 93% to ₹24.38 crore as higher gas costs pressured profitability.

Financial highlights

• Q2 standalone revenue from operations was ₹5,613.62 crore; PBT was ₹9.59 crore and profit for the period was ₹24.38 crore, versus ₹372.51 crore net profit YoY.

• Q2 net revenue from operations rose 27% YoY to ₹5,116.23 crore; H1 FY27 net revenue from operations increased 22% to ₹9,699.67 crore.

• H1 standalone revenue from operations was ₹10,653.77 crore, with PBT of ₹269.51 crore and net profit of ₹210.56 crore versus ₹728.45 crore in H1 FY26.

• Consolidated Q2 total income was ₹5,751.39 crore and net profit ₹23.75 crore; H1 total income was ₹10,896.75 crore and net profit ₹261.67 crore.

Outlook and guidance

• Management aspires to double-digit volume growth; next-FY guidance of 6%-7% was maintained while balancing volume growth with EBITDA margins.

• HPHT allocation is being phased to consumption-based shares: 25% this quarter, 50% next quarter, 75% the following quarter and 100% by September next year.

• Additional term LNG volumes are being pursued; more supply is expected in Q3 and further additions in Q4, with pricing and sourcing changes available as levers.