Indraprastha Gas (IGL) Q3 25/26 earnings summary

Executive summary

• Achieved steady operational execution and improved margin visibility, consolidating leadership in city gas distribution across 12 geographical areas in four states.

• Standalone net profit for Q3 FY25-26 rose 25% year-over-year to ₹358.57 crores, with total comprehensive income up 26% to ₹358.48 crores.

• Consolidated net profit for Q3 FY25-26 was ₹392.01 crores, up from ₹325.42 crores in Q3 FY24-25; total comprehensive income reached ₹392.10 crores.

• Expanded steel pipeline to over 2,500 km and MDPE network to 29,200 km, serving 32.75 lakh households, 5,400 industrial, and 7,400 commercial customers.

• Board declared an interim dividend of ₹3.25 per share (162.5%), with a record date of February 19, 2026.

Financial highlights

• Standalone revenue from operations for Q3 FY25-26 was ₹4,488.71 crores, up 8% year-over-year.

• Standalone EBITDA for Q3 FY25-26 increased 31% year-over-year to ₹472.52 crores, with EBITDA margin improving to 12%.

• Total gas sales volume for Q3 FY25-26 was 867.18 million scm, up 3% year-over-year.

• Standalone EPS for Q3 FY25-26 was ₹2.56 (not annualised), up from ₹2.04 in Q3 FY24-25.

• PAT was ₹358 crore, up 25% year-over-year.

Outlook and guidance

• Maintains guidance to exit FY26 at 10 MMSCMD average daily sales, with Q4 typically being the strongest quarter.

• Expects to add 1 MMSCMD annually over the next two years, with 8-10% growth in NCR and 17-18% in new geographies.

• Long-term EBITDA margin guidance remains at INR 7-8 per SCM, with benefits from tariff rationalization, VAT reduction, and normalization of one-time labor code provisions.

• The company continues to monitor the impact of new Labour Codes effective November 21, 2025, with a financial implication of ₹28.29 crores recognised in Q3 FY25-26.