Indraprastha Gas (IGL) Q4 24/25 earnings summary

Executive summary

• Achieved 6% YoY volume growth to 8.99 MMSCMD, with CNG up 6% (8% excluding DTC) and PNG up 11%.

• Gross turnover/standalone revenue rose 6-7% YoY to INR 16,400-16,466.45 crores, despite a 13% increase in gas costs impacting margins.

• EBITDA for FY25 was INR 1,978 crores and PAT was INR 1,468 crores, maintaining operational profitability.

• Final dividend of INR 1.50/share recommended, subject to shareholder approval; bonus shares issued, doubling equity base.

• Statutory auditors expressed an unmodified opinion on both standalone and consolidated results.

Financial highlights

• Q4 FY25 PAT was INR 349 crores, up 22% QoQ but down 9% YoY; EBITDA was INR 497 crores, up 37% QoQ.

• Q4 sales volume reached 9.18 MMSCMD, the highest to date.

• EBITDA margin decreased to 13% from 17% YoY; quarterly EBITDA margin was 13% versus 15% prior year.

• Standalone revenue from operations grew 7% YoY to INR 16,466.45 crore; consolidated net profit after tax was INR 1,713.01 crore.

• EBITDA per SCM increased to 6.03 in Q4 from 4.34 in Q3.

Outlook and guidance

• Targeting 10% volume growth in FY26: 7-8% in CNG, 13-14% in PNG.

• EBITDA per SCM expected in the INR 6-7 range for Q1 FY26, aiming for 7-8 longer term.

• CapEx guidance for FY26 is INR 2,000+ crores, with INR 1,300-1,400 crores for core business and INR 400-500 crores for solar.

• Plan to add 90-100 new CNG stations, mostly in newer GAs.

• Bonus shares were issued in January 2025, doubling the equity base.