Indraprastha Gas (IGL) Q4 24/25 earnings summary

Executive summary

• Achieved robust performance in FY 2025 despite industry-wide gas sourcing volatility, with proactive gas procurement and diversification initiatives.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved, with a final dividend of ₹1.5 per share recommended, subject to shareholder approval.

• Entered term gas agreements for RLNG to secure supply and optimize gas mix, positioning as one of the best portfolios in the sector.

• Board approved a 500 MW solar plant in Rajasthan as part of diversification, with additional focus on CBG and LNG retail.

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

Financial highlights

• Standalone revenue from operations grew 7% year-over-year to ₹16,466.45 crore; gross turnover for FY 2025 increased by 6% year-over-year to INR 16,400 crores.

• EBITDA for the year stood at INR 1,978 crores; PAT at INR 1,468 crores.

• Consolidated net profit after tax was ₹1,713.01 crore, down from ₹1,983.40 crore last year.

• Q4 FY 2025 PAT was INR 349 crores, up 22% sequentially; EBITDA for Q4 was INR 497 crores, up 37% from Q3.

• EBITDA margin decreased to 13% from 17% year-over-year; quarterly EBITDA margin was 13% versus 15% in the prior year.

Outlook and guidance

• Targeting 10% sales volume growth in FY 2026, with 7%-8% from CNG and 13%-14% from PNG.

• Confident of maintaining EBITDA per SCM in the INR 6-7 range for the next one or two quarters, aiming for 7-8 in the longer term.

• CapEx guidance for FY 2026 is INR 2,000+ crores, with INR 1,300-1,400 crores for core business and INR 400-500 crores for solar.

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

• Final dividend of INR 1.50 per share declared, in addition to interim dividend of INR 5.50, pending shareholder approval.