Indraprastha Gas (IGL) Q4 25/26 earnings summary

Executive summary

• Annual sales volume rose to 9.39 MMSCMD from 8.99 MMSCMD year-over-year, with CNG sales up 10% (excluding DTC and DIMTS declines).

• Gross turnover increased 8% to INR 17,785 crores from INR 16,340 crores year-over-year.

• EBITDA for the year was INR 1,850 crores, down 6% year-over-year, and PAT was INR 1,364 crores, impacted by a one-time reversal of OMC margin in the prior year.

• Audited standalone and consolidated financial results for FY 2025-26 were approved, with a recommended final dividend of ₹1.50 per share (75% of face value) pending shareholder approval.

• Company maintained operational resilience despite geopolitical volatility and gas sourcing challenges.

Financial highlights

• Standalone revenue from operations for FY 2025-26 was ₹16,451.27 crore, up 8% year-over-year; consolidated revenue was ₹16,800.85 crore.

• Standalone net profit after tax for FY 2025-26 was ₹1,364.10 crore, down 7% year-over-year; consolidated net profit was ₹1,543.51 crore.

• EBITDA margin declined to 11% from 13% year-over-year; standalone EBITDA was ₹1,850.04 crore, down 6%.

• Q4 gross turnover grew 6% year-over-year; EBITDA for Q4 was INR 423 crores (INR 4.85 per SCM), and PBT was INR 385 crores (INR 4.41 per SCM).

• CNG volumes increased 5% annually; domestic PNG volumes rose 9% annually and 13% in Q4 year-over-year.

Outlook and guidance

• Targeting exit sales volume of 10.6 MMSCMD for FY 2027, incorporating 10%-13% CNG volume growth.

• EBITDA per SCM guidance for FY 2027 is INR 7-8, with Q1 expected to be challenging.

• Board recommended a final dividend of ₹1.50 per share for FY 2025-26, subject to shareholder approval.

• Anticipates 3-4 lakh new billed domestic customers per year, up from 2-2.5 lakh, driven by PNG Drive 2.0 and government mandates.

• Planned CapEx of INR 1,400-1,500 crores for FY 2027 to support infrastructure and growth.