India · Delayed Price · Currency is INR Indraprastha Gas Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw 3% volume growth and 8% revenue growth year-over-year, with EBITDA up 31% and PAT up 25%. Regulatory changes and cost rationalization are expected to boost margins, while strong expansion and robust demand in new geographies support a positive outlook.
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Q2 FY2026 saw 3% sales volume growth and 9% revenue growth, but margins declined due to higher gas costs and sourcing mix changes. Margin and volume growth are expected to improve with VAT reduction, tariff rationalization, and continued CNG vehicle adoption.
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Q1 FY26 saw 6% volume and 11% revenue growth, but EBITDA fell 11% due to higher gas costs. Management expects margin improvement from tariff and tax rationalization, with 10%-11% annual volume growth targeted over the next 2-3 years.
Fiscal Year 2025
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FY 2025 saw 6% revenue growth and strong operational performance despite gas sourcing volatility, with EBITDA at INR 1,978 crores and PAT at INR 1,468 crores. Diversification into solar and continued CapEx support future growth, with a 10% volume increase targeted for FY 2026.
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Q3 FY25 saw 7% YoY sales volume growth, with strong expansion in new areas and robust CNG/PNG segment performance. Despite a 36% YoY EBITDA decline due to higher gas costs, new supply contracts and partial restoration of domestic gas support a positive outlook and margin recovery.
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Record Q2 sales and turnover were achieved, with strong CNG and PNG volume growth year-over-year. Despite margin pressure from higher gas costs and reduced APM allocation, management remains confident in maintaining growth and margins through price adjustments, alternative sourcing, and aggressive expansion plans.
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Q1 FY25 saw 5% year-over-year volume growth and 4% revenue growth, with EBITDA at INR 582 crores, down 9% year-over-year but up 11% sequentially. The company targets 9.5 MMSCMD exit volume for FY25, 10–12% annual growth, and significant LNG and CBG expansion.