India · Delayed Price · Currency is INR Indraprastha Gas Earnings Call Transcripts
Fiscal Year 2026
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Annual sales volume and gross turnover grew year-over-year, but EBITDA and PAT declined due to higher input costs and a one-time margin reversal. Strong growth in new GAs and domestic connections, with robust CNG vehicle additions and significant CapEx planned for FY 2027.
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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 declined 11% due to higher gas costs. Regulatory reforms and tax rationalization are expected to boost margins, with long-term volume growth guided at 10%-11% annually.
Fiscal Year 2025
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Reported 6% YoY volume and turnover growth, with robust expansion in PNG and new GAs. EBITDA and PAT remained strong despite higher gas costs. FY26 guidance targets 10% volume growth, continued CapEx, and margin improvement, with diversification into solar and LNG retail underway.
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Q3 FY25 saw 7% YoY sales volume growth, with strong expansion in new areas and robust CNG/PNG segment gains. EBITDA margin was pressured by higher gas costs, but new supply contracts and partial restoration of domestic gas support margin recovery in Q4.
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Record Q2 sales and turnover were achieved, with strong CNG and PNG volume growth year-over-year. Despite a 20% reduction in APM gas allocation and rising input costs, the company maintains robust expansion plans, targets 9.5 MMSCMD exit rate for FY25, and expects 8–10% volume growth for FY26.
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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.