Indraprastha Gas Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 4 Aug 2026 | Gas | Market Cap: ₹21.6K Cr
Volume Growth: - Target to add around 1 million SCM per day every year for the next 2-3 years. Indraprastha Gas Limited (IGL) expects continued volume growth driven by expanding customer base and geographical areas outside Delhi and NCR contributing 57% of incremental volume (Page 4).
From Indraprastha Gas Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹148
Market Cap
₹21.6K Cr
P/E Ratio
13.9
Revenue Rank
Margin Rank
How does Indraprastha Gas Ltd rank in Gas?
Compare Indraprastha Gas Ltd against every Gas company this quarter on revenue, margins and earnings-call signals.
Indraprastha Gas Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹4.2K Cr, net profit ₹339 Cr.
Full financials →📊 Revenue & Sales Performance
Rank 3- →Volume Growth:
- → - Target to add around 1 million SCM per day every year for the next 2-3 years.
- → - Delhi expected to grow at 8%-10% annually post DTC impact phase-out.
- → - Outside NCR expected to grow faster at around 17%-18%.
- → - CNG segment anticipated to grow about 10% excluding DTC volumes.
- → - PNG segment (industrial & commercial) expected to grow 12%-15%.
- →Revenue and Profitability:
- → - Core segment capex guidance INR1,200-1,500 crores annually.
- → - Overall capex (including diversification) INR1,600-2,000 crores starting FY '27.
- → - Sustained revenue growth driven by volume growth and operational execution.
- → - EBITDA and PAT expected to improve with operational efficiencies and favorable cost elements.
- →Industry Outlook:
- → - Expansion of CNG stations targeting 80-100 additions annually for 3-5 years.
- → - Focus on increasing PNG customer base, particularly in industrial cities.
- → - Opportunities for growth constrained by regulatory aspects on mergers and acquisitions.
📈 Profitability & Margins
Rank 2- →Indraprastha Gas Limited (IGL) expects continued volume growth driven by expanding customer base and geographical areas outside Delhi and NCR contributing 57% of incremental volume (Page 4).
- →EBITDA for Q3 stood at INR 473 crores with a 31% YoY growth; excluding one-time provisions, EBITDA would have been around INR 500 crores indicating margin improvement potential (Page 3).
- →The company anticipates volume growth at about 1 million SCM per day annually for next 2-3 years, supported by a diversified gas sourcing strategy (Page 10).
- →Capex guidance for FY ’27 includes INR 1,200 - 1,500 crores for core business and INR 500 - 800 crores for diversification (renewables, LNG infra), with positive impact expected from FY’27 onwards (Page 11).
- →PAT grew 25% YoY to INR 358 crores in Q3, indicating sustained profit improvement (Page 4).
- →Long-term opportunities expected from planned industrial city bids and infrastructure expansion (Page 12).
- →Regulatory changes like reduced VAT and revised transmission tariffs will support margin expansion (Pages 3 and 16).
🏗️ Capital Expenditure Plans
Yes- →Targeting addition of 80 to 100 CNG stations annually for next 3 to 5 years; about 40-45% of capex will be on CNG stations, remainder on steel pipeline network and MDP.
- →Anticipated incremental volume growth of 1 million SCM per day yearly; ~65-70% from CNG, 30-35% from PNG (industrial, commercial, and domestic).
- →Core business capex planned around INR 1,250 crores for FY '27; spent INR 847 crores in first 9 months.
- →Geographic capex split: ~45% Delhi, 30-35% Uttar Pradesh, ~10% Haryana.
- →Diversification capex in renewables, CPG, LNG infrastructure expected INR 500-800 crores starting FY '27.
- →Exploring tender for 200 MW captive power plant for operational efficiency; progress ongoing with tender expected soon.
- →Participating in new industrial city gas bids with potential capex under evaluation (bids due April 2026).
- →Emphasizing expansion to reduce queuing at CNG stations, aiming for queue-less convenience.
💰 Fundraising & Capital Structure
No information- →No explicit mention of any ongoing or immediate future fundraising through debt or equity was made during the Q3 FY '26 earnings call of Indraprastha Gas Limited.
- →The company discussed capex plans for FY '27 and FY '28 with core business capex around INR 1,200-1,500 crores and diversification capex (renewables, CPG, LNG infra) of INR 500-800 crores.
- →Capex spending for 9 months of the current year was INR 847 crores, funded through internal resources.
- →No specific plans or guidance were provided regarding raising capital via debt or equity in the near term.
- →The management focused more on organic growth, operating efficiency, and potential industry consolidation only if regulatory bottlenecks are resolved.
📋 Order Book & Pipeline
No informationKey Metrics
Revenue
Margin
Capex
Fundraise
Order Book
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What Indraprastha Gas Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Indraprastha Gas Ltd Q3 FY26 results?
Volume Growth: - Target to add around 1 million SCM per day every year for the next 2-3 years. Indraprastha Gas Limited (IGL) expects continued volume growth driven by expanding customer base and geographical areas outside Delhi and NCR contributing 57% of incremental volume (Page 4).
What is Indraprastha Gas Ltd share price analysis?
Indraprastha Gas Ltd currently shows a below-average growth signal. The stock trades at a P/E of 13.9 with a market cap of ₹21,571 Cr. Investors should review the full earnings analysis for detailed insights.
Is Indraprastha Gas Ltd planning capital expenditure?
Targeting addition of 80 to 100 CNG stations annually for next 3 to 5 years; about 40-45% of capex will be on CNG stations, remainder on steel pipeline network and MDP.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.