New Delhi: Indraprastha Gas Limited (IGL) reported a strong financial performance for the third quarter of FY26 (October–December 2025), posting a 25% year-on-year (YoY) rise in standalone net profit, driven by robust CNG volumes and improved realizations. The company also announced an interim dividend of ₹3.25 per share.
IGL Q3 FY26 Financial Highlights
IGL delivered solid growth across profitability and operating metrics during the quarter.
Key Numbers (Standalone)
- Net Profit: ₹358.57 crore vs ₹285.82 crore (↑25% YoY)
- Revenue from Operations: ₹4,488.71 crore vs ₹4,142.53 crore (↑8% YoY)
- EBITDA: ₹472.52 crore vs ₹359.77 crore (↑31% YoY)
- EBITDA Margin: 12% vs 10%
- EPS (Post Bonus): ₹2.56 vs ₹2.04
- EBITDA per SCM: ₹5.45 vs ₹4.29 (↑27% YoY)
Total gross sales value rose to ₹4,465 crore compared to ₹4,130 crore in Q3 FY25.
Despite a one-time impact of ₹28.29 crore due to the implementation of new Labour Codes, profitability improved significantly.
Volume Growth Remains Steady
IGL reported a 3% YoY increase in overall gas sales volumes.
- Total Volumes: 867.18 MMSCM vs 838.10 MMSCM (↑3%)
- Average Daily Sales: 9.43 MMSCMD vs 9.11 MMSCMD
Segment-wise Volume Growth
- CNG: 637.15 MMSCM vs 616.25 MMSCM (↑3%)
- PNG Domestic: 71.47 MMSCM vs 66.28 MMSCM (↑8%)
- PNG Industrial/Commercial: 112.40 MMSCM vs 109.21 MMSCM (↑3%)
- Total PNG: 229.87 MMSCM vs 221.49 MMSCM (↑4%)
Growth in CNG volumes continued to support margins, while PNG domestic witnessed the strongest percentage growth.
Nine-Month FY26 Performance (April–December 2025)
For the first nine months of FY26:
- Net Profit: ₹1,087.02 crore vs ₹1,118.36 crore (↓3%)
- Revenue: ₹13,261.20 crore vs ₹12,113.97 crore (↑9%)
- Total Volumes: 2,554.75 MMSCM vs 2,454.47 MMSCM (↑4%)
While revenue and volumes grew steadily, profit slightly declined due to cost pressures and regulatory impacts earlier in the fiscal.
One-Time Items and Legal Update
- Labour Code Provision: ₹28.29 crore provision booked in Q3 following new Labour Codes effective November 21, 2025.
- DDA Dispute: ₹330.73 crore demand pending before the Delhi High Court. The company has not made any provision and continues to classify it as a contingent liability.
Auditors issued an unmodified review conclusion, with emphasis on the DDA dispute and Labour Code implementation impact.
Dividend Announcement
IGL’s board declared:
- Interim Dividend: ₹3.25 per equity share (162.5%)
- Record Date: February 19, 2026
- Total Payout: ₹455 crore
This move reflects the company’s strong cash flows and confidence in operational performance.
Consolidated Performance
On a consolidated basis:
- Q3 Net Profit: ₹392.01 crore vs ₹325.42 crore (↑20%)
- Share of Associate Profit: ₹77.56 crore vs ₹81.91 crore
- Subsidiary (IGL Genesis): Share of loss ₹4.49 crore (9M FY26)
Market Reaction
IGL shares closed at ₹412.35 on NSE, up 1.8% following the earnings announcement, reflecting positive investor sentiment toward margin expansion and steady volume growth.
About Indraprastha Gas Limited (IGL)
Indraprastha Gas Limited is a leading city gas distribution (CGD) company in India, operating across 33 districts in 12 geographical areas covering Delhi, Uttar Pradesh, Haryana, and Rajasthan. The company supplies Compressed Natural Gas (CNG) for vehicles and Piped Natural Gas (PNG) for domestic, commercial, and industrial consumers, playing a key role in India’s clean energy transition.
