IGL Announces Board Meeting to Approve Q3 FY26 Financial Results
Indrapastha Gas Limited (IGL), a prominent city gas distributor, has officially announced that its Board of Directors will convene on Thursday, February 12, 2026. The primary agenda of this meeting is to consider and approve the unaudited financial results for the quarter that concluded on December 31, 2025. This notification was formally disclosed through an exchange filing dated February 5, 2026, ensuring transparency and compliance with regulatory requirements.
Brokerage Firms Offer Divergent Projections for IGL's Performance
In anticipation of the upcoming results, leading brokerage firms have released their forecasts, presenting a mixed outlook for IGL's financial health. Motilal Oswal expects the company to report a modest increase in total volumes, projecting a 5% year-on-year (YoY) and 2% quarter-on-quarter (QoQ) rise. However, the brokerage has highlighted significant risks to long-term volume growth, citing slowing D-PNG expansion and intensifying competition from alternative fuels in the industrial and commercial segments. On a positive note, Motilal Oswal anticipates EBITDA to grow by up to 9% QoQ, emphasizing that the performance of existing and newly awarded geographical areas will be crucial to monitor.
Conversely, Kotak Institutional Equities offers a more optimistic view, forecasting a substantial surge in EBITDA by 46% YoY and 20% QoQ. This projection is attributed to a low base effect and benefits from Gujarat VAT adjustments. The brokerage detailed expectations of a slight decline in gas costs by Rs 0.3 per standard cubic meter (scm) and an increase in realization by Rs 0.6 per scm. However, it cautioned that these gains might be partially offset by higher Henry Hub-linked gas prices and other economic factors.
Recap of IGL's Q2 FY25 Financial Highlights
To provide context, IGL's performance in the second quarter of FY25 demonstrated both strengths and challenges. The company reported a net profit of ₹372 crore, marking a 4.5% sequential increase from ₹356 crore in Q1. Revenue showed a steady rise of 2.8% QoQ to ₹4,022 crore, supported by stable demand conditions in the market.
On the operational front, EBITDA experienced a decline of 13.6%, dropping to ₹442 crore from ₹511.7 crore in the previous quarter. This decrease was primarily driven by higher input costs, which exerted pressure on margins. Consequently, the EBITDA margin narrowed to 11% from 13.1% in Q1, reflecting the ongoing cost challenges faced by the company.
Revenue from operations in the September quarter of FY26 reached ₹4,445.89 crore, representing a 2.76% QoQ increase from ₹4,326.60 crore. On a YoY basis, operating revenue climbed by 8.9% from ₹4,083.92 crore. A breakdown of sales reveals that CNG net sales stood at ₹3,420.60 crore, up 9% YoY, while PNG net sales grew 10% annually to ₹1,009.96 crore. However, other PNG-related sales saw a sharp decline of 75% YoY to ₹1.07 crore.
IGL Share Price Trends and Market Performance
IGL's stock has faced considerable pressure in recent periods. On Thursday, February 5, the share price was trading marginally down at ₹172.71. Over the short term, the stock has declined by 9.37% in one month and 16.49% over six months. Extending the timeline, IGL shares have fallen by over 15.66% in the past year and 36% over five years, indicating sustained negative sentiment among investors.
The stock is listed on both the BSE and NSE, with a 52-week high of ₹229 recorded on July 8, 2025, and a 52-week low of ₹170.12 on February 2, 2025. These fluctuations underscore the volatility and challenges in the energy sector, particularly for city gas distributors like IGL.
Disclaimer: This article is intended for educational purposes only. Readers are advised to consult with a qualified investment advisor before making any financial decisions.
