Indraprastha Gas Ltd (IGL) enters its Q1 FY27 results under new leadership, facing a challenging macro environment defined by elevated gas procurement costs and a significant rupee depreciation. Investors will be looking for clarity on the margin impact of the new single-zone transmission tariff and whether the company's volume growth trajectory remains resilient despite a broader industry-wide gas supply squeeze.
| Results date | August 13, 2026 |
|---|---|
| Quarter | Q1 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,584.51 Cr |
| Previous quarter PAT | Rs. 277.08 Cr |
| Market cap | Rs. 21,350.02 Cr |
| CMP | Rs. 152.5 |
The Board Meeting is scheduled for August 13, 2026, to approve the Q1 FY27 unaudited results.
A conference call is scheduled for August 14, 2026, at 4:00 PM IST to discuss the Q1 FY27 results, featuring MD Kumar Shanker, Director-Commercial Mohit Bhatia, and CFO Manjeet Gulati.
IGL's Q1 FY27 performance is expected to reflect the dual impact of structural tariff benefits and significant cost headwinds from gas procurement and currency volatility. While the single-zone transmission tariff effective April 1, 2026, is anticipated to provide a retained benefit of approximately Rs. 0.75 per SCM, this is likely offset by an APM gas price increase to $7.00/MMBtu and the rupee averaging Rs. 93–94 per USD, which pressured RLNG landed costs. Industry-wide gas consumption contracted by 6.5% during the quarter, potentially capping IGL's volume growth to flat or low-single-digit levels despite the structural tailwind of CNG vehicle conversions. Management's previously stated EBITDA target of Rs. 7 per SCM remains a key focus area, though the Q1 run-rate may show a more modest improvement from the Q4 FY26 level of Rs. 4.85 per SCM. The upcoming call will be the first for new MD Kumar Shanker and CFO Manjeet Gulati, who may provide updated commentary on the FY27 volume guidance of greater than 1 MMSCMD incremental growth and the deployment of the planned Rs. 500–800 Cr diversification capex.
Performance vs Guidance Tracking: Assessment of IGL's progress against key operational and financial targets.
Operating metric trajectory: Key trends in volumes and gas sourcing mix.
Strategic execution and regulatory updates: Progress on major projects and regulatory benefits.
Risks and headwinds to monitor: External factors impacting cost and operational efficiency.
IGL reported total volumes of 3,427.21 million SCM for FY26, representing a 4% YoY growth. This fell short of the 6–7% growth guidance, largely attributed to the impact of the DTC bus fleet migration.
IGL submitted a pre-qualification bid in November 2025 for a 40% equity stake in a gas distribution project. As of the latest updates, the pre-qualification results were expected by January 2026, and investors are awaiting further clarity on the tender outcome.
The single-zone gas transmission tariff effective January 1, 2026, allows IGL to benefit from lower tariff zones, providing an estimated cost saving of Rs. 0.70–Rs. 1.30 per SCM. Management expects to retain approximately Rs. 0.75 per SCM of this benefit.
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