Indraprastha Gas Ltd (IGL) Q1 FY27 Results Analysis: PAT Plunges 48%, EBITDA Margin Halves

Cofacto Research Updated August 14, 2026 2 min read

Negative

Indraprastha Gas Ltd's Q1 FY27 numbers came in soft, with revenue of Rs. 5,040.15 Cr (+16.50% YoY) and PAT growth of -47.70% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	August 13, 2026
Quarter	Q1 FY 2026-2027
Revenue (Q1)	Rs. 5,040.15 Cr (+16.50% YoY)
PAT (Q1)	Rs. 186.18 Cr (-47.70% YoY)
EBITDA margin	5.86% (-597 bps YoY)
EPS (Q1)	Rs. 1.33 (-47.60% YoY)
Market cap	Rs. 21,247.82 Cr
CMP	Rs. 151.77

Quarter Snapshot

IGL reported a 16.5% revenue growth but PAT dropped 47.7% due to severe gas cost inflation. EBITDA margin halved to 5.86%, and the EBITDA/SCM target of Rs.7 appears unattainable. No management guidance was provided in the filing, and the deteriorating margin trajectory makes this a negative report.

Key Investment Insights

Key Positives

Revenue grew 16.5% YoY to Rs 5,040.15 Cr, driven by volume growth of 5.8% and price pass-through.
CNG volumes grew 6.4% YoY, indicating resilient demand despite DTC bus phase-out.
Employee costs rose only 2.7% YoY and other expenses rose 1.2% YoY, demonstrating cost control.
Net revenue from operations (management basis) grew 17.1% YoY.

Risk Factors

PAT fell 47.7% YoY to Rs 186.18 Cr, the steepest profit erosion in recent quarters.
EBITDA margin halved from 11.83% to 5.86% (gross revenue basis), driven by gas procurement cost inflation of 30.2% vs revenue growth of 16.5%.
EBITDA/SCM fell from Rs 6.16 in Q1 FY26 to Rs 3.36, a 45% decline.
The FY27 EBITDA/SCM target of Rs 7-8 appears unreachable at current run-rate.
Other income (Rs 103.14 Cr) constitutes 55% of PAT, masking underlying operational weakness.