Indraprastha Gas Ltd, the GAIL-BPCL-Delhi government joint venture that supplies CNG to vehicles and piped natural gas across Delhi NCR and beyond, reports its Q2 FY 2026-2027 numbers with input costs as the central question. Spot LNG surged from about $20.2/MMBtu in mid-July to $25-26/MMBtu by mid-September amid the extended Qatar force majeure, so the print will speak to how far margins compressed and how much of the August 29 CNG price hike of Rs. 3.89/kg passed through to protect realisations.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 5,040.15 Cr (+16% YoY) |
| Previous quarter PAT | Rs. 186.18 Cr (-48% YoY) |
| Previous quarter EBITDA margin | 6% of net revenue (company-stated), vs 13% a year ago |
| Market cap | Rs. 19,839.42 Cr |
| CMP | Rs. 141.71 |
As per the board meeting intimation, IGL's Q2 & H1 FY27 results are scheduled to be taken up on October 30, 2026. The trading window remained shut from October 1 until 48 hours after the results release.
At the 27th AGM held via video conferencing on September 24, 2026, IGL declared a final dividend of Rs. 1.50 per share (75%), aggregating Rs. 210 Cr, with a record date of October 1, 2026. Together with the Rs. 3.25 per share interim dividend already paid, the total FY26 dividend stands at Rs. 4.75 per share.
Performance vs previously stated guidance: Management's margin and volume guidance faces its toughest test yet this quarter.
Sourcing mix and spot LNG exposure: The 52%-imported sourcing mix carried costlier spot through the quarter.
CNG price pass-through and Delhi tariff order: Pricing actions are the main lever against the spot spike.
DDA licence fee and other follow-ups: Legal and portfolio items worth probing on the call.
Management quantified the impact at less than 1% on CNG volumes in 2027 and less than 3% by 2030, noting the policy is Delhi-specific and does not touch Noida or Gurugram. The policy bars new three-wheeler registrations from January 1, 2027, but a possible extension to 4-wheelers was raised by analysts without a complete management answer captured.
Management pointed to operating leverage on 11 MMSCMD volumes by 2027, lower LNG/APM/NWG/HPHT input costs, and 20-25 paisa per SCM of operational efficiencies as the bridge from Rs. 7 to Rs. 8 per SCM over FY27-FY28. The near-term build relies on the Rs. 0.75 transmission tariff benefit, Rs. 0.20-0.25 Gujarat VAT change, and the non-recurring Rs. 0.30 labour code provision.
CUGL volumes have been stuck at 0.31-0.33 MMSCMD over FY23-25 in markets like Kanpur and Bareilly. MD Kumar Shanker acknowledged the potential but cited the CNG ecosystem, station availability, input gas costs, and a less favourable tax structure for commercial and industrial PNG.
Management confirmed that mature geographies yield slightly better EBITDA per SCM on consolidated sales and volumes, with taxation structure a key variable for new geographies. Rewari was cited as a maturing geography with better EBITDA.