IGL reported Q2 FY27 numbers with revenue of Rs. 5,613.62 Cr (+26.30% YoY) and PAT growth of -93.50% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 30, 2026 |
|---|---|
| Revenue (Q2) | Rs. 5,613.62 Cr (+26.30% YoY) |
| PAT (Q2) | Rs. 24.38 Cr (-93.50% YoY) |
| EBITDA margin | -0.61% (-1162 bps YoY) |
| EPS (Q2) | Rs. 0.15 (-94.40% YoY) |
Q2 FY27 EBITDA turned negative at -31.11 Cr (-0.61% margin) as gas purchase cost/SCM rose 36.9% YoY against realization/SCM growth of 17.7%, driving PAT down 93.5% to Rs.24.38 Cr — a level only positive due to a tax credit. Management's reiterated Rs.7/SCM EBITDA target and the +Rs.1.25/SCM margin build are contradicted, while volumes of 10.06 MMSCMD remain on track toward the 11 MMSCMD-by-'27 goal. Recovery hinges on the Re 1/SCM Delhi tariff implementation or spot gas normalization, neither disclosed in this filing.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue/volume "in-line to ahead" on firm demand prints (national CGD +27% July, per pre-call note) | volume-led beat | Volume 925.59 MScm (+8.0%), net revenue +27.2% YoY | Played out |
| Margins "compressing further", EBITDA/SCM below Q1's Rs.3.36 as spot rose $20→$25–26/MMBtu and APM $7.86→$9.00 (per pre-call note) | worse-than-Q1 margins | EBITDA/SCM −0.34; margin −0.61% — worse than the reference point — EBITDA negative | Played out |
| Aug 29 CNG hike Rs.3.89/kg to Rs.86.98/kg (per pre-call note) protects realizations | partial pass-through | CNG realization Rs.50.56 vs Rs.46.79 (+8.1%); blended +17.7% — partial | Played out |
| Margin bridge (+Rs.1.25/unit) not flowing; Rs.7/8 target unreachable | bridge contradicted | EBITDA/SCM −0.34 vs guided build to Rs.7 | Played out |
| Volume leg (11 MMSCMD by '27) defensible | on track | 10.06 MMSCMD | Played out |
| Watch: capex pace | Q1 ran Rs.327 Cr | H1 Rs.669.39 Cr (Q2 ≈ Rs.342 Cr) — below plan | Played out |
| Watch: Rs.210 Cr dividend vs cash buffer | record date 1 Oct 2026 | Dividend ≈ H1 PAT Rs.210.56; cash+bank+investments Rs.4,524.18 Cr | Played out |
| Watch: sourcing mix/spot $, DTC normalization, Re 1 tariff order | open items | not disclosed in the filing — remain open for the call | Not addressed in the filing |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| EBITDA Rs.7/SCM long-term; Rs.8 by FY27/FY28 | reiterated on the Q1 FY27 earnings call (Aug 14, 2026) and prior concalls | EBITDA/SCM −0.34 (vs 5.17 in Q2 FY26) | Missed |
| +Rs.1.25/SCM run-rate margin build from Q3 FY26 (tariff + Gujarat VAT + labour-code non-reversal) | Q3 FY26 earnings-call margin walk | EBITDA/SCM fell 5.17 → 3.36 → −0.34 across three quarters | Missed |
| 11 MMSCMD volumes by '27 | management volume guidance (prior concalls) | 10.06 MMSCMD in Q2 FY27 | On Track |
| Capex ~Rs.1,800–2,000 Cr FY27 | Q1 FY27 earnings call | H1 Rs.669.39 Cr (≈33–37% of the low end at half-year) | Stretch |
| DTC drag cleared; ~10% CNG growth by Q3 FY27 | Q1 FY27 earnings call | CNG +8.7% YoY; DTC split not disclosed | Too Early |
| +Re 1/SCM Delhi tariff benefit on notification implementation | prior concalls | no implementation disclosed in this filing | Too Early |
| Metric | Q2 FY26 | Q3 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|
| Volume (MScm) | 857.00 | 867.00 | 878.98 | 925.59 |
| MMSCMD | 9.31 | — | 9.66 | 10.06 |
| EBITDA (Rs. Cr) | 442.83 | 473.00 | 295.50 | (31.11) |
| EBITDA/SCM (Rs.) | 5.17 | 5.40 | 3.36 | (0.34) |
| PAT (Rs. Cr) | 372.51 | 358.00 | 186.18 | 24.38 |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.