IGL · Oil Gas & Consumable Fuels
Indraprastha Gas Ltd. reported revenue of ₹4,587 cr for April to June 2026, +17.2% on the year and +10.2% on the quarter. That is faster than this quarter has grown in recent years (+7.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹16,841 cr, +9.9% on the four before.
Operating profit (EBITDA) was ₹294 cr, a margin of 6.4%, −665 bps on the year and −370 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 6.4% to 14.5%). Operating costs grew +26.2%, faster than revenue at +17.2%, so operating profit grew less than sales.
Net profit was ₹238 cr, −44.4% on the year and −29.8% on the quarter, with earnings per share of ₹1.72. Profit before other income, one-offs and tax fell 60.2%, so 16 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹1,354 cr, −18.4% on the four before.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹9.72 over the last four quarters, the stock at ₹143.15 trades at 14.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 51% of profit before tax, against 30% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 6.4%, −665 bps on the year (−370 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,459 cr | ₹3,556 cr | ₹3,597 cr | ₹3,517 cr | ₹3,698 cr | ₹3,759 cr | ₹3,948 cr | ₹3,914 cr | ₹4,023 cr | ₹4,068 cr | ₹4,163 cr | ₹4,587 cr |
| YoY | — | — | — | +3% | +7% | +6% | +10% | +11% | +9% | +8% | +5% | +17% |
| EBITDA margin | 19.0% | 15.8% | 14.5% | 16.4% | 14.5% | 9.6% | 12.5% | 13.1% | 11.0% | 11.6% | 10.1% | 6.4% |
| Other income, % of PBT | 22% | 23% | 28% | 25% | 30% | 42% | 35% | 30% | 36% | 33% | 37% | 51% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 21% | 24% | 22% | 23% | 20% | 20% | 22% | 21% | 22% | 24% | 24% |
| Net profit | ₹553 cr | ₹475 cr | ₹433 cr | ₹480 cr | ₹454 cr | ₹325 cr | ₹453 cr | ₹428 cr | ₹385 cr | ₹392 cr | ₹339 cr | ₹238 cr |
| YoY | — | — | — | −8% | −18% | −32% | +5% | −11% | −15% | +21% | −25% | −44% |
| Core profit YoY | — | — | — | −15% | −25% | −48% | −10% | −17% | −25% | +41% | −24% | −60% |
| EPS | ₹3.95 | ₹3.40 | ₹3.10 | ₹3.44 | ₹3.25 | ₹2.33 | ₹3.25 | ₹3.06 | ₹2.76 | ₹2.81 | ₹2.43 | ₹1.72 |
| Flags | · | · | · | ✓ | 1 | 2 | ✓ | 1 | 1 | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Indraprastha Gas Ltd. reported revenue of ₹4,587 cr (+17.2% on the year) and net profit of ₹238 cr (−44.4% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved −60.2% on the year, against −44.4% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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