Delhiites may be choking on smog, but IGL is busy pumping gas like a Bollywood DJ drops beats. Q1 volumes grew 6%, even as DTC buses ditched CNG for EVs faster than Netflix cancels shows. Margins, however, slipped like a biker on Delhi monsoon roads. Still, management swears tariff reforms and new GAs will save the day. Read on—because nothing screams drama like taxes, tariffs, and transport fuel politics.
2. At a Glance
Revenue ₹4,317 Cr (+11%) – Sales pumped harder than Delhi’s air purifiers.
EBITDA ₹512 Cr (-11%) – Margin leak louder than an LPG stove.
PAT ₹356 Cr (-11%) – Flatulence slowed, not vanished.
Volumes 9.13 MMSCMD (+6%) – Gas pushers finding new addicts outside Delhi.
CNG growth 6% – Would’ve been 9%, if buses hadn’t ghosted.
PNG growth 10% – Households, restaurants, factories all asked for refills.
3. Management’s Key Commentary
Quote: “CNG grew 6%, excluding DTC buses it’s 9%.” (Translation: Blame the government’s EV obsession, not us.)
Quote: “83% of volumes are in Zone-2, tariffs will drop soon.” (Translation: Pray PNGRB is kinder than Delhi traffic police.)
Quote: “EBITDA per SCM improved 33% sequentially to ₹6.16.” (Translation: We found the leak, plugged it, and pretended nothing happened.)
Quote: “We plan to add 102 CNG stations this year.” (Translation: Expect more traffic jams around construction sites.)
Quote: “20% of our volumes are from UP; tax cut can save ₹1–1.5 per SCM.” (Translation: Yogi ji, please slash taxes so we can act generous.)
Quote: “Henry Hub risk? No, we’re balancing with Brent.” (Translation: Don’t worry, we’re hedging like compulsive stock traders.)
