Indraprastha Gas reported an 89.2% sequential decline in consolidated net profit attributable to owners of the parent to Rs 25.9 crore for the second quarter, compared with Rs 240.4 crore in the June quarter. Revenue, excluding excise duty, rose 11.6% quarter on quarter to Rs 5,118 crore from Rs 4,587 crore. The company reported an EBITDA loss of Rs 31.7 crore, compared with an EBITDA profit of Rs 293.8 crore in the previous quarter. EBITDA margin turned negative at around 0.6%, compared with a positive margin of around 6.4% in the June quarter.
Consolidated profit before tax declined to Rs 9.03 crore from Rs 311.72 crore in the previous quarter. The company's share of profit from associates stood at Rs 52.23 crore, compared with Rs 56.83 crore in the June quarter. IGL's total sales volume increased 8% year on year to 925.59 million standard cubic metres (MMSCMD equivalent: 10.06 million standard cubic metres per day) in the September quarter, compared with 856.70 million standard cubic metres a year earlier.
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CNG volumes grew 9% to 696.63 million standard cubic metres, while domestic PNG volumes increased 16% to 73.31 million standard cubic metres. PNG volumes in the industrial and commercial category rose 2% to 109.35 million standard cubic metres.
Net revenue from operations, excluding excise duty, increased 27% year on year to Rs 5,116 crore. Net CNG sales rose 17% to Rs 3,522 crore, while PNG sales increased 56% to Rs 1,578 crore. Despite higher sales volumes and revenue, EBITDA turned negative during the quarter.
IGL reiterated that it is disputing a Delhi Development Authority demand of Rs 330.73 crore, excluding interest, relating to higher licence fees for sites leased for CNG stations in Delhi. The demand relates to the period up to March 31, 2016. The Delhi High Court disposed of the matter on March 11, 2026, referring the parties to the Alternative Mechanism for Resolution of Commercial Disputes (AMRCD).
The company is finalising a representation before the mechanism, seeking parity with oil marketing companies. IGL maintains that the demand is not tenable and has classified it as a contingent liability. The company's subsidiary, IGL Genesis Technologies Ltd., has also not paid the first and second interest instalments on a loan from IGL. The interest due stood at Rs 3.58 crore as of Sept. 30, 2026. IGL consequently classified the principal loan amount as a current asset.
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