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Systematix Report
According to the brokerge firm Systematix, Indraprastha Gas Ltd. demonstrated resilience amid geopolitical volatility and gas sourcing challenges.
The brokerage believes strong new CNG vehicle addition run-rate along with series of price hike may lead to a strong 24%/25% Ebitda/PAT compound annual growth rate over FY26-FY28E.
Non Delhi geographical areas are growing at a rapid pace of over 16% which bode well. Accordingly, the brokerage has maintained its Buy stance on IGL, valuing at 12x on FY28E PER with a revised target price of Rs 212.
IGL Q4 Results Highlights
IGL reported healthy volume growth in Q4 FY26 offset by softer margins amid rising gas cost and increased opex. Net revenue was up 5.5% YoY/2.6% QoQ, broadly supported by growth across both compressed natural gas and piped natural gas segments.
Total sales volumes increased to 9.7 million metric standard cubic metre per day, up 5.6% YoY/2.8% QoQ. CNG volumes grew 5.5% YoY to 7.1mmscmd, supported by continued traction in mobility demand.
PNG volumes rose 5.9% YoY to 2.62mmscmd. Domestic PNG volumes increased 13.5% YoY/10.9% QoQ to 0.86mmscmd.
Industrial and commercial PNG volumes grew 3.6% YoY to 1.26mmscmd. Ebitda came at Rs 420 crore agains brokerage estimate of Rs 350 crore, up 10.4% YoY, however declined 15.5% sequentially due to 3% rise in gas cost and elevated operating cost.
Adjusted Ebitda/scm stood at Rs 4.8/scm vs Rs 5.8/scm in Q3 FY26, up 4.5% YoY/down 16.1% QoQ.
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