IRM ENERGY LIMITED

Supplies natural gas to end users through a City Gas Distribution (CGD) network spanning CNG (compressed natural gas) for vehicles and PNG (piped natural gas) for households, commercial establishments and industrial customers. The CNG segment runs a network of 150 stations across its licensed geographical areas, sold to vehicle owners through refuelling outlets. The PNG business builds and operates last-mile pipeline infrastructure — 6,695 inch-km of network — delivering gas to domestic households (83,262 new connections added in FY26), commercial users (496 new) and industrial users (223 new). CNG accounts for 61% of operational revenue, while the Banaskantha geographical area alone contributes 49% of revenue and Namakkal & Trichy is flagged as the most aspirational new area with 49 stations already operational. Total gas volume sold in FY26 was 223.67 MMSCM, with gas sourcing largely domestic (75-80% for CNG) and pass-through pricing protecting margins in the 25-26% gross margin range. The cost base is dominated by other operating expenses (19.9% of revenue) and depreciation (3.8%), with capex running at 15.7% of revenue as the pipeline and station network is being built out.