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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CNG (Compressed Natural Gas) (61%), PNG Domestic, PNG Commercial, PNG Industrial. Asset-heavy City Gas Distribution utility with regulated pipeline and station infrastructure
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 957 | 1,056 | 1,160 |
| EBITDA (ex other income) | 149 | 96 | 112 |
| margin % | 15.6 | 9.1 | 9.7 |
| Owners' profit | 86 | 45 | 53 |
| EPS, as reported (₹) | 24.47 | 11.01 | 12.96 |
| ROE % · ROCE % | 9.2 · 13.0 | 4.8 · 9.0 | 5.3 · 8.4 |
| Debt / equity (x) | 0.23 | 0.13 | 0.05 |
| Cash from operations | 120 | 94 | 143 |
| Capex | (178) | (130) | (182) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 250 | 273 | 289 | 285 | 282 | 289 | 304 | 355 |
| Profit before tax | 21 | 16 | 11 | 20 | 19 | 22 | 18 | 47 |
| Net profit | 12 | 10 | 4 | 14 | 13 | 14 | 13 | 34 |
| EPS (₹) | 2.92 | 2.46 | 1.07 | 3.39 | 3.06 | 3.40 | 3.11 | 8.23 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED | 65,602 | 103.8 | 13.49 | 54.8 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 43,080 | 10.2 | 1.93 | 6.7 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 22,629 | 10.8 | 1.20 | 7.2 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 21,245 | 15.6 | 1.84 | 9.5 | 13.4 | 13.8 | 26.8 | 7.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · IRM Energy 11th AGM notice published; dividend Rs 1 per share proposed | compliance | minimal | — | — |
| 4 Sept 2026 · IRM Energy files BRSR for FY 2025-26 with exchanges | compliance | low | — | — |
| 4 Sept 2026 · IRM Energy 11th AGM Notice - Meeting on September 29, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · CRISIL reaffirms IRM Energy credit rating at AA- stable on Rs 900 crore facilities | credit debt | medium | — | — |
| 24 Aug 2026 · IRM Energy 11th AGM scheduled for September 29 via video conferencing | compliance | minimal | — | — |
| 18 Aug 2026 · CRISIL revises IRM Energy outlook to Stable, reaffirms AA- rating | credit debt | medium | — | — |
| 13 Aug 2026 · Quarterly IPO proceeds monitoring report for Q1 FY27 by Crisil | compliance | minimal | — | — |
| 13 Aug 2026 · IRM Energy announces CFO change, Ashish Maheshwari takes over from August 14 | management changes | high | — | — |
| 13 Aug 2026 · IRM Energy CFO change: Ashish Maheshwari takes over from Arunkumar Saluru | management changes | high | — | — |
| 12 Aug 2026 · IRM Energy Q1 FY27: record revenue, EBITDA, PAT with FY27 guidance | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| MAHANAGAR GAS LTD. | 10,724 | 15.0 | 1.66 | 6.8 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,964 | 19.1 | 1.92 | 9.0 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED ◆ | 1,170 | 16.0 | 1.17 | 8.6 | 5.3 | 7.1 | — | 18.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.0 | 15.6 | 6 of 9 | 38% |
| P/B | 1.2 | 1.8 | 1 of 9 | 100% |
| ROCE | 7.1 | 11.8 | 7 of 9 | 25% |
| ROE | 5.3 | 12.6 | 9 of 9 | 0% |
| Debt / Equity | 0.1 | 0.2 | 4 of 9 | 63% |
| EBITDA margin | 18.9 | 16.1 | 3 of 9 | 75% |
| Revenue growth | 24.3 | 24.3 | 5 of 9 | 50% |
| Profit growth | 142.9 | 96.1 | 4 of 9 | 63% |
| Market cap | 1170 | 22629 | 9 of 9 | 0% |
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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