NSE: IRMENERGY · BSE: 544004
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. 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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED | 59,039 | 93.4 | 12.14 | 49.5 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 44,400 | 10.6 | 1.99 | 6.9 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 20,063 | 9.6 | 1.06 | 6.4 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 19,635 | 14.4 | 1.70 | 8.8 | 13.4 | 13.8 | 26.8 | 7.8 |
| MAHANAGAR GAS LTD. | 10,402 | 14.5 | 1.61 | 6.6 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,298 | 14.8 | 1.49 | 7.3 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED ◆ | 998 | 13.7 | 1.00 | 7.3 | 5.3 | 7.1 | — | 18.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.7 | 14.4 | 4 of 9 | 63% |
| P/B | 1.0 | 1.6 | 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 | 998 | 20063 | 9 of 9 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · IRM Energy schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 26 Oct 2026 · IRM Energy board to approve Q2 and half-year results on October 30, 2026 | results | low | — | — |
| 15 Oct 2026 · Routine filing of dematerialisation certificate for Q2 FY26 | compliance | minimal | — | — |
| 7 Oct 2026 · India Ratings affirms IRM Energy bank loan rating at AA minus with Stable outlook | credit debt | medium | — | — |
| 6 Oct 2026 · NCLT hearing notice for Enertech amalgamation with IRM Energy | compliance | minimal | — | — |
| 1 Oct 2026 · IRM Energy appoints new statutory auditor after term end | management changes | medium | — | — |
| 1 Oct 2026 · AGM Voting Results: All 5 Resolutions Passed at IRM Energy 11th AGM | compliance | low | — | — |
| 29 Sept 2026 · IRM Energy holds 11th AGM; approves dividend and auditor appointment | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 16 Sept 2026 · IRM Energy to interact with investors at Bharat Connect Conference | board shareholder meetings | low | — | — |
How to read this document
| 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 | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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 |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.