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Indraprastha Gas Q2 FY27 results: net profit down 93.8% to ₹23.75 crore, revenue up 26.3%
Indraprastha Gas Limited reported consolidated Q2 FY27 revenue of ₹5,615 crore, up 26.3% from Q2 FY26, but profit for the period fell 93.8% to ₹23.75 crore. EBITDA was a loss of ₹31.69 crore, with a margin of -0.6%, while basic EPS was ₹0.16.
Key points
- Consolidated revenue was ₹5,615 crore in Q2 FY27, up ₹1,169 crore or 26.3% from Q2 FY26.
- EBITDA was a loss of ₹31.69 crore versus ₹441.11 crore in Q2 FY26, while EBITDA margin moved from 9.9% to -0.6%.
- Profit for the period was ₹23.75 crore, down ₹361.20 crore or 93.8% from Q2 FY26; basic EPS fell from ₹2.76 to ₹0.16.
- Total expenses rose 40.1% to ₹5,795 crore, including a ₹144.31 crore increase in other expenses, while there was no exceptional item.
- In H1 FY27, revenue rose 21.5% to ₹10,658.82 crore, but PAT fell 67.8% to ₹261.67 crore and EPS was ₹1.90.
How did Indraprastha Gas perform in Q2 FY27?
Indraprastha Gas reported consolidated revenue of ₹5,615 crore in Q2 FY27, up ₹1,169 crore or 26.3% from ₹4,446 crore in Q2 FY26. EBITDA was a loss of ₹31.69 crore, compared with ₹441.11 crore a year earlier, and the EBITDA margin fell from 9.9% to -0.6%. Profit before tax was a loss of ₹43.20 crore, while profit for the period was ₹23.75 crore, down 93.8% from ₹384.95 crore.
Against Q1 FY27, revenue rose ₹571.94 crore or 11.3% to ₹5,615 crore. EBITDA moved from ₹293.90 crore to a loss of ₹31.69 crore, profit before tax moved from ₹254.89 crore to a loss of ₹43.20 crore, and profit for the period fell 90.0% to ₹23.75 crore. Basic EPS was ₹0.16, compared with ₹1.72 in the previous quarter.
On the standalone basis, revenue was ₹5,613.62 crore and profit for the period was ₹24.38 crore in Q2 FY27. The consolidated figures used elsewhere in this article are separate from the standalone results presented in the filing.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 5,615 | 5,043 | 4,446 | +26.3% | +11.3% |
| Other income | 136.01 | 101.92 | 94.90 | +43.3% | +33.4% |
| Total expenses | 5,795 | 4,890 | 4,136 | +40.1% | +18.5% |
| EBITDA | −31.69 | 293.90 | 441.11 | turned to loss | turned to loss |
| EBITDA margin | -0.6% | 5.8% | 9.9% | −10.5 pp | −6.4 pp |
| Profit before tax | −43.20 | 254.89 | 404.98 | turned to loss | turned to loss |
| Tax | −14.72 | 73.80 | 102.68 | ||
| Net profit | 23.75 | 237.92 | 384.95 | −93.8% | −90.0% |
| EPS (₹) | 0.16 | 1.72 | 2.76 | −94.2% | −90.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Indraprastha Gas' costs and profit?
Total expenses rose to ₹5,795 crore in Q2 FY27, up ₹1,659 crore or 40.1% from ₹4,136 crore in Q2 FY26. Other expenses increased ₹144.31 crore or 17.8% to ₹954.01 crore, depreciation rose ₹15.47 crore or 12.0% to ₹143.95 crore, and finance costs increased ₹1.02 crore or 40.0% to ₹3.57 crore. Employee cost fell ₹6.85 crore or 12.7% to ₹47.25 crore, and there was no exceptional item.
Other income increased ₹41.11 crore or 43.3% to ₹136.01 crore from ₹94.90 crore in Q2 FY26. Tax moved from an expense of ₹102.68 crore to a credit of ₹14.72 crore, a difference of ₹117.40 crore. Despite the higher other income and tax credit, the expense increase resulted in EBITDA turning to a loss and profit before tax turning to a loss.
Sequentially, other income rose ₹34.09 crore or 33.4% from ₹101.92 crore in Q1 FY27. Other expenses increased ₹74.13 crore or 8.4%, depreciation increased ₹6.51 crore or 4.7%, and finance costs increased ₹0.08 crore or 2.3%, while employee cost fell ₹11.75 crore or 19.9%. The filing does not state a reason for these movements.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 47.25 | 54.10 | −6.85 | −12.7% |
| Finance costs | 3.57 | 2.55 | +1.02 | +40.0% |
| Depreciation | 143.95 | 128.48 | +15.47 | +12.0% |
| Other expenses | 954.01 | 809.70 | +144.31 | +17.8% |
| Total expenses | 5,795 | 4,136 | +1,659 | +40.1% |
| Other income | 136.01 | 94.90 | +41.11 | +43.3% |
| Tax | −14.72 | 102.68 | −117.40 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹10,658.82 crore, up ₹1,886.11 crore or 21.5% from ₹8,772.71 crore in H1 FY26. Total income rose 21.7% to ₹10,896.75 crore, but profit before tax fell 75.9% to ₹211.69 crore from ₹877.96 crore. Profit for the period fell 67.8% to ₹261.67 crore, while EPS declined from ₹5.82 to ₹1.90.
The first-half figures were also reported on a standalone basis in the filing. The consolidated H1 FY27 results therefore cover both the quarter and six-month periods, while the standalone statement presents revenue from operations of ₹10,653.77 crore and profit for the period of ₹210.56 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 10,659 | 8,773 | +21.5% |
| Profit before tax | 211.69 | 877.96 | −75.9% |
| Net profit | 261.67 | 812.75 | −67.8% |
| EPS (₹) | 1.90 | 5.82 | −67.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As at 30 September 2026, consolidated total assets were ₹18,152.88 crore, compared with ₹17,028.36 crore at 31 March 2026. Total equity was ₹11,576.16 crore versus ₹11,525.02 crore, borrowings were ₹32.58 crore versus ₹26.59 crore, and cash was ₹171.72 crore versus ₹169.45 crore. Inventories were ₹63.52 crore, trade receivables ₹1,224.96 crore, and trade payables ₹1,638.43 crore.
For H1 FY27, consolidated net cash flow from operating activities was ₹799.47 crore, compared with ₹1,104.32 crore in H1 FY26. Investing cash flow was negative ₹742.22 crore versus negative ₹638.11 crore, financing cash flow was negative ₹54.98 crore versus negative ₹13.41 crore, and capital expenditure was ₹670.61 crore versus ₹736.57 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 18,153 | 17,028 |
| Total equity | 11,576 | 11,525 |
| Borrowings | 32.58 | 26.59 |
| Cash and equivalents | 171.72 | 169.45 |
| Inventories | 63.52 | 60.72 |
| Trade receivables | 1,225 | 920.12 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 799.47 | 1,104 |
| Cash from investing | −742.22 | −638.11 |
| Cash from financing | −54.98 | −13.41 |
| Capital expenditure | 670.61 | 736.57 |
Source: Company's results filing (XBRL).
How has Indraprastha Gas done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters. Across the reported period, revenue increased from ₹4,146.09 crore in Q3 FY25 to ₹5,615.38 crore in Q2 FY27, while profit moved from ₹325.42 crore to ₹23.75 crore. The latest quarter recorded the period’s highest revenue and lowest profit and EBITDA margin.
The EBITDA margin peaked at 11.8% in Q1 FY26 and reached -0.6% in Q2 FY27. Profit peaked at ₹453.21 crore in Q4 FY25 and fell to ₹23.75 crore in Q2 FY27. Revenue rose in the latest quarter from ₹5,043.44 crore in Q1 FY27 to ₹5,615.38 crore in Q2 FY27, while profit declined from ₹237.92 crore to ₹23.75 crore.
What did the auditors point out?
The auditors included an Emphasis of Matter regarding the increase in licence fees demanded by DDA for the period up to March 2016, amounting to Rs. 330.73 crores excluding interest. The filing states that the Hon’ble High Court of Delhi disposed of the case on 11.03.2026 and relegated the parties to the AMRCD Mechanism, and that a representation was being finalised for filing before AMRCD seeking parity with oil marketing companies.
The auditors stated that the company considered the demand not tenable and reported it as a contingent liability. They said their conclusion on the Statement was not modified in respect of the matter. The excerpt also states that nothing had come to their attention indicating that the accompanying Statement had failed to disclose required information or contained any material misstatement.
How did Indraprastha Gas shares react?
After the filing, IGL was down 1.5% five minutes after the price when the filing appeared, up 0.4% after 15 minutes and up 0.6% after 30 minutes. On the reaction day, the stock closed down 4.3% from its pre-results close of ₹139.23; by the next day's close, it was down 4.2% from that same close. The five-session move was not available.
| After the filing | Stock | LPG/CNG/PNG/LNG Supplier median |
|---|---|---|
| 5 minutes | −1.5% | |
| 15 minutes | +0.4% | |
| 30 minutes | +0.6% | |
| Reaction day | −4.3% | +1.7% |
| Next day | −4.2% | +1.8% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 13 August 2026 | −2.0% |
| 18 May 2026 | +3.6% |
| 12 February 2026 | −1.4% |
| 12 November 2025 | +2.3% |
| 30 July 2025 | +1.0% |
| 27 April 2025 | +3.7% |
| 27 January 2025 | +0.4% |
| 28 October 2024 | +3.2% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Indraprastha Gas' revenue in Q2 FY27?
Revenue from operations was ₹5,615 crore, up 26.3% from ₹4,446 crore in Q2 FY26 (consolidated).
Did Indraprastha Gas make a profit in Q2 FY27?
Yes. Net profit was ₹23.75 crore, against a net profit of ₹384.95 crore in Q2 FY26.
What was Indraprastha Gas' EPS in Q2 FY27?
Basic earnings per share were ₹0.16, against ₹2.76 in Q2 FY26.
How did Indraprastha Gas shares react to the Q2 FY27 results?
On the reaction day the stock moved −4.3% from the previous close; the median LPG/CNG/PNG/LNG Supplier stock moved +1.7%.
When did Indraprastha Gas announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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