IGL Q4FY25 Results: Profit +22%, Margin 12.6%

Key takeaway for investors

Indraprastha Gas Ltd. (IGL) reported a stronger March-quarter performance on a sequential basis, even as the company and the wider city gas distribution (CGD) sector face pressure from changes in domestic gas allocations. For the quarter ended March 31, 2025 (Q4FY25), IGL posted higher revenue, EBITDA and net profit compared with the December quarter, alongside a visible improvement in margins. At the same time, multiple notes in the provided material highlight that profitability remains sensitive to gas sourcing costs and the mix between lower-cost administered price mechanism (APM) gas and higher-cost alternatives such as RLNG.

Q4FY25 headline numbers: revenue, EBITDA, profit

In its standalone results for Q4FY25, IGL reported revenue of ₹3,950 crore, up 5.1% sequentially from ₹3,759 crore in Q3FY25. EBITDA rose to ₹497.2 crore from ₹363.6 crore, a 36.7% sequential increase. Net profit came in at ₹349.2 crore versus ₹285.8 crore in the previous quarter, translating to a 22.2% quarter-on-quarter rise.

Bloomberg-tracked consensus estimates cited in the material were ₹3,863 crore for revenue and ₹330 crore for net profit, both of which were exceeded by the reported figures. EBITDA was also higher than an estimate of ₹427 crore in the same highlight set.

Margin improvement: from 9.7% to 12.6%

A key feature of the quarter was margin recovery. EBITDA margin improved to 12.6% in Q4FY25 from 9.7% in Q3FY25, according to the numbers shared. The adjusted EBITDA margin was also presented on a per-unit basis: ₹4.64 per standard cubic metre (scm) in Q4FY25 versus ₹4.3 per scm in the December 2024 quarter.

However, another result commentary in the text points out that an adjusted EBITDA margin of about ₹4.6/scm was below an estimate of ₹5/scm in that context. This highlights how closely the market is tracking per-scm profitability as a cleaner indicator than headline margins when gas costs fluctuate.

Provision reversal and “adjusted” numbers

The material also includes a second presentation of quarterly performance that separates reported figures from “adjusted” results, reflecting a provision reversal linked to trade margin agreements with oil marketing companies (OMCs). In that description, IGL reported revenue of ₹3,950 crore but included a provision reversal of ₹114 crore (₹1.14 billion). Accordingly, adjusted revenue was stated at ₹3,840 crore, up 2.1% QoQ.

In the same set, reported EBITDA was cited at ₹500 crore (₹5 billion), while adjusted EBITDA was ₹380 crore (₹3.8 billion), up 5.4% QoQ. Reported PAT was ₹350 crore (₹3.5 billion), while adjusted PAT was ₹240 crore (₹2.4 billion), down 17.7% QoQ in that presentation.

Volumes and operating trend

Volumes in Q4FY25 were reported at 9.18 mmscmd in one of the summaries, slightly lower than an estimate of 9.29 mmscmd cited alongside it. Another section described Q4 sales volume as 9.18 MMSCMD and called it the company’s highest, while also noting 9.11 MMSCMD in Q4FY24.

The same narrative highlighted year-on-year volume growth drivers across segments: overall volume growth of 6% YoY, CNG growth of 6% (and almost 8% excluding DTC sales), and PNG sales growth of 11%. It also stated domestic sales increased by 12%, with industrial up 10% and commercial up 8% YoY.

FY25 snapshot: turnover, EBITDA and PAT (management commentary)

The management commentary in the text states gross turnover increased by 6% to ₹16,400 crore for FY2024-25, while gas cost increased by 13% compared to the prior year, pressuring margins. Despite that, the company reported EBITDA of ₹1,978 crore and PAT of ₹1,468 crore for the year in that commentary.

Separately, another table in the material showed FY25 sales at ₹14,928 crore, EBITDA at ₹1,979 crore, and an EBITDA margin of 13.3%, along with FY24 sales of ₹14,000 crore and FY24 EBITDA of ₹2,367 crore. Investors should note that multiple sources and formats are present in the supplied text, and the figures should be read in the context in which they were presented.

Domestic gas allocation changes and sector pressure

A separate development referenced in the material was a market sell-off after changes in domestic gas allocations, with IGL and MGL shares tumbling up to 7%. The stated reason was reduced domestic gas availability and shifting supply dynamics, which could push CGD companies to rely more on higher-cost gas for PNG (domestic) and CNG (transport) segments. Each firm filed separate disclosures outlining the extent of the impact.

In the operational mix discussion included in the text, an allocation was described as 3.51 (APM) and 1.38 (new well gas), with a statement that about 58% of CNG/transport and domestic segment supply comes through this mix, while 42% is through RLNG.

Guidance: ₹6-7/scm near term, ₹7-8/scm longer term

The provided material cited margin guidance of ₹6-7/scm for Q1FY26 and ₹7-8/scm for the long term. It also included the view that a blended price increase of ₹2-3/scm can restore margins, as per management’s stated position in one of the result notes.

Stock moves and upcoming earnings call

On the market side, the text notes IGL shares closed 3.91% lower at ₹178.2 on the BSE on a Friday, versus a 0.74% decline in the Sensex. It also states that IGL will host an earnings call on April 28 at 4 p.m. to discuss Q4 and FY25 results with analysts and investors.

A separate price snapshot in the material says that as of March 17, 2026 (09:47 AM IST), IGL was at ₹156.84, up 0.87% from the previous close of ₹156.51, and down 0.52% over one week.

Quick data table

Total income trend (as provided)

The quarterly “Total Income” series shared in the input shows: Dec 2025 at ₹4,156.67 crore, Sep 2025 at ₹4,118.29 crore, Jun 2025 at ₹4,003.40 crore, Mar 2025 at ₹4,041.18 crore, and Dec 2024 at ₹3,847.16 crore, with growth rates listed alongside for each quarter.

What to watch next

IGL’s Q4FY25 sequential improvement was supported by better reported profitability metrics, while the broader context remains defined by gas sourcing costs, the domestic gas allocation environment, and the company’s ability to manage margins per scm. The April 28 earnings call is the next scheduled event referenced in the material, and it is expected to focus on Q4 and FY25 performance and the margin guidance already indicated for Q1FY26 and beyond.