Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Indraprastha Gas Limited (NSE: IGL) Q4 2026 Earnings Call dated May. 19, 2026
Corporate Participants:
Kamal Kishore Chatiwal — Managing Director
Analysts:
Probal Sen — Analyst
Sabri Hazarika — Analyst
Unidentified Participant
Maulik Patel — Analyst
Yogesh Patil — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Indraprastha Gas Limited Q4FY26 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.
Prabhal Sen from ICICI Securities. Thank you. And over to you, sir.
Probal Sen — Analyst
Thank you, Neera. Good afternoon everyone. I would like to welcome everyone for making the time to attend this call and would like to welcome the senior management who has made the time to do this post. Result call
Kamal Kishore Chatiwal — Managing Director
Format
Probal Sen — Analyst
Will be similar to what is normally done. We would invite the management for their opening remarks and then we would have an interactive Q and A session we have with the senior members of the management of IGL including Mr. Kamal Kishore Chatiwal, the Hindi, Mr. Mohit Bhatia, the Director Commercial, Mr. Sanjay Kumar, the CFO and Mr. Manjit Singh, the VP Finance. Without further ado, I would like to hand over to the management for the opening remarks. Sir, over to you.
Kamal Kishore Chatiwal — Managing Director
Very good afternoon to all of you. I’m Kamal Kishore Jitiwal, Managing Director in the Fiscal Gas Limited and on behalf of the management I take pleasure to welcome you all for our earnings call on the financial results of FY25 26. We appreciate your continued trust and supportive partnership of our company. We thank you for taking the time to join us today with the geopolitical volatility in West Asia. CGD industry has faced challenges in gas sourcing due to volatility in the gas supply and pricing.
Yet the company has demonstrated resilience through disciplined execution and clear focus on our long term strategic priorities and strengthen of our operating model. Before heading to the Q and A rounds, I wish to highlight the key performance results for FY2526. Based on the results declared yesterday evening, we have achieved the average sales volume during the current year at 9.39 mms CMD as against 8.99 mms CMD in previous financial year and a substantial increase of 10% in CNG sales volume in KG terms.
With the declining sales from DTC and DIMSAR excluded, DTC sales volume have reached to 3,000 kg per day in the last quarter and is expected to be nil in coming quarter. We have achieved sales volume increase of 17% in our new gas, there is an 8% increase in gross turnover since the previous year at Rupees 17,785 crores as against 16,340 crores in the previous year. We have earned healthy EBITDA of 1850 crores during current year though a decline of 6% over previous year and a path of rupees 1364 crores down by rupees 103 crores as compared to the last year due to 110.
Impact of reversal of OMC margin of rupees 114 crores in the previous year. Despite the increasing gas price amid international crisis, the activation of force measure clause by our suppliers, we are able to maintain EBITDA in the current year with the national PNG Drive 2.0 to accelerate clean energy transition and natural gas adoption requiring surrender of LPG connections wherein PNG pipeline connectivity is available, we are expecting substantial increase of 3 to 4 lakh build customer per year as against the usual 2.2.5 lakh that we are doing and a growth of 20% in domestic sales volume in upcoming years.
We are quite hopeful that with the gas sourcing arrangement in place, increasing pipeline infrastructure with planned capex of rupees 1400-1500 crores in the coming year volume growth seen in the new GS, we can plan to achieve sales volume of 10.6 and on SCMD at exit of FY 2627. We remain committed to driving sustainable growth, improving operational efficiency and creating long term value for all stakeholders. Now I would like to invite our Director Commercial for his opening remarks. Thank you.
Good afternoon everyone. I am Mohit Bhatia, Director Commercial of IGL and I am pleased to welcome all our investors, analysts, stakeholders and the members of the Financial committee joining us today. Thank you for joining us for our company’s earnings conference call on the financial results declared yesterday for the year ended 31st March 26th as Managing Director has highlighted some of the points relating to the annual performance of the company from the results of the financial year 202526.
Let me add some of the perspective from my side. We have witnessed a 5% increase in CNG volumes during the current year, 9% annual increase in domestic PNG volumes with 13% increase in particularly Q4 of this year as compared to Q4 of the previous year with ongoing PNG drive 2.0. There is a 4% increase in industrial sales and 9% increase in commercial sales in the current year over the previous year. It is also pleased to mention that we have clocked 10.2 mmsgmb of the sales during the month of February 26 itself.
We have also crossed a mark of 1000 CNG stations during the current year with the total Number clogging to 1024 assuring greater penetration and ease in availability of cleaner fuel Mobility solutions increased steel pipeline network by 250km and MDP pipeline by 2470 kilometers. Our domestic connections have increased by 3.7 lakhs during the current year and we have witnessed an increase of almost 2 lakh plus customers in our build domestic customer base. As far as Q4 is concerned, we have achieved 6% increase in gross turnover, EBITDA of 423 crores that is 4.85 per SEM and PBT of 385 crores in SCM terms rupees SCM terms 4.41 per SCM in the current quarter with the annual surge in the average new CNG vehicle additions post GST 2.0 and convergence are clogging at around 23,040 with an average increase and in the later half of the month it was almost touching 26,760 vehicles per month.
We are expecting substantial increase of 10 to 13% in CNG sales volume growth in the upcoming year. We are also pleased to inform that we have commissioned our second LNG station that is at Concord ADRI step towards long haul trucking mechanism with the introduction of two zone traffic regime in the later end of the current year in place of three zone structure to determine pipeline transmission cost for CNG and domestic customers under Zone 1. Regardless of the geographical area, we are expecting lowering of gas cost in the coming year for CNG and domestic consumers and recovery of our declining profits and reduced costs.
On behalf of the management, I assure you sustainable revenue growth, market expansion and enhanced value delivery to customers despite dynamic business environment through geopolitical turbulence through a growth driven disciplined execution of strategies and customer centric. With this I welcome you all once again and open the session for Q and A. Thank you.
Operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles participants. You may press Start and one to ask the question. The first question is from the land of Sabri Hazarika from MK Global.
Please go ahead.
Questions and Answers:
Sabri Hazarika
Yeah, Good afternoon Sir. I’ve got three questions. Firstly, this volume guidance that you have given so 10.6. So is it average volumes or exit volume for FY27?
Kamal Kishore Chatiwal
So this is the last quarter exit guidance,
Sabri Hazarika
Exit volumes. And this 10 to 13% growth in CND also. I mean that is also incorporated in this 10.6 exit volumes. Is that right?
Kamal Kishore Chatiwal
Yes. Yes.
Sabri Hazarika
Okay, second question is on your EBITDA per SCM guidance for FY27 as well as long term
Kamal Kishore Chatiwal
That will be 7 to 8 rupees per SCM. Maybe the first quarter would be challenging but we are making efforts to bring it back to 7 to 8.
Sabri Hazarika
Okay. And also what was the CapEx for FY 2026?
Kamal Kishore Chatiwal
1172 crores.
Sabri Hazarika
And just one last question. Your domestic PNG currently what is the base and out of which how much is burning customers? I mean connected as well as burning versus connected and non burning.
Kamal Kishore Chatiwal
Actually our total connected customers are close to 34.4 lakhs. And out of that you can say the build ones is 24.5. So balance now with this PNG drive push and plus the control orders from the government, we are expecting that. And also seeing also that there is a lot of demand from customers to switch to png. And every day as you are aware the national PNG drive is going on there. You know all the companies have. So IGL is the best performing among all the companies. And till now for PNG drive we have done, I would say 1.6 lakh connections have been done.
And our target is 3.5 lakh connections. That is the build connection, not the infrastructure but the build ones. And earlier we used to do around 2.25 kind of numbers. 2.25, 2.5. So that will increase to 3.5,
Sabri Hazarika
3.5 bill customers which you are talking about, right?
Kamal Kishore Chatiwal
Yes, yes, yes.
Sabri Hazarika
At the end
Kamal Kishore Chatiwal
Increase from say 24.5. That, that will be the increase
Sabri Hazarika
And. And just a small follow up. So. So how fast do you think it is achievable? Is there any project related issues or it is just the customer mindset which can immediately lead to this conversion. Because I think the connectivity is already done.
Kamal Kishore Chatiwal
I will tell you that actually we are in an advantageous position in the sense that there are 5 lakh connections where you know very little is to be done. And just to give an example, we have close to 14,15,000 connections in defense establishment where you know the connection is provided even to the servant quarters. It is only that earlier they were getting some quota for lpg so they were a little reluctant. Now the MOD Ministry of Defense has issued some guidelines and there is a huge conversion there.
So there we need not do anything. Only the customer if he comes in and there are some issues with respect to NOC and other things that we are sorting it out. So other than that infrastructure wise there is no such major issue. Only the customer has to give his consent and we will start the gas. So those are the numbers that 5 lakh connections at such connections where very little is to be done and we can immediately start. Only the request has to come from customers.
Sabri Hazarika
Got it. Thank you so much and all the best.
Operator
Thank you. Participants, you may press star N1 to ask a question. Next question is from line of EA Sundaram from Bugle Rock. Please go ahead.
Unidentified Participant
Yeah, good afternoon sir and thank you for the opportunity to participate. I don’t have any questions about the quarterly performance or about the recent margins, but I do have some observations to share and these are really a reiteration of what I had suggested earlier to igl. So please permit me a few minutes to present these observations. I think sir, that IGL needs to do more and be a little more proactive in terms of communication. While it is true that periodically any company’s performance will face ups and downs, it is important that the company presents to the investment community the correct picture about its own comparative position.
And why, in your opinion, there’s really nothing wrong with the company’s ability to compete in the marketplace. In the past several months there have been negative perceptions around IGL that are floating around in the investment community and I wish to share a couple of them with you. For example, there’s a fear that the electric vehicles will swamp out the CNG vehicle industry. And number two, the fresh registrations for autorickshaw or two wheelers will not be given in Delhi if the vehicle is not an electric vehicle.
So these have actually created negative perceptions around igl. Now I really think, sir, it is part of the duty of IGL to put out facts in the public domain to dispel fears of this kind. Point number one, why should there be licenses for CGD businesses given to 300 cities if gas is meant to be discouraged? Number two, how can India meet its commitments to Paris Climate Accord if gas is not used extensively? Three, what is the present level of new vehicle registrations in Delhi and NCR for CNG vehicles?
Four, why will gas continue to be a transition fuel for at least 15 years more if not longer. And number five, what is the company doing to diversify its geographic presence? Now IGL’s ability to compete in the marketplace is beyond doubt. But being reticent about your own strengths is not what is required now. That is my observation, sir. Thank you for the opportunity.
Kamal Kishore Chatiwal
Yes, thank you for valuable advice. I would say first suggestion is very well taken. And in that line, in fact we have created one advocacy group because we need to reach out to many, many people, including the investing community. So that part we are doing. As far as electric is concerned, there have been some positive developments because recently Haryana has notified a EV policy in which the CNG for aggregator now aggregator only CNG and EV have been allowed. It’s similar to what the Delhi policy was earlier.
So that is a very, very positive development. Second, is that now the aggregator part in the Delhi EV policy? The debate is clear that CNG would be allowed in that aggregator part, the four wheeler part only the challenge would be three wheeler. That also we are submitting our we have done a study, we are commissioned a study. The report is yet to come with Terry and now we are also doing some tests with ICAT and irai. So those if they are shared with the decision makers, I think that will give a confidence to them also that CNG is a cleaner fuel as compared to the perception right now they have or some of the lab readings that they have got.
We don’t know the source of those readings, but those are the things that we are working on. And we don’t see gas as a transition fuel. We believe it is a destination fuel simply because now all the future or renewable fuels like evg, hydrogen, the future fuel, so they can be blended in the existing infrastructure that can be used to blend those. Now similar to the Ethlon story, if CBG say Mandate is today 5%, IGL has taken 10% going forward that can also be increased to 20, 25% and add to that if you blend hydrogen into that network so it becomes a future ready network.
So that in that sense our network is very resilient. And if you can blend some of these future fuels or the renewable fuels into natural gas, so that should support us. And your other questions are related to new gas. So we have given acceptance for Haryana and Gurgaon and Faridabad. So those are the two new geographical areas that we’ll be working on. In addition to that, now that the push of PNG is more and some of the players, the weaker players may opt to go out and then those opportunities would be available to us so we are open to those.
And yeah, so the third one which you said on the registration of the CNG vehicle. So some data, some statistics I would like to share with you. Like I mentioned in my opening remarks, also around 23,000 on an average monthly basis the new addition of CNG vehicle is happening across igl, Delhi and entire other GS out of which your daily contribution is coming roughly around 40% and 60%. Noida, Gaziabad and other GS it is happening and if we see, if we see in the later half of the year it touched to almost 26,000 also after the GST 2.0 came and it got reduced from 28% to 18%.
Secondly if we see the segment wise the data so CNG last year contributed to almost 34% and petrol vehicles contributed to around addition was 35%, diesel was 20%. Yes, EV is picking up as NB also said it was around 8 to 10%. But I think CNG it’s going on very, very healthy numbers.
Unidentified Participant
Thank you for the feedback. My only request is that let’s make it a regular exercise that you put out these numbers and these details in the public domain through either a presentation on your own website, etc. So that we need not have to wait for an analyst meet or something like that to ask these questions. That’s the only request I have.
Kamal Kishore Chatiwal
Yeah, yeah. I think your point is well taken and will come out with certain mechanisms so that timely, more effective communication and something on the website will be also, also published.
Unidentified Participant
Okay, thank you sir, thank you for your time. Thank you. Thank
Operator
You. Next question is from the line of Akash Mehta from Can Righteous BC Life. Please go ahead.
Unidentified Participant
Hi sir, thank you for taking my question. So my first question is on the Haryana policy. But I mean, I mean that was there in the news. So I mean in terms of the implementation and just going through what would be the next steps that you, I mean will kind of happen in terms of adopting cleaner fuels in Haryana. So that’s our first question.
Kamal Kishore Chatiwal
Okay, so as I think MD also just shared that I think yesterday only some EV policy and CNG policy of Haryana it has come where in the aggregators case they have, they have preferred to go for CNG and EV on a tandem basis and further curtailment of petrol vehicles and all sorts of. So since we have also gone ahead with the acceptance of the GA Haryana in particularly Faridabad and Gurwa, I think it will be a beneficial listing for igs.
Unidentified Participant
So in terms of volumes and any number that you can Kind of share that could kind of, I mean increment terms of incremental volume. Any assessment that you have done? I think what?
Kamal Kishore Chatiwal
Yeah, so whatever area we have presently of Gurgaon, it’s. We have a very limited area, one third of the area. But going forward I think another 1/3 we’ll be getting. And the Gurgaon I think a lot of potential is there in terms of vehicular addition. And going forward it is almost. We are selling around 2, 2 and a half lakh of CNG per day. Whereas our competitors with the other CDD entities, they are almost touching around 8 lakhs to 1 million. So with this. Because in CNG what happens is if you have a CNG station at the bordering areas and with a price competition and other services, I think you can attract a lot of volume from the competitors also.
Well, if I may supplement that. When we were looking at the vehicle conversion GA wise we find that Gurgaon is one of the promising one where you know, after Delhi the number of conversion there are on the higher side like 6,000 as against 10,000 in Delhi. So the conversion rate in Gurgaon is also very high. And that we feel would benefit us.
Maulik Patel
If we talk about the penetration. Gurgaon has one of the highest penetration in amongst our GA, it is around 47%. So all the new vehicles which are sold in Gurgaon 47% is on CNG. So we already see high penetration there. And given the continuance of the CNG in the new policy as an aggregator fuel, I think it supports our current position and probably it will help us in higher growth in.
Unidentified Participant
Sure. So that’s quite helpful just on the margin bit. If you can just help us with the incremental gas price hike that would be needed on basis of the current gas cost for us to kind of maintain the EBITDA per SEM. If you could just give us some indicative number. And your gas cost split as of now in terms of sourcing?
Kamal Kishore Chatiwal
Yeah, in terms of sourcing you can say it’s a 50, 50 mix, that 50% is RL engine, 50% is domestic and out of that 6 to 7% would be PHT gas and 43 to 44% is APM and new. Well, and that keeps on changing the mix. But you can say 60% is APM, 40% is new. Well and based on that the situation is very, very dynamic. So what we feel is that we have taken a price hike of three rupees that should help the EBITDA margin and going Forward we are watching the situation and based on our assessment we will take a call on any price increase if required.
Unidentified Participant
Sure sir, but I think another four to five rupees would be needed. I mean this is how things are going.
Kamal Kishore Chatiwal
I can only share that the input cost has increased by around 25% as of now. But tomorrow if the situation improves, the crude comes down to say 70, 80 levels then I think this will get improved. The input cost will get improved in that sense. So as of now we can’t tell you how much is needed to. For us to maintain 7 to 8 for the entire year. The year has just started and because our strategy has always been to have a balance between growth and EBITDA margin. But margin guidance, 728 is a very reasonable expectation that we feel.
And growth, you know the conversion numbers are very, very robust that in the last quarter that was around 27,000, year average was around 23,000. So if we have to maintain that momentum. So I think that would be one factor which will weigh on our minds.
Maulik Patel
Not take the EBITDA number at a particular point of time. Rather let us see as an average, quarterly average or annual average. And in that sense, whatever Mishar has said that 7 to 8 is something which we are looking at and over a period of one year we’ll be able to achieve that.
Unidentified Participant
Sure. So thanks a lot. Yeah, that’s it for myself.
Operator
Thank you. A request to all the participants. Can you limit yourself to two questions per participant? Next question is from line of Yogesh Patel from Dollar Capital. Please go ahead.
Yogesh Patil
Thanks for an opportunity. Sir, you just mentioned that input gap cost on overall level has gone up by 50% or 15%? 20, 25. Okay, so is it a. Is it right to assume gas cost per unit in a Q4 was approximately 36.8 per SCM that has gone up by 25%. Is that right? Understand?
Kamal Kishore Chatiwal
No, no it is not in the last quarter but I was talking from the pre war levels. So 42 kind of number.
Yogesh Patil
Okay, okay, fair enough. Second question. Sir, considering three rupees per kilogram CNG price hike, exchange rate remains the same at the current level. Then can we expect EBITDA in the range of 6 rupees plus in a Q2?
Kamal Kishore Chatiwal
Actually we are watching the situation especially with respect to alternate fuels, competing fuels also and you know that has been our endeavor that whatever we were at 5.4 in the first, we finished at 5.4. So whatever is needed to reach 7, we will take those measures.
Yogesh Patil
Okay. Sir, few data keeping Questions. How many DTC buses phase out during the Q4? And what was the CNG consumption of DIM buses during the Q4?
Kamal Kishore Chatiwal
Now DTC is only 25 buses are remaining with us and DIMS around 1790. 1790 buses. Are there
Yogesh Patil
Any. Any consumption number of DIMS buses? CNG consumption number during the Q4?
Kamal Kishore Chatiwal
Yes, just a second. I think DIMS number will be
Maulik Patel
Around 1.5. We are selling now around 1.9. 1.19. 19
Kamal Kishore Chatiwal
Is 1.9. 1.3. Yeah, 1.3 exactly 1.3. And DTC is now almost now left hardly thousand kgs per day. So DTC is all gone dim still it is there. It is reducing but almost 1.3 lakhs per day it is there.
Yogesh Patil
Oh and the last one? Yes sir. Yes sir. And the last one? Sir, we have seen a sharp jump in operating expenses sequentially. Was it include any one off expense
Kamal Kishore Chatiwal
Operational expenses per scm. If you calculate that would be. I think a better metric
Maulik Patel
Is generally last quarter. So that is the reason it has gone.
Kamal Kishore Chatiwal
But if you see as compared to previous year like when we also said rupees per ACM will be the correct measure to understand. So we have reduced by around 8 to 10 paisa in our OPEX expenses for SCM this year.
Yogesh Patil
Okay sir, one fundamental question.
Operator
Can I request you to come back please?
Yogesh Patil
Sure.
Operator
Thank you. I request all the participants please limit yourself to two questions per participant. Next question is from the line of Malik Patel from equivalence. Please go ahead.
Maulik Patel
Hi. Thanks for the opportunity. Two questions. One is that what is the growth you have achieved in this three different. One is in an Adili. Second is in the NCR region. Third is in a new GA for the CNG segment. If you can give the specific number.
Kamal Kishore Chatiwal
So like we mentioned in the opening also Delhi is flat in CNG. It’s almost 1% only. And we have to take care of the DTC volumes lost also. And Noida Ghazia baas is around 6 to 8% and other gas have grown by 16 to 17%. And if we knock off the historical volumes of the DTC then the entire IGL at IGL level it is around 9.8 to 10% growth.
Maulik Patel
Got it. Got it. The second question in terms of financial supply mix, did you have got any of this force measure during the quarter because of the whatever had happened with related to the RAS life and volume. Do we had any force measure? And if it’s there, how we have replaced that?
Kamal Kishore Chatiwal
Okay. So as you are aware that after the Middle east issues in in February end. So there was a force measure imposed by Qatar Energy at Qatar after the Ras Lakhan attacks and all. And then immediately first government has come up with a reform. They have come up with the Gazette post notification for prioritizing domestic PNG and CNG as priority number one and subsequently to fertilizer. So first thing they have given on the basis of the last six months average sales we have been getting almost 100% allocation in terms of consumption.
That is the priority number one. DPNG 105% and CNG maybe around 35 to 40%. Then there has been a pooled gas mechanism which has government has come out and the gale is offering on that pool gas mechanism. Pricing is there, that is there. And for industrial and commercial some spot back to back we have made some arrangements. So it was like that.
Maulik Patel
Got it, Got it. Thank you sir.
Operator
Thank you. Next question is from the line of Nitin Tiwani from Philip Capital. Please go ahead.
Kamal Kishore Chatiwal
Hi sir. Good evening. Thanks for the opportunity. Just a few bookkeeping ones from my answer. What was the CNG sales in KG in this quarter?
Maulik Patel
20,000 was the average for the year for quarter 51 lakh. 30,000.
Kamal Kishore Chatiwal
30,000, Right. Thank you. And sir, my second question was with respect to the industrial and commercial consumers. So what was our pricing for these consumers in the previous quarter and what’s the pricing right now? And related to that sir, also if you could highlight what was our average LNG procurement cost in the previous quarter and what it is now. I’m talking about spot LNG and
Maulik Patel
Spot lng. If you see some quantities which we had specifically bought for a few of the customers on back to back basis that came at around $17 during that crisis when it started it was around 21 and then subsequent month it was at around 17.$5. So that was the pricing in terms of the forex component of the gas cost. The entire cost has been passed on to the customers and given that the alternate fuels are also not available to them, they are basically coming back to PNB and lots of demand is there at this point of time.
Demand has not gone down. Okay,
Unidentified Participant
Yeah, that was what I was trying to get at. So what is the price that we charged in the previous quarter and what we are charging right now to industrial and commercial consumers? You can
Maulik Patel
Throw some light on that if I tell you around 35% to 40% increase in prices have taken place over two, three months.
Unidentified Participant
35 to 50%. You said
Maulik Patel
30. Around 35% to 40%.
Unidentified Participant
35 to 40% increase and that’s the trend that we are continuing right on
Maulik Patel
That to that spot basis then it is almost 50 60%.
Unidentified Participant
Okay. And and lastly sir, what’s the capex number for 27?
Maulik Patel
For 27 we expect to be around 1500 crore given the push on PND by the government. So last year we had a total capex of 1,172 crores. We expect that to go up and reach probably around 1500 crores 4 segment of the business. Sure.
Unidentified Participant
Thank you so much.
Operator
Thank you. Next question is from Land of Pratyush from Encruad Capital. Please go ahead.
Unidentified Participant
Yeah just two questions was regarding you the use of sourcing of natural gas. So you know after the crisis government pulled the gas and you know kind of tried to allocate the gas and since the CCDs were put in the priority list 1 I suppose that you’d be getting about 100% of the gas. Just wanted to understand of the pricing mechanism you know on the basis of which you get the gas for at least your priority sectors like CNG and PNG domestic. And second regarding the industrial segment consumers since they pay the you know the propane wasn’t available so I’m assuming that you know the margins would have got elevated at least for this quarter.
And how are you seeing the quarter one of FY27 as far as you know PMC Industrial is concerned.
Kamal Kishore Chatiwal
Okay so we’ll start with see APM you know that it is based on Kirat Parik committee pricing mechanism and now it is increasing year on year basis. So now currently it is if the CBG loading is also there for $7.7 per mmbt us the APM price first then the second part is the nueva gas which is at a premium of 20% of the Indian crude basket. So Indian crude basket has already gone up so it is almost touching now $13 per mmbtu that is renewable gas. The third I also earlier mentioned that there has been a new working on the pooled gas because the government has given a mandate of priority one to PNG and cng.
So there is a different mechanism of cool gas and that is being also sourced at around 14 to $15. And apart from that spot is there spot you depends like it is now 17 to 18 and apart from that on the industrial as we mentioned earlier whatever we are sourcing additional that is given on a back to back basis with a little bit of markup and that is passed to the customer.
Unidentified Participant
Correct in understanding that you know for example if 100% is a requirement and if about 60% is getting fulfilled by let’s say by APM and ST PET, then whatever, rest 50% at least for your CNG and PNG domestic, you know, fulfillment that would be that, that, that gas would be, you know, you’ll be given through the pooled gas mechanism and the pricing which the government have decided. Am I right in assuming that?
Kamal Kishore Chatiwal
Yes, you can. It is almost like that.
Unidentified Participant
Got it. And also there was one media circulation regarding the P and the unavailability of the plumbers due to which the CVD’s companies are not able to meet the requirement of the. You know, PNC connections with government has mandated about 1 lakh connections per day. So it is, you know, said that only 10,000 to 12,000 connections is being made. So you know, I just wanted to understand your view on it. Is it correct as far as IG is concerned or it’s not that relevant for ipl.
Kamal Kishore Chatiwal
Actually we are right that for the industry this is one of the issues. But for IGL this is not an area of concern because we were already doing 2 and a half to 3 lakh connect build connections and 3 and a half, 3.7 lakhs last year we did infrastructure wise. If you say so, we were already doing and there is a small increment in that. So that sense and being also the national capital, so there is some advantages. We are not facing the plumber issue as compared to other entities that are facing this issue.
Got
Unidentified Participant
It sir, thanks
Kamal Kishore Chatiwal
A lot for answering the question.
Operator
Thank you. Next question is from the line of Rajkaran Gandhi from SBI Mutual fund. Please go ahead.
Unidentified Participant
Hi sir. Thanks for the opportunity. So here you mentioned that the gas cost has increased by 25% on a base of 32 rupees. Pre war cost means that, you know, your gas cost has gone up by 8 rupees whereas we’ve taken a 3 rupees per kilogram high K as yet which is about 1.4 rupees per SEM. So even to maintain this Q4 margin may be operating Capex normalize and all. I’m just wondering, Maybe even in Q1 and all it will require a significant high increase, right? Just to pass on what is already there.
Kamal Kishore Chatiwal
Actually industrial and commercial segment we have been able to increase the prices because the competing fuels were substantially higher. So there we have no issues. The domestic segment is covered through APM so that also is not an issue. And we had taken a 1.7 rupee increase in last month for this. Any Increase in this APM price. So that has been factored in only the CNG portion. That we believe that if the situation improves and the cost comes down, down. Because slowly we are seeing that the Henry Hub quantities that were curtailed due to this force measure they are getting restored now in case that is done because that is one gas where we have not seen much volatility.
The HenryHub has remained between 2.6 or 2.5 to $3. So if that is given 100% then that will solve some of our problems.
Unidentified Participant
Okay, and on the industrial and commercial side where you said most more price hikes have been taken and you’ve been able to pass through there Any breakdown if you can give how are margins in that segment versus pre war
Maulik Patel
Margins? We have almost kept flat. We reduced a little bit but then we are able to maintain the same level of profitability.
Unidentified Participant
Sure. Thanks a lot.
Maulik Patel
Profitability is maintained. That’s what we can say.
Operator
Okay,
Unidentified Participant
Sure.
Operator
Thanks. Thank you. Next question is from Lionel Sarthak from Nomora. Please go ahead.
Unidentified Participant
Good afternoon sir. My first question is across the IGL portfolio, what percentage of CNG volume goes to the cab aggregators and delivery services?
Kamal Kishore Chatiwal
So cab aggregator, our mix has been that 48% is the private vehicles and cab aggregators around 12 13% is there,
Unidentified Participant
9% is total. There
Maulik Patel
Is no scientific pay in which this data is available. So 12 to 13% is what we arrive at from different methods directly. It’s not there.
Unidentified Participant
Okay. And secondly, can you please tell us the total CNG volume that comes from Haryana? Yes.
Maulik Patel
Volume you’re talking about. Yeah. The total volume from Ariana is 0.81 million.65 million of EMG and 0.16 million of EM.
Unidentified Participant
Okay, thank you sir.
Maulik Patel
Ariana had a overall growth of around 11 12%. We have around four gas there in Ariana, Karnal Catal and Guru Ram. And overall it had around 11 to 12% of group.
Unidentified Participant
Okay, thank you.
Maulik Patel
Year on year, average annual basis.
Unidentified Participant
Okay,
Operator
Thank you. Next question is from the line of Kishan Mundra from Dam Capital Advisors. Please go ahead.
Unidentified Participant
Hi sir, just one question. Data keeping question actually. So if you could provide the detailed breakup of gas procurement that we have done in in 4Q bifurcated into APM, NWG, HPST, Henry Hub and Brent linked contract if possible in MMSEMD terms. And then also if you could compare it to what we are getting currently after the gas cooling mechanism.
Kamal Kishore Chatiwal
So. Okay, so I’ll give you off Q4. Is it okay? Sure.
Unidentified Participant
Yeah, that’s
Kamal Kishore Chatiwal
So as we mentioned, domestic gas is around 55%. And the breakup of this 55% APM is around 30. Domestic gas 37% is APM 8%. New well gas CBG 1% HPHT is 4%. Then we get some from IGX also we take around 3%. Then coal based methane 1%. So this is on the domestic rlng front. Short term is almost 7%. And the long term contract what we have is around 38%. So this is the roughly breakup in terms of percentage
Maulik Patel
The overall mix, not for the priority segment.
Kamal Kishore Chatiwal
Yeah.
Unidentified Participant
Okay. And sir, if you could help us this revise. What? How many long term contracts do you have currently in MMSCMD terms? And what is the split between brand linked and here linked?
Kamal Kishore Chatiwal
We have close to 5 4.8 million and 2/3 of that is Henry uplinked.
Unidentified Participant
And are you looking to. I mean are you scouting for more long term contracts? RMB contracts?
Kamal Kishore Chatiwal
Yes. Yes. Because some of our contracts are expiring in 28. So we are looking at long term contracts beyond 29. 29 onwards. We are in discussion with various suppliers. Understood. Thank you.
Operator
Thank you. Next question is from the line of Tanmay Koteja from Nuama. Please go ahead.
Unidentified Participant
Hi, I only had a bookkeeping question. What are the number of industrial and commercial customers that IGL has as of the end of the quarter?
Kamal Kishore Chatiwal
End of the quarter. So we have around 7,500 commercial customers and around 5,500 industrial chemisters.
Probal Sen
Okay, thank you.
Operator
Thank you. Next follow up question is from line of Ea Sundaram from Bugle Rock. Please go ahead.
Unidentified Participant
Yeah, thank you. Sir, this is regarding the question that you had earlier answered from another gentleman. You said that you know you have 1/3 of Gurgaon and you’re expecting to get another 1/3. Can you give more details please?
Kamal Kishore Chatiwal
We never said that we have 1/3 and we are expecting another 1/3. So what we meant was whatever authorization is with us is 1/3 of the Gurugram area.
Unidentified Participant
Okay, so it will remain 1/3. Is that what is meant?
Kamal Kishore Chatiwal
Yes, because some of we have not accepted the authorization.
Unidentified Participant
The
Kamal Kishore Chatiwal
Case was subjugation. Still it is subjugation with the conditional. With some conditions. We have given our acceptance for starting the work.
Unidentified Participant
Okay, but is it the intention to. To. To gain more territory in Gurgaon? Is that. Is that the intention of igf?
Kamal Kishore Chatiwal
I think there is no option like that available. If it is available then we’ll definitely. But right now there is no option because once you get an authorization you have a exclusivity. For 25 years. That option is not there with us.
Unidentified Participant
Okay. Okay, fine. Thank you.
Operator
Thank you very much, ladies and gentlemen. We’ll take that as a last question. I’ll now hand the conference over to the management for closing comments.
Maulik Patel
Thank you everyone. Thank you for joining this annual earnings call for igl. Thank you for taking time out from your busy schedule next year. Of course, this was a challenging year in terms of the gas cost and it is still continuing. Hopefully when we meet next time, this geopolitical situation will be behind us and we’ll be continuing with better numbers. On this note, I would just like to also share that I’ll be going back to my parent organization, VPCN. Mr. Manjeet will be taking over as CFO.
And from 21st onwards, he will be the point of contact for you all. So thank you so much. See you. Probably meet you somewhere by next assignment. Thank you so much.
Kamal Kishore Chatiwal
Thank you. Thank you.
Operator
Thank you very much on behalf of ICICI securities limited. That concludes this conference. Thank you for joining us. And you may now disconnect your mic. Thank you.