{"id":174853,"date":"2026-01-22T12:06:50","date_gmt":"2026-01-22T17:06:50","guid":{"rendered":"https:\/\/alphastreet.com\/india\/indraprastha-gas-limited-igl-q4-2025-earnings-call-transcript\/"},"modified":"2026-01-22T12:06:50","modified_gmt":"2026-01-22T17:06:50","slug":"indraprastha-gas-limited-igl-q4-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/indraprastha-gas-limited-igl-q4-2025-earnings-call-transcript\/","title":{"rendered":"Indraprastha Gas Limited (IGL) Q4 2025 Earnings Call Transcript"},"content":{"rendered":"

Indraprastha Gas Limited (NSE: IGL) Q4 2025 Earnings Call dated Apr. 28, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Kamal Chatiwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

Shri Mohit Bhatia<\/strong> \u2014 Director<\/em><\/p>\n

Sanjay Kumar<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Nitin Tiwari<\/strong> \u2014 Analyst<\/em><\/p>\n

E.A. Sundaram<\/strong> \u2014 Analyst<\/em><\/p>\n

Probal Sen<\/strong> \u2014 Analyst<\/em><\/p>\n

Nirmal Gore<\/strong> \u2014 Analyst<\/em><\/p>\n

Yogesh Patil<\/strong> \u2014 Analyst<\/em><\/p>\n

Varatharajan Sivasankaran<\/strong> \u2014 Analyst<\/em><\/p>\n

Varatharajan Sivasankaran<\/strong> \u2014 Analyst<\/em><\/p>\n

Sabri Hazarika<\/strong> \u2014 Analyst<\/em><\/p>\n

Ramesh Sankaranarayanan<\/strong> \u2014 Analyst<\/em><\/p>\n

Kunal Ochiramani<\/strong> \u2014 Analyst<\/em><\/p>\n

Lokesh Manik<\/strong> \u2014 Analyst<\/em><\/p>\n

Akash Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Devang Patel<\/strong> \u2014 Analyst<\/em><\/p>\n

Somaiah Valliyappan<\/strong> \u2014 Analyst<\/em><\/p>\n

Kirtan Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

SA.<\/p>\n

operator<\/strong><\/p>\n

IT.<\/p>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, please stay connected. The conference call will begin in next few minutes. Thank you. Ladies and gentlemen, thank you for patiently holding. The call will begin in next few minutes. We request you to stay connected. Thank you.<\/p>\n

operator<\/strong><\/p>\n

IT.<\/p>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, Good day and welcome to the Inderprastha Gas Limited Q4FY25 earnings conference call hosted by Philip Capital India Private 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 the conference call, please signal an operator by pressing star then zero on a touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Tiwari from Philip Capital India Private Limited. Thank you. And over to you sir.<\/p>\n

Nitin Tiwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Thanks. On behalf of pillar Capital India Ltd. I welcome everyone to Indepath Gas Limited’s fourth quarter FY25 earnings call. Today from the management team of IGF. We have the pleasure of having with. Us the Managing Director Mr. K.K. Chatiwal, Director Commercial Mr. Mohit Bhatia and CFO Mr. Sanjay Kumar. I shall now hand over the floor to the management for their opening remarks which shall be followed by a question and answer session. Over to you sir.<\/p>\n

Kamal Chatiwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

A very good afternoon to all of you. I am Kamal Kishore Chatiwal Managi Director Indraprastha Gas Ltd. And I welcome you all and thank you for taking the time to join us today for IGL’s earning call and for your continued trust and partnership with us. IGL has declared the results for quarter four and financial year 2425 yesterday evening.<\/p>\n

The company has performed quite well in this year. Despite this being a challenging year in terms of gas sourcing for the entire CGD industry. We have seen a lot of volatility the allocation of domestic gas.<\/p>\n

operator<\/strong><\/p>\n

Hello. Sir, we cannot hear you. Hello.<\/p>\n

Kamal Chatiwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

Hello.<\/p>\n

operator<\/strong><\/p>\n

Yes sir, we can hear you now.<\/p>\n

Kamal Chatiwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

We have seen a lot of volatility in the allocation of domestic gas to CGD sector especially in the second half of financial year. Considering the future requirement of gas and the reduction in apm, IGL has taken several measures in terms of gas sourcing and has entered into term gas agreements with various gas suppliers for sourcing of rlng of approximately 1.65 million standard.<\/p>\n

operator<\/strong><\/p>\n

Sorry sir, we are not able to hear you. Hello. Ladies and gentlemen, please stay connected while we get management on the line. Again.<\/p>\n

Kamal Chatiwal<\/strong> \u2014 Managing Director<\/em><\/p>\n

We are quite sure that the gas mix available with us, our current portfolio is one of the best in the CGD sector. Let me highlight the key highlights of the annual result for FY24 25 in comparison to FY2324. In terms of volume we have registered a total average daily volume of 8.99 mms cmd as against 8.43 mmscmd last year. There has been an overall volume growth of 6% on year. On year basis the growth in Overall CNG sales is 6% and if we exclude DTC sales the growth in CNG is almost 8%. PNG sales growth story is intact and has shown robust double digit growth of 11%.<\/p>\n

Domestic sale has taken lead and has increased by 12%, industrial sales have increased by 10% and commercial sales by 8% on yoy basis. Another important analysis I would like to share is that if we categorize IGL into three parts, Delhi NCR and other gas sales. In terms of volume in Delhi, GA after excluding DTC has grown by 5%, NCR comprising of Gautam Budnagar, Gurugram GA has shown a 13% and other gas have grown by 32%. We are quite hopeful that with the gas sourcing arrangement in place and the volume growth seen in new gas we can plan to achieve sales volume increase of 10% in the year 2526.<\/p>\n

Coming to the financial highlight of the year, the gross Turnover has increased by 6% to 16,400 crores. Gas cost has increased by 13% in current year as compared to last year impacting the profitability in this year. Despite an increase in gas sourcing cost by 13% leading to some pressure on margins, we maintained a healthy operational profitability with EBITDA of rupees 1978 crores and PAT of rupees 1468 crores. On the diversification front, the company has taken a major step for its diversification project and IGL board has approved setting up a 500 megawatt solar plant in the state of Rajasthan with RV UNL.<\/p>\n

Now I would like to invite Sri Mohit Bhatia, Director Commercial IGL to give his opening remarks.<\/p>\n

Shri Mohit Bhatia<\/strong> \u2014 Director<\/em><\/p>\n

Thank you all. Thank you once again and good afternoon everyone. I am Mohit Bhatia, Director Commercial at Indiprust Gas and I welcome all the investors and analysts to participate in the today’s earning call. The results have been uploaded yesterday evening and I hope you must have gone through the same as Managing Director. Also highlighted some of the points relating to annual performance of the company from the results for the financial year 2425. Let me add the perspective from the quarterly comparison the PAT was of rupees 349 crore and has been achieved as against 286 crore in the third quarter of FY25.<\/p>\n

There has been a significant growth of 22% on QoQ basis. The sales volume in Q4 stood at 9.18 mmsnd ever highest from 9.11 million mmsmd reported in Q4.24. The gross turnover has increased from 4130 crore in Q3.25 to rupees 4323 in Q4.25 showing a growth of 5%. The EBITDA of the current year quarter was rupees four hundred and ninety seven crore as against rupees 364 crores in Q3.25 showing a robust growth of 37%. The EBITDA per SEM has increased to 6.03 in the current quarter from 4.34 reported in the third quarter. Further taking from the quantitative aspect for the financial year the company has seen a surge in conversion of CNG vehicles with an average of 18,000 plus vehicles were added every month during the financial year 2425 as against 15,000 standards showing a healthy growth rate of 11% during the current financial year.<\/p>\n

IGL has provided domestic connections of 3.7 lakh consumers. 72 new CNG stations were commissioned, 293 kilometer of steel line pipeline was commissioned and 3834 kilometer of MDP pipeline was laid. In all a capex of around 1100 plus crore was spent last year. At the end I am happy to inform that the company has announced a final dividend of rupees 1.5 rupees per share on the increased share capital base as the company has issued bonus share during the year in the ratio of 1:1. This is in addition to the interim dividend of rupees 5.5 declared earlier.<\/p>\n

With this I welcome you all once again and open the session for question and answers.<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press char and one on the touch tone form. If you wish to remove yourself from the question queue you may press star and two. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone 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.<\/p>\n

Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. We will wait for a moment while the question queue assembles. The first question is from the line of E.A. sundaram from Bugle Rock Capital. Please go ahead.<\/p>\n

E.A. Sundaram<\/strong><\/p>\n

Good afternoon and thanks for the opportunity, Sir. Instead of two questions, I have just one suggestion. So this is given by me as a long term investor in IGL and is done keeping in mind the interests of the company. So please allow me a couple of minutes to make these points. Periodically we have seen that IGL has been affected by a negative perception that arises in the minds of some people in the investment community. Sometimes it is about reduced allocation of APM gas, sometimes it is about the proposed EV policy and its assumed side effects.<\/p>\n

In each case, sir, the response of IGL has been one of silence. I think, sir, it is the duty of the company’s management to set the record straight when such misperceptions are doing the rounds. I am not suggesting that IGL responds every day, but when there is a serious misperception about the company, I think the company should set the record straight. The solution is to put out the facts. In October 2024, during a conference call, I did suggest that the company put out a presentation on its website giving details about how the previous sharp rises in APM costs have been handled by the company and how in the long term the company’s profitability was not affected by sharp rises in gas costs.<\/p>\n

I am disappointed that IGL has chosen to remain silent. It is high time that IGL appointed a full time and reputed public relations agency through whom the correct information, more than what is statutory required, is periodically submitted, transmitted to the investment community so that such misperceptions are erased to the extent possible. I am not seeking any future guidance from the company, sir, but I am only suggesting that IGL does its best in erasing the opinion that the company is more vulnerable than what it actually is. I really do think that it is part of the management’s duty to be proactive about dispelling wrong opinions and misperceptions about the company without being excessively optimistic.<\/p>\n

Thank you very much.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yeah, we have noted that’s a very good suggestion and we’ll try to address that by putting out more information on our website.<\/p>\n

E.A. Sundaram<\/strong><\/p>\n

Yeah, it is. It is essential, sir, because if, you know, if the understanding about the company is wrong, then that leads to wrong decisions in the investment community. I think it’s important that IGL strengths are well understood by everybody.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yes, that is very clear. But our Focus has been on mitigating the issues because many a times it is the government that we are dealing with. So we don’t want to spell out something, you know, which you know, in the public domain.<\/p>\n

E.A. Sundaram<\/strong><\/p>\n

Sir, I know it is sensitive. I don’t want you to talk about the future. But how you handled it in the past can certainly be discussed. You know, for example, this APM gas allocation. You know, we have seen sharp rises in gas costs in the past also. But that has not been affecting the company in the long term. Maybe for one or two quarters. It will affect. It will certainly help if these things are put out in public domain by the company itself, with or without the help of a PR agency. It is. I think it will.<\/p>\n

It will help dispel the wrong notions about the company. I think that is also a very important aspect.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Very true. Very true. And we will take note of that and address this issue.<\/p>\n

E.A. Sundaram<\/strong><\/p>\n

Thank you.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of probilsen from ICICI Securities. Please go ahead.<\/p>\n

Probal Sen<\/strong><\/p>\n

Thank you for the opportunity, sir. Just a couple of questions, just a couple of clarifications rather if we can. You spoke about the additional term gas arrangements to the extent of 1.65 mmHCMD. Can we just get a breakup today of 8.99 mmscmd that we did in Q4? Can we just break it down into how much exactly was apm? How much was new? Well, you know, pricing gas, how much is long term LNG and you know, how much are other sources? I mean, if we can just break down source wise, it will be really helpful. So that was my first question.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yeah. 3.51 is APM allocation as of now. 1.3. 3.51.<\/p>\n

Probal Sen<\/strong><\/p>\n

Okay.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

And 1.38 is Nueva Gas. So total you can say that 58% or so in the CNG and transport and domestic segment is through segment and 42% is through RLNG. And if you look at the overall company wise, then you can say that around 50. 50 is there. 51 is through APM Nival Gas and 49 is through other sources.<\/p>\n

Probal Sen<\/strong><\/p>\n

And just to clarify, as you mentioned, almost the entirety of RLNG is through term contracts. There is no spot LNG in the in this basket, is it?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

We are now completely our future some amount of future requirement. Also we have term contracts into place and we are managing through, you know, take out way. There is some headway there. So we managed to that.<\/p>\n

Probal Sen<\/strong><\/p>\n

Okay. The second question was again on the sales volumes as you mentioned that we need to now look at the business frankly in three buckets. One is Delhi, one is the rest of NCR and then the third is the other or newer areas. Now you helpfully have been mentioning the growth rates of the respective areas but is it possible to get even a rough split of the volumes today from let’s say Delhi, rest of NCR and other areas?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yeah, Delhi is at 5.38, 5.38, NCR is 2.28 and other GS is 0.81, 9.82 you can say. So that’s around 8.5 and 0.5 is NG sales.<\/p>\n

Probal Sen<\/strong><\/p>\n

Right? Right, right. Great. Sir, one last question if I may just to understand in terms of diversification, just a strategic thought process behind going the solar way, you know, as opposed to maybe expanding the CBG or LNG retail or any of the other direct related segments. Just the thought process behind it. And what kind of returns are we looking at from and what kind of investments are we looking at in this diversification?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

In our diversification initiative? All three are there, CBG is there, LNG is there and solar is there. Now solar has come first. It is not that it is any, I mean we have a priority of one over the other. It’s just that the state government, since state government is involved. So their approval was given to us. Now the cabinet approval is pending although the entity approval has been given. So that’s how it has come up. And solar serves us two purpose. One is that it gives us a equity return in excess of 14, 15%. Second is that if we can we have a right for 50% as captive consumption.<\/p>\n

So if we can bring that to our operations, bring that captive solar produced to our operations. So that brings down our cost of operations as well as greening of our operations. So those are the three major factors. We are also looking at biogas as an opportunity and LNG retail also as an opportunity and doing things and doing, I mean allocating CAPEX for those also.<\/p>\n

Probal Sen<\/strong><\/p>\n

Understood sir. Fantastic. Thank you so much for the detailed answers. I’ll come back in the queue.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Just to add we have already tied up with government and one LNG station is expected to come up by maybe by June end or July at Noida. And there are two more LNG stations also coming up, one in Dadri and one in Rewardy. So this is the development on the LNG thing and CVG also we are looking forward for some joint ventures and also it is in the process and biogas thing will also get metallized fast.<\/p>\n

Probal Sen<\/strong><\/p>\n

Great. Thank you so much sir and all the best.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Nirmal Gore from Aditya Birla Sun Life amc. Please go ahead.<\/p>\n

Nirmal Gore<\/strong><\/p>\n

Hello. Just. Sir, you mentioned about guidance for FY26 volume growth at 10% would be really helpful if you could break it up.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

7 to 8% would be in the CNG segment and 13 to 14% would be in the PNG segment. So that is the kind of rough breakup that we can give. And LNG would be some small portion of LNG also.<\/p>\n

Nirmal Gore<\/strong><\/p>\n

Okay, thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Yogesh Patel from Daulat Capital. Please go ahead.<\/p>\n

Yogesh Patil<\/strong><\/p>\n

Thanks for taking my question. Sir, clarification on the ATM allocation. The current 16 April APM cuts are for the full year. And we will not see any further cuts in the coming quarters or every quarter or every six months. APM allocation will change. Any clarity on this one?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

What we understand is that now we will be knowing about any change 2\/4 in advance. So you can assume that for the next two quarters this is going to remain like this. And any change in the next quarter if we get any communication. So that will be effective after two quarters. So that is the our understanding of the issue and whatever shortfall is there that is being made up with new oil gas. So these are the two clarifications or our understanding of the issue.<\/p>\n

Yogesh Patil<\/strong><\/p>\n

And sir, as you mentioned that the CNG vehicle additions was 18,000 per month in FY25 and which has improved from the level of 15000 per month in FY24. But sir, if you look into the CNG volume growth it is still only 6% on yy basis. What would be the major issue sir, in the CNG volume growth despite a healthy or a better CLD vehicle addition.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

You know some of the DTC buses are going off. So that is one of the major contributor in the sense that 70 to 80,000 kilograms that has been a reduction on that front. So from 1.8, 1.8, 1.9 levels they are now at 1.1. So. So you can say that that is the reduction and whatever increase we could do. Still we have managed to increase our CNG by 6 to 7%.<\/p>\n

Yogesh Patil<\/strong><\/p>\n

And lastly want your broader thought on the Delhi EV Policy 2.0. We wanted to understand how many CLG3 wheels are flying on the Delhi road and its broader impact on our CIG volumes.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

The total if you look at two wheeler and three wheeler space on the Wahan data we have around 97, 98 lakhs two wheelers out of that CNG is hardly 3,000 or 3,303 villas. The license number is around 1 lakh. So that’s on road because they are controlled. So the number is almost fixed at 1 lakh. You can say that almost 2 to 3% is 3 wheelers and 95 to 96% is 2 wheelers.<\/p>\n

Yogesh Patil<\/strong><\/p>\n

Okay, thanks a lot sir. This was really helpful.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Vartarajan Shivashankar Shivashankaram from Antique Limited. Please go ahead.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Thanks for the opportunity. Just right back in terms of the provision, if you can explain to us what was the provision made and why the cannot be writing back now. And is there no requirement in terms of provisionally like you know any kind of negotiation with the oranges to increase this and you won’t require any further provisions in the future.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

So this provision was made for the period of April 19 to November 21. There was a dispute. The trade margin was expected to be revised. The demand from OMC was that the trade margin is revised from 2019 itself. What we had done was we had already started paying from December 21 and the previous this period was under dispute. So during the year that dispute is settled and whatever provision we had made in our books so that has been reversed. That is around 114 crores. And going forward there is no need of any further provision. Revised rates are already being paid.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Okay. Can you provide us some idea as to what are we paying for the other new ga? Because I think the metro rates are different and the small town rates are different.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

The rate ranges from three and a half rupees to four and a half rupees. In Delhi it is more than five and a half rupees, around six rupees. So GA wise, it varies. It depends upon which market we are catering to. What is the cost of serving the customers there? What are the land rental. So keeping those in mind, the trade margins have been well finalized.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Is there any kind of an escalation clause on that? Sir?<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Which class<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

5% escalation is there on the trade margin every year?<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Is it every year, sir?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Hello.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Is it a 5% escalation every year?<\/p>\n

operator<\/strong><\/p>\n

Hello. You’re not audible.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Yeah. Is it a 5% escalation every year?<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

The first escalation was supposed to happen from 2000. From first April 25 or 26 and subsequently it will be further reviewed and the call will be taken.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Thank you.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

After three years.<\/p>\n

Varatharajan Sivasankaran<\/strong><\/p>\n

Okay. It’s a 5% every three years.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Every three years is not finalized yet. One revision of 5% was what was agreed.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

So Delhi, that was for FY25, right? Delhi was 5%, NCR was 13 and other gas were 32.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yes. That means for FY25 and Delhi is excluding the DTC. We exclude that. That is 5%. Otherwise it is around 2%.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Okay. And you have mentioned this 1.1 mmhcmd DTC bus volume. Is it 1.1 mmhc that you mentioned.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

In one of the questions? 1 lakh 10,000.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

This is the current number. March. The March number is 1 lakh 10,000 kg per day. That’s the DTC sale which is there at present.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Okay, got it. And how much is the auto rickshaw in terms of volumes?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

See, auto rickshaw. Auto rickshaws are almost, you can say 7 to 8% of the volume. You can say that is that includes all auto rickshaws.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

So half of that would be total.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Volumes or CNG volumes.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Okay. Okay. Okay. It’s fine. And second part is basically I saw some interview on the TV where you have mentioned the near term EBITDA guidance is. EBITDA margin guidance is 6 to 7. But if we look into your 520 Q4 numbers adjusted for the provision of course and given the fact that you’ve taken a price hike on 1st of April. But again there has been further cut in APM allocation. So are you, are we confident that Q1 FY26 also we would be at + EBITA per se?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yeah, over one or two quarter would be impacted in the sense that long term range is 7 to 8. So we are trying to get to first 6 to 7 range and then 7 to 8. So we are confident that first quarter will be in this range. Okay.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

First quarter should be in 6 to 7 range. Okay, fair enough. And last a small question. Q4 FY25. I mean the breakup you gave between New wealth gas and APM is how much? Currently.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

New well is around 1.3 and 1.38. And the normal domestic APM is around 3.33.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

And this includes BPMG also. Right. For which 100%.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Hello. Sabri.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Yeah, domestic PNG is also included here.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Hello?<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Hello? Am I audible? Hello?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Hello?<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Yeah. Am I audible?<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Nathan, can you hear us?<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

I asked domestic pnd.<\/p>\n

Nitin Tiwari<\/strong><\/p>\n

I can hear. I can hear both of you, sir.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Okay, so the domestic allocation is 3.3 million and 1.38 is the new well.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Yeah, but this is total priority factor, not just PNG alone. This is total priority sector Right.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So we get 100% in domestic and TNG transport is the other segment.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Yeah, this is 100%. This includes domestic as well.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Got it, sir. Thank you so much. Thanks a lot and all the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of S an individual investor. Please go ahead.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Hello, good evening and thank you very much. I am from Equities. So when you Talk about the 6 to 7 rupees per margin in first quarter, can you take us through how you will achieve it? Because if you have, you know, achieved only 4.42 in 4Q, you’re possibly taken an increase of 1 rupee per kg and that’s offset by the increase in cash cost. So is there an element of higher margins on png? How do you think you will achieve this in the first quarter?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Actually, that is not entirely correct that there has been an increase in gas cost. Because what has happened is our RLNG costs have come down in this first quarter as well as the rupee appreciation has also helped. In addition to that, whatever cut in APM was there that has been made up with new well gas. So we have received additional new well gas. 125% of whatever was cut. APM cut whatever was there. So we have received 0.8 was cut and we have received around 1 million of that. So 25% extra. So we factor in all this, we feel that the gas cost may not increase much but one rupee we have increased and if required we may take future increase also.<\/p>\n

With that we anticipate that we will be in the six to seven range for one or two quarters and then target for seven to eight.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Secondly, just to add like we have, if we see the RLNG mix also, the Brent is also now we can say at a lower level around $67 per barrel and seems to continue in this trend. And the Henry another index is also going down Now. It’s around 3.3 dollars per MMBtu. So we are hopeful of maintaining in this range 6 to 7.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay, so now going to your JV share, particularly MNGL, can you give us some numbers in terms of how MNGL has come in terms of volume for 4Q and Fi 25 similarly central up gas and the timeline for the MNG IPO, what’s happening there?<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

So in terms of volume, MNGL volume has grown approximately 19% year on year. For CUGL the volumes are flat if we compare with the previous year.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So around 0.3.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Around 0.3% growth was there. So that is done for us volume is concerned in terms of profitability. MNGL has grown by around.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

7%.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Growth is there and CUGL is more or less flat. Little reduction is there. In terms of EBITDA.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

MNGL, you said profit after tax of 10%.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

7%.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

7% growth is there for MNGL.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay, so can you give us a similar numbers for 4Q.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Sorry.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Can you give us a similar numbers for MGLC and for 4Q?<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

4 MNGL number will give you separately. We are not.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay, so any, any.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

The quarterly number has grown by 30% volume growth.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

The group is 57%.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay, so any progress on the MNGL IPO timeline? What exactly is happening there? Can you give us some sense of that?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So I think we have not got any formal communication from mngl. But what we understand from the filings that some promoter consent has been given to MNGL for ipo. So I think they are in the process of that. Any formal communication we have not received from mng.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay, so in terms of your new gas, can you give us some sense in terms of how they are performing on the PNDL and what is the kind of addition to these EBITDA and profit you can expect in the next 12 years?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

You see new gas, we were able to increase the prices because the gas cost has gone up there also and some volume growth was there. So growth wise they are growing at around 28 to 30% combined altogether. Some growing at 70, 80 on low base, some at 20 25%. And now except 1 or 2Gs, all other are EBITDA positive except for the Kanpur and Ajmer.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

And when do you think Kanpur and next year will achieve EBITDA positive?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

I think with the current increase that we have done in this quarter, price increase that we have done plus some volume growth is also there. So we expect that in this quarter it should be positive.<\/p>\n

Ramesh Sankaranarayanan<\/strong><\/p>\n

Okay, thank you very much sir and miss you all. I’ll join.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Kunal Ochiramani from Alpha Alternatives. Please go ahead.<\/p>\n

Kunal Ochiramani<\/strong><\/p>\n

I have a question. On your sourcing front. You said you made new RLNG contracts. Just wanted to understand the nature of sourcing. Are this more crude linked or Henry uplinked? If we can understand this, this is.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

65% of our RLNG portfolio. Is Henry Hub linked? Okay. And still the bias is more towards Henry Hub because in our opinion there is less volatility as far as Henry Hub contracts are concerned. Because majority of the portion is constant and some portion is linked to the index. So that’s the reason. And plus the absolute numbers also on the lower side as well as Henry Hub is concerned. Unless Henry Hub goes way beyond our our target, it should remain competitive with respect to proof. So that’s the mix. 65% and 8% is I think HPHT and balance 27, 28% is crude linked.<\/p>\n

Right.<\/p>\n

Kunal Ochiramani<\/strong><\/p>\n

Understood. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Lokesh Manik from Vellum Capital Advisors. Please go ahead.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Yes. Hi, good afternoon to the team. So my first question is on growth guidance that you have given 10% volume growth. Now my assessment from the breakup that you have given on the growth rates from the three areas I.e. delhi NCR and other gas is coming to addition of about 0.5 or 0.6 MMSMB. Given their historical growth rate gas are at 32%, NCR is at 1213% so it comes up to 0.5 0.6. You also have DTC going out of the system from they’ve already come down from 1.8 mm HMD to 1 and now going down further.<\/p>\n

So given these two developments where are you seeing additional growth coming in to match 0.9mm SMB by FY20.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

So if we break up like segment wise as we mentioned earlier also if we exclude DTC part then also Delhi CNG is going by around 5 to 6% already and the trend is also like that with the addition in the vehicles and all. So so point number one then the NCR part particularly Noida, Ghaziabad and greater Noida so that is growing at around 13 to 14% in CNG and that will definitely grow like that and it may further add also and the good thing is the GIS outside GIS is growing 30% plus so we expect phenomenal growth in this sector also.<\/p>\n

And then coming to the other segment that is the domestic PNG. So almost we are adding around 3 lakh plus customers year on year and that is also contributing to the growth factor. And DPNG is growing around 12 to 13%. So this is one thing and the good thing is industrial commercial segment is also having double digit growth and in fact in the last quarter we have in the industrial front itself we have crossed 1 million of the sales in a little bit of period. So that is also that is also expected to grow around 13 14%.<\/p>\n

So if we consolidate all these segments and across the Delhi NCR and this thing so 10% should come.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Understood. And so for just one clarification dpng is now EBITA positive for us because what we have understood historically is this is not on the EBITDA level. It is not significantly positive versus cng but CNG covers up for the dpng. This is what our understanding actually to.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Begin with once the infrastructure is not there then in the initial years, I mean the profitability is not there since our infrastructure is quite old. Plus we have entire Delhi is now practically covered so the cost of any new connection is low leading to our so that segment is profitable for us. And once that’s any dpng the beauty is that if it becomes positive it remains positive for your entire life because of the number, sheer numbers and you get 105% allocation of APM gas. So this is positive for us.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

So my second question was on the EV policy. The first one of Delhi has expired on 31st March. They extended the timeline for introduction of new one. It has not come out yet. Any update on that one? And second any update on the new buses in the DTC segment that are getting tendered? Are they still being on ED tendering or they are looking at CNG again.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

You see I will answer the second question first. So the Delhi transport department has decided that their future buses will always be EVs so whatever the residual number will remain 10002000 so that will remain. Other than that 8 to 10,000 buses will be electric. So all new tenders will will be based on electric only. So that is number one. Second is as far as the EV policy is concerned. I mean some news items also came because the draft policy was never uploaded for comments. It is yet to be approved. Some from the media reports we got to know that there is some thought about banning two wheeler and three wheeler petrol, diesel petrol and CNG basically so we have given our submission to the Delhi government that you know gas was brought in Delhi on the directions of honorable supreme court and center was asked that CNG to replace the polluting fuels.<\/p>\n

This is entirely different category and it should be categorized as a bridge fuel, a transition fuel and either it should be clubbed with EV or it should be a separate segment and not to be clubbed with the other petrol and diesel fuels. So that has been our submission. Even some of the central government schemes like sustainable alternative towards affordable transportation setup scheme or synchronization scheme so they are positioned to take care of this bio, CNG, BioMeThane and BioLNG also and this infra becomes feature ready.<\/p>\n

operator<\/strong><\/p>\n

Ladies and gentlemen we have launched the line of management.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

We are back. We are back. Yes, hold on Hello.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So we feel that this infra becomes a future ready infrast infrastructure for use of bio cng, biomethane as well as hydrogen in a blended form. I think we feel that. So it needs to be categorized in a different segment altogether.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

If not, you are saying that for these introduction of new fields, especially the bio, CNG and the hydrogen that you mentioned incremental infrastructure would not be required. You can use your existing infrastructure and leverage that to supply these fields. Am I understanding correct on that?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Exactly, exactly. Your understanding is correct that the same infrastructure up to certain percentage of blend of hydrogen and 100% blend of biomethane biogas that can be used.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Understood, understood. So because the policy was very harsh when it came out the draft, I mean completely banning everything and only.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

I think the let us wait for the final draft so it may be changed actually.<\/p>\n

Lokesh Manik<\/strong><\/p>\n

Right. Thank you so much sir for the clarification.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ruchita Khadke from aivent. Please go ahead.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Hello sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good evening. So most of my questions have been answered. Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Akash Mehta from Canada HSBC live. Please go ahead.<\/p>\n

Akash Mehta<\/strong><\/p>\n

Hi. So I think you all mentioned that the conversions for the year have been averaging about 18,000 versus 15,000 the previous year. So if you could just help with the last couple of months of conversion at least. I mean March, April, how the conversions are kind of look like in terms of vehicle that would be helpful.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Yeah, I think the numbers if we see March, March it was around 17,500. February also 17,200 but January it was all time hike was around 27,000 and December around 15,000. So this is the trend of last four or five months.<\/p>\n

Akash Mehta<\/strong><\/p>\n

Okay, I think that’s, that’s, that’s it from my. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Devang Patel from some extra capital. Please go ahead.<\/p>\n

Devang Patel<\/strong><\/p>\n

Can you help us with the CAPEX guidance for next year and the breakup of this between what is the minimum works program CapEx, what is the CapEx for TBG, what is the CapEx of solar, etc.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Actually from that you have see this year last, in fact last financial year we have spent around 1100 plus crore on the capex and primarily it was on the core business that is on the domestic PNG front as well as a stage steel and on the CNG stations. But for the coming year it weighs around 2000 plus crore is the capex plan with around 13001400 coming in the core segment and on the solar around 400 to 500 and balance on maybe LNG, CBG and some other business development. Part.<\/p>\n

Devang Patel<\/strong><\/p>\n

The solar capex once it’s commissioned we will see a reduction in our power cost. That would be around 500 crore of annual cost that we made.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

I mean that is one of our plans that we can bring it to our operating stations so as a captive consumption. So that should bring down our cost of power.<\/p>\n

Devang Patel<\/strong><\/p>\n

What kind of savings could we expect?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

I think right now for Delhi it will be difficult in the sense that it is on state grid so I think five to six rupees saving we can expect from that. But if it was a central grid then you know almost 8 rupees.<\/p>\n

Devang Patel<\/strong><\/p>\n

Okay sir, in domestic P and T our growth was constantly in double digits. It’s come down to 5%. Is this the new growth? Is it because of the day it has gone up for us or can we expect PNT to continue growing in double digit?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

No, domestic PNG has grown by 10% 12% rather not 12%.<\/p>\n

Devang Patel<\/strong><\/p>\n

Yes for the full year. Yes. For Q4 the growth looks slower. I think quarter on quarter it is.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Difficult because you know the billing is done in two months. You know the billing cycle is two months. So sometimes you know the overlap may be there. So if we look at the full year that will give us the correct picture. But we are seeing good number of addition. We are targeting 2 and a half to 3 lakh additions every year. And in all over GA’s the number of connections are going up and it is in direct proportion to the number of connections. You know point four is for household connection and as and when we add new houses that is the quantity that goes up.<\/p>\n

So we are seeing 10 to 12% growth. There is no reduction in that.<\/p>\n

Devang Patel<\/strong><\/p>\n

Thank you so much.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Somaya V from Aventus Park Institutional Equities Private limited. Please go ahead.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Yeah, thanks for the opportunity sir, a few clarifications. So first thing is on the CapEx number, the 1300 that you said for the core part of the business if you can just break it up into Delhi NCR and for the newer ga that should be helpful to.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

See daily. Daily will be almost, you can say around 40 or 35 to 40% then maybe 20% NCR Noida Ghaziabad and around maybe 30, 25 to 30% or so will be the other gas. Yeah so that, that was only I was mentioning. So it will be around the 45 maybe 40. 40 to 45% on Delhi it will be spent in Delhi and 20 to 25% will be on Ghaziabad or Noida that is the NCR part and the balance may be around 30 to 40% will be on the other GS.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

What will be the CNG station additions that we would be doing when you’re. Talking about<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

we have taken a target of around 90 to 100 so in this range we will be, we will.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Be targeting and majority would be in the newer.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Yeah it will be proportionate.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Okay. 1,300 crores of capex run rate. Is this something that we continue to see for the next 23 years or how do we look at it? Will it kind of come down to one rate?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

No, this will continue for next 34 years that we can see that 1300 and in case we get more gas then that number may continue for even longer.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Understood sir. And also the solar related capex that you said so that is 3400 for this year right? I mean so what would be the total capex?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

I think that is in a joint venture mode so the equity investment would be there of this range rest other other would be funded by debt that would be taken by that joint venture.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Apart from the 300400 crores further equity infusion is required next year sir or.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

No no 372 is the final capex as of now final equity contribution of IGL in that joint venture 74% share. So that is the number and I think one one and a half.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Sorry. Yeah the other question I hope I mod this up. Hello.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

I think the commissioning will be in 18 months or so so in the next two years this will be used and we don’t foresee any further requirement.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

The other question of the new gas you have given volume of around 0.8 mmf possible to get a breakup of this between the category.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Yes we have rivari is approximately 0.35 mujapar nagar is around 0.12. Then we. Have karnal and kettle is around 1.15 and 0.5 ajmiri is on I another one 8.1. So this is the broad.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

Got it. Because probably of operating leverage today not being the fullest on the profitability side is on the lower and compared to your established ones. So when do we see an inflection point on what hits? I mean maybe transportation today is in the cat. So where do you see this kind of heading in the next couple of years?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So I think both of both the gas kanpur Kethal and Ajmer. So they are nearing that EBITDA positive level. So it’s like increasing volume and they will cross the line. So it’s not that they are at a big gap. So there are already near to the with the positive level.<\/p>\n

Somaiah Valliyappan<\/strong><\/p>\n

One last clarification.<\/p>\n

operator<\/strong><\/p>\n

Maybe follow up questions as there are several participants waiting for the turn. Yeah, thank you. The next question comes from the line of Nirmal Ghori from Aditya Birla Sun Life amc. Please go ahead.<\/p>\n

Nirmal Gore<\/strong><\/p>\n

Thank you for the opportunity. Sir, I wanted to know if we have any plans for the price hikes in Delhi J in the near future. And also if you could share the reason why we were able to underperform towards our guidance of 9.5. We were able to achieve 9 point. Thank you.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Your second question first 9.5 there was a slight miss. We achieved 9.2 and part of the reason is the increase or the rather reduction in APM volumes in the third quarter. And since the cut was sudden so we had to source the additional volumes. So there was some deliberate attempt cap the growth till the time we source the gas. Now that we have sourced the gas. So now we are looking at growth. So there was some deliberate attempt there to reduce the growth. Second is price hike. You know that is a very dynamic thing that we keep on evaluating every fortnight, every month based on the allocation, the rlng prices, prices, the exchange rate and other factors.<\/p>\n

So we will take a decision on increase in Delhi and other areas based on these factors. So as of now I can’t say that when we will be increasing since it is a dynamic. But we have a lot of headroom to increase the prices. That much I can say.<\/p>\n

Nirmal Gore<\/strong><\/p>\n

Okay sir. Thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Kirtan Mehta from Baroda BNP Paribas Mutual Funds. Please go ahead.<\/p>\n

Kirtan Mehta<\/strong><\/p>\n

Thank you sir. For the opportunity. We have indicated around 18,000 vehicle addition every month in FY25. Is it possible to break down break this down across category of vehicles.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

See 80% is new vehicle addition and 20% is you can say the retrofitment market and segment wise breakup segment wise.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

Also if we see if we see the new one addition. So almost 50% comes from the passenger car and the balance is a mix of goods carrier and taxis and the three wheelers.<\/p>\n

Kirtan Mehta<\/strong><\/p>\n

Right. And is it also possible to indicate this breakup across Delhi, NCR and other g.<\/p>\n

Shri Mohit Bhatia<\/strong><\/p>\n

I think around we have actually.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

This taken from the Bahan data. So ga wise we will share separately.<\/p>\n

Kirtan Mehta<\/strong><\/p>\n

Sure. And one more question related. In terms of the CNG’s competitiveness versus diesel, how does it pan in Delhi, NCR and other GS? Looking at the different price levels across there.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So right now our focus is not petrol diesel because we are competitive with respect to that. With respect to petrol it is 19 rupees. With respect to diesel, diesel it is around 13 rupees. But our main concern is how do we remain competitive with respect to ev. So that is what we are competing against.<\/p>\n

Kirtan Mehta<\/strong><\/p>\n

Thank you sir.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question, the next question is from the line of Shabri Sarika from MK Global.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Hello? We are not able to hear you.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Hello?<\/p>\n

operator<\/strong><\/p>\n

Hello? So we are getting Shabri on the call. Yeah.<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Hello?<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Am I audible?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yeah, please go ahead.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Now how many CNG stations we had at the end of the year?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

So we have 954 stations now.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

954. And industrial and commercial growth for FY25 was 11% and 10%. Yui. Is that right?<\/p>\n

Kamal Chatiwal<\/strong><\/p>\n

Yeah. Commercial was slightly 7 to 8%.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

8% for commercial, 10% for industry and.<\/p>\n

Probal Sen<\/strong><\/p>\n

Okay, okay.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

And for Q4, how much it would. Be.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

6%, 6% for industrial and 2% for commercial for the quarter year on.<\/p>\n

Sabri Hazarika<\/strong><\/p>\n

Year for the quarter four. Right. Okay.<\/p>\n

operator<\/strong><\/p>\n

Thank you so much ladies and gentlemen. That was the last question for the day. I hand the conference over to the management for closing comments.<\/p>\n

Sanjay Kumar<\/strong><\/p>\n

Thanks Nitin. Thanks for hosting this call. I also thank all the participants for participating in our call. Any questions? If you have further clue what we deliberated today you can probably mail it to us or mail it to Nitin and we can get back to you. Thank you so much and thanks Nitin and Philip Capital. Thank you.<\/p>\n

operator<\/strong><\/p>\n

On behalf of Philip Capital India Private Limited. That concludes this conference. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Indraprastha Gas Limited (NSE: IGL) Q4 2025 Earnings Call dated Apr. 28, 2025 Corporate Participants: Unidentified Speaker Kamal Chatiwal \u2014 Managing Director Shri Mohit Bhatia \u2014 Director Sanjay Kumar \u2014 Chief Financial Officer Analysts: Unidentified Participant Nitin Tiwari \u2014 Analyst E.A. Sundaram \u2014 Analyst Probal Sen \u2014 Analyst Nirmal Gore \u2014 Analyst Yogesh Patil \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-174853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":137129,"url":"https:\/\/alphastreet.com\/india\/oil-and-natural-gas-corporation-limited-ongc-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":174853,"position":0},"title":"Oil and Natural Gas Corporation Limited (ONGC) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"November 15, 2022","format":false,"excerpt":"Oil and Natural Gas Corporation Limited (NSE:ONGC) Q2 FY23 Earnings Concall dated Nov. 15, 2022 Corporate Participants: Pomila Jaspal -- Director (Finance) Unidentified Speaer -- Anil Kumar -- Chief Commercial Pavan Aggarwal -- General Manager (Production) Nirmal Kumar -- General Manager- Corporate Planning & Strateg Vivek Tongaonkar -- Executive Director\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":145984,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-indraprastha-gas-limited-for-q4-fy23\/","url_meta":{"origin":174853,"position":1},"title":"Earnings Summary Of Indraprastha Gas Limited For Q4 FY23","author":"Hardik Bhandare","date":"May 12, 2023","format":false,"excerpt":"Indraprastha Gas Limited (IGL) is a leading natural gas distribution company in India. It was established in 1998 to implement the Compressed Natural Gas (CNG) program in the National Capital Region of Delhi, as a joint venture between GAIL (India) Limited, Bharat Petroleum Corporation Limited (BPCL) and the Government of\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-6-2.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-6-2.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-6-2.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-6-2.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-6-2.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/898c572d-b97a-4c10-acd3-c5f4d9ad88be-6-2.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":137727,"url":"https:\/\/alphastreet.com\/india\/petronet-lng-limited-petronet-q2-fy23-earnings-concall-transcript\/","url_meta":{"origin":174853,"position":2},"title":"Petronet LNG Limited (PETRONET) Q2 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"November 10, 2022","format":false,"excerpt":"Petronet LNG Limited (NSE:PETRONET) Q2 FY23 Earnings Concall dated Nov. 10, 2022 Corporate Participants: Mr. Hemang Khanna -- Nomura -- Analyst Shri Vinod Kumar Mishra -- Director (Finance) Analysts: Maulik Patel -- Equirus -- Analyst Varatharajan Sivasankaran -- Antique Limited -- Analyst Somaiah Valliyappan -- Spark Capital -- Analyst Sabri\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":174854,"url":"https:\/\/alphastreet.com\/india\/indraprastha-gas-limited-igl-q3-2025-earnings-call-transcript\/","url_meta":{"origin":174853,"position":3},"title":"Indraprastha Gas Limited (IGL) Q3 2025 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Indraprastha Gas Limited (NSE: IGL) Q3 2025 Earnings Call dated Jan. 28, 2025 Corporate Participants: Kamal Chatiwal \u2014 Managing Director Mohit Bhatia \u2014 Director, Commercial Manjeet Singh \u2014 Vice President Analysts: Yash Nandwani \u2014 Analyst Probal Sen \u2014 Analyst Yogesh Patil \u2014 Analyst Pratyush Kamal \u2014 Analyst Amit Murarka \u2014\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":172386,"url":"https:\/\/alphastreet.com\/india\/indraprastha-gas-q2-fy26-earnings-results\/","url_meta":{"origin":174853,"position":4},"title":"Indraprastha Gas\u00a0Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"November 13, 2025","format":false,"excerpt":"Indraprastha Gas Limited (IGL), a city gas distribution company servicing Delhi and surrounding regions, announced mixed financial results for Q2FY26. Financial Highlights: Revenues rose 8.79% year-on-year to \u20b94,023 crore from \u20b93,698 crore. Total expenses increased 13.06% to \u20b93,713 crore from \u20b93,284 crore. 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KC Ramesh\u00a0--\u00a0Chief Accounts and Financial Reporting Services Pawan Agarwal\u00a0--\u00a0Chief Corporate Planning and Strategy Vinod Hallan\u00a0--\u00a0Head Financier Analysts: Probal Sen\u00a0--\u00a0ICICI Securities -- Analyst Varatharajan Sivasankaran\u00a0--\u00a0Antique Limited -- Analyst Sabri Hazarika\u00a0--\u00a0Emkay Global\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/174853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=174853"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/174853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=174853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=174853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=174853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}