IRM Energy Q3FY26 Results Are Out

IRM Energy has announced its Q3FY26 results after market hours on February 3, and the numbers reflect a strong quarter driven by margin expansion and robust growth in CNG volumes.

While overall gas volumes increased at a steady pace, profitability rose sharply, supported by efficient gas sourcing and better operating leverage.

Key Financial Highlights (Q3FY26)

On a consolidated basis, IRM Energy reported:

  • Net revenue (net of excise duty): ₹2,650.47 crore
  • EBITDA: ₹359.55 crore
  • EBITDA margin: ~14%
  • Profit after tax (PAT): ₹139.78 crore
  • EPS: ₹3.40

Compared to Q3FY25, this translates into:

  • Revenue growth of ~6% YoY
  • EBITDA growth of ~24% YoY
  • PAT growth of ~38% YoY

The expansion in EBITDA margin from around 12% last year to nearly 14% this quarter stands out as a key positive.

Standalone Performance Snapshot

On a standalone basis, the company delivered even stronger growth:

  • Revenue from operations: ₹2,886.93 crore
  • PAT: ₹151.87 crore
  • EPS: ₹3.70

Standalone profit grew by over 40% year-on-year, highlighting the strength of IRM Energy’s core operations.

Gas Volume Performance: CNG Leads the Growth

IRM Energy’s total gas sales volume during the quarter stood at 56.07 MMSCM, marking a 5% YoY increase.

Segment-wise volume breakup:

  • CNG: 34.07 MMSCM (+21% YoY)
  • PNG – Domestic: 2.53 MMSCM (+14% YoY)
  • PNG – Industrial & Commercial: 19.47 MMSCM (−14% YoY)
  • Trading: Nil

Strong growth in CNG volumes continued to drive overall performance, supported by rising vehicle adoption and expanding CNG infrastructure. However, demand from industrial and commercial customers remained soft during the quarter.

Customer Additions and Network Expansion

During Q3FY26, IRM Energy added:

  • 2,773 domestic customers
  • 18 commercial customers
  • 4 industrial customers
  • 11 new CNG stations

These additions further strengthen the company’s city gas distribution footprint across its operational regions.

Cost Efficiency and Margin Improvement

Management attributed the rise in profitability to improved gas sourcing efficiency.

  • Gas costs increased at a slower pace than revenue
  • Gross margins improved meaningfully
  • EBITDA margins expanded by nearly 200 basis points YoY

This indicates better cost control despite volatility in gas prices.

Notes to Watch

  • Preference share redemptions from certain joint ventures and associate companies remain pending.
  • The company expects recovery of these amounts in coming quarters.
  • No impairment has been reported so far.

Stay tuned for more earnings updates and market analysis.
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