IRM Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript IRM Energy Ltd filed with BSE on 14 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
IRM Energy reported FY26 revenue from operations of Rs 1066.66 crore, up 9% YoY, EBITDA of Rs 112.25 crore, up 17% YoY, and standalone PAT of Rs 56.89 crore, up 21% YoY, on volumes of 223.67 MMSCM. Management attributed the performance to CNG station network expansion to 150 stations, growth in PNG domestic, commercial and industrial connections, and disciplined capital allocation with total debt of Rs 72 crore against cash and bank balance of Rs 242 crore. Management also described one-time items in Q4, including a JV receivable impairment and bank charges, which affected quarterly profitability compared to the preceding quarter.
Numbers mentioned
Revenue from operations: INR 1066.66 crores (FY26)
p. 3
“the company delivered a revenue from operations of INR 1066.66 crores to be precise and registered a growth of 9% YoY”
M.K. Sharma, page 3 of the filed PDF · View the filing
EBITDA: INR 112.25 crore (FY26)
p. 3
“EBITDA level of INR 112.25 crore reflecting a 17% YoY increase”
M.K. Sharma, page 3 of the filed PDF · View the filing
PAT: 56.89 (FY26)
p. 3
“PAT of 56.89, a growth of 21% YoY on a stand-alone basis”
M.K. Sharma, page 3 of the filed PDF · View the filing
Volume: 223.67 MMSCM (FY26)
p. 3
“The volume of 223.67 MMSCM reflects a growth of 9% YoY supported by both CNG and PNG commercial-domestic segments together”
M.K. Sharma, page 3 of the filed PDF · View the filing
Capex: INR 184.35 crore (FY26)
p. 3
“the company has also incurred during the year a CapEx of INR 81.33 crore in Q4 FY’26 alone, which adds up to the annual CapEx total of INR 184.35 crore in the whole FY’26”
M.K. Sharma, page 3 of the filed PDF · View the filing
CNG stations: 150 stations (as of 31st March 2026)
p. 3
“IRM Energy expanded the CNG station network, for which we are really proud of a network of 150 stations landmark we have crossed this time as of 31st March 2026”
M.K. Sharma, page 3 of the filed PDF · View the filing
Total debt including long-term lease liability: INR 72 crore (FY26)
p. 4
“its total debt including long-term lease liability of only INR 72 crore in FY’26, reduced from INR 140 crore in FY’25”
M.K. Sharma, page 4 of the filed PDF · View the filing
Cash and bank balance: INR 242 crore (FY26)
p. 4
“cash and bank balance of INR 242 crore in hands, resulting into a net cash position of INR 170 crore”
M.K. Sharma, page 4 of the filed PDF · View the filing
Gross margin: 25% to 26%
p. 9
“the gross margins that we see, they are in the range of 25% to 26%”
Arunkumar Saluru, page 9 of the filed PDF · View the filing
PAT Q4 vs Q3: INR 13 crores vs INR 15 crores (Q4 FY26 vs Q3 FY26)
p. 18
“If you see the PAT for Q3, so it was INR 15 crores, right, and for Q4, it is INR 13 crores”
Arun Kumar Saluru, page 18 of the filed PDF · View the filing
Term loans: INR 49 crores (as of end of March)
p. 27
“right now, at the end of March, we are around INR 49 crores of term loans”
Arun Kumar Saluru, page 27 of the filed PDF · View the filing
Other income from mutual fund investments: INR 68 lakhs (Q4 FY26)
p. 28
“Manikandan ji, for this Q4FY26, if you see, it is around INR 68 lakhs”
Arun Kumar Saluru, page 28 of the filed PDF · View the filing
Employee count: 256 (FY26)
p. 19
“at the start of the year, there were 214 employees, now we are 256”
Arun Kumar Saluru, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA per SCM — improve by 10% to 15% · next financial year
stated conditionally by M.K. Sharma
p. 11
“we, going forward, will improve it by another 10% to 15% going forward in the next financial year”
M.K. Sharma, page 11 of the filed PDF · View the filing
Volume growth — crossing 250 MMSCM or more, 30% plus expectation · FY27
stated as an aspiration by M.K. Sharma
p. 11
“Next year we are planning double-digit and it will be fairly, you can say 30% plus sort of expectation we are making over what we have done YoY”
M.K. Sharma, page 11 of the filed PDF · View the filing
Capex in Namakkal and Trichy — INR 150 crore to INR 180 crore · FY27
stated conditionally by M.K. Sharma
p. 7
“this year, FY’27, we have planned exceeding INR 150 crore more in that particular GA. And maybe, if things all permit well, we may be exceeding INR 150 crore also, maybe INR 170 crore, INR 180 crore we are targeting internally”
M.K. Sharma, page 7 of the filed PDF · View the filing
CNG to PNG volume mix in Namakkal and Trichy — 70 and 20 · over a period of one or two years
stated as an aspiration by Abhinand Pandya
p. 8
“this mix over a period of one or two years will be between 70 and 20, just like what we have seen it in other GAs like Banaskantha and Diu & Gir-Somnath”
Abhinand Pandya, page 8 of the filed PDF · View the filing
CNG stations added — 36 stations · FY27
stated conditionally by M.K. Sharma
p. 18
“this time we are expecting another 36 to be added”
M.K. Sharma, page 18 of the filed PDF · View the filing
EBITDA per SCM — INR 5.3 to INR 5.5 per SCM
stated conditionally by Arun Kumar Saluru
p. 17
“on the EBITDA front also, we will be plus INR 5.2 rupees and in the range of INR 5.3 rupees to INR 5.5 rupees per SCM”
Arun Kumar Saluru, page 17 of the filed PDF · View the filing
Volume growth in CNG, PNG commercial, PNG industrial segments — more than 20% year-on-year · this year
stated as an aspiration by M.K. Sharma
p. 20
“We are expecting that in all four segments, we will be growing more than 20% year-on-year”
M.K. Sharma, page 20 of the filed PDF · View the filing
Peak debt — INR 70 crores to INR 80 crores · this financial year
stated conditionally by Arun Kumar Saluru
p. 27
“peak debt will be in this range only, INR 70 crores to INR 80 crores for this financial year”
Arun Kumar Saluru, page 27 of the filed PDF · View the filing
Gross margins — FY27
stated conditionally by Arunkumar Saluru
p. 10
“our endeavor is to maintain the margins, the gross margins and EBITDA levels”
Arunkumar Saluru, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained that Banaskantha has higher CNG-driven margins and better return on capital employed despite different capex levels, and that segment mix (CNG vs industrial) explains the difference rather than capex alone.
Answered by M.K. Sharma
Asked by Ketan Chheda: Why does Banaskantha generate less volume/revenue relative to its higher capex compared to Fatehgarh Sahib?
p. 6
“Banaskantha volumes around 47% of my total, I mean, MMSCM wise if you go, 47% comes to us from Banaskantha, whereas Fatehgarh Sahib comes 39% only”
M.K. Sharma, page 6 of the filed PDF · View the filing
CFO stated gross margins are currently in the 25-26% range, higher than the previous year, and the company aims to maintain them depending on how the situation unfolds.
Answered by Arunkumar Saluru
Asked by Ketan Chheda: How will margins fare in FY27 given the geopolitical crisis and sourcing agreements?
p. 10
“Now, as the situation is unfolding in the Gulf, so keeping that in mind, we expect the margins in the same range”
Arunkumar Saluru, page 10 of the filed PDF · View the filing
Management said gas supply restrictions had partly eased and they are taking a cautious approach, waiting for the supply situation to improve before pushing for stricter NGT order implementation.
Answered by M.K. Sharma
Asked by Kiran Gadge: When will the NGT order for Fatehgarh Sahib be implemented?
p. 12
“The moment the supply situation is balanced or it is slightly favored strategically, we would like to compel the government for a stricter implementation of this NGT order”
M.K. Sharma, page 12 of the filed PDF · View the filing
Management said one-time items, including a JV impairment and bank charges, explained most of the difference, and that they otherwise maintained margins by passing through sourcing cost increases to customers.
Answered by M.K. Sharma
Asked by Saket Kapoor: What caused lower Q4 profitability versus Q3, and how did geopolitical and gas availability factors affect the March quarter?
p. 16
“some one-time entries are there. Because of that only, the margins are not in line with Q1, Q2, Q3FY26”
M.K. Sharma, page 16 of the filed PDF · View the filing
The commercial head explained that increases in APM ceiling price and NWG formula gas costs were passed on to customers, protecting margins.
Answered by Ashish Mittal
Asked by Saket Kapoor: How have CNG prices and average rates changed in the last quarter?
p. 13
“there was a cost increase primarily due to two factors. One was increase in the ceiling price of APM gas, which was $6.75 per MMBTU for previous financial year. Now it is $7 per MMBTU for current financial year”
Ashish Mittal, page 13 of the filed PDF · View the filing
Management said they plan to add another 36 stations this year following the 150-station milestone reached in FY26.
Answered by M.K. Sharma
Asked by Pawan Kumar: How many CNG stations will be added this year and how much in Namakkal-Trichy?
p. 18
“this time we are expecting another 36 to be added”
M.K. Sharma, page 18 of the filed PDF · View the filing
CFO indicated term loans stood at about Rs 49 crore at end of March, with a sanctioned Rs 45 crore term loan, projecting peak debt of Rs 70-80 crore this financial year.
Answered by Arun Kumar Saluru
Asked by Manikandan: What is the peak debt level expected over the next five years?
p. 27
“peak debt will be in this range only, INR 70 crores to INR 80 crores for this financial year”
Arun Kumar Saluru, page 27 of the filed PDF · View the filing
Management said EV penetration remains very low across their geographical areas except for some early threat in Tamil Nadu, with negligible traction elsewhere.
Answered by Ashish Mittal
Asked by Manikandan: How does increasing EV adoption, especially in auto rickshaws, affect long-term CNG demand?
p. 28
“EV penetration is not there in any of the segments, so be it passenger vehicle or be it auto three-wheeler segment. It is to some extent there a threat for Tamil Nadu, Namakkal and Trichy”
Ashish Mittal, page 28 of the filed PDF · View the filing
Risks flagged
Geopolitical disruption affecting gas sourcing and prices
p. 6
“the global energy disruption has happened, and it has impacted our CGD sector also alongside all other energy companies”
M.K. Sharma, page 6 of the filed PDF · View the filing
APM gas allocation impact and NWG formula price increases in the industrial segment
p. 14
“suddenly the APM allocation was impacted. Then NWG prices which is formula-based, that also started coming a little higher, and there was a, I mean, challenge in the industrial segment for the gas availability part of it also”
M.K. Sharma, page 14 of the filed PDF · View the filing
Restricted gas supply to industrial customers in Fatehgarh Sahib due to NGT order fallout and war-related disruption
p. 10
“gas supply itself has been very much restricted. It came down to 80% of the daily contracted quantity and further went down up to 65 and then 55”
M.K. Sharma, page 10 of the filed PDF · View the filing
Demand destruction risk from pushing stricter NGT enforcement too early
p. 12
“demand destruction is happening already, and at that point of time, if we force them more, then these companies will be in a more agitated mood and then difficulty will come on our credibility also”
M.K. Sharma, page 12 of the filed PDF · View the filing
One-time JV receivable impairment and bank charges impacting Q4 profitability
p. 17
“there is one impairment in our JV that we have disclosed also of INR 1.34 crores”
Arun Kumar Saluru, page 17 of the filed PDF · View the filing
New labor code implementation increasing employee cost provisioning
p. 20
“we also had to take around INR 60 lakhs worth of provisioning on the implementation of the new labor code which came”
M.K. Sharma, page 20 of the filed PDF · View the filing
EV penetration as a threat to CNG demand in Tamil Nadu
p. 28
“It is to some extent there a threat for Tamil Nadu, Namakkal and Trichy”
Ashish Mittal, page 28 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.