IRM Energy LimitedQ2 FY27 Results & Financial Update
IRM Energy Limited: Q2 FY27 consolidated results and company financials – revenue ₹363.61 Cr, PAT ₹25.43 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore IRM Energy Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
IRM Energy Limited reported consolidated revenue from operations of ₹363.61 crore for Q2 FY27, reflecting a sequential increase from ₹354.75 crore in Q1 FY27.
Total income for the quarter reached ₹368.32 crore compared to ₹360.03 crore in the preceding quarter.
Profit after tax (PAT) stood at ₹25.43 crore for Q2 FY27, which compares with ₹33.81 crore reported in Q1 FY27, resulting in basic earnings per share (EPS) of ₹6.19.
Total sales volume across all segments reached an all-time quarterly high of 61.23 million standard cubic meters (mmscm) during Q2 FY27.
Volume expansion was supported by a 25% year-on-year increase in CNG volumes and a 50% year-on-year surge in commercial PNG volumes, s.
Management noted that the performance reflects operating leverage emerging from an expanding infrastructure network and disciplined gas sourcing.
01 · Business model
What does IRM Energy do?
IRM Energy Limited operates as a city gas distribution (CGD) company engaged in developing, operating, and expanding natural gas distribution networks.
The company serves customers across four geographical areas covering six districts located in Gujarat, Punjab, and Tamil Nadu.
Its distribution model supplies natural gas to compressed natural gas (CNG) vehicles and piped natural gas (PNG) users across domestic, commercial, and industrial segments.
The operational footprint includes an expanding network of CNG stations, dispensing points, and extensive steel and MDPE pipeline infrastructure.
02 · Historical context
What shaped the business before this quarter
The company established operations across four geographical areas covering six districts in Gujarat, Punjab, and Tamil Nadu prior to the quarter.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹363.61 Cr | ₹354.75 Cr |
| Total income | ₹368.32 Cr | ₹360.03 Cr |
| Profit before tax | ₹35.21 Cr | ₹47.40 Cr |
| Profit after tax | ₹25.43 Cr | ₹33.81 Cr |
| EPS | ₹6.19 | ₹8.23 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 7.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 9.7% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹4.71 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
CNG volumes expanded by 25% year-on-year to 39.73 mmscm in Q2 FY27, serving as the primary volume driver.
Commercial PNG volumes recorded 50% year-on-year growth, reaching 0.90 mmscm during the quarter.
Total sales volume reached an all-time quarterly high of 61.23 mmscm, supported by network expansion and higher dispensing points.
What drove margins
Management attributed operating margin improvements to increasing utilisation of the infrastructure created across geographical areas and disciplined gas sourcing.
05 · Demand, customers & order book
Where demand is coming from
As of September 30, 2026, the company operated 156 CNG stations and 576 dispensing points, along with 89,308 domestic PNG connections, 657 commercial PNG connections, and 235 industrial PNG connections.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
During Q2 FY27, CNG volume was 39.73 mmscm, PNG industrial volume was 18.19 mmscm, PNG commercial volume was 0.90 mmscm, and PNG domestic volume was 2.41 mmscm.
Geography and market mix
The company continued to strengthen its network in Namakkal and Tiruchirappalli while deepening penetration in Banaskantha, Fatehgarh Sahib, and Diu & Gir Somnath.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company maintained a steel and MDPE pipeline network of 7,313 inch-km and 3,441 km respectively as of September 30, 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company focuses on expanding its presence across mobility, domestic, commercial, and industrial segments while maintaining a net-debt-free financial position.
09 · Pressure points & risks
What is not going smoothly
PNG industrial volume declined by 7.85% year-on-year to 18.19 mmscm in Q2 FY27.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Management reported a net-debt-free financial position as of September 30, 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Management Commentary
Mr. M.K. Sharma noted that Q2 FY27 performance was marked by healthy volume growth and improved profitability, driven by network expansion and disciplined gas sourcing.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations moved from ₹354.75 crore in Q1 FY27 to ₹363.61 crore in Q2 FY27, while PAT moved from ₹33.81 crore to ₹25.43 crore.
13 · Key Q&A
The quarter, answered directly
What does IRM Energy do?
IRM Energy Limited operates as a city gas distribution (CGD) company engaged in developing, operating, and expanding natural gas distribution networks.
What is the clearest takeaway from Q2 FY27?
IRM Energy Limited reported consolidated revenue from operations of ₹363.61 crore for Q2 FY27, reflecting a sequential increase from ₹354.75 crore in Q1 FY27.
What drove revenue or demand?
CNG volumes expanded by 25% year-on-year to 39.73 mmscm in Q2 FY27, serving as the primary volume driver.
What mattered most for margins or profitability?
Management attributed operating margin improvements to increasing utilisation of the infrastructure created across geographical areas and disciplined gas sourcing.
What changed operationally beyond the headline numbers?
The company maintained a steel and MDPE pipeline network of 7,313 inch-km and 3,441 km respectively as of September 30, 2026.
What are the main pressure points disclosed for the quarter?
PNG industrial volume declined by 7.85% year-on-year to 18.19 mmscm in Q2 FY27.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Volume Trajectory: Monitor subsequent quarterly sales volumes across CNG and industrial PNG segments to track demand recovery.
- 02
Infrastructure Rollout: Track the commissioning pace of new CNG stations and MDPE pipeline additions in Namakkal, Tiruchirappalli, and existing geographical areas.
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