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Indian Gas Exchange (IGX) In Depth Financial Analysis
The rising attention in gas-based power production has driven IGX to achieve volume growth. Let us examine IGX financial statements in this detailed analysis.
Company profileIndian Gas Exchange Limited (IGX)TL;DR
IGX had a strong FY26. Revenue grew 25% to Rs.61.01 cr, and its profit rose 36.5% to Rs. 42.02 cr. Its net profit margin also improved to 68.88%. The company recommended a Rs.2 per share final dividend, subject to shareholder approval. The revised financials were prepared as part of its proposed IPO process.
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Indian Gas Exchange (IGX) reported a strong FY26 with 25% growth in operating revenue and 36.5% growth in profit. The company also increased its net profit margin to 68.88% and declared a final dividend of Rs.2 per share. So, what changed in FY26? Let’s look at IGX’s latest financials.
IGX Financial Results FY26: Key Highlights
Particulars (in Rs. Cr.) | FY24 | FY25 | FY26 | FY26 YoY |
|---|---|---|---|---|
Revenue from Operations | 34.85 | 48.80 | 61.01 | 25.0% |
Other Income | 19.77 | 20.28 | 23.83 | 17.5% |
Total Income | 54.62 | 69.08 | 84.84 | 22.8% |
Total Expenses | 23.90 | 28.78 | 29.01 | 0.8% |
EBITDA | 6.27 | 9.81 | 8.37 | -14.7% |
EBITDA Margin % | 18.0% | 20.1% | 13.7% | - |
Profit After Tax (PAT) | 23.05 | 30.79 | 42.02 | 36.5% |
Basic EPS | 3.12 | 4.17 | 5.68 | 36.2% |
Diluted EPS | 3.12 | 4.15 | 5.66 | 36.4% |
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Source: IGX FY26 Audited Financial Statements
A)IGX Revenue Grows 75% in 2 Years
Over two years, from FY24 to FY26, the company’s revenue went up by around 75%. That’s about 32% growth each year. It mainly earns money from transaction fees, plus smaller amounts from yearly subscriptions, memberships, processing, and transfers.
B)IGX Profit After Tax Jumps 36.5% in FY26
IGX's PAT increased from Rs.30.79 cr in FY25 to Rs.42.02 cr in FY26.PAT increased by around 82% between FY24 and FY26. The growth is even stronger when compared with revenue during FY26. This means IGX was more efficient at turning its higher revenue into profit.
C)Why Did IGX's Profit Grow Faster Than Revenue?
The key reason is that the company didn’t let its expenses rise too fast.
Expense (in Rs. Cr) | FY24 | FY25 | FY26 |
Employee Benefits | 9.85 | 10.92 | 12.63 |
Finance Costs | 0.44 | 0.62 | 0.46 |
Depreciation & Amortisation | 2.76 | 5.16 | 2.32 |
Other Expenses | 10.85 | 12.08 | 13.60 |
Total Expenses | 23.90 | 28.78 | 29.01 |
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Total expenses grew just 0.8% YoY in FY26 against 25% growth in revenue from operations. One big change was depreciation and amortisation, which fell from Rs.5.16 cr in FY25 to Rs.2.32 cr in FY26. The highest one-time cost was employee benefits of Rs.12.63 cr.
D) IGX Profitability Ratios Improve
IGX reported an improvement in its key profitability ratios in FY26.
Ratio | FY25 | FY26 |
Net Profit Ratio | 63.10% | 68.88% |
ROE | 23.30% | 25.72% |
ROCE | 27.66% | 31.71% |
Current Ratio | 1.80x | 1.51x |
Trade Receivables Turnover | 12.07x | 19.27x |
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The company's net profit ratio increased to 68.88%, while ROE rose to 25.72% and ROCE to 31.71%. Trade receivables turnover also improved from 12.07x to 19.27x as revenue increased. Simply means IGX retained a very high proportion of its operating revenue as profit after accounting for expenses and taxes.
E) IGX Other Income Rises to Rs.23.83 Cr
Other income increased from Rs.20.28 cr to Rs.23.83 cr in FY26.The company's other income includes income from bank deposits and investments, fair-value gains on investments, gains from the sale of investments and other income. This is an important point when analysing IGX because other income represents a meaningful part of its total income.
F) IGX Investments Cross Rs.400 Cr
IGX’s total assets grew sharply to Rs. 477.73 cr as of 31 March 2026, up from Rs. 308.02 cr in FY25.
Particulars (in Rs.Cr) | FY24 | FY25 | FY26 |
Total Assets | 294.58 | 308.02 | 477.73 |
Total Equity | 116.66 | 147.71 | 179.03 |
Current Investments | 180.91 | 203.63 | 404.46 |
Cash & Cash Equivalents | 15.46 | 13.22 | 3.96 |
Total Liabilities | 177.92 | 160.31 | 298.70 |
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Major movement was in current investments, which increased to Rs.404.46 cr in FY26 from Rs.203.63 cr. This increase is a key part of the balance sheet narrative and should not be ignored in terms of the company’s financial performance.
G) IGX Dividend FY26
The Board recommended a final dividend of Rs.2 per equity share, equivalent to 20% of the Rs.10 face value, subject to shareholder approval. The cash-flow statement also shows that Rs.11.25 cr was paid as a dividend during FY26 for FY25.
How Have IGX Revenues Grown with Trading Volumes in FY26
IGX achieved trading volumes of 76.8 million MMBtu during FY26, which showed a 28% increase compared to the previous year.
IGX generates its revenue by charging transaction fees, which means its revenue expansion depends directly on the amount of trading activities.
The revenue for FY26 should follow a growth pattern of 25 to 30 per cent based on these assumptions when fee structures stay unchanged.
Indian Gas Exchange IPO
IGX has filed its DRHP with SEBI for an IPO, and SEBI has given approval for the same. It's a 100% offer for sale, planning to sell 1.67 crore shares. With an expected IPO targeting December 26.
The main purpose of the IPO is to help the Indian Energy Exchange, along with other current shareholders, meet their regulatory requirement to decrease their ownership percentage. The IPO process exists because of mandatory requirements. These do not need any additional financial resources. Before IPO, IGX unlisted shares trade in the Pre-IPO market. Check here to know more.
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