Whalesbook
Profit Kaun Se Factors Se Squeez Hua?
Indraprastha Gas (IGL) ne FY26 ke Q4 mein ₹277.1 crore ka Net Profit report kiya hai, jo pichhle saal se 21% kam hai. Haan, revenue 5.7% badh kar ₹4,584.5 crore ho gaya, lekin jab baat profit ki aayi toh company thodi pichhad gayi. Iska reason hai badhti hui gas procurement costs, jiske karan EBITDA 11% gir kar ₹423 crore par aa gaya. Margins bhi 10.1% se 11.6% (pichhle quarter) se kam ho gaye. Matlab, gas mehngi ho gayi aur company ka profit margin tight ho gaya.
Global Tensions Aur LNG Ka Chakkar
Asal gadbad hui hai gas ki supply aur prices mein. West Asia mein chal rahi tensions aur US-Iran conflict ki wajah se LNG (Liquefied Natural Gas) shipments mein dikkat aa rahi hai, khaas kar Qatar Energy se. Isne gas ki costs badha di, jo 2.8% badh kar ₹36.8 per scm ho gayi. Company ne CNG prices bhi do baar badhai hain is May mein, lekin sawal yeh hai ki kya woh saara badha hua cost customers par daal paayenge bina demand kam kiye ya rivals se market share khoye.
Competitors Aur Future Ka Tension
Indraprastha Gas hi nahi, competition mein Mahanagar Gas Ltd. (MGL) bhi isi pressure mein hai. MGL ka bhi EBITDA per scm kam hua hai. Achhi baat yeh hai ki dono companies ke balance sheets strong hain aur debt bahut kam hai. IGL ka debt-to-equity ratio sirf 0.01 hai aur MGL ka 0.03. Lekin, EV (Electric Vehicle) ka rise CNG market ke liye future mein ek bada challenge ban sakta hai. Company ne FY26 ke liye ₹4.75 per share ka final dividend announce kiya hai.
Analyst Kya Keh Rahe Hain?
Market analysts ka IGL par view mixed hai, lekin cautiously optimistic keh sakte hain. Mostly 'Hold' rating hai aur average 12-month price target ₹165.00 ke aas-paas hai. Kuch analysts ₹267.75 tak ka target bhi de rahe hain. Waise, MGL ka consensus 'Moderate Sell' hai.
IGL ki strategy PNG network expand karna aur smart procurement se costs manage karna hogi. FY27 mein 3% se upar volume growth maintain karna aur naye contracts milna IGL ke future ke liye crucial hoga.