Thanks, Manav. Good day, ladies and gentlemen.

On behalf of PhillipCapital India Limited, I welcome everyone to Indraprastha Gas Limited's first quarter FY27 earnings call. Today from the management team, we have with us Mr.

Kumar Shanker, who has recently taken the charge as MD of IGL. Congratulations to you, sir, and our best wishes for your tenure at IGL.

We also have with us Mr. Mohit Bhatia, Director Commercial.

Pleasure to have you with us, sir. Mr.

Manjit Gulati, who has recently been appointed as CFO at IGL. Congratulations to you as well, sir.

I shall now hand over the floor to the management for their opening remarks, which shall be followed by a question and answer session. Over to you, sir.

Yeah. Thanks, Nitin.

A very good evening to all of you. I am Kumar Shanker.

As Nitin was mentioning, I have recently taken charge of Managing Director of Indraprastha Gas Limited. On behalf of the management team of IGL, it's my pleasure to welcome you all for our earnings call on this financial results of Q1 FY26-27.

Thank you for your continued trust and support and for joining us today. As you all know, the quarter was challenging due to the ongoing geopolitical situation in West Asia, which impacted the global energy markets and created pressure on gas availability as well as prices.

Despite these challenges, IGL continue to operate smoothly and ensure uninterrupted gas supplies to all our customers segments. You will be happy to know that about half of our gas requirement during this quarter also was met through domestic sources, which helped us maintain gas supply reliability.

Our company has continued to demonstrate resilience through disciplined execution and clear focus on our long-term goals. Before we begin the Q&A session, let me briefly share some of the key highlights of our performance during this quarter.

With our continued efforts, we have achieved average daily gas sales volume during this quarter at 9.66 million standard cubic meters per day, as against 9.13 million scmd in the Q1 of the previous year. Our overall sales volume of CNG, net of DTC and DIMTS, had actually increased by around 11%, with overall 9% increase in CNG sales in Delhi, and double-digit growth in all the other remaining three states.

In fact, you will be glad to know that in recent days, we have touched the peak sale of up to even 58 lakh kg in a single day, which is not only among the highest for IGL in its history, but also definitely the highest in the country for any CGD company in the country. Also, you will be glad to know that during this quarter, we have achieved a milestone of the highest-ever quarterly turnover of more than ₹5,000 crore.

As far as our capex, we continue to invest in expanding and strengthening our PNG infrastructure. Our domestic PNG customer base has already reached around 35 lakh plus connections, while industrial and commercial connections stand today at approximately around 13,600 connections.

With the planned expansion of our pipeline network and CNG stations through our ongoing capital expenditure, we believe it will support our company's long-term and sustainable growth. During this quarter, the company reported an EBITDA of ₹296 crore and a profit after tax of ₹186 crore, despite higher gas cost and supply challenges arising from the global situation.

We remained profitable and continued to maintain stable operations during this quarter. We believe the long-term fundamentals of CGD structure sector remains strong.

With our growing infrastructure, expanding customer base, and disciplined approach to our business, we remain committed to creating sustainable value for all our stakeholders. Now I would like to invite our Director Commercial, Mr.

Mohit Bhatia, to share his remarks. Thank you.

Thank you, Kumar sir, the MD. Good evening, everyone.

I am Mohit Bhatia, Director Commercial at Indraprastha Gas. I would like to first of all welcome all our investors, analysts, and the members of the financial community joining us today.

Thank you for participating in our earning conference call for the quarter ended 30th June 2026. Let me get the opportunity and privilege to share the key business developments during the quarter.

First and the foremost to secure the proper robust infrastructure in NCR and in particularly Delhi. Pleased to inform that we have recently commissioned a new, one more city gate station at Rohini, Delhi, which will improve the overall supply network and the strengthen the infrastructure.

We have already submitted our concern for the authorization for the remaining areas of Gurgaon and Faridabad and have technically started the technical feasibility studies for the development of these both the geographical areas. We have also commenced LNG operations, that is the first and the foremost in NCR region in association with CONCOR.

Had commissioned the newly operational CNG station at the prestigious Noida International Airport along with PNG in the food court area. Going forward, we are also pleased to inform that we have engaged with Indian Army in a national nation-building exercise to explore the opportunities to meet their integrated energy requirements in our geographical areas in their cantonments.

As our Managing Director has highlighted some of the points related to geopolitical situation and also financial performance to of the company, let me add some perspective from my side on the company's performance. Overall, the sales volume increased to about 6% as compared to the last quarter of the last year.

If we look from the perspective of Delhi-NCR CNG sales, yes, it has grown by 9%, as the Managing Director emphasized. Barring DTC and DIMTS volume, that is 9%, whereas a healthy growth of around 27% observed in our newer GAs outside Delhi-NCR.

On the overall basis, almost there is a 50% incremental sales which is coming from the new GAs. In terms of infrastructure development, our steel network expanded by approximately 25 km, now further adding to around 2,600 km, while the MDPE pipeline almost increased by 500 km during this quarter.

We have also added almost 1 lakh plus PNG customers during the current quarter and almost 530 plus additional industrial and commercial customers adding to our robust growth. On the financial front, once again pleased to inform that we have achieved the ever-highest ₹5,028 crore of the turnover, which is almost 16% as compared to the same quarter last year.

While the profitability is impacted by higher gas cost during the quarter, our focus remains on volume growth, customer expansion, and operational efficiency. During the quarter, we also had incurred a capex of ₹327 crore.

We are witnessing a very healthy growth in the CNG vehicle segment. Over the last six months in particularly, CNG vehicle additions and conversions have arranged almost to the tune of 27,300 vehicles per month vis-a-vis 18,000 vehicles per month during the same quarter for the last year, which gives us a immense confidence that CNG demand will continue to grow in the coming quarters.

On behalf of the management, I assure you that we remain focused on sustainable growth, expansion of our market presence, and delivering value to our customers and stakeholders while adapting to the changing business environment. With this, I welcome you once again and open the session for the question and answers.

Thank you for the opportunity. Good afternoon, sir, and congratulations for the elevation for the new roles for both of you.

I think the first question was with respect to the sourcing mix. If you can kindly give us the mix in terms of percentage and absolute volumes between whatever was the APM allocation, HPHT gas, new well gas, and the mix between long-term and short-term LNGs, whatever it was for the quarter.

Okay. Thanks for the question.

Current scenario in the current scenario, if we see the breakup for Q1 for the this financial year, still we have around 48% coming from the domestic allocations, whether it is APM, new well, or HPHT. Around 52% is coming from the imported, that is through our long-term contracts and somewhere through the spot also because of the force majeure issues happened in West Asia.

If you see the around we are selling around 9.5 million of standard cubic meter of gas, 48% is coming from the domestic and around 52% from the imported.

Thank you, sir. Is it possible to share of that 52% what was the mix between long-term and spot, and also broadly speaking, what was the effective price at which you could get spot LNG for the quarter?

See, if you see because of the long-term contracts, we already are in place 100% of our sourcing. However, due to the force majeure issues and all, there has been some cuts, yes, it is there.

Almost around 4 million out of the 5 million sourcing which is being done from the imported, around 3.9 to 4 million is the from the long-term contracts. There was a government has supported during this quarter in terms of giving a pool gas to the CGD sector particularly as per the government notification.

Around 0.6 to 0.7 came through the pool gas, and spot we had to rely around 3%, you can say. Roughly around 0.25 to 0.3 million per day was through spot.

Market trend you have must have noticed that it varied from around $17, $18 to $21, $22, as and when it required we have to source it.

Got it, sir. Just in terms of how we are looking at sourcing going forward, what is the environment?

Have you seen since the conflict has once again picked up, have you seen a change in terms of LNG availability? Are we able to get slightly more contracted LNG in the market today or does it remain still a fairly tight market?

What's your thoughts on this?

Very, very highly unpredictable and uncertain situation. You are aware of the geopolitical issues.

We are in constant touch with our suppliers, the promoter companies also, and whereas whatever best we could source it from the market. We are in constant touch, and some indications are there whatever has been the cuts due to force majeure, because as globally India has also gone to other geographies to source the gas.

It has been there. Long-term, yes, spot will be there a little bit, but I think if we are able to get the gas from our long-term contracts, our aspiration, our vision is that, I think we are taking up with our upstream suppliers and something should be better.

As we go forward, we're looking at HPHT as well. We're hopeful that we'll be in a position to improve, the overall share of HPHT as well going forward.

About RLNG already Director Commercial has already mentioned.

Right, sir. One last question if I may.

Given the unpredictability, how should we look at the margin scenario going forward? Is there sort of a floor?

Are we looking at further price increases to sort of floor up the margins if prices remain at the higher end of US, $15 to $16? How are we looking at the margin environment for the next six to nine months?

Sir, actually I would like to answer your query in two parts. The point number one is we have been always giving a guidance of a long-term EBITDA around ₹7 per scm.

Yes, there is a geopolitical issue across the globe and the margins are under the stress. Our still long-term guidance is similar, but in the subsequent quarters it will be difficult viewing because we do not know what is the overall geopolitical impact on the country and in particular to the CGD sector.

That is point number one. Secondly, we have been always a long-term guidance was there that we want to calibrate in terms of both the sales growth vis-a-vis margin.

We are trying to maintain a good delta with alternate fuels, particularly petrol and diesel, and still there is a handsome delta with petrol, in particularly around ₹17. With the GST 2.0, it has become really conducive and favorable for the CNG automobile sector and the tremendous growth has been witnessed.

To further leverage, I think this is a time to seed the market to further strengthen and capture the volumes also. See,

I would like to add one more thing also. Margins, of course, is the function of the input gas prices, more so the current kind of volatile LNG market.

Next six months, I believe, four factors we need to figure out how they will play out. First is in general there's a consensus that the US supplies are going to improve, the Henry Hub, the expectation is that it would be, kind of stable.

The second part is, of course, geopolitics, nobody is able to predict what's going to happen to the supplies from the Middle East. Then about the kind of consumption pull factor from China, Japan, how it's going to play out, one needs to wait and watch.

The other aspect is how the European gas storage is going to be there and the kind of winter. In all these things, there are also talks about whether this El Niño is going to become a super El Niño, and in case of that, then there could be a moderate winter.

If you really see today in this wide world how different factors are going to play out, it's right now quite difficult to predict. As our Director Commercial has just now mentioned that, what we are focusing on is the segments that we are actually going to cater to, we have a reasonable belief that with the kind of leverage that we have particularly with respect to petrol, diesel, and all that, we should be able to, keep it under balance.

Thank you, sir. I appreciate how challenging the environment is and I appreciate your efforts to explain the answer as best as you could.

Thank you and all the best.

Thank you.

As you mentioned earlier that 48% of the gas sourcing is from the domestic fields or domestic side like APM, NWG, HPHT. To our knowledge, earlier quarters it was around APM around 3.3 mmscmd, HPHT was 0.8 mmscmd, and NWG was around 0.9 mmscmd.

Just wanted to have a little bit granular understanding on this, how much you have received in a Q1 FY27, all these three types of the gases, and what is the current status of this domestic sourcing part?

There has been a little bit, I would say, reshuffling of APM and NWG in the last quarter and going forward also. As I mentioned, around 2.6 million last quarter average was APM and 1.26 was the new well gas.

As compared to the previous quarter, you are rightly, it was NWG was less than 1 million. There has been some changes in the proportion because of the geological issues of the wells across the country, and there has been some shift in the new well gas.

Going forward also, likely to happen in this way only.

HPHT portion remains same sir, 0.8 mmscmd during the Q1 FY27?

HPHT was around 0.7, 0.66 to 0.7, and it likely to increase because we understand that certain contracts across the country are going to close, likely to be closed in September, and there will be some bids offerings coming in. We will be also trying to capture it aggressively going forward.

Sir, my next question related to the CNG consumption figures for the DTC buses, DIMTS buses in million kg, if you could provide, and additionally please provide the total CNG volume for this quarter in million kg.

Okay. As we mentioned in our opening remarks also, see DTC volumes are now almost zero.

For last three months, if you see, it's almost now zero. The last year same quarter it was on an average of 1.5 lakh kg per day, nowadays almost zero.

However, secondly if you see the DIMTS volumes, now as compared to the Q4 of the last year as and in comparison to the Q1 for this year, the volumes are more or less same. It is maintaining at around 1.5 lakh kg per day.

CNG volume in million kg, sir, if possible? Total CNG volume in million kg?

In terms of million kg, it is around 5.31 per day for the quarter ended 30th June.

Thanks a lot, sir. All the best.

Hi. Good evening and thanks for the opportunity.

I missed if you have already shared the split of growth between Delhi and outside Delhi that you usually share in earlier quarters. I'll

just for your consumption, I'll just repeat. Overall growth in CNG is 6% across IGL.

If you see Delhi, barring DTC, it is around 9%. Barring DTC, entire IGL is 11%.

If you see in particularly the outside or the new GAs, it is 27%.

Got it. DTC, you said that now the volume for the buses is stabilized and there's no further decline that you're expecting on that count, right?

Yes, you're right. It is almost now come down to zero almost, maybe hardly 100 to 200 kg per day.

For practical purposes, we can take it as zero now, DTC.

Okay. Now given that the vehicle registration is still going very strong, then the CNG growth now can we expect to get close to maybe double digits or go to maybe 12%, 13% rate also in the coming quarters then?

See, absolutely. See, if I tell you, recently you must have seen the ET Prime news also, in particularly if I share with you one of the July data, almost around 4.6 lakh passenger vehicles were added in the month itself of July.

Maruti in particularly has claimed that out of the new vehicles which has been added, almost 42% of their vehicles are CNG based. Yes, you are right.

CNG is expected to grow in a very very aggressive way subsequent to these GST cuts 2.0. We are also witnessing the same in our outside GAs.

It is growing at, say, 27%, very very healthy. In Delhi also around 9% to 10% barring the DTC, although the base is very heavy, maybe a percentage of great growth you cannot correlate actually, but seems to be otherwise very very healthy.

Okay. Understood.

Just lastly also on the various changes which had happened on the gas cost side the changes around the transmission zonal tariffs and as well as the change in the Gujarat GST related changes. All those the benefits are now in the sourcing mix, right?

the current cost that we see on natural gas is reflecting all of that benefit in the numbers?

That's right, but because of this unusual volatility in the light of West Asia crisis, that is a bit kind of, what do you say, masked by the current situation. We see expect that once it eases out, the positive effects of that would be more pronounced.

Understood. Sure.

That's it from me. Thank you very much and best wishes.

Thank you.

Thanks for the opportunity. Two questions.

Number one is on the Delhi EV policy that was recently announced. Now since this impacts aggregators, commercial vehicles, both auto rickshaws as well as goods carriers, and also school buses, how are you looking at the impact of this on your volumes in Delhi?

Secondly, if you could give us some color on the split between these vehicle segments that are impacted or covered by the Delhi EV policy, that will be great. The second question is if you can just help us with the volume trends year-on-year numbers for MNGL and CUGL and also absolute mmscmd volume.

Thank you.

Okay. Coming to the Delhi EV policy, yes, you're right that mandate has already come.

Effective 1/1/2027, there will be no more three-wheelers in particularly registration and only EV registrations will happen. We have evaluated and analyzed, although we are doing our advocacy meeting Delhi government and other stakeholders also in revoking or continuing the CNG part.

We do not see the much larger impact because only 1 lakh autos are there, three-wheelers in Delhi, and viewing the life of 15 years, I think phasing out every year 5,000 to 6,000 will only happen. As per our analysis, around there will be a less than 1% impact in the overall CNG volumes in 2027.

Going forward, the impact may be less than 3% by 2030. Similarly, on the commercial vehicles, yes, the new registration again will start from 1/1/2027.

For school buses also, I think the mandate is by 30% by 2030 they have to switch over 30%. Overall, we have evaluated the scenario of the sales volume being lost vis-a-vis being added through the natural growth, in particularly with a very strong segment from the passenger car vehicles, the expected growth is coming.

By 2030, I think there will be a impact of around 2% to 3% on the volumes overall and we are not viewing any much of the impact.

Your second question on how CUGL as well as MNGL have been clocking the growth. First on CUGL, CUGL's corresponding quarter-to-quarter growth in terms of CNG, they have clocked 8% growth from around 0.23 mmscmd to 0.25 they have clocked.

PNG almost they have maintained similar volumes of 0.11 to just 0.12. Overall from 0.34 to 0.36 mmscmd they have clocked, which means 6% growth they have witnessed.

When it comes to MNGL, slightly more encouraging numbers have been clocked. In CNG, MNGL have clocked 13% growth from 1.27 mmscmd to 1.44.

When it comes to PNG, MNGL has clocked a very healthy around 29% growth from 0.58 mmscmd to 0.75. Overall put together, from 1.85 mmscmd, they have clocked 18% growth to reach 2.19.

This is primarily driven by corresponding quarters previous year and this year, Nashik, their Nashik GA has started getting direct gas supplies from the commissioned newly commissioned Samruddhi pipeline. Earlier their Nashik GA was completely fed through LNG mode, so that had given them the good base and now with the pipeline there in place, the PNG growth is witnessing a very healthy trend.

They have clocked around 18% volume growth overall.

Right. Thanks for the color.

Just one follow-up. As far as the Delhi EV policy goes, there is no impact on the NCR territory outside of the National Capital Delhi, right?

Is that very clear?

Absolutely, it is particularly for Delhi only. I don't think there is any impact on Noida or maybe Gurgaon part.

Right. Just one last follow-up, CUGL's...

As of now, yeah, exactly.

My last question is, CUGL's volumes have been stuck in a rut even in FY24, FY23, '24, '25. The volumes were in the range 0.31 to 0.33 mmscmd.

Why is it that these markets like Kanpur, Bareilly, etc., where you would assume that CNG is underpenetrated, why are these markets not growing faster? I think

CUGL in fact they have clocked reasonable 8% growth. I agree that they do have potential for.

With the improvement in the overall CNG ecosystem and the number vehicles improving, right, I guess and also they are coming up with more stations. I think in the coming quarters, we should be able to see more growth there.

Plus, the overall input gas cost and the gas price scenario also, those kind of places maybe a bit more price sensitive when it comes to their industrial, and the tax structure also is adding to their woes. I think that could be one of the reasons where, when it comes to their PNG growth, particularly C&I, the tax structure is not so very favorable.

I think CNG going forward should be able to show some more improvement.

Okay. Thank you so much and all the very best.

Thank you.

Thanks for taking my question, sir. I have the question this about, sir, given the sharp gas cost spike, is IGL considering any hedging or long-term contracting strategy to reduce this spot LNG exposure going forward?

Of course, any other entity, we're looking at it. Then, yeah, we are in fact looking at hedging options as well, particularly because Henry Hub, now provides us with the opportunity.

It's a bit stable right now. We are looking at, hedging as an important tool as a part of our overall strategy.

In fact, in the month of May, we have already started because in the month of May, we did have some opportunity with reasonable price band available. We have started doing that.

We will be continuing to do that.

Thanks, sir. Sir, my second question is, as the new geographies outside the Delhi-NCR are picking up, typically are they EBITDA per scm slightly diluted versus the mature geographies like Delhi-NCR, and broadly what is the typical difference between the new geographies and the mature geographies in the EBITDA per scm, sir?

No, EBITDA per scm we if we see the mature geographies, we are getting a slightly better EBITDA per scm because of concentrated sales and better volumes. In terms of new geographical areas, actually more depends upon the taxation structure also to some extent.

As and when they get mature and the sales get start increasing, we find that economies of scales of benefit is coming to those areas. Those new GAs which has started maturing like Rewari, we are getting a better EBITDAs here.

It's a continuous process, the more the sales is, the better the EBITDA will be.

Yeah. Sir.

That's my answer, sir. That's fine.

All the best, sir. Thanks.

Thank you.

Thank you for the opportunity. This is a follow-up from a question by one of the other participants.

If you can just give a break up of your vehicle-wise sales of CNG roughly how much comes from buses, private cars, autos, etc.?

Yeah. I'll give you.

Just a second. Yeah.

From the buses, okay? Buses our volume is coming around overall around 12%.

Then commercial vehicles, it is around 19%. Taxis, it is around 14%.

Three-wheelers auto is around 7% to 8%. Primarily it is from the passenger car vehicles to the tune of around 48% to 50% out of our 7 million, you can say, the CNG sales, that way.

Got it. On autos when you said 7% to 8%, the Delhi portion of this will be like 3%, is that what you were trying to imply?

No. I was trying to say that because the phasing out will happen in a span of 15 years, no more new registrations will happen, but the phasing out will happen because there will be a change of the permits also.

Every year 5 to 5,000 something vehicles will go back, matlab there will be out of the system. By 2030, we are expecting around maybe a less than 1% in particularly the auto sales.

This 6% to 7% will keep on reducing after every 5 years maybe 2% to 3%. It will be like that.

Okay. This 7% to 8%, would you have an idea how much actually is just the Delhi portion of it versus NCR?

Primarily it is Delhi only. Primarily you can say around 70% to 80% it will be Delhi only.

Got it. Thank you.

My second question was on this Gurgaon and Faridabad. You made some comments initially on the areas that are not authorized to you that you missed that.

Could you just elaborate on that?

We have been contesting. There is a litigation going on, but conditional part of the area which has been given to us by the regulator, we have already accepted and going forward for developing because in the interest of the consumers, why to deprive them from the natural gas, whether it is piped natural gas or CNG.

That internally the company has taken a call to conditionally accept and develop going forward.

Just to clarify, even the areas that are not, say in Gurgaon, the areas that are not authorized to IGL, but you have got some conditional approval to even expand your network in these areas, is that correct?

They were authorized to IGL, but we have not accepted in the past because of our litigation going on and we have been contesting at various forums. Now being viewing the push in the natural gas, particularly in the piped natural gas as well as growth anticipated in the CNG, because NCR is also a very very growth potential area, conscious call has been taken and we have accepted conditionally to move forward.

That means in the entire Gurgaon region now you would be...

Not entire Gurgaon.

No, I'll make it clear. Actually, see within the entire Gurugram, part of the area was already earmarked only for IGL.

Earlier that portion was also since entire our claim was that entire Gurugram is for IGL, the portions the services were not commenced. Now given the situation right now and then why to deprive of the people who are there in those portions for their share of gas, so that portion we have started commencing the services, but not the entire one.

Okay. That's clear.

In Faridabad then...

Sorry, it's just the same question. I'm just clarifying.

In Faridabad, there was no part authorization, right? In Faridabad it was completely out of IGL.

Yes. We'll be developing that.

Partly is with us and partly and majorly it is with somebody else.

Right. Nothing very different from what the situation was earlier.

Just wanted to confirm that. I got it.

Thank you, sir.

Hi, sir. Thanks for doing the call.

The question I had was more related to your growth strategy around inorganic growth. Considering the Delhi EV policy and increasingly more focus on the EVs, how are you kind of thinking about inorganic growth opportunities to consolidate the entire market?

See, inorganic growth right now, CGD sector in terms of newer authorizations also, it's relatively new. As and when opportunity presents, we will be able to look at, those other areas as well.

The general policy framework is still evolving, related to how they will open up the other areas, one remains to see. At this stage, we believe that even in our own newer GAs, there is a good scope.

As you can see in our, the kind of growth that we have been achieving in our newer GAs, progressively their share is already improving. We are right now focusing on, to expand our operations in newer GAs.

Sir, in terms of capex now going forward, if you can give us a guidance, is there a step change increase in capex because of this focus on natural gas and PNG, or you think the current run rate will kind of sustain?

You're right. I think first quarter we have spent around ₹327 crore and our plan or the aspiration there are certain changes definitely because of the thrust on the PNG infrastructure development and going forward.

Roughly around 1,800 to 2,000 still our aim is like that only. Spending around 1,200 to 1,300 or maybe maximum 1,500 on the core.

If we get some other opportunities for the business development, diversification, we'll have another 500, 600 there also.

Got it. Thank you.

Yeah. Good afternoon, sir, and thanks for the opportunity.

My first question is, there have been a couple of major developments initiated by the Delhi government, and that has caused some full thought of apprehension in the mind of the investor community. One is the lack of registration for auto rickshaws going forward, and the second one was the moving of the DTC buses from CNG to electric.

My question, sir, is, is there any indication or any move that you're aware of that the Delhi government may employ a similar policy on four-wheelers also? Do you see any indication of that?

The follow-up question on the first question is, sir, what is the proportion of CNG vehicles in the new four-wheeler registrations in the Delhi area in recent months? Can you throw some light on that?

Yeah. I will answer your question first the second part.

See, what data we have or what we have analyzed, the new registrations which are happening particularly in Delhi, almost passenger vehicle 42% of the passenger vehicles are being registered on CNG. This is in the current scenario.

You can see you can take it in the last six months or so. That is point number one.

Overall, what data we have, if we see the entire vehicle population of Delhi and NCR, it is around 24% to 25% on CNG. Secondly, see we have been advocating at various forums and what we understand, whether it is at the ARAI level, whether it is at ICAT level, whether it is at CAQM level, or whether it is with Delhi government.

See, going forward, all the fuels are going to coexist. In the current scenario, viewing the geopolitical situations and all, energy security remains topmost priority and it there will not be a shift on a single energy fuel, whether it is conventional fuels, whether it is a CNG as a transition fuel, or it will be EV.

It will be a mix of all the fuels and going forward, we are anticipating a very robust growth from CNG particularly on the basis of the information or data which we shared with you.

Okay. The second question is, yes, of course, this war in West Asia has caused some disturbance in your margin profile, but we are also seeing that after June there has been a sharp fall in global natural gas prices.

Can you share with us what was the average cost of gas per cubic meter that you had in the first three months of this financial year, and what has it been in July? What is the cost of gas that you're having in July?

See,

I think it will be very, very difficult because these are some of the commercial terms and all, but just as a guidance and all, it is hovering around first quarter around ₹40 to ₹45 per scm, you can say. July onwards, still the turbulence is there and there has been some increase.

Yes, it is. It will be difficult to get into the nitty-gritties viewing the commercial proposition, a little bit.

I'm asking this because you were confident of returning to the EBITDA per scm of about 7 to between ₹7 to ₹8. That is the reason I'm asking you.

Sir, I had already, see, we had already mentioned and I think it was a guidance for a long term for the going forward. It is not in the immediate quarter or maybe that.

Yes, our aspiration, guidance is always there to be there, but in a such a unpredictable and volatile situation of the geopolitics, it will be very, very difficult to comment for the quarter.

Okay. My other question, sir, is, is there is, we saw one report by PNGRB where one of the recommendations of that report was that natural gas should be brought under the ambit of the GST.

Is there any such move that you're aware of which you can share with us?

Actually the Ministry of Petroleum and Natural Gas has consistently been supporting. Within the government setup, when the administrative ministry is strongly supporting for a particular cause, that's a good sign.

GST, as you would say, it also it's a both central as well as a state kind of subject. It would be very difficult to make any second-guessing on, whether anything would come up.

It's very difficult to say because it's the kind of within the GST Council's prerogative.

I understand that, but I just want to know from...

There is no such kind of available evidence to suggest that there's any big change is happening there.

Okay. See, my final question, sir, is about one of the points made in a previous question.

This is made by the management sometime ago.

we... I think we can just have this last question.

Complete your question, please,

sir. Sir.

Thank you. See, my question is, it was mentioned that there is originally the entire Gurugram was awarded to IGL, but then it went into some litigation.

I assume if I remember correct, it was because of some valuation issues that it went into litigation. Now IGL has been awarded 1/3 of Gurugram.

Is there the other two parts of Gurugram, are they still under litigation or is there any chance that part will come into IGL's ambit in the future? Is there any possibility of that?

Yes, you see it is that still it is under litigation and we are contesting because initially as per the Central Government authorization, it was to IGL and we are contesting forward. We have not at all surrendered as such.

See, but one point what we need to remember is even the portions where right now is disputed and the other party is operating, but the gas is still, bulk basis, they're procuring it from IGL only. To that extent, the molecules actually still are going through us only.

We need to understand that the future from a strategic point of view, you start owning that retail consumer base, that's the thing that's going on. You need to keep that also in your mind.

There's nothing like having the final,

the... You're right, but I'm just adding that point that, so that's how it is.

Thank you. For paucity of time, we'll I will stop here.

I'll allow the others to ask please.

Good evening to all of you. I on behalf of the IGL management like to thank all of you for participating in our earning call for Q1 '27.

Special thanks to PhillipCapital and Nitin for organizing this for IGL. We will see you soon somewhere in the next conference or maybe in person.

Thank you all of you for joining.