Detailed Summary

Key Financial Results (Consolidated)

For the Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹3,636.08 million
  • Other Income: ₹47.15 million
  • Total Income: ₹3,683.23 million
  • Total Expenses: ₹3,331.13 million
  • Profit Before Tax: ₹352.10 million
  • Total Tax Expense: ₹93.78 million
  • Profit After Tax (before share of JV/associate): ₹258.32 million
  • Share of Loss of Joint Venture Entities and Associate (Net of Tax): (₹4.06) million
  • Profit After Tax: ₹254.26 million
  • Other Comprehensive Loss: (₹0.66) million
  • Total Comprehensive Income: ₹253.60 million
  • Earnings Per Share (Basic & Diluted): ₹6.19 (not annualized)
  • Paid-up Equity Share Capital: ₹410.60 million (Face Value ₹10 each)

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹7,183.56 million
  • Profit After Tax: ₹592.35 million
  • Total Comprehensive Income: ₹591.14 million
  • Earnings Per Share (Basic & Diluted): ₹14.43 (not annualized)

Comparative Performance (YoY - Q2):

  • Revenue from Operations growth: +29.1% (from ₹2,817.82 million in Q2 FY26)
  • Profit After Tax growth: +102.5% (from ₹125.56 million in Q2 FY26)

Key Financial Results (Standalone)

For the Quarter Ended September 30, 2026 (Q2 FY27):

  • Profit After Tax: ₹258.34 million
  • Total Comprehensive Income: ₹257.77 million
  • Earnings Per Share (Basic & Diluted): ₹6.29 (not annualized)

Operational and Business Highlights (From Business Note - Annexure II)

  • Revenue from Operations (net of Excise Duty): ₹3,339.07 million in Q2 FY27 (up 28.70% YoY).
  • Sales Volume: 61.23 mmscm (up 12.02% YoY).
  • CNG Volume: 39.73 mmscm (up 24.58% YoY).
  • PNG & Industrial/Commercial Volume: 19.09 mmscm (down 6.15% YoY).
  • PNG - Domestic Volume: 2.41 mmscm (down 0.82% YoY).
  • Gross Margin: 28.93% of net revenue.
  • EBITDA Margin (excl. other income): 14.17% of net revenue.
  • Customer Additions: 2,718 domestic (PNG) customers, 68 commercial customers, 7 industrial customers.
  • Infrastructure: 3 new CNG stations commissioned during the quarter.
  • Strategic Development: Entered into MoUs with Tamil Nadu State Transport Corporation (TNSTC) for captive CNG dispensing facilities; converted 83 buses to CNG (43 in Namakkal, 40 in Trichy).
  • Sustainability: Sourced 12,687 SCMD of Compressed Bio-Gas (CBG) under the CBG-CGD Synchronization Scheme.

Consolidated Balance Sheet Position (as of September 30, 2026)

  • Total Assets: ₹13,582.44 million (vs. ₹12,953.40 million on Mar 31, 2026)
  • Non-Current Assets: ₹10,203.62 million
  • Current Assets: ₹3,378.82 million (includes Cash & Cash Equivalents: ₹969.84 million)
  • Total Equity: ₹10,504.86 million
  • Total Liabilities: ₹3,077.58 million

Statement of IPO Proceeds Utilization (as of September 30, 2026)

The statement of utilization of IPO net proceeds (₹4,957.59 million) is as follows:

  • Funding CGD network capex in Namakkal & Tiruchirappalli: ₹1,701.80 million utilized; ₹1,370.82 million unutilized.
  • Prepayment/repayment of borrowings: ₹1,350.00 million utilized; ₹0.00 unutilized.
  • General Corporate Purposes: ₹534.97 million utilized; ₹0.00 unutilized.
  • Total Utilized: ₹3,586.77 million; Total Unutilized: ₹1,370.82 million.

The Board of Directors, in its meeting on August 06, 2026, approved the extension of the timeline for utilizing the unutilized IPO proceeds up to March 31, 2028.

Auditor's Review and Key Notes

Statutory Auditor: M/s. Sorab S. Engineer & Co.

The review was conducted in accordance with SRE 2410 issued by ICAI. The auditor's report includes several emphasis of matter notes:

Note 4: Investment in Joint Venture (Venuka Polymers Private Limited - VPPL)

  • Investment: ₹37.35 million in Cumulative Redeemable Preference Shares (CRPS).
  • The CRPS became due for redemption at the end of Q2 FY27.
  • Outstanding accrued dividend: ₹9.69 million (includes H1 FY27 dividend of ₹1.97 million).
  • The Board, on October 30, 2026, approved an extension of the timeline for redemption. Management considers the investment and dividend receivable as recoverable.

Note 5: Investment in Associate (Farm Gas Private Limited - FGPL)

  • Investment: ₹44.50 million in Cumulative Redeemable Preference Shares (CRPS).
  • The CRPS became due for redemption at the end of Q2 FY27.
  • Outstanding accrued dividend: ₹11.69 million (includes H1 FY27 dividend of ₹2.34 million). ₹4.67 million was received on October 01, 2026.
  • On October 29, 2026, FGPL repaid the first tranche of CRPS amounting to ₹11.0 million along with due dividend.
  • The Board, on October 30, 2026, approved (i) an extension of the timeline for redemption, (ii) conversion of an outstanding balance of ₹102.16 million (in the nature of a loan) into a formal loan effective July 01, 2026, at 9% p.a. interest, and (iii) that an outstanding amount of ₹16.33 million shall be payable by FGPL by September 2027, subject to signing an MOU.
  • The auditor noted that these balances (₹102.16M + ₹16.33M) were not in compliance with Sections 177 and 188 of the Companies Act, 2013, and have not been regularized.

Note 6: Receivables from Joint Venture (Ni-Hon Cylinders Pvt. Ltd. - NHCPL)

  • Outstanding Principal Loan: ₹95.47 million
  • Other Outstanding Balances: ₹7.20 million
  • Total Receivable: ₹102.67 million
  • An impairment provision of ₹50.94 million was recognized during FY 2025-26.
  • The Company has initiated legal proceedings for recovery:
  • Issued a demand notice to the Promoters of NHCPL.
  • Filed an application under Section 9 of the Arbitration and Conciliation Act, 1996, before the District Court, Ahmedabad (Commercial CMA 59 of 2026).
  • Filed an application for appointment of an arbitrator before the Gujarat High Court (Arbitration Petition No. 179 of 2026).
  • Management believes the carrying amount is recoverable pending the outcome.

Other Information

  • The company operates in a single reportable segment: selling and distribution of natural gas.
  • Previous period figures have been re-grouped for comparability.