IRM Energy544004Quarterly results
Board approves Q2 and H1 results; extends CRPS redemption and IPO utilisation timelines
Board met on October 30, 2026 and approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,636.08 | 2,817.82 | +29% | 3,547.48 | +2.5% |
| Total income | 3,683.23 | 2,873.09 | +28.2% | 3,600.27 | +2.3% |
| Profit before tax | 352.10 | 189.54 | +85.8% | 474.02 | −25.7% |
| Profit after tax | 254.26 | 125.56 | +103% | 338.09 | −24.8% |
| Total comprehensive income | 253.60 | 125.46 | +102% | 337.54 | −24.9% |
| Basic EPS | 6.19 | 3.06 | +102% | 8.23 | −24.8% |
- Profit after tax YoY
- +103%
- Period
- Quarter ended September 30, 2026 (Unaudited)
Also decided at the meeting
- Approved extension of timeline for redemption of Rs. 37.35 million CRPS investment in joint venture Venuka Polymers Private Limited.
- Approved extension of timeline for redemption of Rs. 44.50 million CRPS investment in associate Farm Gas Private Limited.
- Approved conversion of Rs. 102.16 million balance in Farm Gas account into a loan w.e.f. July 01, 2026 at 9% per annum.
- Approved that Rs. 16.33 million outstanding shall be payable by FGPL in quarters ending by September 2027, in-principle subject to signing of legal MOU.
Auditor's review
Conclusion: Unmodified
- Emphasis: Rs. 37.35 million CRPS in JV VPPL due for redemption; dividend of Rs. 9.69 million outstanding; considered recoverable after Board-approved extension.
- Emphasis: Rs. 44.50 million CRPS in associate FGPL due for redemption; dividend Rs. 11.69 million outstanding (Rs. 4.67 million received later); considered recoverable.
- Emphasis: Rs. 102.16 million balance given to FGPL and Rs. 16.33 million expense recovery outstanding, not compliant with Sections 177 and 188; not regularized.
- Emphasis: Rs. 95.47 million loan plus Rs. 7.20 million receivable from JV NHCPL; Rs. 50.94 million impairment in FY 2025-26; legal proceedings initiated.
Notes to the results
- IPO net proceeds of Rs. 4,957.59 million: Rs. 3586.77 million utilized and Rs. 1370.82 million unutilized as on September 30, 2026; utilization timeline extended to March 31, 2028.
- On October 29, 2026, FGPL repaid its first tranche of CRPS amounting to Rs. 11.0 million along with dividend on this tranche.
- NHCPL recovery: Section 9 application before District Court Ahmedabad (CMA 59 of 2026) and Arbitration Petition No. 179 of 2026 before Gujarat High Court; no further adjustments.
- Company operates in a single segment of selling and distribution of natural gas.
What the board decided
IRM Energy's board met on October 30, 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, together with the limited review reports of the statutory auditor, Sorab S. Engineer & Co.
The board also approved
- Extension of the timeline for redemption of the Cumulative Redeemable Preference Shares (CRPS) held in joint venture Venuka Polymers Private Limited, where the investment is Rs. 37.35 million.
- Extension of the timeline for redemption of CRPS in associate Farm Gas Private Limited, where the investment is Rs. 44.50 million.
- Conversion of the outstanding balance of Rs. 102.16 million appearing in the Farm Gas account, which is in the nature of a loan, into a loan with effect from July 01, 2026 at an interest rate of 9% per annum, payable in forthcoming quarters ending by September 2027, in-principle subject to signing of a legal MOU between the two.
- Extension of the timeline for utilisation of the unutilised Initial Public Offering (IPO) proceeds to March 31, 2028.
Results at a glance
On a consolidated basis, for the quarter ended September 30, 2026, Revenue from operations was Rs. 3,636.08 million and Profit after tax was Rs. 254.26 million.
The auditor's review conclusion
The conclusion is unmodified: nothing came to the auditor's attention that causes them to believe the statement contains a material misstatement. The report also carries emphasis of matter notes, which flag matters a reader should look at closely. These are not qualifications, and the conclusion is not modified for them.
What the emphasis of matter notes say
- Venuka Polymers: CRPS of Rs. 37.35 million became due for redemption at the end of the current quarter. After the board's approval to extend the redemption timeline, the company treats the outstanding investment and the dividend receivable as recoverable.
- Farm Gas preference capital: CRPS of Rs. 44.50 million became due for redemption, and part of the dividend due has since been received. After the board's approval to extend the timeline, the outstanding investment and dividend receivable are treated as recoverable.
- Farm Gas balance: Rs. 102.16 million given to Farm Gas, along with recovery of an expense, pertained to previous years; the auditor notes these were not in compliance with Sections 177 and 188 of the Companies Act, 2013 and were not regularised during the current reporting period. Management, based on the board-approved conversion into an interest-bearing loan, considers the balance recoverable.
- Ni-Hon Cylinders: loan of Rs. 95.47 million plus interest and other receivables from this joint venture. An impairment provision of Rs. 50.94 million was recognised in the financial year ended March 31, 2026. The company has issued a demand notice to Ni-Hon's promoters, shared an application for interim relief before the District Court, Ahmedabad, and applied to the High Court of Gujarat for appointment of an arbitrator. Management believes there is a high probability of recovering the entire outstanding along with interest and has made no further adjustment this period.
How a retail reader might read this
- The numbers are reviewed, not audited, so they carry moderate assurance rather than an audit opinion.
- The emphasis of matter notes centre on money sitting with joint ventures and an associate: preference capital that has come due, a legacy balance, and a loan under legal recovery.
- Extending a redemption timeline or converting a balance into a loan changes the form of the receivable; it does not by itself bring cash into the company today.
- The Ni-Hon exposure has already been partly provided for in the books, and further recovery now depends on the legal proceedings.
3,683.23 (Million Indian Rupees)Total income, latest quarter
Total income, year-ago quarter2,873.09 (Million Indian Rupees)
Profit before tax, latest quarter352.10 (Million Indian Rupees)
Total comprehensive income, quarter337.54 (Million Indian Rupees)
Total comprehensive income, year-ago quarter125.46 (Million Indian Rupees)
Also from IRM Energy
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30 Oct 2026
IRM Energy Q2FY27 EBITDA rises 77.23% to ₹47.32 crore, margin up 388 bps to 14.17%
30 Oct 2026
IRM Energy schedules Q2 FY27 & H1 FY27 earnings conference call for November 2, 2026, 10:00 a.m. IST
27 Oct 2026
More numbers
- Investment in CRPS of Venuka Polymers (due for redemption)Rs. 37.35 million
- Investment in CRPS of Farm Gas Private Limited (due for redemption)Rs. 44.50 million
- Farm Gas balance converted into loanRs. 102.16 million
- Interest rate on converted Farm Gas loan9% per annum
- Principal loan outstanding from Ni-Hon CylindersRs. 95.47 million
- Impairment provision recognised on Ni-Hon exposure in FY 2025-26Rs. 50.94 million
- Total income, latest quarter3,683.23 (Million Indian Rupees)
- Total income, year-ago quarter2,873.09 (Million Indian Rupees)
- Total income, previous quarter3,600.27 (Million Indian Rupees)
- Total comprehensive income, latest quarter253.60 (Million Indian Rupees)
- Total comprehensive income, year-ago quarter125.46 (Million Indian Rupees)
- Total comprehensive income, previous quarter337.54 (Million Indian Rupees)
- Profit after tax, latest quarter254.26 (Million Indian Rupees)
- Profit after tax, year-ago quarter125.56 (Million Indian Rupees)
- Profit after tax, previous quarter338.09 (Million Indian Rupees)
- Revenue from operations, latest quarter3,636.08 (Million Indian Rupees)
- Revenue from operations, year-ago quarter2,817.82 (Million Indian Rupees)
- Revenue from operations, previous quarter3,547.48 (Million Indian Rupees)
- Profit before tax, latest quarter352.10 (Million Indian Rupees)
- Profit before tax, year-ago quarter189.54 (Million Indian Rupees)
- Profit before tax, previous quarter474.02 (Million Indian Rupees)
Source: BSE · 30 Oct 2026
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