IRM Energy Limited has announced a key senior management appointment, naming Mr. Durbadal Kesh as Chief Manager - Contracts & Procurement and Senior Management Personnel. The appointment, effective March 02, 2026, was approved by the company's board of directors following a recommendation from the Nomination and Remuneration Committee.

Appointment Details

The company informed stock exchanges about this strategic appointment in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The appointment represents a full-time employment arrangement for the newly created senior management position.

Professional Background

Mr. Durbadal Kesh brings significant industry expertise to his new role at IRM Energy Limited. As a Mechanical Engineer, he possesses over 16 years of extensive experience specifically in the City Gas Distribution, Oil & Gas, and Petrochemical sectors.

Key Areas of Expertise

Mr. Kesh's professional competencies span multiple critical business functions:

• Tendering and procurement processes
• Contract management and administration
• Material management systems
• Strategic planning and execution
• Cost analysis and estimation

Previous Professional Experience

Throughout his career, Mr. Kesh has been associated with several reputed organizations in the energy and infrastructure sectors. His professional journey includes tenures with:

• Indian Oil Adani Gas Private Limited
• Mahanagar Gas Limited
• Deepak Fertilisers Jaiprakash Associates
• Vedanta Resources Plc

Regulatory Compliance

The appointment announcement was made in accordance with SEBI regulations, specifically under Regulation 30 read with Para A(7) of Part A of Schedule III of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The company also referenced the updated SEBI Master Circular bearing No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026.

This strategic appointment reflects IRM Energy Limited's commitment to strengthening its senior management team with experienced professionals who bring specialized expertise in contracts and procurement management within the energy sector.

IRM Energy Limited held its inaugural earnings conference call on February 05, 2026, to discuss the financial and operational performance for the quarter and nine months ended December 31, 2025. The company, a subsidiary of Cadila Pharmaceuticals Limited, operates city gas distribution networks across multiple states including Gujarat, Punjab, Tamil Nadu, and the Union Territory of Daman and Diu.

Financial Performance Highlights

The company demonstrated strong financial performance during the reporting period. For Q3 FY26, IRM Energy reported revenue of INR 265 crore, representing a 6% year-over-year growth. The company's EBITDA for the quarter reached INR 30 crore, showing impressive 34% YoY growth compared to Q3 FY25.

For the nine months ended December 31, 2025, the company achieved revenue of INR 787 crore with 11% YoY growth and EBITDA of INR 82 crore, reflecting 4% YoY growth. The nine-month EBITDA margin stood at 10.4%.

Operational Infrastructure and Customer Base

IRM Energy operates an extensive network across six geographical areas (GAs): Banaskantha in Gujarat, Fatehgarh Sahib in Punjab, Diu and Gir Somnath in the Union Territory of Daman and Diu and Gujarat, and Namakkal and Trichy in Tamil Nadu. As of December 31, 2025, the company's supply network consists of approximately 6,354 inch-km of pipeline with 3,047 km of pipeline length.

The company serves a diverse customer base including:

• Over 80,000 domestic customers
• 221 industrial units
• 463 commercial establishments
• 127 CNG stations with 466 dispensing points

Segment-wise Performance

CNG Operations

CNG business remains the primary revenue driver, contributing approximately 61% of total operating revenue. The segment delivered strong double-digit volume growth of 21% YoY, supported by robust performance in Banaskantha, Diu and Gir Somnath (DGS), and Namakkal-Trichy (NT) geographical areas.

During Q3 FY26, the company commissioned 11 new CNG stations and took over 5 CNG stations from Indian Oil Corporation Limited under a collaboration agreement. The company also entered an MOU with IOCL for CNG dispensing in NT and FS areas under the full DODO (Dealer Owned Dealer Operated) model.

PNG Segment Performance

The PNG (Piped Natural Gas) segment showed mixed results across different categories:

During Q3 FY26, the company added 2,773 domestic connections, 18 commercial connections, and 4 industrial customers. The Diu and Gir Somnath GA surpassed the 10,000 domestic connection milestone.

Gas Sourcing Strategy

The company maintains a diversified gas sourcing portfolio to manage cost volatility. For the nine-month period, the sourcing mix comprised:

• APM (Administered Price Mechanism) gas: 41%
• HPHT (High Pressure High Temperature) gas: 38.4%
• Newell Gas: 10.5%
• Long-term contracts and other sources: Remaining portion

The company has entered into competitive long-term contracts with GSPC and Shell, maintaining an 85% committed contracts to 15% open market ratio to optimize sourcing costs while taking advantage of market opportunities.

Capital Expenditure and Expansion Plans

IRM Energy incurred capex of INR 35.51 crore in Q3 FY26, bringing the total nine-month capex to INR 103 crore. The company has ambitious expansion plans, particularly for the Namakkal and Trichy geographical areas, with planned investments of over INR 250 crore over the next 15-18 months.

The company maintains a strong balance sheet with term loans of only INR 54 crore and cash and bank balances exceeding INR 255 crore, providing adequate financial flexibility for growth initiatives.

Future Outlook

Management expressed confidence in achieving 12-15% volume growth for FY27, with expectations of reaching 150+ CNG stations by March 31, 2026, compared to 111 stations at the end of the previous financial year. The company targets EBITDA guidance of INR 5.25 to INR 5.50 per SCM for the current year, with continued focus on operational efficiency and network expansion.