IRMENERGY

Operational & Financial Performance - H1 FY27 Revenue from operations rose 26% YoY to ₹660 Cr, with EBITDA surging 108% YoY to ₹109 Cr and EBITDA margin expanding 646 bps to 16.5%. - Company is net debt-free with gross debt at ₹45 Cr against cash, bank, and mutual fund balances of ₹253 Cr. - Q2 FY27 sales volume reached a record 61.23 MMSCM, up 12% YoY, driven by CNG and commercial PNG. Gas Sourcing & Supply Dynamics - Sourcing portfolio comprises HPHT (~33%), RLNG (~30%), APM (~21%), New Well Gas (~13%), and Spot purchases (~0.5-1%). - Secured gas supply visibility up to 2030 via arrangements with Shell, GSPC, IOC, and GAIL. - Phased rollout of revised HPHT allocation helped mitigate initial gas disruption risks. Capex & Network Expansion - Capex outlay of ₹250–260 Cr planned for FY27, with ₹111 Cr spent in H1 FY27. - Expanding network in Namakkal & Trichy GAs, which grew volume share from 6% in FY26 to 11% in H1 FY27. - Executed MoU with TNSTC for captive dispensing, scaling CNG bus fleet conversions. Management Guidance & Outlook - Management expects to sustain around 15% EBITDA margin in H2 FY27. - Anticipates minor sequential margin moderation in Q3 FY27 due to temporary gas allocation shifts before rebounding in Q4. - Strategy focuses on disciplined capital allocation, cost pass-through, and profitable volume growth.

- Mr. Prerit Gupta has resigned from his position as Deputy General Manager - GA Head (Banaskantha) and Senior Management Personnel (SMP) of IRM Energy Limited. - The resignation is effective from the close of business hours on November 02, 2026. - The reason cited for the resignation is personal reasons.

- Audio recording of earnings conference call for Q2 and H1 ended September 30, 2026 is available on the company website. - The conference call was conducted on Monday, November 02, 2026 at 10:00 AM IST.

- Released Investor Presentation for Q2 and H1 FY27. - Standalone Q2 FY27 Revenue rose 29% YoY to ₹334 Cr; PAT jumped 82% YoY to ₹26 Cr. - Gas sales volume reached record 61.23 mmscm (up 12% YoY), led by CNG growth. - Company maintained net debt-free status with ₹253 Cr cash balance.

- IRM Energy Limited has submitted its unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. - Detailed financial metrics were not provided in the announcement text.

Q2 FY27 Consolidated Revenue ₹333.91 Cr vs ₹259.44 Cr (▲28.7% YoY) EBITDA ₹47.32 Cr vs ₹26.70 Cr (▲77.2% YoY) PAT ₹25.43 Cr vs ₹12.56 Cr (▲102.5% YoY) EBITDA Margin 14.17% vs 10.29% (▲388bps)

Concall Schedule Concall Date: Monday, November 02, 2026 Concall Time: 10:00 AM IST

- India Ratings and Research (Ind-Ra) has affirmed IRM Energy Limited's credit rating on bank loan facilities aggregating to INR 7,000 million. - Assigned Rating: IND AA- / Stable / IND A1+ (Affirmed). - The rating reflects the company's healthy financial profile, comfortable net cash/leverage metrics, and continued volume growth led by the CNG segment.

- IRM Energy Limited has appointed M/s. Sorab S. Engineer & Co as the new Statutory Auditors for a first term of 5 consecutive years, from the conclusion of the 11th AGM until the 16th AGM. - The appointment follows the completion of the second term of the previous auditors, M/s. Mukesh M. Shah & Co., at the 11th AGM held on September 29, 2026.

- Trading window for dealing in securities of IRM Energy Limited will close from October 01, 2026. - Closure is on account of the declaration of Unaudited Standalone and Consolidated Financial Results for Q2/H1 ended September 30, 2026. - The window will re-open 48 hours after the declaration of the financial results.

- Concall Schedule - Concall Date: Monday, September 28, 2026 - Concall Time: 11:00 a.m. to 12:00 p.m. (IST) - Event: Bharat Connect Conference: Rising Stars by Arihant Capital

- IRM Energy Limited held meetings for its Equity Shareholders and Unsecured Creditors on September 12, 2026. - The meetings were convened to approve the Scheme of Amalgamation of Enertech Distribution Management Private Limited with IRM Energy Limited. - The resolution for the Scheme of Amalgamation was duly passed with an overwhelming majority, receiving 99.9991% of the total votes in favor.

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- Crisil Ratings reaffirmed the credit ratings for IRM Energy Limited's bank facilities. - Long Term Rating: Crisil AA-/Stable (Reaffirmed); Short Term Rating: Crisil A1+ (Reaffirmed). - Outlook revised to 'Stable' from 'Negative' on August 17, 2026. - Total bank loan facilities rated enhanced to ₹900 Cr from ₹700 Cr.

- IRM Energy Limited's long-term credit rating outlook revised from 'Negative' to 'Stable' by CRISIL Rating Limited. - Long-term rating of Crisil AA-/Stable and short-term rating of Crisil A1+ reaffirmed for bank facilities of Rs. 700 Crores. - The revision reflects expected sustenance of improved operating performance and continued strong financial risk profile.

- Mr. Arunkumar Saluru relinquished the position of Chief Financial Officer and Key Managerial Personnel (KMP) effective August 13, 2026. - Mr. Ashish Maheshwari was appointed as the new Chief Financial Officer and KMP effective August 14, 2026. - Mr. Saluru will transition to a new role as Vice President Finance & Accounts due to realignment of the finance function.

- Mr. Arunkumar Saluru relinquished his position as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective August 13, 2026, transitioning to Vice President Finance & Accounts within the company. - Mr. Ashish Maheshwari was appointed as the new CFO and KMP, effective August 14, 2026. - The change is attributed to a realignment of the Finance function.

- Q1 FY27 Consolidated Revenue ₹326Cr (▲24% YoY). - EBITDA ₹62Cr (▲139% YoY) with margin expanding to 19%. - PAT ₹34Cr (▲140% YoY) with margin improving to 10.5%. - Achieved highest-ever quarterly revenue, EBITDA, and profitability, driven by favorable pricing and sustained volume growth (total volumes ▲8% YoY). - Network expansion on track, operating 153 CNG stations (▲37% YoY); domestic PNG customers grew 13% YoY, commercial 36% YoY. - Management guides for FY27 revenue growth of 20-25% and volume growth of 10-12%. - FY27 EBITDA per SCM expected in the range of INR 7-8 for the next three quarters. - FY27 CapEx plan of ~₹150Cr, primarily for Namakkal and Trichy, targeting 25-30 MMSCM volume. - Company highlighted strong sourcing strategy with long-term contracts contributing to better gross margins.

- Notice for a meeting of Unsecured Creditors of IRM Energy Limited to approve the Scheme of Amalgamation of Enertech Distribution Management Private Limited with IRM Energy Limited. - Meeting Date: Saturday, September 12, 2026, at 12:30 p.m. (IST) via video conferencing. - Remote e-voting period: Wednesday, September 09, 2026, to Friday, September 11, 2026.

- IRM Energy Limited will hold an Equity Shareholders' meeting on Saturday, September 12, 2026, at 10:30 a.m. (IST) via Video Conferencing (VC) / Other Audio-Visual Means (OAVM). - The meeting is convened pursuant to an NCLT order to consider and approve the Scheme of Amalgamation of Enertech Distribution Management Private Limited with IRM Energy Limited. - Remote e-voting will be available from Wednesday, September 09, 2026 (9:00 a.m. IST) to Friday, September 11, 2026 (5:00 p.m. IST). - The cut-off date for determining eligible shareholders for e-voting and attending the meeting is Saturday, September 05, 2026.

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- Standalone Revenue from Operations ₹325.85 Cr vs ₹262.50 Cr (▲24.13% YoY) - Standalone EBITDA ₹61.77 Cr vs ₹25.80 Cr (▲139.40% YoY) - Standalone PAT ₹34.32 Cr vs ₹14.28 Cr (▲140.38% YoY) - Standalone EBITDA Margin 18.96% vs 9.83% (▲913bps)

- Operating Revenue ₹326Cr vs ₹263Cr (▲24% YoY) - EBITDA ₹62Cr vs ₹26Cr (▲139% YoY) - PAT ₹34Cr vs ₹14Cr (▲140% YoY) - EBITDA Margin 19.0% vs 9.2% (▲980bps) - Total volume grew by 8% YoY, driven by 75% growth in PNG commercial & 22% growth in CNG. - Promoter group increased its stake by 0.67% during Q1FY27.

- Consolidated Revenue ₹354.75Cr vs ₹285.48Cr (▲24.3% YoY) - EBITDA ₹61.77Cr vs ₹25.86Cr (▲138% YoY) - PAT ₹33.81Cr vs ₹13.92Cr (▲142.9% YoY) - EBITDA Margin 17.4% vs 9.1% (▲835bps) - Board approved extension of IPO proceeds utilization timeline to March 31, 2028, for unutilized funds of ₹1,587.17 Mn. - Declared a dividend of Rs. 1.50 per share for FY ended March 31, 2026; record date is September 11, 2026. - Board recommended M/s. Sorab S. Engineer & Co. as Statutory Auditors for 5 years, replacing M/s. Mukesh M. Shah & Co.

- Consolidated Revenue ₹3,547.48Mn vs ₹2,854.78Mn (▲24.26% YoY) - EBITDA ₹617.73Mn vs ₹258.63Mn (▲138.07% YoY) - PAT ₹338.09Mn vs ₹139.21Mn (▲142.86% YoY) - EBITDA Margin 17.41% vs 9.06% (▲835bps) - Board approved the extension for utilization of unutilized IPO proceeds (₹1,587.17 million) up to March 31, 2028. - Recommended appointment of M/s. Sorab S. Engineer & Co. as Statutory Auditors for five years, replacing M/s. Mukesh M. Shah & Co. - Fixed September 11, 2026, as the record date for a dividend of ₹1.50 per equity share for FY26. - Auditor noted advances to an associate (FGPL) were not in compliance with Sections 177 and 188 of the Companies Act, 2013, and not regularized. - Auditor highlighted outstanding loans and receivables from a joint venture (NHCPL), including an impairment provision of ₹50.94 million, with legal action initiated for recovery.

- Consolidated Net Revenue from Operations ₹3,258.51Mn vs ₹2,624.97Mn (▲24% YoY) - EBITDA ₹670.52Mn vs ₹341.01Mn (▲97% YoY) - PAT ₹338.09Mn vs ₹139.21Mn (▲143% YoY) - EBITDA Margin 21% vs 13% (▲800bps) - Board approved an extension for utilizing unutilized IPO proceeds (₹1,587.17Mn) for CGD network development until March 31, 2028. - Board recommended M/s. Sorab S. Engineer & Co as Statutory Auditors for five years, replacing M/s. Mukesh M. Shah & Co. - A dividend of ₹1.50 per equity share for FY ended March 31, 2026, was fixed, with Record Date September 11, 2026. - **Red Flags**: Auditor noted non-compliance with Companies Act for ₹102.10Mn advances to associate FGPL. Also, overdue CRPS/dividends from FGPL & VPPL, and legal action initiated for ₹95.47Mn loans/receivables from JV NHCPL, with a ₹50.94Mn impairment provision.

- IRM Energy Limited announced the appointment of Mr. Brajesh Kumar Singh as Chief Operating Officer – Operations. - He is categorized as Senior Management Personnel and the appointment is effective from August 01, 2026. - Mr. Singh brings over 32 years of experience in the oil & gas and City Gas Distribution (CGD) sector.

- Concall Schedule - Concall Date: August 07, 2026 - Concall Time: 16:30 hrs. (IST) - Concall for: Q1 FY27 Earnings

- Trading window closed from July 01, 2026, for designated persons. - Closure is for the purpose of declaring Q1 FY27 (quarter ended June 30, 2026) unaudited standalone and consolidated financial results, in compliance with SEBI Insider Trading Regulations.

- Investors/Analysts Meeting (Non-Deal Roadshow) scheduled. - Meeting Dates: June 17, 2026 and June 18, 2026. - Mode of Meeting: In-Person. - Place: Mumbai.

- IRM Energy Limited announced the appointment of Mr. Ashish Maheshwari as Director of Finance (Senior Management Personnel) with effect from June 12, 2026. - He brings over 16 years of finance experience, previously with Adani Group, Kalpataru Group, and Reliance ADAG Group.