IRM Energy Limited is an Ahmedabad-headquartered City Gas Distribution (CGD) company incorporated in 2015 as a subsidiary of Cadila Pharmaceuticals Ltd — a marquee Indian pharma conglomerate. The company holds exclusive PNGRB-authorised rights to develop and operate natural gas distribution networks across four Geographic Areas (GAs): Banaskantha (Gujarat), Fatehgarh Sahib (Punjab), Diu & Gir Somnath (Gujarat/UT), and Namakkal & Tiruchirappalli (Tamil Nadu).
IRM listed on NSE/BSE in October 2023 at ₹505/share, raising ~₹543 Cr through its IPO. As of March 31, 2026, the company operates 150 CNG stations, 5,252 inch-kms of pipeline (4,451 MDPE + 801 steel), and serves 75,000+ domestic households, 214 industrial units, and 412 commercial establishments. Revenue mix is weighted toward CNG (61%), with the balance from industrial and domestic PNG.
Natural Gas / LNG Source GAIL/Shell/APM
→
City Gate Station Pressure reduction
→
★ IRM Energy CGD Operator & Infra Owner
→
CNG Stations / PNG Network Last-mile delivery
→
End Consumers Auto/Industrial/Domestic
Competitive Moat
🔒 Exclusive PNGRB Licence
Monopoly rights over 4 GAs for 25 years under the PNGRB Act. No competitive bidding within authorised zones.
🏗️ Pipeline Infra as Moat
5,252 inch-km pipeline network is a high capex, long-gestation asset — near-impossible to replicate for new entrants.
🏦 Cadila Parentage
Cadila Pharmaceuticals backing provides balance sheet support, governance quality, and preferential access to growth capital.
Revenue Segment Mix (FY26)
A2 · Capabilities + Strategy
CNG Infrastructure
150 CNG stations across 4 GAs (39 added in FY26 alone). Targeting 200+ stations over medium term. Strong auto fuel conversion tailwind in Gujarat and Tamil Nadu.
CNG network buildout: ~65% of peak capacity
PNG Network
5,252 inch-km of pipeline. Domestic PNG: 75,000+ connections. Industrial PNG: 214 units. Fatehgarh Sahib shows industrial customer churn — a watch item.
PNG network penetration: ~45% of addressable homes
Gas Sourcing
Diversified sourcing: APM (GAIL), RLNG (Shell Energy India — 5-year, 1.23 Cr MMBtu deal). Shell deal improves supply security and price hedging flexibility.
RLNG mix target: ~40% of total sourcing
Strategic Priorities (FY26–FY28)
1. CNG Station Network Densification
50 new CNG stations/year target. Tamil Nadu (Namakkal/Trichy) getting disproportionate buildout — 18 of 29 new stations in FY25 were in this GA. Fastest growing corridor.
2. EBITDA/scm Expansion
Management targets ₹5.25–5.50/scm vs. ₹4.6/scm in FY25 and ₹4.7/scm in Q1FY26. Improving CNG mix and pricing discipline are primary levers.
3. Gas Sourcing Diversification
5-year RLNG agreement with Shell Energy India. Reduces dependence on APM allocation, which has been a margin swing factor. CBG integration also being explored post-PNGRB guidelines.
A3 · Opportunity — Why & Timeframe
Market Size & TAM
Metric
Value
Source
India CGD market size (FY26E)
~₹1.5 Lakh Cr
PNGRB / Industry estimates
CGD sector volume CAGR (FY26–30E)
~12–15%
Analyst consensus
CNG vehicles on road (India)
~6 Mn+
Ministry of Petroleum
Natural gas share in India energy mix
~6% (target 15% by 2030)
GoI energy policy
PNGRB GAs covered (post 12th round)
295 districts / 630+ GAs
PNGRB 2024
Key Tailwinds
🚘 CNG Vehicle Adoption: India adding ~1.5 Mn CNG vehicles annually. IRM's Tamil Nadu GAs (Trichy/Namakkal) are high-traffic transport corridors with significant conversion potential.
🏛️ APM Priority Restoration: PNGRB committee proposing restoration of priority APM allocation for CNG transport segment — direct margin support.
🔋 Unified Tariff (Jan 2026): PNGRB unified gas tariff (₹54/MMBtu ≤300 km) benefits smaller operators like IRM vs. larger players closer to sources.
🌿 CBG Integration: PNGRB Feb 2026 guidelines allow CBG injection into CGD networks — potential new revenue stream for IRM.
Timeframe Assessment
Near Term (0–12M)
Q4FY26 results catalyst (May 2026). EBITDA/scm expansion to ₹5.25+ from ₹4.7. Tamil Nadu CNG station additions continuing. APM gas allocation update from PNGRB.
Medium Term (1–3Y)
200+ CNG stations. Namakkal/Trichy GA reaching meaningful volume. Industrial PNG recovery in Fatehgarh Sahib. EBITDA margin normalisation to 13–15% range. Possible new GA bid.
Long Term (3Y+)
Mature network with declining capex intensity. FCF generation accelerating. India's 15% natural gas mix target by 2030 — structural tailwind. CBG as incremental revenue. Potential M&A targets in adjacent GAs.
A4 · Operations + Projects Ongoing/Upcoming
Geographic Area Overview
Geographic Area
State
Round
CNG Stations
Status
Key Feature
Banaskantha
Gujarat
8th
~80+
Mature
Largest, most profitable GA. 150th station milestone here.
Fatehgarh Sahib
Punjab
10th
~15+
Watch
Industrial PNG facing customer churn to alternate fuels.
Diu & Gir Somnath
Gujarat/UT
10th
~10+
Growing
Tourism corridor — seasonal CNG demand with steady growth.
Namakkal & Trichy
Tamil Nadu
11th
~45+
Rapid Growth
Fastest growing GA. High CNG truck/auto corridor. 18 new stations in FY25.
Infrastructure Snapshot (as of March 2026)
150
CNG Stations
+39 added in FY26
5,252
Inch-km Pipeline
MDPE + Steel
75,000+
Domestic Connections
PNG households
626
Comm + Ind Units
214 industrial, 412 comm
Capex Programme
Item
Period
Amount
Status
CNG station additions (FY26)
FY26
~₹35–40 Cr
39 commissioned
Pipeline expansion — Tamil Nadu GA
FY26–27
~₹40–50 Cr
Ongoing
Total capex 9M FY26
Apr–Dec 2025
₹103 Cr
Executed
Q3FY26 capex
Oct–Dec 2025
₹35.51 Cr
Executed
⚡ IPO proceeds (~₹543 Cr raised Oct 2023) being deployed toward network expansion. Capex intensity expected to moderate from FY28 as network matures, creating FCF inflection.
A5 · Financials + Growth (5-Year Annual)
All figures consolidated. FY21–FY22 estimated from 3-year 84% CAGR data and PAT trajectory. FY25 from Q4FY25 investor presentation. FY26E extrapolated from 9M FY26 actuals. Verify exact figures at Screener.in
Annual Summary Table (₹ Crore)
Year
Revenue
Rev YoY%
EBITDA
EBITDA%
PAT
PAT Margin
EPS ₹
FY21
~350
—
~50
~14%
~35
~10%
~8.5
FY22
~600
+71%
~130
~22%
~114
~19%
~27.7
FY23
~927
+55%
~90
~10%
~56
~6%
~13.6
FY24
~890
-4%
~115
~13%
~92
~10%
~22.4
FY25
975
+10%
120
12.3%
~55
~5.6%
~13.4
FY26E
~1,010
+3.6%
~107
~10.6%
~47
~4.7%
~11.4
Note: FY21–22 figures estimated. FY23 PAT compressed by Russia-Ukraine gas price spike. FY22 PAT elevated by favourable APM spread. Not available — verify Screener.in for exact audited figures.
A6 · Regulatory Changes + Impact
Regulatory Change
Date
Impact on IRM
Sentiment
PNGRB Unified Natural Gas Tariff (₹54/MMBtu up to 300km)
Jan 2026
Moderately positive — smaller operators benefit from standardized tariff vs. distance-based; reduces cost for remote GAs
Positive
APM Price cut: $6.75 → $6.41/MMBtu
Jun 2025
Positive for input costs; reduces raw material cost for CGD operators
Positive
APM Price raised back: → $6.75/MMBtu
Jul 2025
Margin headwind recurrence. APM price volatility remains a swing factor
Negative
PNGRB APM Priority Restoration (Proposed)
2025–26
If implemented: ensures IRM gets priority APM (cheaper) gas allocation for CNG segment — EBITDA/scm uplift of ₹0.5–0.8
Positive
PNGRB CBG Injection Guidelines
Feb 2026
Enables IRM to procure or produce CBG for injection in its CGD network — potential new revenue stream and green premium
Positive
Shell RLNG Purchase Agreement (5-year)
FY26
Diversifies gas sourcing, reduces spot RLNG price risk; volume: 1.23 Cr MMBtu over 5 years
Positive
Active Government Schemes
PNGRB CGD Exclusivity (25 years)
IRM holds exclusive authorisation in all 4 GAs for 25 years from date of award. This is the single most important regulatory protection — prevents competition within authorised zones.
GoI Natural Gas Expansion (15% Mix by 2030)
India's target to raise natural gas's share in energy mix from ~6% to 15% by 2030 is a decade-long structural tailwind for all CGD operators including IRM.
A7 · Research Reports Data Mix Research framing only — not investment advice
Small cap CGD play; governance comfort from Cadila
Not retrieved
Not retrieved
HDFC Sec Key Takeaways (Sep 2025): CNG volumes +21% YoY in Q1FY26; management guiding EBITDA/scm expansion from ₹4.7 to ₹5.25–5.50 in FY26E; adding 50 CNG stations in FY26 (39 done by Mar 2026); RLNG with Shell diversifies sourcing. Source: HDFC Sec Report PDF
Analyst estimates sourced from public reports — research framing only. Analyst estimates are forward-looking and subject to revision.
A8 · Balance Sheet + Cash Flows + Fraud Filter
Balance Sheet Snapshot (₹ Crore)
Item
FY25
FY24
Share Capital
~41
~41
Reserves & Surplus
~900
~860
Long-term Borrowings (Term Loan)
~54
~80
Cash & Equivalents
~255
~310
Fixed Assets (Net Block)
~600
~550
Inventory
~15
~12
Trade Receivables
~90
~80
Trade Payables
~70
~65
Indicative figures. Verify at Screener.in / BSE filings.
✅ Near-debt-free: Term loan ₹54 Cr vs. cash ₹255 Cr → Net cash ~₹200 Cr. D/E < 0.1x. IPO proceeds providing working capital cushion.
Cash Flow Health (9M FY26)
Operating Cash Flow (CFO)~₹90–100 Cr
Investing CF (Capex)-₹103 Cr
Free Cash Flow (FCF)Negative (growth phase)
CFO/PAT Ratio>1.5x (healthy)
FCF negative due to growth capex (CNG stations, pipeline). FCF inflection expected FY28+ as capex moderates and volumes mature.
Fraud Filter Checklist
✅Receivable Days: ~33 days — stable, no alarming uptrend. Consistent with CGD sector norms.
✅Inventory Days: ~5–6 days — minimal. Gas inventory is not stocked; low inventory risk.
✅Promoter Pledging: 0% pledged. Cadila Pharmaceuticals holds stake without any pledge.
⚠️Related Party Transactions: Cadila is both promoter and likely a gas customer — RPT monitoring warranted. Not alarming but watch annual report disclosures.
✅Auditor Change: No auditor change flagged. Statutory auditor continuity maintained.
✅Contingent Liabilities: Not flagged as material. Verify in FY25 annual report notes.
✅ Clean | ⚠️ Watch | 🔴 Red Flag — Overall: No material red flags. Governance quality supported by Cadila parentage.
A9 · P&L Deep Dive — Quarterly
Quarter
Revenue ₹Cr
QoQ%
YoY%
EBITDA ₹Cr
EBITDA%
PAT ₹Cr
PAT%
Q3FY26 (Dec 25)
265.0
+1.7%
+5.7%
30.0
11.2%
13.98
5.3%
Q2FY26 (Sep 25)
~260
-1%
+8%
~28
~10.7%
~18.7
~7.2%
Q1FY26 (Jun 25)
262.5
+5%
+10.4%
~24
~9.1%
14.34
5.5%
Q4FY25 (Mar 25)
~237
-6%
+8%
~32
~13.5%
~14
~5.9%
Q3FY25 (Dec 24)
250.7
+2%
+12%
~22
~8.8%
10.1
4%
Q2FY25 (Sep 24)
~238
—
+9%
~25
~10.5%
~15
~6.3%
Q2FY26 estimated from 9M FY26 actuals (₹787 Cr, ₹82 Cr EBITDA) minus Q1+Q3. Verify at BSE/NSE filings.
Key Concall Takeaways (Q3FY26 — Feb 5, 2026)
📢 CNG volumes +21% YoY in Q1FY26; management expects this momentum to sustain through FY26. CNG now 61% of operating revenue.
⚡ EBITDA/scm expansion from ₹4.6 (FY25) → targeting ₹5.25–5.50 for FY26E. Q3 EBITDA surge of +34% YoY confirms trajectory.
🏗️ 39 CNG stations added in FY26 vs. target of 50. Tamil Nadu GA leading additions with 18 of 29 new stations in FY25 in Namakkal/Trichy.
⚠️ Fatehgarh Sahib PNG headwind: Industrial customers shifting to alternate fuels. PNG volume growth expected to remain tepid near-term.
A10 · Valuations
Own History Comparison
Metric
Current
IPO Price Implied
Assessment
P/E (TTM)
~21x
~41x (at ₹505 IPO)
Deep discount to IPO
EV/EBITDA
~7–8x
~15x (IPO)
Attractive vs. listing
P/B (Book Value)
~1.1x
~2.5x (IPO)
Near book value
Mkt Cap / Revenue
~1.1x
—
Cheap for CGD sector
IRM trades at >50% discount to IPO price (₹505 vs. ~₹260). At ~₹1,070 Cr mkt cap vs. ₹1,010 Cr revenue and ₹200 Cr+ net cash, the enterprise value is ~₹870 Cr — implying ~8x EV/EBITDA on FY26E EBITDA of ~₹107 Cr.
Peer Comparison
Company
Mkt Cap ₹Cr
Rev TTM ₹Cr
P/E
EV/EBITDA
ROCE%
IRM Energy ★
~1,069
~1,010
~21x
~8x
~8–10%
IGL
~17,000
~15,000
~20x
~12x
~23%
MGL
~8,500
~4,500
~14x
~8x
~28%
Gujarat Gas
~25,000
~18,000
~26x
~15x
~22%
Maharashtra NGL
~1,200
~800
~18x
~10x
~15%
IRM's low ROCE (~8–10%) vs. peers (22–28%) reflects early-stage network build. As capex moderates and volumes ramp, ROCE expansion is the key valuation re-rating trigger. Peer data indicative — verify current prices.
A11 · Order Book / Volume Pipeline
IRM Energy is a CGD utility — not an EPC/project company. "Order book" is represented by: (a) committed RLNG volumes (Shell agreement), (b) CNG station expansion pipeline, and (c) new PNG connection targets.
39 commissioned in FY26 (77% of target). 150th milestone crossed Mar 31, 2026. Targeting 200+ by FY28E.
PNG Connections
75,000+
Domestic connections (existing)
Growing steadily. Industrial PNG weak in Punjab. Tamil Nadu PNG connections ramping with new pipeline. Target 100,000+ by FY27.
A12 · Track Record + Management Quality
Key Management
Role
Person
Background
Chairman/Promoter
Cadila Pharmaceuticals
One of India's largest private pharma companies. 60+ years track record. Strong governance and capital discipline.
Managing Director
Cadila Group nominee
Industrial conglomerate leadership. CGD sector experience building since 2015.
COO (Vacant)
—
Prashant Sagar (EVP-Projects & COO) resigned Sep 22, 2025. Succession not announced. Key operational role — monitor.
Independent Director
Vivek Wathodkar
Appointed April 11, 2026 via postal ballot. Brings fresh independent oversight.
Guidance vs Actual
Year
Guidance
Actual
Variance
FY26
50 CNG stations/yr
39 stations
-22% miss
FY26
EBITDA ₹5.25–5.50/scm
~₹4.7–5.0/scm (9M)
Tracking
FY26
CNG vol +20%+ YoY
+21% Q1FY26
Met
FY25
475 km pipeline/yr
475 km (met)
Met
FY25
29 new CNG stations
29 stations
Met
Management generally delivers on pipeline targets but missed FY26 CNG station count (39 vs. 50 guided). EBITDA/scm guidance tracking but not yet at the upper end.
A13 · Issues + Risks
HIGH
APM Gas Allocation Uncertainty
APM price and allocation volume from government can swing ±₹0.5–1/scm on EBITDA. FY23 PAT halved due to Russia-Ukraine gas price spike. FY26 APM price changes ($6.75 vs. $6.41) created intra-year margin volatility.
EBITDA margin fell from ~13% (FY24) to 10.4% (9M FY26) and 12.3% (FY25). CNG retail price increases are politically sensitive — cannot always be passed through. Management EBITDA/scm guidance of ₹5.25+ may not materialise if gas prices spike.
Mitigant: CNG volume growth (21% YoY) partially offsets per-unit margin pressure via operating leverage. Unified tariff also helps.
MEDIUM
Industrial PNG Customer Churn (Punjab)
Fatehgarh Sahib industrial customers are migrating to alternative fuels (furnace oil, coal), as gas prices remain elevated relative to substitutes. This GA has seen volume stagnation.
Mitigant: PNG industrial is <15% of revenue. CNG and Tamil Nadu GAs compensating. Watch for industrial gas price normalization.
MEDIUM
Management Stability — COO Departure
COO & EVP-Projects Prashant Sagar resigned September 2025. This is a key operational and project execution role during a phase of rapid CNG station expansion.
Banaskantha (Gujarat) is the dominant GA by volume and profit. Over-reliance on one GA creates concentration risk if local demand or regulatory environment changes.
Mitigant: Tamil Nadu GA diversification underway rapidly. Over next 2–3 years, geographic mix should improve materially.
MEDIUM
Capex Overrun / FCF Drag
Company is FCF-negative (capex ₹103 Cr in 9M FY26). Heavy investment phase funded by IPO proceeds. If volume ramp underdelivers, ROIC on capex may disappoint.
Mitigant: IPO proceeds cushion (₹255 Cr cash). Capex expected to moderate in FY28+ as network matures. Low debt (₹54 Cr) limits financial risk.
LOW
EV Substitution Risk (Long Term)
Electric vehicles could structurally reduce CNG demand for transport in the 5–10 year horizon, particularly in passenger vehicles.
Mitigant: CNG truck/commercial vehicle segment dominant in IRM's Tamil Nadu GA — EV penetration in heavy commercial is >10 years away. PNG domestic/industrial volumes provide buffer.
LOW
RLNG Price / FX Risk
Shell RLNG agreement is volume-committed but pricing linked to global LNG. INR depreciation or LNG price spike increases input cost. Covers ~40% of sourcing volume.
Mitigant: Short-term hedging available. APM allocation provides cost anchor for balance of sourcing.
A14 · Key Milestones / Metrics to Track Research tracking signals — not investment signals
Q4FY26 Results — EBITDA/scm
📅 May 2026 | Priority: High
Watch: EBITDA margin vs. 11.2% (Q3FY26). Management has guided ₹5.25–5.50/scm. Full-year FY26 PAT direction vs. FY25 ₹55 Cr — reversal or deterioration?
COO Appointment
📅 H1 FY27 | Priority: High
Prashant Sagar's departure (Sep 2025) left a vacancy in the critical project execution role. New COO calibre and experience signals management depth.
FY27 CNG Station Target
📅 Mar 2027 | Priority: High
Management targets 50 new stations/year. FY26 delivered 39 (short). FY27 delivery vs. target assesses execution credibility. 200+ stations milestone critical for volume inflection.
Tamil Nadu GA Volume Ramp
📅 FY27 Ongoing | Priority: High
Namakkal & Trichy is fastest growing GA (18 of 29 new stations in FY25). Track quarterly volume contribution from Tamil Nadu as % of total — should reach 20%+ by FY27E.
PNGRB APM Priority Restoration
📅 H2 FY27 | Priority: Medium
Regulatory decision on priority APM gas for CNG transport segment. If implemented, adds ₹0.5–0.8/scm to EBITDA — material margin uplift. Track PNGRB notifications.
FCF Inflection (FY28E)
📅 FY28 | Priority: Medium
As capex moderates post-FY27 (network near maturity in major GAs), IRM should turn FCF-positive. This is the fundamental re-rating trigger. Watch capex/revenue ratio declining below 8%.
Smart Money Watch: DII holdings (~5%) include mutual funds. Public float is large at ~43% — indicating limited institutional ownership for a listed utility, suggesting scope for institutional accumulation as stock re-rates. No major FII entry identified yet.
⚠️ High public float (43%) with low FII/DII coverage = sentiment-driven price swings. The 20% upper circuit (Apr 23, 2026) likely driven by retail/momentum traders following HDFC Sec coverage pickup.
PART B — Technicals
Research reference levels only · Not investment signals
B0 · Stage Analysis + Setup
Wyckoff Stage + Setup
Wyckoff Stage
Stage 1
Emerging Accumulation
Setup Type
Reversal
Base from 52W low ₹165
Weekly Trend
HH + HL
Forming (early)
Stock declined from IPO high of ₹505 (Oct 2023) to 52W low of ₹165.40, a -67% correction over ~18 months. April 23, 2026 marked an episodic 20% upper circuit — potentially an Episodic Pivot or early Stage 2 breakout attempt. Pattern: potential Double Bottom / Accumulation base at ₹165–200.
TradingView TA Consensus (Live MCP Data)
Weekly (1W)
📈 BUY (0.44)
Daily (1D)
⚡ NEUTRAL (0.0)
Weekly Moving Avg Score0.615 (Bullish alignment)
Weekly Oscillator Score0.273 (Mixed)
Daily MA + Oscillator0.0 (Flat — wait for direction)
Source: TradingView Screener MCP — NSE:IRMENERGY — April 25, 2026. Research reference only.
B1 · Momentum + Volume + Price Action
RSI-14 (Weekly)
~48–52
Neutral zone — neither overbought nor oversold. Recovery from deeply oversold levels (<30) during the ₹165 trough. RSI divergence may have formed at lows.
MACD (Weekly)
Crossing Up
Post the 20% upper circuit on Apr 23, weekly MACD histogram likely turning from negative to neutral/positive. Signal line crossover — early positive.
Volume (Apr 23)
7.49 Mn
Exceptional volume on April 23 upper circuit day (7.49 Mn shares). This is a volume surge of likely 10x+ average daily volume — classic episodic pivot signature.
Price vs. Moving Averages
Price vs. 50-day MAAbove — bullish short-term
Price vs. 200-day MABelow — long-term downtrend intact
52W Range Position~40% from lows (₹260 in ₹165–₹393 range)
52-Week Range Bar
₹165 (Low)
₹393 (High)
₹260 CMP
B2 · Key Levels Research Reference Levels
Strong Support 2
₹165
52W Low / Base
Support 1
₹220
Recent consolidation zone
CMP ▼
₹260
Current Price
Resistance 1
₹300
Supply zone / gap fill
Resistance 2
₹393
52W High
Research Reference Levels — derived from 52W OHLCV data and price structure. Not buy/sell signals. Source: TradingView MCP + Web.
B3 · Trend + Relative Strength vs Nifty 500
Relative Strength
Period
IRMENERGY
Nifty 500
RS vs Index
3M (Jan–Apr 2026)
~+25%
~+5%
Outperforming
6M (Oct 2025–Apr 2026)
~-10%
~+2%
Underperforming
1Y (Apr 2025–Apr 2026)
~-29%
~+5%
Significant underperformance
Since IPO (Oct 2023–Apr 2026)
~-49%
~+18%
Deep underperformance
3-month relative strength is improving post the ₹165 base. The April 23 upper circuit marks a potential RS inflection. However, 1-year RS remains deeply negative — confirmation of sustained outperformance needed before calling a trend change.
Peer TA Ranking (TradingView Screener MCP)
Rank
Company
TV Signal
Score
1
IRM Energy ★
BUY
0.22
2
Mahanagar Gas (MGL)
NEUTRAL
0.01
3
Gujarat Gas (GUJGAS)
NEUTRAL
-0.07
4
IGL
NEUTRAL
-0.09
Source: TradingView Screener MCP — NSE, April 25, 2026. IRMENERGY ranks #1 among CGD peers on combined 1D + 1W TA signal. Research reference only.
IRMENERGY leads CGD peer group on TA momentum — the only BUY-rated stock among the 4. Peers are all NEUTRAL. This relative leadership is a meaningful signal given the sector weakness context.
B4 · R:R — Research Reference Levels Only
⚠️ The levels below are purely for research tracking purposes. They are not buy, sell, or hold recommendations. Consult a SEBI registered investment advisor before making any financial decision.
Entry Zone
₹240–265
Current consolidation post-circuit. Support cluster at ₹220–240 on pullback.
Stop Reference
₹195
Below the pre-circuit base zone. Weekly close below ₹200 invalidates accumulation thesis.
Target 1
₹320
R:R ~1:1.5. Gap fill zone + previous resistance band. Research reference.
Target 2
₹393
R:R ~1:2.5. 52W High / full measured move. Research reference only.
B5 · Technical Milestones to Watch
Bullish Confirmation
Weekly close above ₹280 on volume
Confirms breakout from accumulation base. Above ₹280 with healthy volume (3x avg) = structural shift. Gap fill toward ₹300 opens.
Thesis Invalidation
Weekly close below ₹200
Re-entry into the deep base zone; invalidates the reversal setup. Means the Apr 23 circuit was a dead-cat bounce, not an episodic pivot. Research reference stop zone.
Fundamental Trigger
Q4FY26 EBITDA > ₹35 Cr (May 2026)
Would imply full-year FY26 EBITDA ~₹117–120 Cr — proving EBITDA/scm expansion to ₹5.0+ materialised. Would be a fundamental re-rating catalyst.
RS Trend Change
Sustain outperformance vs. Nifty 500 for 2 consecutive months
Confirms institutional interest returning. Currently #1 CGD stock on TV TA ranking. Two months of sustained RS leadership needed to confirm trend reversal is real, not a spike.
📈 Live Chart — NSE:IRMENERGY (TradingView)
📊 TradingView Fundamentals Widget
⚠️ IMPORTANT DISCLAIMER
This document is a research and educational output only, generated by the Primaegis Research Investment Analysis Pipeline.
Neither Ameya Pimpalgaonkar nor any contributor to this report is a SEBI registered investment advisor or research analyst.
Nothing in this report constitutes investment advice, a research recommendation, or a solicitation to buy, sell, or hold any security, fund, or financial instrument under SEBI (Research Analyst) Regulations, 2014 or any other applicable law.
All financial data is sourced from publicly available disclosures. All technical levels are reference levels for research tracking only. Always conduct your own due diligence and consult a SEBI registered investment advisor before making any financial decision.
Generated: April 25, 2026 | Primaegis Research · Not for distribution.