IRM Energy

What IRM Energy does

IRM Energy Limited is a publicly listed City Gas Distribution (CGD) company in India (NSE/BSE: IRMENERGY), incorporated in Gujarat in 2015 and operating as a group company of Cadila Pharmaceuticals Ltd. The company holds Petroleum and Natural Gas Regulatory Board (PNGRB) authorization to distribute natural gas in four exclusive Geographical Areas: Banaskantha and Diu & Gir-Somnath in Gujarat, Fatehgarh Sahib in Punjab, and Namakkal & Tiruchirappalli in Tamil Nadu. Its infrastructure base includes 150 commissioned CNG stations (with 39 added in FY25-26) and a growing pipeline network for Piped Natural Gas (PNG) serving residential, commercial, and industrial customers.

IRM Energy's core products are Compressed Natural Gas (CNG) for automotive and fleet use and Piped Natural Gas (PNG) for domestic, commercial, and industrial segments. Supporting products include the GreenMile+ prepaid fleet card (partnered with Zaggle Prepaid Ocean Services under a 5-year agreement), the PNGNet customer portal, GIS-based station-locator and network-mapping tools, online CNG/PNG savings calculators, and EV DC fast-charging stations developed with Mindra EV. The company also operates a CNG station dealership program (DODO model) alongside company-operated (COCO) stations.

Revenue is generated through usage-based pricing on all segments, with prices varying by geographical area due to state VAT differences: CNG prices range from ₹88.88/kg to ₹94.95/kg across locations, and PNG-Domestic from ₹47.08/SCM to ₹55.13/SCM. Distribution combines direct pipeline sales for PNG customers with company-operated and dealer-operated CNG stations, plus the GreenMile+ fleet program for commercial vehicles. The company reported FY26 revenue of ₹1,066.66 crore (up 9.35% YoY) and net profit of ₹53.21 crore (up 17.72% YoY), with CNG contributing nearly 60% of total gas volumes. Long-term supply contracts with GSPC and Shell India secure upstream sourcing, and a strategic technical partnership with Shizuoka Gas Co Ltd, Japan provides operational expertise.

Name

IRM Energy

Legal name

IRM Energy Limited

Website

https://irmenergy.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

101–250 employees

Short description

IRM Energy Limited is a publicly listed Indian City Gas Distribution company authorized by PNGRB to distribute CNG and PNG across four geographical areas in Gujarat, Punjab, and Tamil Nadu, operating 150 CNG stations and pipeline networks for residential, commercial, industrial, and automotive customers.

Ownership category

akta.pro rank

Product category

City Gas Distribution

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (221210)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Industrial CNG/LNG Supply & Distribution (Virtual Pipelines, Trucking, Satellite Storage) (EUALALAA)

akta.pro secondary industry

CNG/LNG Refueling for Industrial Fleets (Private Stations, Yard Fueling) (EUALALAK)

Keywords

• City gas distribution
• Compressed natural gas
• Piped natural gas
• Natural gas distribution
• PNG and CNG supply

Headquarters

HQ city

Ahmedabad

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. CNG Sales: Compressed Natural Gas sold at company-operated and dealer-operated CNG stations for vehicle fuel. Revenue is generated through volume-based sales at per-kg pricing that varies by geographical area.
2. PNG Domestic Sales: Piped Natural Gas supplied to residential customers through pipeline connections. Customers are billed based on meter readings per SCM (Standard Cubic Meter) consumed.
3. PNG Commercial Sales: Natural gas supply to commercial establishments including restaurants, hotels, hospitals, and institutions. Volume-based pricing with billing every fortnight.
4. PNG Industrial Sales: Natural gas supply to industrial units for manufacturing processes, steam generation, and heating applications. Volume contracts with industrial customers.
5. Fleet Program Services: GreenMile+ fleet card services enabling cashless CNG payments for fleet operators with digital account management.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

IRM Energy is a City Gas Distribution (CGD) company authorized by PNGRB that distributes Compressed Natural Gas (CNG) for automotive use and Piped Natural Gas (PNG) for domestic, commercial, and industrial consumers across four licensed geographical areas in Gujarat, Punjab, and Tamil Nadu in India. The company also operates EV charging stations and offers the GreenMile+ Fleet Card program for fleet customers and a CNG Station Dealership program for retail fuel outlet operators.

Product overview

IRM Energy Limited is a City Gas Distribution (CGD) company and part of Cadila Pharmaceuticals Group. The company operates a comprehensive natural gas distribution network across four PNGRB-authorized geographical areas in Banaskantha and Gir-Somnath (Gujarat), Diu, Namakkal and Tiruchirappalli (Tamil Nadu), and Fatehgarh Sahib (Punjab). Its core product portfolio comprises CNG (Compressed Natural Gas) for vehicles, PNG (Piped Natural Gas) for residential, commercial, and industrial segments, and supporting digital services including the GreenMile+ fleet card, customer portal (PNGNet), CNG and PNG savings calculators. The company has also expanded into EV charging infrastructure in partnership with Mindra EV, and offers a CNG station dealership program.

Differentiator

Problem solved

Functional benefit

Brands

• GreenMile+: A prepaid, cashless fleet card by IRM Energy for fast and secure CNG refiling payments at IRM Energy CNG stations. Enables cashless, secure, and transparent CNG transactions for fleet operators and transporters.
• PNGNet

Products and services

• Compressed Natural Gas (CNG) Compressed Natural Gas (CNG) supplied as automotive fuel for CNG-powered vehicles through company-operated and dealer-operated CNG stations, sold as a lower-cost and cleaner alternative to petrol and diesel.
• Piped Natural Gas (PNG) - Domestic Piped Natural Gas (PNG) supplied through dedicated household connections for cooking and domestic use, providing households a continuous, metered alternative to LPG cylinders.
• Piped Natural Gas (PNG) - Commercial Piped Natural Gas (PNG) supplied to commercial establishments such as hotels, restaurants, hospitals, and bakeries for cooking, heating, and operational use as an alternative to LPG cylinders.
• Piped Natural Gas (PNG) - Industrial Piped Natural Gas (PNG) supplied to industrial units and manufacturing facilities as a fuel or feedstock for process heat and manufacturing operations, as an alternative to furnace oil, LSHS, and LPG.
• GreenMile+ Fleet Card Digital fleet management and CNG fueling program for fleet operators (taxi fleets, commercial vehicle operators) that enables streamlined billing, fuel transactions, and consumption tracking across CNG stations.
• CNG Station Dealership Program Dealership opportunity enabling entrepreneurs to set up and operate CNG retail stations under the company's authorization in its licensed geographical areas, allowing them to retail CNG as a fuel outlet operator.
• EV Charging Station Service Electric Vehicle (EV) charging infrastructure operated by the company at select CNG station locations, providing EV charging services to electric vehicle owners as an adjunct to its core CNG offering.

Quantifiable outcome

• CNG contributes nearly 60% of overall gas volumes
• +5 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Zaggle Prepaid Ocean ServicescoreGTM or Marketing Partner · 22 January 2026Zaggle Prepaid Ocean Services signed a 5-year Fleet Program Agreement with IRM Energy Limited. The partnership enables the GreenMile+ fleet card program for cashless CNG payments at IRM Energy CNG stations.
• Mindra EV Pvt LtdminorStrategic or Co-development Partner · 27 November 2022Collaboration with Mindra EV Pvt Ltd for the launch of IRM Energy's first Fast EV DC Charging Station at its MEGA CNG DODO Station near Rampura Chowkdi in Palanpur, Banaskantha. This represents IRM Energy's expansion into electric vehicle charging infrastructure.
• Shizuoka Gas Co Ltd, JapancoreStrategic or Co-development Partner · 1 January 2022Strategic and technical partnership with Shizuoka Gas Co Ltd, Japan, the fourth largest gas company in Japan. Shizuoka Gas is a co-owner of an LNG terminal at Shizuoka, Japan, along with pipeline assets of more than 5,000 kms in Japan. Their technical expertise and best practices as a total energy provider in Japan will add tremendous value to IRM Energy's operations.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Others

• GAIL Gas Limited:

Direct peers

• Indraprastha Gas (IGL): India's largest listed CGD company serving Delhi, NCR, and Rajasthan with CNG and PNG. Directly comparable PNGRB-authorized business model with the same regulatory framework, customer segments, and pricing structure as IRM Energy.
• Mahanagar Gas (MGL): Listed CGD player distributing CNG and PNG across Mumbai, Thane, and Raigad. Directly comparable in operating model, product mix (CNG + PNG industrial/commercial/residential), and regulatory exposure under PNGRB.
• Gujarat Gas Limited: India's largest CGD operator by volume, headquartered in Gujarat with operations across multiple GAs in the same state where IRM operates (Banaskantha, Gir-Somnath). Closest geographic and regulatory peer.
• Adani Total Gas (ATGL): Joint venture between Adani Group and TotalEnergies, operating CNG and PNG across multiple Indian states. Directly comparable product portfolio with national scale, with overlapping geographic ambition.
• Think Gas (AG&P Pratham): Emerging CGD operator with PNGRB-authorized GAs across multiple Indian states, building CNG and PNG infrastructure. Comparable regulatory-driven growth model and product mix to IRM Energy.

Broad incumbents

• Hindustan Petroleum Corporation (HPCL): Major Indian oil marketing company with CGD interests and CNG station operations through joint ventures. Competes in the broader downstream gas/automotive fuel space but with a far wider portfolio beyond CGD.
• Indian Oil Corporation (IOCL): India's largest fuel retailer with significant CGD operations through Indane and standalone CNG stations. Competes in CNG distribution at scale as part of a broader fuels portfolio that includes petrol, diesel, and LPG.
• Bharat Petroleum Corporation (BPCL): Major Indian OMC with growing CGD footprint through subsidiaries and JV partnerships. Operates in adjacent space with broader refining and marketing mandate rather than specialized CGD focus.

Regional players

• CNG India (Consortium Group): Mid-sized CGD operator active in Indian tier-2/3 cities and geographical areas similar in profile to IRM's tier-2 geographies (Banaskantha, Fatehgarh Sahib, Namakkal/Tiruchirappalli), competing for similar customer segments.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/irmepl/?modal=admin_todo_tour
• LinkedInin.linkedin.com/company/irm-energy-private-limited
• Instagraminstagram.com/irmenergy
• Xx.com/IRMenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IRM Energy