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Confidence Petroleum India Limited — Q1 FY27 earnings call

Call held 27 Aug 2026

Company page: Confidence Petroleum India share price, financials & guidance record

Management summary

Confidence Petroleum India Limited delivered its strongest-ever quarterly performance in Q1 FY27, with revenue soaring 117% YoY to ₹2,408 crores and PAT tripling to ₹62.60 crores. This growth was primarily volume-led across LPG businesses, supported by strategic sourcing and an integrated energy ecosystem. The company is focused on expanding its Auto LPG and CNG networks and aims for 10-15% QoQ revenue and PAT growth.

Highlights

  • Highest-ever quarterly performance with record revenue, EBITDA, and PAT.

  • Revenue from operations grew 117% YoY to ₹2,408 crores.

  • PAT more than tripled YoY to ₹62.60 crores.

  • Strong volume growth across LPG businesses, driving performance.

  • Successful diversification of procurement across alternate geographies, ensuring supply continuity during geopolitical disruptions.

Concerns

  • Revenue growth was significantly influenced by higher LPG product prices, rather than solely underlying volume growth.

  • Temporary slowdown in Auto LPG business due to higher LPG prices impacting demand.

  • Income Tax assessment from a search in October 2025 is not yet closed, though management does not anticipate a significant payable amount.

Key financials

  1. Revenue from Operations ₹2,408 Cr +117%YoY
  2. EBITDA ₹147 Cr +64%YoY
  3. PAT ₹62.6 Cr +205%YoY
  4. Basic EPS ₹1.86

What they filed

Q1 FY27: revenue up 120.8%, net profit up 221.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue711 649 896 1,064 1,092 +54%1,211 +87%1,164 +30%2,349 +121%
EBITDA73 69 79 76 77 +5%77 +12%85 +8%136 +79%
Net profit20 23 21 19 20 +0%21 −9%27 +29%61 +221%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

high confidence
  • Capex Capex disclosed
    • Type 4 cylinder manufacturing unit in Butibori
    So, the capex is thank you for your question. So, the capex is already completed for Type 4 cylinder manufacturing unit, which is coming up in Butibori. All the machineries are installed and everything is on the place. We are waiting for the order book to get start, and soon the plant will get operational.
  • M&A BW (strategic investor) Divestment · Closed

    BW exited to focus on their own shipping business.

    BW, a strategic investor from 2023-2024, exited their stake in the secondary market.

    So, basically, BW was a strategic investor in the company. They have invested in 2023-2024. And now they are more focused into their own shipping business, and they want to exit, so they exited. ... So, they exited in the secondary market.
  • M&A 100% subsidiary in Dubai Acquisition · Closed

    Established for ease of business and importing LPG from different places.

    A 100% subsidiary was established in Dubai to facilitate LPG imports.

    Correct. We have established a subsidiary. It is a 100%... Subsidiary of Confidence Petroleum India Limited. So, as you might be aware that we are importing the LPG from different places. So, for ease of business, we established 100% subsidiary in Dubai.

Guidance & targets

Profitability

  • PAT Growth Profitability · coming quarters · Medium confidence 10-15%
    So, in terms of percentage, we will increase our revenue and PAT by, say, quarter-on-quarter 10% to 15%.

    — Prity Bhabhra

Revenue

  • Revenue Growth Revenue · coming quarters · Medium confidence 10-15%
    So, in terms of percentage, we will increase our revenue and PAT by, say, quarter-on-quarter 10% to 15%.

    — Prity Bhabhra

Capacity

  • Auto LPG Stations Capacity · by 2026-2027 · High confidence 500

    From 315 today

    We are targeting to complete 500 stations, 75 by 2026-2027, and then further 100 stations in 2027-2028, and then company will evaluate and further add up to 500 stations.

    — Prity Bhabhra

  • Auto LPG Stations Capacity · 2027-2028 · High confidence 100 additional

    — Prity Bhabhra

  • CNG Stations in Bengaluru Capacity · gradually · Medium confidence 50 additional

    From 50+ today

    In the CNG segment, we are already having 50 plus stations, which we are going to gradually increase further 50 in the city of Bengaluru, and further into talks with other CGD players for other locations.

    — Prity Bhabhra

What to watch in Q2 FY27

Type 4 Cylinder Plant Operationalization

next 1-2 months
Current Capex completed, waiting for order book to start
Target Plant operational and production commenced

Why it matters

Indicates the start of a new manufacturing revenue stream and diversification.

So, the capex is thank you for your question. So, the capex is already completed for Type 4 cylinder manufacturing unit, which is coming up in Butibori. All the machineries are installed and everything is on the place. We are waiting for the order book to get start, and soon the plant will get operational. ... Mostly (in 1 to 2 months).

Risks & concerns

  • Geopolitical disruptions impacting LPG sourcing

    medium

    Recent geopolitical disruptions in West Asia significantly impacted global LPG trade, making sourcing challenging, especially for India due to high import dependence.

    Management acknowledged

  • LPG price volatility impacting revenue growth perception

    low

    Higher LPG prices during the quarter inflated reported revenues, potentially obscuring underlying volume-led growth, though actual margins remained intact.

    Management acknowledged

  • Unresolved Income Tax assessment

    low

    An Income Tax search from October 2025 is closed, but the final assessment is pending; management does not anticipate a significant tax payable.

    Management downplayed

Q&A highlights

7 direct
Status and timeline for Type 4 high-pressure cylinder manufacturing plant Direct
So, the capex is thank you for your question. So, the capex is already completed for Type 4 cylinder manufacturing unit, which is coming up in Butibori. All the machineries are installed and everything is on the place. We are waiting for the order book to get start, and soon the plant will get operational. ... Mostly (in 1 to 2 months).

Provides an update on a new manufacturing capability and its expected operational timeline, indicating a new revenue stream.

Asked by Ankur

Promoter's intention to increase stake in the company Direct
Definitely, promoter is having a faith in the company because they are involved in the only business, LPG, which is Confidence Petroleum India Limited, and they are more focused in the same business. So, they are increasing their stake gradually.

Indicates management's confidence in the company's future prospects and business model through their personal investment.

Asked by Indu Bhushan Samal

Company's strategy to increase PAT margin in the near future Direct
So, definitely, you will see the increase in the margins of the company. As of now, because of the increase in the price of LPG, if you are calculating the percentage in terms of revenue versus PAT, you will see there is a decline. But actually, the profit margins are not declined. They are intact and they are increasing day-by-day. Our focus and management focuses on increasing the margin.

Clarifies that while percentage PAT might seem lower due to higher LPG prices, actual margins are intact and expected to grow, driven by volume and fixed cost benefits.

Asked by Indu Bhushan Samal

Breakup of sales between GoGas and government packed cylinders Partial
So, basically, in Packed LPG, we are doing a sale of around 18 to 20,000 metric ton per month. ... That I need to get back to you. I will just drop you the mail.

Highlights a key operational metric (packed LPG sales volume) but indicates a lack of immediate transparency on specific segment revenue breakdown, which was promised for follow-up.

Asked by Sammed Vardhaman

Challenges in setting up 100 CNG stations in Bangalore Direct
So, now we are more focused on getting these stations online, and gradually we are increasing our number of stations. As you asked, what is the challenge? Once the station get online, we get the benefit of transportation, we save in the transportation cost, and the margin get increase. So, our focus is to get this stations online, and gradually we are increasing the number.

Explains the strategic focus on operationalizing existing CNG stations to realize cost efficiencies and margin improvements before aggressive expansion.

Asked by Sammed Vardhaman

Status of the Income Tax raid and potential tax liability Direct
So, it was a search last year in 7th October 2025, and search was closed within a period of 7 days. The assessment is yet not closed, and we have not received any final tax amount from the department. And we have evaluated ourselves as well, so we don't see any challenges to get it close, and we don't see any big amount to be payable for tax in coming future for this search.

Addresses a potential financial risk, providing reassurance that the search is closed and no significant tax liability is anticipated, though the assessment is ongoing.

Asked by Harshit Rathi

Reason for BW's exit as a strategic investor Direct
So, basically, BW was a strategic investor in the company. They have invested in 2023-2024. And now they are more focused into their own shipping business, and they want to exit, so they exited. So, company is committed with what company has already committed. We are focused on our LPG retail business and expanding in CNG as well.

Clarifies the departure of a strategic investor, attributing it to BW's shift in focus rather than issues with Confidence Petroleum, and reaffirms the company's strategic direction.

Asked by Jitendra

Merger of Auto LPG and CNG stations and regulatory permissions Direct
No. We have not merged the Auto LPG with CNG. Both the stations are independent stations. Because yet the PESO don't allow the combination of CNG and Auto LPG station. Once we get the permission, definitely, on the 315 sites, some of the sites is having ample land, so in that we can plan. But yet, none of our station is Auto LPG and CNG.

Highlights a regulatory constraint preventing the co-location of Auto LPG and CNG stations, indicating a potential future efficiency gain if regulations change.

Asked by Subodh Patil

2 min read 6 chapters

Detailed narrative

Q1 FY27 Record Performance

Confidence Petroleum India Limited achieved its highest-ever quarterly performance in Q1 FY27. Consolidated revenue from operations reached ₹2,408 crores, marking a significant 117% year-on-year and 98% sequential growth. EBITDA for the quarter was ₹147 crores, up 64% YoY and 45% sequentially. Profit after tax (PAT) more than tripled year-on-year to ₹62.60 crores, growing 82% over the preceding quarter, with basic EPS at ₹1.86.

LPG Market Dynamics and CPIL's Strategic Position

India's LPG market, currently at 35.04 million metric tons, is projected to grow to 40-42 million metric tons by FY 2030, potentially making India the world's largest LPG consumer. Confidence Petroleum holds a significant 33% share within the private marketing segment, which accounts for 6% of cumulative LPG sales. The company has built an integrated energy ecosystem covering the entire LPG value chain, from procurement to end-user delivery, serving industrial, commercial, automotive, and residential segments.

Integrated Infrastructure and Operational Scale

The company's robust infrastructure includes over 68 LPG bottling and blending plants, 478+ LPG road tankers, and a network of more than 3,150 LPG dealers. They also serve 3,400+ HoReCa customers and 300+ industrial customers. Additionally, Confidence Petroleum operates 315+ Auto LPG dispensing stations, 50+ CNG stations, 82 CNG road vehicles, 15 cylinder manufacturing plants, and 3 high-pressure cylinder manufacturing plants.

Strategic Sourcing and Customer Relationships

Confidence Petroleum successfully navigated recent geopolitical disruptions in West Asia by diversifying procurement across North America, Africa, and other regions, ensuring uninterrupted supplies. This capability has led to new, longer-term procurement arrangements with marquee customers. The company expanded its GoGas packed LPG customer base to over 3,400 accounts and increased its dealer network to 3,150+ dealers, validating its strong sourcing and execution capabilities.

Auto LPG and CNG Network Expansion

The company is actively expanding its Auto LPG and CNG networks. For Auto LPG, the target is to reach 500 stations by 2026-2027, with an additional 100 stations planned for 2027-2028. In the CNG segment, the company plans to increase its current 50+ stations by another 50 in Bengaluru and is in discussions with other city gas distribution players for expansion in additional cities. The Type 4 high-pressure cylinder manufacturing unit in Butibori is completed and awaiting order book to become operational.

Financial Strategy and Capital Allocation Focus

Confidence Petroleum aims for 10-15% quarter-on-quarter growth in revenue and PAT. The company's strategy focuses on expanding its distribution and dispensing network, improving asset utilization, deepening customer relationships, and pursuing backward integration. While revenue growth was influenced by higher LPG prices, actual profit margins remained intact and are expected to increase with higher volumes and fixed cost benefits. The company also established a 100% subsidiary in Dubai for ease of LPG imports.

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