IRM Energy shares surge on securing 5-year RLNG supply contract from Shell Energy

The company has secured a contract for supplying regasified liquefied natural gas (RLNG) for five years. On the National Stock Exchange, IRM Energy shares rose as much as 14.10% to hit an intraday high of ₹303.05.

IRM Energy informed exchanges that it signed a long-term agreement of five years with Shell for the supply of Regasified Liquefied Natural Gas (RLNG).

"The total quantity to be purchased under the agreement will be 1,23,21,200 MMBtu, equivalent to approximately 326.84 mmscm @ 9500 k/cal Gross Calorific Value (GCV). This agreement marks a significant milestone in IRM Energy’s strategic growth, ensuring stable and cost-effective energy supplies for its customers," IRM Energy said in a press release.

The agreement is set to play a pivotal role in ensuring consistent RLNG availability, supporting the industrial and commercial segment. By leveraging Shell’s global expertise in LNG, IRM Energy aims to enhance its service capabilities, helping businesses transition toward greener energy alternatives and reducing their carbon footprint, the Ahmedabad-based company said.

“This agreement is a testament to our commitment to providing sustainable and affordable energy solutions to our valued customers. With this partnership, we are confident in ensuring stable gas supplies that will support economic development and clean energy adoption,” said Manoj Kumar Sharma, CEO of IRM Energy, at the signing of the contract.

The agreement aligns with the company's mission to contribute to India’s clean energy transition while ensuring energy affordability for industries and consumers alike.

IRM Energy's net profit in the December quarter dropped 56% to ₹10.79 crore from ₹24.34 crore in the same period last year. Its revenue from operations, however, rose 12.39% to ₹273 crore from ₹242.93 crore in the year-ago period.

As of 10:23 am, IRM Energy shares traded 7.32% higher at ₹285.30, outperforming the BSE SmallCap index, which was up 0.14%.