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Indraprastha Gas

IGL NSE
₹136.84 No trade today
P/E
14.08
View as Markdown
MCP
Close 4 Nov 2026 ₹136.84 −74.22 −35.2% 1Y
Start ₹211.06

Key Fundamentals

SmallcapOil & GasEnergy

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
17.50%
Debt to Equity
0.01
EPS (TTM)
₹9.72
Book Value
₹82.57
Market Cap
—
P/E (TTM)
14.08
P/B
1.66
ROE
13.30%
Dividend Yield
3.56%
EBITDA
₹2,217 Cr
52W High
₹218.38
52W Low
₹125.63
Volume
0

Peer Comparison

Energy › Oil & Gas › Gas Supplier › LPG/CNG/PNG/LNG Supplier

Indraprastha Gas peer comparison
Adani Total Gas
₹570.60102.26₹61,655 Cr12.120.05%14.10%15.10%₹6,728 Cr₹613 Cr
Petronet LNG
₹311.0011.08₹46,470 Cr1.932.31%18.30%22.60%₹37,173 Cr₹4,208 Cr
Gujarat Gas
₹221.1914.84₹21,204 Cr1.134.06%13.20%18.50%₹23,304 Cr₹1,027 Cr
Indraprastha Gas (this company)
₹136.8414.08₹18,822 Cr1.663.56%13.30%17.50%₹16,840 Cr₹1,354 Cr
Mahanagar Gas
₹1,059.2014.51₹10,386 Cr1.632.84%12.30%17.10%₹8,531 Cr₹721 Cr
GSPL Transmission
₹112.97—₹3,493 Cr0.520.00%−66.70%———
Confidence Petroleum
₹63.2915.67₹1,865 Cr1.490.18%6.89%9.12%₹6,001 Cr₹138 Cr
Median 7 companies₹221.1914.68₹18,822 Cr1.632.31%13.20%17.30%₹12,686 Cr₹874 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

50 Average

Data confidence 100/100

Category scores

Quality
56
Good
Returns, margins, earnings quality 22% weight
Valuation
56
Good
Cheap vs sector & own history 24% weight
Growth
43
Weak
Sales & profit trajectory 9% weight
Financial Health
71
Strong
Solvency, leverage, coverage 9% weight
Momentum
23
Poor
Trend strength, vol-adjusted 12% weight
Ownership
43
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 43.9%

Weaknesses

1
  • Earnings include an other income of Rs.669 Cr.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1270
OscillatorsBearish270
Moving AveragesStrong Bearish1000

Key readings

RSI (14)
40.60
Neutral
MACD (12,26,9)
−2.72
Bearish
SMA (50)
145.52
Bearish
SMA (200)
157.63
Bearish

As of

Analyst Rating

Based on 29 analysts
BUY72%

21 of 29 analysts rate Buy, 5 Hold, 3 Sell.

As of

BUY
21
72%
HOLD
5
17%
SELL
3
10%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+15.93%
5Y+26.76%
3Y+4.59%
1Y+8.42%
TTM+9.94%

Net profit

Net profit growth by window
10Y+12.92%
5Y+5.65%
3Y−1.99%
1Y−9.87%
TTM−18.43%

Operating cash flow

Operating cash flow growth by window
10Y+11.48%
5Y+4.60%
3Y−4.62%
1Y−11.36%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−9.43 pp
5Y−18.66 pp
3Y−2.86 pp
1Y−1.67 pp
TTM−2.75 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,815 Cr
Mar 2018₹4,535 Cr
Mar 2019₹5,765 Cr
Mar 2020₹6,485 Cr
Mar 2021₹4,941 Cr
Mar 2022₹7,710 Cr
Mar 2023₹14,133 Cr
Mar 2024₹14,000 Cr
Mar 2025₹14,913 Cr
Mar 2026₹16,168 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹606 Cr
Mar 2018₹722 Cr
Mar 2019₹842 Cr
Mar 2020₹1,249 Cr
Mar 2021₹1,173 Cr
Mar 2022₹1,502 Cr
Mar 2023₹1,640 Cr
Mar 2024₹1,983 Cr
Mar 2025₹1,713 Cr
Mar 2026₹1,544 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,821 Cr −17.9% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk medium

Indraprastha Gas Ltd trades at ₹132.92 as of 2026-11-02 with a market cap of ₹18,326 Cr, a PE of 13.67x, and a near-zero debt-to-equity ratio of 0.01. The stock sits close to its 52-week low of ₹125.63, having declined 31% over the past year, while TTM profit has contracted 18% even as sales grew 10% TTM.

Bull Case 6
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.01, providing significant financial flexibility and resilience against interest rate cycles.
  • Attractive dividend yield of 3.41% backed by a healthy payout ratio of 43.9%, offering meaningful income to shareholders.
  • Strong long-term revenue track record with 10-year compounded sales growth of 16% and 5-year compounded sales growth of 27%, reflecting sustained volume expansion.
  • 10-year compounded profit growth of 12% and 10-year average ROE of 19% demonstrate a historically profitable franchise with durable competitive positioning.
  • ROCE of 16.39% indicates the company continues to generate returns well above its negligible cost of debt, signaling efficient capital deployment.
  • Trading just 5.8% above its 52-week low of ₹125.63, much of the negative sentiment may already be reflected in the current price.
Bear Case 7
  • TTM profit has declined 18%, a sharp reversal from the 10-year compounded profit growth of 12%, indicating meaningful near-term earnings pressure.
  • 3-year compounded profit growth is negative at -3%, showing that earnings deterioration is not just a single-quarter blip but a multi-year trend.
  • Reported earnings include other income of ₹669 Cr, which means core operating profitability is materially weaker than headline EPS of ₹9.72 suggests.
  • The stock has delivered a 1-year return of -31% and a 5-year CAGR of -10%, reflecting persistent capital destruction for shareholders over multiple time horizons.
  • ROE has deteriorated from a 10-year average of 19% to 13% last year and 13.39% currently, pointing to declining return efficiency on the equity base.
  • 3-year compounded sales growth of only 5% versus the 10-year rate of 16% suggests the high-growth phase of geographic expansion may be decelerating.
  • The stock is down 39.3% from its 52-week high of ₹219.10, and the sustained downtrend over 3 and 5 years (CAGR of -11% and -10% respectively) signals structural investor concern rather than a temporary dip.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: IGL achieved record sales volumes crossing 10 mmscmd and strong revenue growth of 26%, but a massive gas cost shock from West Asia supply disruptions caused a 93.4% profit collapse to just ₹24.4 crore with EBITDA turning negative. The company's near debt-free balance sheet and new hedging initiatives provide some cushion, but pricing power is constrained by the need to maintain a CNG-petrol price gap. The trend is deteriorating in the near term as LNG cost relief remains uncertain, though the government's APM gas incentive scheme and volume momentum could support a gradual margin recovery if spot prices stabilize.

Headwinds 5
  • Q2 profit crashes 93.4% YoY Oct 30

    Net profit collapsed to ₹24.4 crore from ₹372.51 crore a year ago. EBITDA swung to a loss of ₹31.7 crore versus a profit of ₹293.8 crore in Q1, with margins turning negative at -0.6%.

  • Gas cost surge crushing margins Oct 31

    About 52% of gas is imported, with spot LNG at USD 17-22/mmBtu. Net profit per SCM plummeted from ₹4.35 to just ₹0.26, meaning every ₹1 margin change moves quarterly profit by ~₹92 crore.

  • West Asia supply disruptions Oct 30

    Global supply disruptions from West Asia uncertainties drove substantial input cost increases that could not be fully passed on to consumers, directly causing the margin collapse.

Positives 5
  • Record daily sales cross 10 mmscmd Oct 30

    Average daily gas sales hit 10.06 mmscmd for the first time in Q2FY27, up from 9.31 mmscmd YoY. Total sales volume grew 8% to 925.59 million SCM, with CNG up 9% and domestic PNG up 16%.

  • Revenue surges 26% YoY Oct 31

    Gross sales turnover jumped 26% to ₹5,999.13 crore. Net CNG sales rose 17% to ₹3,522 crore and PNG sales surged 56% to ₹1,578 crore, demonstrating strong demand across both segments.

  • Near debt-free balance sheet Oct 31

    IGL holds only ₹26.59 crore in borrowings against ₹11,504 crore net worth, with quarterly finance costs of just ₹3.5 crore, providing financial resilience during the margin squeeze.

Neutral 3
  • PNG deal with Northern Railway Oct 31

    IGL signed an agreement to supply PNG to 22 Northern Railway establishments across Delhi-NCR, starting at ~3,000 SCMD and expected to scale to 8,000-10,000 SCMD in coming years.

  • PNG promotional incentives launched Oct 31

    On Oct 28, IGL launched a ₹2,000 discount on standard domestic PNG registration and ₹500 worth of free gas after activation to accelerate household connections under PNG Drive 3.0.

  • Five CNG price hikes May-Aug Oct 31

    IGL raised Delhi CNG rates five times between May and August 2026, adding ₹9.89/kg total to reach ₹86.98/kg, though hikes came with a lag and only partially offset rising input costs.

Quarterly Results

₹ Cr
IGL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,407
3,459
3,556
3,597
3,517
3,698
3,759
3,948
3,914
4,023
4,068
4,163
4,587
Expenses
2,765
2,802
2,994
3,076
2,940
3,163
3,397
3,455
3,403
3,582
3,597
3,742
4,293
Operating Profit
642
657
562
521
576
535
362
493
511
441
471
421
294
OPM %
19%
19%
16%
14%
16%
14%
10%
12%
13%
11%
12%
10%
6%
Other Income
129
152
140
161
157
174
170
202
164
178
167
166
159
Interest
2
2
2
3
2
2
2
4
3
3
2
8
3
Depreciation
99
102
102
111
114
119
122
121
124
128
132
133
137
PBT
670
704
599
569
617
588
408
570
548
488
503
447
312
Tax %
22%
22%
21%
24%
22%
23%
20%
20%
22%
21%
22%
24%
24%
Net Profit
522
553
475
433
480
454
325
453
428
385
392
339
238
EPS (₹)
3.73
3.95
3.4
3.1
3.44
3.25
2.33
3.25
3.06
2.76
2.81
2.43
1.72

Profit & Loss

₹ Cr
IGL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,681
3,686
3,815
4,535
5,765
6,485
4,941
7,710
14,133
14,000
14,913
16,168
16,840
Expenses
2,887
2,910
2,851
3,409
4,506
4,949
3,446
5,816
12,089
11,612
12,934
14,291
15,213
Operating Profit
794
775
964
1,126
1,259
1,536
1,495
1,894
2,044
2,388
1,979
1,876
1,627
OPM %
22%
21%
25%
25%
22%
24%
30%
25%
14%
17%
13%
12%
10%
Other Income
31
78
108
153
213
293
240
401
469
596
706
661
669
Interest
30
10
1
2
2
20
22
25
27
28
26
35
16
Depreciation
149
156
167
181
201
252
290
317
363
414
476
518
531
PBT
645
687
904
1,096
1,269
1,556
1,422
1,953
2,122
2,542
2,183
1,985
1,749
Tax %
33%
33%
33%
34%
34%
20%
18%
23%
23%
22%
22%
22%
—
Net Profit
448
458
606
722
842
1,249
1,173
1,502
1,640
1,983
1,713
1,544
1,354
EPS (₹)
3.2
3.27
4.33
5.16
6.02
8.92
8.38
10.73
11.71
14.18
12.27
11.07
9.72
Div. Payout %
19%
18%
20%
19%
20%
16%
21%
26%
56%
32%
57%
43%
—

Balance Sheet

₹ Cr
IGL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
140
140
140
140
140
140
140
140
140
140
280
280
Reserves
1,975
2,430
2,872
3,507
4,176
5,218
6,194
7,446
7,791
9,493
10,336
11,224
Borrowings
145
0
0
0
0
96
113
108
83
81
93
98
Other Liabilities
833
882
1,186
1,453
1,871
2,094
2,606
3,413
4,614
4,510
4,880
5,432
Total Liabilities
3,093
3,452
4,198
5,100
6,187
7,548
9,054
11,107
12,628
14,225
15,590
17,035
Fixed Assets
1,956
2,019
2,117
2,432
2,877
3,557
4,321
5,002
5,734
6,603
7,192
8,053
CWIP
254
267
352
386
478
777
847
1,379
1,434
1,396
1,543
1,534
Investments
308
327
784
1,316
1,778
630
2,288
2,626
1,522
2,222
2,926
3,175
Other Assets
575
839
945
966
1,054
2,584
1,598
2,101
3,939
4,003
3,929
4,273
Total Assets
3,093
3,452
4,198
5,100
6,187
7,548
9,054
11,107
12,628
14,225
15,590
17,035

Cash Flow

₹ Cr
IGL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
664
653
946
879
1,157
1,361
1,546
1,898
2,231
1,532
2,184
1,936
Investing
−364
−175
−1,114
−717
−1,121
−521
−1,826
−1,585
−841
−1,103
−1,504
−1,211
Financing
−327
−256
−160
−84
−169
−243
−297
−328
−1,359
−316
−754
−699
Net Cash Flow
−27
223
−328
78
−133
597
−577
−15
31
113
−74
25
Free Cash Flow
449
422
675
409
476
398
663
561
1,109
303
1,019
588
CFO/EBITDA
106
108
126
107
121
111
123
120
133
85
130
124

Ratios

IGL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
23
25
19
18
14
10
19
25
23
27
17
21
Inventory Days
7
10
10
8
6
5
8
4
2
2
2
2
Days Payable
30
26
48
50
35
22
69
65
32
37
31
32
Cash Conversion Cycle
1
9
−19
−23
−15
−7
−41
−37
−6
−8
−12
−9
Working Capital Days
−36
−32
−62
−67
−75
−83
−144
−115
−79
−72
−80
−80
ROCE %
—
29%
32%
32%
30%
31%
24%
27%
27%
28%
21%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Indraprastha Gas insights

64 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 45.00%
  • DIIs 30.08%
  • FIIs 9.73%
  • Public 8.63%
  • Government 5.00%
  • Others 1.56%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Indraprastha Gas

What does Indraprastha Gas Ltd do?
Incorporated in the year 1998, Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the National Capital Territory of Delhi. IGL also supplies the gas to the near by regions of Noida, Greater Noida, Ghaziabad, Hapur, Gurugram, Meerut, Shamli, Kanpur, Muzaffarnagar, Karnal…
Where is Indraprastha Gas Ltd (IGL) listed?
Indraprastha Gas Ltd trades as IGL on the NSE and under code 532514 on the BSE.
Which sector does Indraprastha Gas Ltd belong to?
Indraprastha Gas Ltd is classified under the Oil & Gas sector, in the Gas Supplier industry.
What is the PE ratio of Indraprastha Gas Ltd?
Indraprastha Gas Ltd trades at a PE ratio of 14.08 as of 4 Nov 2026, on earnings per share of ₹9.72, against a book value of ₹82.57 per share.
What is the 52-week high and low of Indraprastha Gas Ltd?
Over the last 52 weeks Indraprastha Gas Ltd has traded between ₹125.63 and ₹218.38 as of 4 Nov 2026.
Does Indraprastha Gas Ltd pay dividends?
Indraprastha Gas Ltd has a dividend yield of 3.56%.
What is the Return on Equity (ROE) of Indraprastha Gas Ltd?
Indraprastha Gas Ltd reported a return on equity of 13.30%. Its debt-to-equity ratio is 0.01.

Company Information

Incorporated in the year 1998, Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the National Capital Territory of Delhi. IGL also supplies the gas to the near by regions of Noida, Greater Noida, Ghaziabad, Hapur, Gurugram, Meerut, Shamli, Kanpur, Muzaffarnagar, Karnal and Rewari, Hamirpur, Fatehpur, Ajmer, Pali, Rajasmand. IGL is formed as a JV promoted by GAIL (India) Limited and Bharat Petroleum Corporation (BPCL). Government of NCT of Delhi is holding 5% equity.

Website iglonline.net
CEO Mr. Raman Kumar Srivastava
Employees 720
Listed 26 Dec 2003
Face Value ₹2

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