Indraprastha Gas logo

Indraprastha Gas

IGL NSE

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹21,259 Cr
Volatility
Moderate
P/E Ratio
15.64
EBITDA
₹2,217 Cr
Return on Equity
13.39%
Debt to Equity
0.01
Book Value
₹82.17
EPS
₹27.78
52W High
₹223.5
52W Low
₹141.74

Tapetide Score

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

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.

Growth Rate

Revenue Growth
8.38% higher than 3Y
Net Income Growth
-9.89% lower than 3Y
Cash Flow Change
-11.36% lower than 3Y
ROE
-16.83% lower than 3Y
ROCE
-15.78% higher than 3Y
EBITDA Margin (Avg.)
-11.38% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Indraprastha Gas Ltd trades at a market cap of ₹21,259 Cr with a PE of 15.9x and dividend yield of 2.12%. The company is nearly debt-free but faces a declining earnings trajectory with TTM profit growth at -18% and a 1-year stock CAGR of -28%, while ROE has compressed from a 5-year average of 18% to 13% in the last year.

Bull Case 8
  • Nearly debt-free balance sheet provides financial resilience and flexibility for capex expansion without leverage risk
  • PE of 15.9x is modest relative to the 10-year compounded profit growth of 12%, suggesting earnings are not priced at a premium
  • Healthy dividend payout ratio of 43.9% with a current yield of 2.12% offers tangible cash return to shareholders
  • 10-year compounded sales growth of 16% demonstrates a long track record of sustained revenue expansion in the city gas distribution space
  • 5-year compounded sales growth of 27% reflects strong volume ramp-up across CNG and PNG segments in the medium term
  • Price-to-book of 1.87x is reasonable for an asset-heavy utility with historically high teens ROE (5-year average 18%)
  • TTM sales growth of 10% indicates the top line continues to expand even as profitability faces near-term headwinds
  • 10-year stock CAGR of 7% shows the company has still generated positive long-term shareholder returns despite the recent drawdown
Bear Case 8
  • TTM compounded profit growth is -18%, signalling a sharp earnings contraction in the most recent period
  • Stock price has declined 28% over 1 year and shows a -13% CAGR over 3 years, reflecting sustained negative price momentum
  • ROE has fallen from a 10-year average of 19% to just 13% in the last year, indicating deteriorating return on capital
  • Other income of ₹669 Cr is embedded in earnings, meaning core operating profit may be materially lower than headline numbers suggest
  • 3-year compounded profit growth is -3%, showing earnings erosion is not just a one-quarter phenomenon but a multi-year trend
  • 5-year compounded profit growth of only 5% lags the 5-year sales CAGR of 27%, pointing to significant margin compression over the period
  • 5-year stock CAGR of -11% indicates the market has been de-rating the stock over a meaningful time horizon
  • The wide gap between sales growth (10% TTM) and profit decline (-18% TTM) suggests input cost pressures or pricing constraints are squeezing margins

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 4
  • EBITDA margin at multi-year low Aug 28

    EBITDA margin fell to ₹3.4/scm in Q1 FY27, down from 10% to 6.4% sequentially. Standalone net profit declined 48% YoY to ₹186.18 crore despite 16% revenue growth.

  • Elevated LNG costs squeezing margins Aug 29

    RLNG now comprises 42% of IGL's gas procurement, up from 25%, with spot LNG at $10-11/mmBtu. FY27 Q1 expenses grew 14.73% YoY while revenue rose only 9.62%, and the West Asia conflict and Strait of Hormuz disruptions continue to pressure input costs.

  • CNG price hike only partial offset Aug 28

    The ₹3.89/kg hike is expected to lift blended realisations by only ₹1.2-1.8/scm per analysts, leaving EBITDA at ₹4.5-5/scm in Q2 FY27 — still ~₹2/scm below the company's ₹7/scm annual target.

  • Further price hikes may be needed Aug 28

    ICICI Securities' Probal Sen indicated IGL may need additional CNG price increases if LNG prices stay elevated and domestic gas supplies remain constrained, risking demand elasticity at higher price points.

Positives 5
  • CNG hike triggers 3% stock rally Aug 28

    IGL shares jumped ~3% to ₹152.39 after the ₹3.89/kg CNG price hike. Citi maintained a 'buy' rating with ₹180 target, implying 22% upside, calling the move 'well-calibrated.'

  • Regulatory tailwinds support margins Aug 29

    PNGRB unified tariff rationalization (effective Jan 1, 2026) reclassified IGL from Zone 2/3 to Zone 1, saving ₹0.70-1.30/scm. Gujarat VAT reduction on domestic gas from 15% to 2% adds ~₹1/scm benefit.

  • CNG demand remains resilient Aug 29

    Underlying CNG volume growth is ~10% YoY excluding DTC/DIMTS EV transitions. CNG volumes rose 6% and domestic PNG 7% in Q1 FY27, with CNG still 35-40% cheaper than petrol at ₹102.12/litre.

  • GST cut boosting CNG adoption Aug 29

    GST on CNG vehicles was reduced from 28% to 18%, lifting monthly new CNG vehicle additions from 21,000 to 26,000, with October alone seeing 31,000 new additions.

  • New MD approved with strong backing Aug 21

    Shareholders approved Kumar Shanker as Managing Director with 98.8% promoter support and 97.35% institutional backing via postal ballot.

Neutral 2
  • 27th AGM set for Sep 24 Sep 2

    IGL scheduled its 27th AGM for September 24, 2026, with the agenda including adoption of FY26 financials and a final dividend of ₹1.5 per share.

  • Q1 FY27 earnings call transcript Aug 19

    IGL released the transcript of its August 14, 2026 earnings call, where management discussed volume growth trends and margin pressures alongside the 48% YoY net profit decline.

TL;DR: IGL is navigating a tough cost environment with EBITDA margins at multi-year lows of ₹3.4/scm, driven by elevated LNG prices comprising 42% of procurement. The positive is that demand remains resilient at ~10% underlying growth, the ₹3.89/kg CNG price hike has analyst support with Citi seeing 22% upside, and regulatory tailwinds worth ₹1.7-2.3/scm are materializing. The trend is cautiously improving — margins should recover toward ₹4.5-5/scm in Q2 FY27 with management targeting ₹7-8/scm by FY28 Q1, but further recovery hinges on LNG price moderation or additional price hikes.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
106
108
126
107
121
111
123
120
133
85
130
124
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Govt.5.00%Others1.62%Promot.45.00%Public8.19%FIIs10.16%DIIs30.03%As ofJun 2026

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 market capitalisation of Indraprastha Gas Ltd?
Indraprastha Gas Ltd has a market capitalisation of ₹21,259 Cr, which places it in the Large Cap band.
What is the PE ratio of Indraprastha Gas Ltd?
Indraprastha Gas Ltd trades at a PE ratio of 15.64, on earnings per share of ₹27.78, against a book value of ₹82.17 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 ₹141.74 and ₹223.5.
Does Indraprastha Gas Ltd pay dividends?
Indraprastha Gas Ltd has a dividend yield of 2.12%.
What is the Return on Equity (ROE) of Indraprastha Gas Ltd?
Indraprastha Gas Ltd reported a return on equity of 13.39%. 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. [1]

Website iglonline.net
CEO Mr. Raman Kumar Srivastava
Employees 720
Listed 2003-12-26
Face Value ₹ 2
Issued Size 1,40,00,01,600

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