Indraprastha Gas Ltd logo

Indraprastha Gas Ltd

IGL NSE

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹21,018 Cr
Volatility
Moderate
P/E Ratio
15.37
EBITDA
₹1,844 Cr
Return on Equity
16.1%
Debt to Equity
0.01
Book Value
₹82.17
EPS
₹27.78
52W High
₹223.5
52W Low
₹141.74

Insights

Beta

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

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36 extracted metrics + investor summaries across FY12–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.1%

Weaknesses

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

Growth Rate

Revenue Growth
5.93% ↘
Net Income Growth
-6.82% ↗
Cash Flow Change
43.55% ↗
ROE
-21.65% ↗
ROCE
-22.66% ↗
EBITDA Margin (Avg.)
-27.58% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 10h ago
AI opinion · based on fundamentals
Risk medium

Indraprastha Gas Ltd trades at a market cap of ~₹21,018 Cr with a PE of 15.6x and dividend yield of 2.15%. The company is virtually debt-free and grew FY26 volumes 4% YoY to 9.39 mmscmd, but PAT declined 16-18% in FY25 due to elevated gas procurement costs, and Q1 FY27 saw a further 48% YoY profit decline as LNG price volatility intensified.

Bull Case 8
  • Almost zero debt on the balance sheet, giving financial flexibility and resilience against interest rate cycles
  • Consistent volume growth — FY26 average sales volume rose 4% YoY to 9.39 mmscmd; Q4 FY25 hit a record 9.18 mmscmd; Q1 FY27 reached 9.66 mmscmd
  • Attractive valuation at PE of 15.6x, well below historical averages, with a healthy dividend yield of 2.15% and 34.1% payout ratio
  • CNG volumes in newer geographical areas grew 27% YoY in Q1 FY27, significantly outpacing 9% growth in mature Delhi markets
  • Aggressive network expansion — steel pipeline exceeds 2,500 km, MDPE network at 29,200 km, serving 32.75 lakh households; targeting 5,000 new PNG connections daily
  • 10-year compounded sales CAGR of 16% and profit CAGR of 13% demonstrate a long track record of secular growth
  • FY26 management guidance targets 10% volume growth (7-8% CNG, 13-14% PNG), supported by diversification into solar and LNG retail
  • Price-to-book of 1.84x is modest for a capital-light, monopoly-like city gas distribution franchise with 3-year average ROE of 17%
Bear Case 8
  • FY25 PAT fell ~16% to ₹1,468 Cr and Q1 FY27 net profit plunged 48% YoY, showing acute margin vulnerability to LNG price spikes
  • EBITDA margin compressed from 17% to 13% YoY in FY25 as gas procurement costs rose 13%, with limited ability to pass through costs in real time
  • Stock has delivered -26% return over the past 1 year and -11% CAGR over 3 and 5 years, reflecting sustained de-rating
  • Earnings quality concern — other income of ₹669 Cr forms a significant portion of reported profits, flattering headline numbers
  • Last year ROE dropped to 14% from a 5-year average of 18%, indicating declining return on capital efficiency
  • TTM profit growth is -18% even as sales grew 10%, pointing to an expanding cost-revenue disconnect
  • Regulatory risk from government-administered APM gas pricing and potential EV adoption in Delhi-NCR threaten long-term CNG demand
  • Geopolitical supply disruptions (West Asia crisis) create ongoing input cost uncertainty with no structural hedge in place

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

AI News Digest

Anthropic anthropic claude-opus-4.6 6h ago
Headwinds 1
  • Q1FY27 profit crashes 48% YoY Aug 15

    Net profit fell 48% YoY to ₹186.18 crore while EBITDA contracted 42% to ₹295.50 crore. Margins collapsed from 13% to 6% as volume growth of 6% failed to offset cost pressures.

Neutral 2
  • Revenue up 16% despite margin squeeze Aug 15

    Q1FY27 revenue rose 16% YoY to ₹5,040.15 crore and volumes grew 6%, indicating demand remains intact even as profitability suffered.

  • ₹25.80 crore block trade on BSE Jul 22

    Approximately 17 lakh shares changed hands at ₹151.75 per share via BSE's block deal mechanism, suggesting institutional-level participation.

TL;DR: IGL is facing a sharp margin deterioration with Q1FY27 EBITDA margins halving from 13% to 6%, dragging profits down 48% despite healthy 16% revenue growth and 6% volume expansion. Cost pressures remain the dominant concern. The block trade signals continued institutional interest but does not offset fundamental earnings weakness. The trend is deteriorating and the stock needs visible margin recovery to regain confidence.

Quarterly Results

  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

  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
14,928
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
14,324
15,213
Operating Profit
794
775
964
1,126
1,259
1,536
1,495
1,894
2,044
2,388
1,994
1,844
1,627
OPM %
22%
21%
25%
25%
22%
24%
30%
25%
14%
17%
13%
11%
10%
Other Income
31
78
108
153
213
293
240
401
469
596
691
675
669
Interest
30
10
1
2
2
20
22
25
27
28
26
15
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%
14%
—
Figures in ₹ Crores

Balance Sheet

  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
5,426
Total Liabilities
3,093
3,452
4,198
5,100
6,187
7,548
9,054
11,107
12,628
14,225
15,590
17,028
Fixed Assets
1,956
2,019
2,117
2,432
2,877
3,557
4,321
5,002
5,734
6,603
7,192
8,069
CWIP
254
267
352
386
478
777
847
1,379
1,434
1,396
1,543
1,518
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
4,267
Total Assets
3,093
3,452
4,198
5,100
6,187
7,548
9,054
11,107
12,628
14,225
15,590
17,028
Figures in ₹ Crores

Cash Flow

  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
2,199
1,936
Investing
-364
-175
-1,114
-717
-1,121
-521
-1,826
-1,585
-841
-1,103
-1,519
-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
1,035
588
CFO/OP
106
108
126
107
121
111
123
120
133
85
130
126
Figures in ₹ Crores

Ratios

  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
-49
ROCE %
—
29%
32%
32%
30%
31%
24%
27%
27%
28%
21%
18%

Shareholding Pattern

As of Jun 2026
Promoters 45.00%
DIIs 30.03%
FIIs 10.16%
Public 8.19%
Government 5.00%
Others 1.62%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Feb 2025Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
45.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
20.94%
0.00%
16.82%
16.16%
19.29%
14.33%
14.05%
14.67%
16.82%
17.21%
16.99%
17.08%
10.16%
DIIs
15.80%
14.37%
15.63%
16.56%
16.88%
16.75%
19.82%
19.71%
20.47%
20.36%
21.24%
22.10%
24.23%
25.10%
23.19%
26.12%
26.30%
26.18%
24.00%
24.08%
24.18%
23.26%
30.03%
Government
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
Public
5.39%
5.51%
5.60%
6.61%
8.09%
8.19%
7.42%
7.15%
6.90%
6.50%
6.60%
8.01%
7.39%
7.08%
6.20%
7.96%
8.00%
7.61%
7.66%
7.31%
7.44%
8.11%
8.19%
Others
28.81%
30.12%
28.77%
26.83%
25.03%
25.06%
22.76%
23.14%
22.63%
23.14%
1.22%
19.89%
1.56%
1.66%
1.33%
1.59%
1.65%
1.54%
1.53%
1.40%
1.39%
1.55%
1.62%
No. of Shareholders
0
1,96,066
2,12,695
2,28,885
2,93,117
3,70,190
3,69,392
3,40,915
3,05,961
2,72,065
2,70,687
3,16,340
2,96,569
2,90,378
2,60,867
3,44,909
3,42,950
3,52,161
3,59,666
3,44,539
3,45,205
3,65,478
3,67,377

Documents

Frequently Asked Questions about Indraprastha Gas Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: IGL and BSE: 532514. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Indraprastha Gas Ltd belong to?
Indraprastha Gas Ltd operates in the Oil & Gas sector within the Gas Supplier industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Indraprastha Gas Ltd?
Indraprastha Gas Ltd has a market capitalisation of approximately ₹21018.22 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Indraprastha Gas Ltd?
The Price-to-Earnings (PE) ratio of Indraprastha Gas Ltd is 15.37. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Indraprastha Gas Ltd?
Over the past 52 weeks, Indraprastha Gas Ltd has traded between a low of ₹141.74 and a high of ₹223.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Indraprastha Gas Ltd pay dividends?
Yes, Indraprastha Gas Ltd has a dividend yield of 2.15%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Indraprastha Gas Ltd?
Indraprastha Gas Ltd has a Return on Equity (ROE) of 16.10%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Indraprastha Gas Ltd on Tapetide?
On Tapetide, you can view Indraprastha Gas Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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