Indraprastha Gas Ltd logo

Indraprastha Gas Ltd

IGL NSE

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]

AI Verdict: HOLD Confidence: 6%

IGL trades at a reasonable PE of 15.4x with a debt-free balance sheet and strong analyst support (80% buy ratings), but declining profitability (TTM profit growth at -7%) and negative stock CAGR over 1-3-5 year periods signal near-term headwinds. The stock offers moderate value with 1.91% dividend yield but needs earnings recovery to re-rate.

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹23,612 Cr
Volatility
Moderate
P/E Ratio
15.41
EBITDA
₹1,844 Cr
Return on Equity
20.67%
Debt to Equity
0.01
Book Value
₹82.17
EPS
₹27.78
52W High
₹229
52W Low
₹141.74

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.675 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 1d ago
HOLD
Risk medium

IGL trades at a reasonable PE of 15.4x with a debt-free balance sheet and strong analyst support (80% buy ratings), but declining profitability (TTM profit growth at -7%) and negative stock CAGR over 1-3-5 year periods signal near-term headwinds. The stock offers moderate value with 1.91% dividend yield but needs earnings recovery to re-rate.

Bull Case 8
  • Almost debt-free balance sheet provides financial resilience and flexibility for capex expansion in CGD network
  • Attractive valuation at PE of 15.4x, well below historical averages for city gas distribution companies
  • Strong analyst consensus with 80% buy ratings (24 out of 30 analysts recommending buy)
  • Healthy dividend payout of 34.1% with current yield of 1.91%, providing income support during sideways markets
  • Robust long-term sales CAGR of 16% over 10 years demonstrates consistent volume growth in CGD operations
  • Price-to-book of 2.06x is reasonable for an asset-heavy utility with regulated returns and expanding infrastructure
  • 10-year ROE average of 19% indicates strong capital efficiency and durable competitive advantages in exclusive geographic areas
  • Market cap of Rs.23,787 Cr provides adequate liquidity and index inclusion benefits for institutional investors
Bear Case 8
  • TTM profit growth of -7% signals margin compression from rising input gas costs or regulatory pricing constraints
  • Stock has delivered -18% return over 1 year, significantly underperforming broader market indices
  • 3-year stock CAGR of -11% indicates sustained de-rating and loss of investor confidence
  • ROE has declined from 19% (10-year average) to 14% last year, a 500 bps deterioration in return profile
  • Other income of Rs.675 Cr inflates reported earnings, meaning core operating profit is weaker than headline numbers suggest
  • Compounded profit growth of just -1% over 3 years despite 5% sales growth indicates structural margin erosion
  • 5-year stock CAGR of -8% despite 27% sales CAGR over same period shows market is pricing in lower long-term margins
  • Only 10% sell ratings but 10% hold suggests some analysts see limited upside from current levels despite cheap valuation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 5
  • EBITDA margins compressed to 12.9% May 26

    EBITDA margins fell from 20.0% in FY25 Q1 to 12.9% by FY26 Q3, with input costs surging over ₹10/kg driven by spot LNG prices spiking 64% to $18/mmBtu amid Middle East tensions.

  • Strait of Hormuz disruption costs May 26

    The Hormuz blockade nearly doubled Indian crude basket from $69 to $126/barrel, while rupee depreciation from ₹91 to ₹96 added 5.5% to import costs, with analysts estimating 4-11% EPS contraction from currency headwinds alone.

  • CNG cost advantage narrowing May 26

    CNG-diesel price differential has shrunk to just ₹3-5/kg in some markets, risking 5-8% medium-term volume contraction as Delhi's EV aggregator policy could impact ~10 lakh kg/day of volumes by 2030.

  • Transport strike over fuel prices May 26

    A three-day transport strike began across Delhi-NCR as commercial vehicle drivers protest rising fuel prices following cumulative CNG hikes of ₹5/kg and petrol/diesel increases of ₹7.5/litre in under two weeks.

  • Revenue declined Q1-Q3 FY26 May 26

    First three quarters of FY26 showed revenue declining 7-17% year-on-year, with full-year recovery expected primarily through price increases rather than volume expansion.

Positives 4
  • CNG prices hiked ₹5/kg in 15 days May 26

    IGL implemented four CNG price hikes totaling ₹5/kg between May 15-26, raising Delhi CNG to ₹83.09/kg, demonstrating pricing power that drove shares to a 52-week high of ₹169.8.

  • Stock surges 6% on price hikes May 26

    IGL shares gained 5.95% to ₹170 on BSE following the May 26 price revision, up ~13% from its 52-week low of ₹141.74, with market cap at approximately ₹22,000 crore.

  • Strong balance sheet and cash flow May 26

    IGL operates with near-zero debt, ₹144.62 crore in cash, and robust annual operating cash flow of ₹2,198.80 crore, providing a buffer during margin compression.

  • Revenue growth forecast 20.75% FY26 May 26

    Analysts forecast FY26 revenue growing 20.75% to ₹195.21 billion with EPS rising 19.30% to ₹13.21, supported by strategic pivot targeting 20%+ growth in industrial and PNG segments.

Neutral 3
  • ₹19.44 crore block trade on NSE Jun 12

    Approximately 12.01 lakh shares changed hands at ₹161.79/share in an institutional block trade on NSE, signaling large investor repositioning.

  • New MD Kumar Shanker appointed Jun 5

    Shri Kumar Shanker replaced Shri Kamal Kishore Chatiwal as Managing Director effective June 5, 2026, nominated by promoter GAIL (India) Limited.

  • New business development head named Jun 1

    Shri Ajai Tyagi appointed as HOD (Business Development & Corporate Strategy) effective June 1, 2026, replacing Shri Sanjeev Kumar Bhatia.

TL;DR: IGL is successfully exercising pricing power with ₹5/kg in CNG hikes over 15 days, driving a stock rally to 52-week highs. However, the bullish price action masks serious margin compression (20% to 12.9% EBITDA) from surging global gas costs linked to Middle East conflict and Hormuz disruption. The narrowing CNG-diesel price gap and Delhi's EV policy pose medium-term volume risks. The trend is mixed — near-term earnings benefit from aggressive repricing, but the structural margin and demand outlook is deteriorating unless geopolitical pressures ease.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,682
3,407
3,459
3,556
3,597
3,517
3,698
3,759
3,948
3,914
4,023
4,068
4,163
Expenses
3,221
2,765
2,802
2,994
3,076
2,940
3,163
3,397
3,455
3,403
3,582
3,597
3,742
Operating Profit
461
642
657
562
521
576
535
362
493
511
441
471
421
OPM %
13%
19%
19%
16%
14%
16%
14%
10%
12%
13%
11%
12%
10%
Other Income
139
129
152
140
161
157
174
170
202
164
178
167
166
Interest
3
2
2
2
3
2
2
2
4
3
3
2
8
Depreciation
94
99
102
102
111
114
119
122
121
124
128
132
133
PBT
503
670
704
599
569
617
588
408
570
548
488
503
447
Tax %
21%
22%
22%
21%
24%
22%
23%
20%
20%
22%
21%
22%
24%
Net Profit
398
522
553
475
433
480
454
325
453
428
385
392
339
EPS in Rs
2.84
3.73
3.95
3.4
3.1
3.44
3.25
2.33
3.25
3.06
2.76
2.81
2.43
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
794
775
964
1,126
1,259
1,536
1,495
1,894
2,044
2,388
1,994
1,844
OPM %
22%
21%
25%
25%
22%
24%
30%
25%
14%
17%
13%
11%
Other Income
31
78
108
153
213
293
240
401
469
596
691
675
Interest
30
10
1
2
2
20
22
25
27
28
26
15
Depreciation
149
156
167
181
201
252
290
317
363
414
476
518
PBT
645
687
904
1,096
1,269
1,556
1,422
1,953
2,122
2,542
2,183
1,985
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
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
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 Mar 2026
Promoters 45.00%
DIIs 23.26%
FIIs 17.08%
Public 8.11%
Government 5.00%
Others 1.55%
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 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%
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%
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%
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%
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%
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%
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

Documents

1
Concall - Nov 2017 Nov 2017
2
Concall - Feb 2018 Feb 2018
3
Concall - May 2026 May 2026
4
Concall - Nov 2016 Nov 2016
5
Concall - Nov 2017 Nov 2017

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 Energy sector within the Gas 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 ₹23612.43 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 15.41. 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 ₹229. 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 1.94%. 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 20.67%. 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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