Indraprastha Gas logo

Indraprastha Gas

IGL NSE

Key Fundamentals

SmallcapGas SupplierOil & Gas
Market Cap
₹19,772 Cr
Volatility
Moderate
P/E Ratio
14.69
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
₹139.2

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

6d ago
AI opinion · based on fundamentals
Risk medium

Indraprastha Gas Ltd has a market capitalisation of about Rs 20,285 Cr and trades at a P/E of 15.1x and a P/B of 1.77x. The company is almost debt free and pays a 2.23% dividend yield from a 43.9% payout. However, TTM profit has fallen 18% even though sales grew 10%, return on equity has slipped to 13% from a 10-year average of 19%, and the stock has declined 28% over the past year and 11% annualised over five years.

Bull Case 7
  • The balance sheet is almost debt free. This leaves room to fund city gas network expansion and to keep paying dividends without leverage risk, even while profitability is under pressure.
  • The company pays a steady dividend, with a 43.9% payout ratio and a 2.23% dividend yield, which gives shareholders some cash return despite weak share price performance.
  • Valuation multiples are low compared with the company's own history of returns. A P/E of 15.1x and P/B of 1.77x sit against 10-year average ROE of 19% and 5-year average ROE of 18%, so a lot of the earnings slowdown may already be reflected in the price.
  • Revenue is still growing. TTM sales are up 10%, which suggests CNG and PNG volumes and demand are holding up even as margins shrink.
  • The long-term record is solid: 16% sales CAGR and 12% profit CAGR over 10 years. This shows the business compounded well through several regulatory and gas price cycles.
  • Even at its lowest recent level, ROE of 13% last year is still a double-digit return for a regulated city gas distribution utility with little debt.
  • The stock has fallen 28% in one year and returned -14% annualised over three years, which has brought the market cap down to about Rs 20,285 Cr. If margins recover, earnings could rebound from a lower starting point.
Bear Case 7
  • Margins are shrinking sharply. TTM profit fell 18% while sales rose 10%, which points to rising input gas costs (reportedly including lower allocations of cheaper administered-price gas) that the company has not fully passed on to customers.
  • Earnings quality is a concern. Other income of Rs 669 Cr equals roughly half of the implied net profit of about Rs 1,343 Cr (market cap divided by P/E), so core operating earnings are weaker than headline profit suggests.
  • Profitability is falling. ROE dropped to 13% last year from 17% (3-year), 18% (5-year) and 19% (10-year) averages.
  • Profit growth has stalled over the medium term. The 3-year profit CAGR is -3% and the 5-year profit CAGR is only 5%, against 27% 5-year sales CAGR. Much of that sales growth appears to come from higher gas prices being passed through, not from better profitability.
  • The stock has lost value over every recent period: -28% over 1 year, -14% CAGR over 3 years and -11% CAGR over 5 years. The 10-year CAGR is only 6%, which suggests the market doubts long-term growth.
  • Organic growth is modest. The 3-year sales CAGR is only 5%, and electric vehicle adoption in commercial and public transport in Delhi-NCR is a structural threat to CNG volumes, which are the core business.
  • The low 15.1x P/E may not be as cheap as it looks. With TTM profit down 18% and other income making up a large share of earnings, the multiple on core operating profit is effectively higher.

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

AI News Digest

1d ago
Headwinds 2
  • Fuel denial may dent volumes Sep 22

    Under Rule 35(1) of the Gas Cylinders (Amended) Rules, 2025, vehicles without a valid hydro-test certificate (required every three years) will be refused fuel. This could trim CNG volumes in the short term as the system spreads beyond the first 10 outlets. This is an inferred risk; the articles give no volume impact.

  • Capex load from diversification Sep 24

    Stake buys in other CGD companies, a 500 MW solar JV with RVUNL and a 200 MW solar tender all add capital needs outside the core business. The articles give no investment amounts, so the scale of execution and return risk is unclear.

Positives 4
  • Eyeing CGD stake acquisitions Sep 24

    At the 27th AGM, Chairman Subhankar Sen said IGL is looking at buying stakes in existing city gas distribution companies. This could speed up growth beyond its current 14-city footprint.

  • Steady CNG/PNG network expansion Sep 24

    IGL added 70 CNG stations in FY26, taking the total to 1,024, and added over 3.70 lakh PNG domestic connections. The network now covers 32,000 km of pipelines, serves 2.1 million CNG vehicles and reaches over 3 million PNG households.

  • 500 MW solar JV with RVUNL Sep 24

    IGL signed a JV agreement with Rajasthan Vidyut Utpadan Nigam for a 500 MW greenfield solar plant and floated a tender for a separate 200 MW solar plant in Rajasthan. The aim is to replace grid power and cut carbon intensity.

  • Meter JV starts commercial production Sep 24

    IGL Genesis Technologies Ltd, its meter-making JV, has recently started commercial production. This backward integration reduces reliance on outside suppliers for key equipment.

Neutral 2
  • 27th AGM, ₹1.5 dividend approved Sep 24

    The AGM was announced on Sep 2 and held by video conference on Sep 24, 2026. Shareholders adopted the FY26 audited financials and approved a final dividend of ₹1.5 per share.

  • AI-based CNG cylinder verification Sep 22

    IGL put an automated vehicle verification system at 10 outlets. It uses high-resolution cameras and an AI app to check vehicle registrations against hydro-test records on the PESO portal and sends real-time alerts. IGL plans to expand it to more stations over time, alongside manual inspections.

TL;DR: IGL's core business keeps growing steadily, with 70 new CNG stations (1,024 total) and 3.70 lakh PNG connections added in FY26, plus progress on backward integration through its meter JV. The company is moving toward inorganic CGD growth and renewables (a 500 MW solar JV and a 200 MW tender), which widens the growth story but brings capital allocation and execution risk with no disclosed amounts. Short-term headwinds are mild, mainly possible volume loss from fuel denial to non-compliant vehicles. The trend looks better, and how much it improves will depend on whether the planned CGD acquisitions happen and on what terms.

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 ₹19,772 Cr, which places it in the Mid Cap band.
What is the PE ratio of Indraprastha Gas Ltd?
Indraprastha Gas Ltd trades at a PE ratio of 14.69, 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 ₹139.2 and ₹223.5.
Does Indraprastha Gas Ltd pay dividends?
Indraprastha Gas Ltd has a dividend yield of 3.30%.
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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