Indraprastha Gas Ltd

IGL

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Market Cap

₹ 25,970 Cr

P/E

16.26

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Indraprastha Gas Limited (IGL) is a leading City Gas Distribution (CGD) company in India, operating across multiple states with a large network of CNG stations and PNG infrastructure.

IGL is strategically expanding its international presence by pursuing a joint venture in Saudi Arabia to develop CGD networks in industrial cities, leveraging its expertise for rapid gas adoption.

IGL's recent infrastructure expansions include 72 new CNG stations in FY 2024-25 and an increase in PNG connections, reinforcing its market dominance in the CGD sector.

Despite a decline in sales to DTC and DIMTS due to a shift to electric mobility, IGL maintains strong CNG demand from private and commercial segments.

The company is poised for margin improvement due to VAT reductions on domestic procurement and anticipated tariff rationalization across its operations.

Sector

Gas Distribution

Industry

Gas Distribution

Market Cap

25,970 Cr

Volatility

High Risk

P/E Ratio

16.3

Industry P/E

17.9

PEG Ratio

2.1

P/B Ratio

2.3

52W High

229.20

52W Low

172.00

Sales CAGR

6.63%

24.73%

18.11%

10Y

16.82%

Profit CAGR

-13.63%

3.73%

5.25%

10Y

14.94%

ROE

TTM

14.23%

18.93%

19.02%

10Y

19.48%

ROCE

TTM

17.81%

23.08%

23.10%

10Y

24.40%

Technicals

‌

Forecasts

No. of Analysts

34

1Y Price Target

231.95 ▲ 26.61%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Nov 14, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PETRONET	269.50	40,290 Cr	10.98	1.91	3.72	17.39	20.95	12.62
AEGISVOPAK	247.05	27,628 Cr	152.98	5.83	0.00	3.81	5.57	2.56
GUJGASLTD	393.50	27,033 Cr	24.21	3.11	1.48	12.83	17.24	8.35
IGL	185.50	25,970 Cr	16.26	2.31	3.77	14.23	17.81	9.49
GSPL	287.90	16,244 Cr	15.78	1.36	1.74	8.63	17.47	7.03
MGL	1121.50	11,085 Cr	11.33	1.79	2.67	15.76	20.47	11.29
IRMENERGY	284.45	1,171 Cr	28.53	1.21	0.53	4.23	7.79	3.54

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	3,407	3,459	3,550	3,597	3,521	3,698	3,759	3,951	3,914	4,023
Expenses	2,765	2,802	2,994	3,076	2,940	3,163	3,397	3,455	3,403	3,582
Operating Profit	642	657	556	521	580	535	362	496	511	441
OPM %	18.85	18.99	15.67	14.49	16.48	14.47	9.63	12.56	13.05	10.96
Other Income	129	152	146	161	153	174	170	198	164	178
Interest	2.37	2.46	1.77	2.57	2.22	2.32	2.12	3.64	2.65	2.55
Depreciation	99	102	102	111	114	119	122	121	124	128
Profit Before Tax	670	704	599	569	617	588	408	570	548	488
Tax %	22.13	21.50	20.62	23.87	22.14	22.70	20.33	20.45	21.90	21.06
Net Profit	522	553	475	433	480	454	325	453	428	385
EPS in Rs	3.73	3.95	3.40	3.10	3.44	3.25	2.33	3.25	3.06	2.76

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	4,223	5,015	6,362	7,165	5,439	8,485	15,590	15,457	16,467	15,321
Expenses	2,851	3,419	4,508	4,966	3,458	5,829	12,107	11,636	12,955	13,418
Operating Profit	1,371	1,596	1,854	2,200	1,981	2,656	3,483	3,820	3,512	1,904
OPM %	32.48	31.82	29.14	30.70	36.42	31.30	22.34	24.72	21.33	12.42
Other Income	108	162	215	297	241	402	471	602	695	706
Interest	1.21	1.69	2.05	8.12	11	13	11	9.17	10	11
Depreciation	167	181	201	252	290	317	363	414	476	486
Profit Before Tax	904	1,096	1,269	1,557	1,422	1,953	2,122	2,543	2,183	2,114
Tax %	32.92	34.15	33.65	19.76	17.54	23.09	22.74	21.99	21.51	21.43
Net Profit	606	722	842	1,249	1,173	1,502	1,640	1,983	1,713	1,661
EPS in Rs	—	—	6.02	8.92	8.38	10.73	11.71	14.18	12.27	11.40
Dividend Payout %	98.15	19.40	19.95	15.70	21.49	25.63	55.51	14.10	57.05	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	140	140	140	140	140	140	140	140	140	280
Reserves	2,430	2,872	3,507	4,176	5,218	6,194	7,446	7,791	9,493	10,336
Borrowings	0.00	0.00	0.00	0.00	96	113	108	83	81	93
Other Liabilities	879	1,181	1,450	1,868	2,090	2,603	3,409	4,609	4,505	4,872
Total Liabilities	3,449	4,193	5,096	6,183	7,544	9,050	11,102	12,623	14,220	15,581
Fixed Assets	2,019	2,117	2,432	2,877	3,557	4,321	5,002	5,734	6,603	7,192
CWIP	267	352	386	478	777	847	1,379	1,434	1,396	1,543
Investments	327	784	1,316	1,778	630	2,288	2,626	1,522	2,222	2,926
Other Assets	836	940	962	1,050	2,581	1,594	2,096	3,934	3,998	3,921
Total Assets	3,449	4,193	5,096	6,183	7,544	9,050	11,102	12,623	14,220	15,581

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	653	946	879	1,157	1,361	1,546	1,898	2,231	1,532	2,199
Cash from Investing Activity	-175	-1,114	-717	-1,121	-521	-1,826	-1,585	-841	-1,103	-1,519
Cash from Financing Activity	-256	-160	-84	-169	-243	-297	-328	-1,359	-316	-754
Net Cash Flow	223	-328	78	-133	597	-577	-15	31	113	-74

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Feb 2025	Mar 2025	Jun 2025	Sep 2025
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%
FIIs	21.27%	21.94%	20.94%	17.90%	16.82%	16.16%	19.29%	14.33%	14.05%	14.67%	16.82%	17.21%
DIIs	25.47%	25.36%	26.24%	27.74%	29.23%	30.10%	28.19%	31.12%	31.30%	31.18%	29.00%	29.08%
Public	8.26%	7.71%	7.82%	9.36%	8.95%	8.74%	7.52%	9.55%	9.65%	9.15%	9.19%	8.72%
Total Shareholders	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

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
May 31, 2024	Integrated core strategies (a...	Bulk	Buy	442.12	440.91 Cr	99,72,575	0.71

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
PETRONET	269.50	40,290 Cr	10.98	1.91	3.72	17.39	20.95	12.62
AEGISVOPAK	247.05	27,628 Cr	152.98	5.83	0.00	3.81	5.57	2.56
GUJGASLTD	393.50	27,033 Cr	24.21	3.11	1.48	12.83	17.24	8.35
IGL	185.50	25,970 Cr	16.26	2.31	3.77	14.23	17.81	9.49
GSPL	287.90	16,244 Cr	15.78	1.36	1.74	8.63	17.47	7.03
MGL	1121.50	11,085 Cr	11.33	1.79	2.67	15.76	20.47	11.29
IRMENERGY	284.45	1,171 Cr	28.53	1.21	0.53	4.23	7.79	3.54

Overview

Detailed Summary

Indraprastha Gas Limited (IGL) is a leading City Gas Distribution (CGD) company in India, operating across multiple states with a large network of CNG stations and PNG infrastructure.

IGL is strategically expanding its international presence by pursuing a joint venture in Saudi Arabia to develop CGD networks in industrial cities, leveraging its expertise for rapid gas adoption.

IGL's recent infrastructure expansions include 72 new CNG stations in FY 2024-25 and an increase in PNG connections, reinforcing its market dominance in the CGD sector.

Despite a decline in sales to DTC and DIMTS due to a shift to electric mobility, IGL maintains strong CNG demand from private and commercial segments.

The company is poised for margin improvement due to VAT reductions on domestic procurement and anticipated tariff rationalization across its operations.

Sector

Gas Distribution

Industry

Gas Distribution

Market Cap

25,970 Cr

Volatility

High Risk

P/E Ratio

16.3

Industry P/E

17.9

PEG Ratio

2.1

P/B Ratio

2.3

52W High

229.20

52W Low

172.00

Sales CAGR

6.63%

24.73%

18.11%

10Y

16.82%

Profit CAGR

-13.63%

3.73%

5.25%

10Y

14.94%

ROE

TTM

14.23%

18.93%

19.02%

10Y

19.48%

ROCE

TTM

17.81%

23.08%

23.10%

10Y

24.40%