Indraprastha Gas Limited (IGL) is a city gas distribution (CGD) company supplying CNG and piped natural gas (PNG) across 12 geographical areas in four states, operating thousands of kilometres of steel and MDPE pipeline networks and serving over 32.75 lakh household customers, plus industrial and commercial clients, while running a large CNG station network and compression capacity.

Q3 FY26 performance showed steady operational growth with total quarterly sales of 867 million SCM (up 3% YoY) and average daily sales of 9.43 MMSCMD; management reiterated an exit-rate target of 10 MMSCMD and annual incremental volume guidance of ~1 MMSCMD for the coming years, driven by station additions and network expansion.

Margins are recovering structurally: Q3 EBITDA was INR473 crore and PAT INR358 crore, while management outlined drivers to reach long-term EBITDA per SCM guidance of INR7–8, including transmission tariff rationalization benefits (~INR0.75 per SCM), Gujarat VAT replacement benefit (~INR0.20–0.25) and reversal of one-time labour-code provisions.

IGL is also diversifying strategically — forming JVs (IGL Genesis Technologies), pursuing captive power and international CGD tenders, and allocating separate diversification capex of INR500–800 crore for renewables, LNG infrastructure and commercial projects, indicating management intent to move beyond pure distribution into adjacent energy infrastructure.