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Research updated
Indraprastha Gas Ltd.
NSE: IGLUtilitiesUtilities - Regulated Gas
- Last close
- ₹141.71
- Day change
- +₹1.70 (+1.21%)vs
- Market cap
- ₹20,028 crIndian rupees
- Research updated
- 1 report
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About Indraprastha Gas
Indraprastha Gas Ltd. is a city gas distribution company primarily involved in the supply and distribution of natural gas. Serving the National Capital Territory of Delhi and its surrounding regions, Indraprastha Gas Ltd. plays a crucial role in promoting clean energy alternatives. It distributes compressed natural gas (CNG) for vehicles and piped natural gas (PNG) for domestic, commercial, and industrial uses. The company's operations align with initiatives to reduce pollution by providing a cleaner, more sustainable fuel option, directly impacting the transportation and energy sectors. Positioned as a leading name in India's energy landscape, Indraprastha Gas Ltd. provides vital energy solutions that support environmental goals while catering to the growing demand for natural gas as a preferred energy choice. Beyond traditional energy users, its services significantly contribute to urban development and infrastructure progress, further underpinning its importance in the broader economic framework.
- Sector
- Utilities
- Industry
- Utilities - Regulated Gas
- Listing
- NSE: IGL
- Next results
- Employees
- 720
- Headquarters
- New Delhi, India
- ISIN
- INE203G01027
- Website
- iglonline.net
Public research · Report of
Business model & financial foundation
IGL (NSE: IGL), City gas distribution (CNG and PNG): revenue of ₹16,168 crore in FY26 (+8.4% on FY25), an EBITDA margin of 11.4%, net profit of ₹1,550 crore and net cash of ₹4,212 crore.
- Revenue, FY26 (₹ crore)
- 16,168
- consolidated
- Revenue growth, FY26
- +8.4%
- on FY25
- EBITDA margin, FY26
- 11.4%
- EBITDA (Operating EBITDA excluding other income and associates) / revenue
- Net profit, FY26 (₹ crore)
- 1,550
- to owners
- Return on equity, FY26
- 14.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -4,212
- Net debt including leases less cash, other bank balances and current investments
- Market capitalisation (₹ crore)
- 20,828
- at the close of 16 Oct 2026
Company profile
Indraprastha Gas distributes natural gas in Delhi-NCR and nine other geographical areas in Haryana, Uttar Pradesh and Rajasthan: CNG to vehicles (about 74% of FY26 volume), piped gas to about 24.5 lakh billed homes and to industrial and commercial users. It buys gas from GAIL and other suppliers under government allocations of domestic APM and new-well gas plus contracted and spot LNG, and earns a marketing margin between retail price and delivered gas cost. It also holds 50% of Mahanagar-style peers MNGL (Pune) and CUGL (Kanpur).
| Item | Value |
|---|---|
| Legal name | Indraprastha Gas Limited |
| Exchange and ticker | NSE: IGL; BSE: 532514 |
| ISIN | INE203G01027 |
| CIN | L23201DL1998PLC097614 |
| Sector | Utilities |
| Industry | City gas distribution (CNG and PNG) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | PSMG & Associates, Chartered Accountants (CAG-appointed; FY25 auditor PKF Sridhar & Santhanam) (since FY26) |
| Market capitalisation | ₹20,828 crore (16 Oct 2026) |
| Shares outstanding | 140.00 crore shares (FY26) |
| Price | ₹145.1 (close, 16 Oct 2026) |
| 52-week range | ₹139.2 - ₹219.1 (to 16 Oct 2026) |
| Website | https://www.iglonline.net/ |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Maharashtra Natural Gas Limited (MNGL) | 50% | Associate: CGD in Pune and other Maharashtra GAs, equity-accounted |
| Central U.P. Gas Limited (CUGL) | 50% | Associate: CGD in Kanpur, Bareilly and Jhansi, equity-accounted |
| IGL Genesis Technologies Limited | 51% | Subsidiary: gas meter manufacturing JV, consolidated, loss-making |
Promoters GAIL (India) 22.5% and BPCL 22.5%; Government of NCT Delhi 5%. RVUNL solar JV (IGL 74%) being registered; CBG JVs with CEID and HWT signed Dec 2025.
Business model
IGL supplies CNG (about74%FY26 volume), domestic PNG and commercial/industrial PNG plus bulk gas to neighbouring CGDs. It owns the physical network and stations but not the gas supply; allocations and delivered RLNG cost set its spread. The listed company carries the CGD operations; Genesis meter manufacturing is a small loss-making subsidiary. Consolidated profit includes 50% stakes in MNGL and CUGL, not their revenues. GAIL and BPCL own22.5%each; Delhi government5%.
| Peer | Why the dossier compares them |
|---|---|
| Mahanagar Gas (MGL) | Closest like-for-like: CNG-led CGD in Mumbai with APM-heavy sourcing, also GAIL/BPCL lineage |
| Gujarat Energy (formerly Gujarat Gas) (GUJENERGY) | Largest CGD by volume; industrial-PNG heavy, so more exposed to LNG/alternate-fuel parity |
| Adani Total Gas (ATGL) | |
| GAIL (India) (GAIL) | Promoter and main gas supplier; transmission and marketing set IGL's gas cost |
| GSPL Transmission (GSPLTRANS) | Gas transmission peer exposed to the same volume and tariff regime |
| Petronet LNG (PETRONET) | LNG regasification; read-across on India LNG import volumes and spot pricing |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net revenue from operations after excise | 7,668 | 14,087 | 14,000 | 14,913 | 16,168 |
| Cost of revenue (vendor classification) * | 5,079 | 11,286 | 10,713 | 12,013 | 13,323 |
| Other operating costs (vendor classification) * | 390.8 | 419.1 | 466.9 | 495.9 | 464.4 |
| EBITDA (vendor classification) * | 2,216 | 2,435 | 2,901 | 2,579 | 2,437 |
| Operating EBIT before other income and associates | 1,965 | 2,131 | 1,950 | 1,482 | 1,326 |
| Total reported finance costs | 11.5 | 8.69 | 9.17 | 10.3 | 15.4 |
| Reported PBT including associates | 1,953 | 2,122 | 2,543 | 2,183 | 1,985 |
| Total tax including deferred and prior-year | 450.9 | 482.7 | 559.1 | 469.5 | 441.7 |
| Consolidated PAT including NCI | 1,502 | 1,640 | 1,983 | 1,713 | 1,544 |
| Diluted EPS bonus-adjusted (₹) | 21.46 | 23.42 | 14.18 | 12.27 | 11.07 |
| Revenue from operations including excise | 15,457 | 16,452 | 17,846 | ||
| Excise duty | 1,457 | 1,539 | 1,679 | ||
| Purchases of stock-in-trade natural gas | 9,814 | 11,076 | 12,392 | ||
| Signed change in inventories | -0.63 | -2.36 | -6.43 | ||
| Employee benefits expense | 228.4 | 204.2 | 254.5 | ||
| Other operating expenses | 1,595 | 1,677 | 1,684 | ||
| Other income excluding associates | 261.0 | 349.3 | 373.7 | ||
| Depreciation and amortisation | 414.0 | 475.9 | 517.7 | ||
| Signed share of profit of associates | 341.0 | 361.3 | 301.0 | ||
| Signed PAT attributable to NCI | -1.67 | -4.75 | -6.11 | ||
| PAT attributable to parent shareholders | 1,985 | 1,718 | 1,550 | ||
| Separately presented exceptional items | n.d. | n.d. | n.d. | ||
| Gas purchases plus signed inventory change | 9,813 | 11,073 | 12,386 | ||
| Operating EBITDA excluding other income and associates | 2,364 | 1,958 | 1,844 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 7,586 | 7,931 | 9,650 | 10,642 | 11,525 |
| Borrowings excluding leases | 107.6 | 82.8 | 0.00 | 7.46 | 26.6 |
| Cash and cash equivalents | 75.0 | 105.6 | 219.0 | 144.6 | 169.5 |
| Trade receivables | 520.6 | 903.4 | 1,019 | 706.7 | 920.1 |
| Inventories | 45.5 | 49.2 | 52.2 | 48.8 | 60.7 |
| Total current and noncurrent trade payables | 786.1 | 901.3 | 984.8 | 934.7 | 1,071 |
| Property, plant and equipment | 64.2 | 75.2 | 6,376 | 6,952 | 7,821 |
| Capital work in progress | 1,379 | 1,510 | 1,396 | 1,527 | 1,518 |
| Total assets | 11,102 | 12,623 | 14,220 | 15,581 | 17,028 |
| Intangible assets | 13.0 | 9.59 | 7.93 | ||
| Intangible assets under development | 0.00 | 15.6 | 15.6 | ||
| Right of use assets | 213.9 | 230.4 | 224.9 | ||
| Equity method investments | 1,341 | 1,597 | 1,791 | ||
| Other noncurrent financial assets | 297.5 | 397.6 | 19.9 | ||
| Income tax assets net | 15.1 | 15.0 | 20.2 | ||
| Other noncurrent assets | 202.7 | 194.3 | 38.6 | ||
| Total noncurrent assets | 9,857 | 10,938 | 11,457 | ||
| Current investments | 880.6 | 1,329 | 1,384 | ||
| Other bank balances | 1,936 | 2,121 | 2,757 | ||
| Other current financial assets | 211.2 | 248.2 | 210.5 | ||
| Other current assets | 45.2 | 45.3 | 70.5 | ||
| Total current assets | 4,363 | 4,643 | 5,572 | ||
| Equity share capital | 140.0 | 280.0 | 280.0 | ||
| Other equity | 9,493 | 10,336 | 11,224 | ||
| Noncontrolling interests | 16.5 | 26.7 | 20.6 | ||
| Noncurrent lease liabilities | 56.5 | 68.7 | 54.2 | ||
| Noncurrent MSME trade payables | 0.37 | 0.07 | 0.91 | ||
| Noncurrent other trade payables | 0.12 | 0.06 | 0.71 | ||
| Other noncurrent financial liabilities | 21.1 | 45.1 | 20.0 | ||
| Noncurrent provisions | 32.6 | 37.9 | 57.4 | ||
| Deferred tax liabilities net | 369.6 | 456.5 | 510.4 | ||
| Other noncurrent liabilities | 9.87 | 9.03 | 9.75 | ||
| Total noncurrent liabilities | 490.1 | 624.8 | 679.9 | ||
| Current lease liabilities | 24.7 | 17.3 | 16.9 | ||
| Current MSME trade payables | 135.3 | 121.9 | 145.8 | ||
| Current other trade payables | 849.1 | 812.7 | 923.1 | ||
| Other current financial liabilities | 2,327 | 2,499 | 2,701 | ||
| Other current liabilities | 126.0 | 108.6 | 132.6 | ||
| Current provisions | 599.8 | 750.9 | 903.6 | ||
| Current tax liabilities net | 17.8 | 3.81 | 0.00 | ||
| Total current liabilities | 4,080 | 4,314 | 4,823 | ||
| Total liabilities | 4,570 | 4,939 | 5,503 | ||
| Borrowings plus current and noncurrent leases | 81.2 | 93.5 | 97.8 | ||
| Net debt including leases less cash, other bank balances and current investments | -2,955 | -3,501 | -4,212 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operating activities | 1,773 | 2,419 | 1,532 | 2,184 | 1,936 |
| Free cash flow (vendor definition) * | 561.0 | 1,109 | 302.7 | 1,035 | 588.3 |
| Cash dividends including unpaid balance movement, negative outflow | -251.9 | -1,295 | -279.7 | -734.8 | -664.9 |
| Cash capital expenditure, negative outflow | -1,337 | -1,122 | -1,229 | -1,164 | -1,347 |
| Net investing cash flow | -1,103 | -1,504 | -1,211 | ||
| Net financing cash flow | -315.5 | -754.1 | -699.3 | ||
| PPE disposal loss/writeoff provision adjustment | 5.90 | 4.66 | 13.6 | ||
| ECL security deposits and advances | 0.91 | 0.58 | 0.50 | ||
| Defined benefit remeasurement | -3.93 | -0.41 | 4.79 | ||
| Provision for doubtful debts | 6.49 | 18.1 | 6.82 | ||
| Obsolete CWIP provision/release | 0.00 | 3.01 | -3.79 | ||
| Obsolete stores provision/release | 0.00 | 3.59 | -1.95 | ||
| Liabilities/provisions no longer required written back | -9.07 | -7.88 | -21.5 | ||
| Lease interest operating adjustment | 6.81 | 7.39 | 6.83 | ||
| Bank deposit interest income adjustment | -151.4 | -190.8 | -196.4 | ||
| Mutual fund income adjustment | -68.1 | -91.5 | -86.5 | ||
| Share of associate profit adjustment | -341.0 | -361.3 | -301.0 | ||
| Operating profit before working capital changes | 2,402 | 2,027 | 1,904 | ||
| Working capital financial assets change | -25.2 | -26.8 | -3.11 | ||
| Working capital other current assets change | -52.2 | -6.63 | 129.0 | ||
| Inventory cash change | -3.06 | -0.12 | -10.0 | ||
| Receivables cash change | -121.8 | 294.6 | -221.8 | ||
| Other liabilities cash change | 7.41 | -17.5 | 24.8 | ||
| Other financial liabilities cash change | -366.9 | 194.3 | 175.5 | ||
| Trade payables cash change | 89.6 | -42.2 | 160.3 | ||
| Provisions cash change | 88.6 | 156.4 | 172.2 | ||
| Gross cash generated from operations | 2,019 | 2,579 | 2,331 | ||
| Income tax paid, negative outflow | -487.1 | -395.1 | -395.4 | ||
| Bank deposits placed over three months | -1,690 | -2,181 | -2,330 | ||
| Bank deposit maturities | 1,305 | 1,910 | 2,081 | ||
| Restricted bank balances movement | 695.1 | -13.3 | -7.02 | ||
| Mutual fund purchases | -12,584 | -6,338 | -11,694 | ||
| Mutual fund sale proceeds | 12,190 | 5,981 | 11,726 | ||
| Interest received on deposits and loans | 107.3 | 180.4 | 235.1 | ||
| Associate dividends received | 102.3 | 106.0 | 107.0 | ||
| Term loan proceeds | 0.00 | 7.34 | 17.5 | ||
| NCI capital raised | 18.1 | 15.0 | 0.00 | ||
| Lease interest paid | -6.81 | -7.39 | -6.83 | ||
| Lease principal repaid | -47.2 | -34.3 | -45.0 | ||
| Customer late payment receipts investing | 15.2 | 17.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding, bonus-adjusted | n.r. | n.r. | 140.00 | 140.00 | 140.00 |
| Weighted average diluted shares bonus adjusted | 140.00 | 140.00 | 140.00 | ||
| CUGL equity method carrying value | 331.3 | 361.8 | 384.4 | ||
| MNGL equity method carrying value | 1,010 | 1,235 | 1,407 | ||
| CUGL ownership percentage (%) | 50.0% | 50.0% | 50.0% | ||
| MNGL ownership percentage (%) | 50.0% | 50.0% | 50.0% | ||
| IGL Genesis subsidiary ownership percentage (%) | 51.0% | 51.0% | 51.0% | ||
| Genesis parent cost investment eliminated on consolidation | 18.9 | 34.5 | 34.5 | ||
| Cash flow reconciliation net cash change | 113.4 | -74.4 | 24.8 | ||
| Cash flow reconciliation opening cash | 105.6 | 219.0 | 144.6 | ||
| Cash flow depreciation adjustment | 414.0 | 475.9 | 517.7 | ||
| Cash flow unrealised forex adjustment | 0.00 | 0.01 | 0.33 | ||
| Cash flow capital grant amortisation adjustment | -0.77 | -0.78 | 0.00 | ||
| Cash flow tax refund interest adjustment | 0.00 | -1.18 | -2.59 | ||
| Cash flow employee loan interest adjustment | 0.00 | -0.01 | |||
| Cash flow operating late-payment adjustment | -15.2 | -17.8 | |||
| Cash flow reconciliation current bank accounts | 107.5 | 83.5 | 107.8 | ||
| Cash flow reconciliation cash on hand | 11.1 | 4.58 | 5.36 | ||
| Cash flow reconciliation short maturity fixed deposits | 100.5 | 56.6 | 56.3 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Net revenue from operations after excise | 3,693 | 3,755 | 3,948 | 3,914 | 4,023 | 4,068 | 4,163 | 4,587 |
| Cost of revenue (vendor classification) * | 2,707 | 2,943 | 3,881 | 2,928 | 3,141 | 3,106 | 3,211 | 3,811 |
| Other operating costs (vendor classification) * | 406.5 | 402.3 | -804.2 | 417.5 | 387.1 | 409.5 | 469.4 | 423.2 |
| EBITDA (vendor classification) * | 708.4 | 532.3 | 691.7 | 674.8 | 618.7 | 637.6 | 587.3 | 452.7 |
| Operating EBIT before other income and associates | 412.2 | 236.4 | 371.7 | 386.2 | 312.6 | 338.9 | 288.1 | 156.5 |
| Total reported finance costs | 2.32 | 2.12 | 3.64 | 2.65 | 2.55 | 2.48 | 7.76 | 3.49 |
| Reported PBT including associates | 587.6 | 408.5 | 569.7 | 547.8 | 487.6 | 503.2 | 446.6 | 311.7 |
| Total tax including deferred and prior-year | 133.4 | 83.1 | 116.5 | 120.0 | 102.7 | 111.2 | 107.9 | 73.8 |
| Consolidated PAT including NCI | 454.2 | 325.4 | 453.2 | 427.8 | 385.0 | 392.0 | 338.8 | 237.9 |
| Diluted EPS bonus-adjusted not annualised (₹) | 3.25 | 2.33 | 3.25 | 3.06 | 2.76 | 2.81 | 2.43 | 1.72 |
| Revenue from operations including excise | 4,084 | 4,142 | 4,338 | 4,327 | 4,446 | 4,489 | 4,585 | 5,043 |
| Excise duty | 390.8 | 387.3 | 389.9 | 412.8 | 422.6 | 421.5 | 421.9 | 456.7 |
| Purchases of stock-in-trade natural gas | 2,707 | 2,944 | 2,942 | 2,928 | 3,143 | 3,108 | 3,213 | 3,811 |
| Signed change in inventories | -0.61 | -1.08 | -0.52 | 0.42 | -1.79 | -2.63 | -2.43 | -0.26 |
| Employee benefits expense | 49.4 | 51.2 | 51.8 | 57.5 | 54.1 | 81.5 | 61.4 | 59.0 |
| Other operating expenses | 406.5 | 402.3 | 461.6 | 417.5 | 387.1 | 409.5 | 469.4 | 423.2 |
| Other income excluding associates | 87.2 | 92.3 | 93.5 | 89.4 | 94.9 | 89.2 | 100.2 | 101.9 |
| Depreciation and amortisation | 118.5 | 121.7 | 121.3 | 124.4 | 128.5 | 131.9 | 132.9 | 137.4 |
| Signed share of profit of associates | 90.5 | 81.9 | 108.1 | 74.8 | 82.7 | 77.6 | 66.0 | 56.8 |
| Signed PAT attributable to NCI | -0.71 | -1.13 | -1.93 | -1.24 | -1.34 | -1.74 | -1.79 | -2.49 |
| PAT attributable to parent shareholders | 454.9 | 326.6 | 455.1 | 429.1 | 386.3 | 393.8 | 340.5 | 240.4 |
| Separately presented exceptional items | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Gas purchases plus signed inventory change | 2,707 | 2,943 | 2,941 | 2,928 | 3,141 | 3,106 | 3,211 | 3,811 |
| Operating EBITDA excluding other income and associates | 530.7 | 358.1 | 493.0 | 510.6 | 441.1 | 470.9 | 421.1 | 293.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.1% | 83.7% | -0.6% | 6.5% | 8.4% |
| EBITDA margin | 16.9% | 13.1% | 11.4% | ||
| Net margin | 14.2% | 11.5% | 9.6% | ||
| Return on equity | 22.6% | 16.9% | 14.0% | ||
| Return on capital employed | 27.8% | 27.1% | 22.1% | 14.6% | 11.9% |
| Return on assets | 14.8% | 11.5% | 9.5% | ||
| Net debt (₹ crore) | -2,955 | -3,501 | -4,212 | ||
| Net debt / EBITDA | -1.25x | -1.79x | -2.28x | ||
| Interest cover | 171.4x | 245.2x | 212.6x | 143.9x | 85.9x |
| Asset turnover | 0.76x | 1.19x | 1.04x | 1.00x | 0.99x |
| Receivable days | 25 | 23 | 27 | 17 | 21 |
| Inventory days (on revenue) | 2 | 1 | 1 | 1 | 1 |
| Payable days (on revenue) | 37 | 23 | 26 | 23 | 24 |
| Cash conversion | 0.77x | 1.27x | 1.25x | ||
| Capex intensity | 17.4% | 8.0% | 8.8% | 7.8% | 8.3% |
| Free cash flow (₹ crore) | 435.7 | 1,297 | 302.7 | 1,019 | 588.3 |
| Dividend payout | 14.1% | 42.8% | 42.9% | ||
| EPS, diluted (₹) | 21.46 | 23.42 | 14.18 | 12.27 | 11.07 |
| Book value per share (₹) | 68.93 | 76.02 | 82.32 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and associates) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less cash, other bank balances and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and associates).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS bonus-adjusted).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Indraprastha Gas
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.