NSE: IGL · BSE: 532514
INDRAPRASTHA GAS LTD
Supplies CNG to transport users and PNG to households, commercial and industrial users across Delhi-NCR as a city gas distribution operator, jointly promoted by GAIL (India) and Bharat Petroleum Corporation (BPCL). For FY26, revenue stood at ₹17,846.31 cr, up 8.5% from ₹16,451.27 cr in the prior year. Profit after tax, however, fell to ₹1,364.10 cr (standalone) and ₹1,549.62 cr (consolidated, attributable to equity holders), as higher raw material, employee and finance costs offset revenue growth. EBITDA margin compressed to about 12.7% from 14.3% the prior year. The disclosed FY26 cost shape lists employee expenses at 1.4% of revenue, other operating expenses at 18.8%, depreciation at 2.9% and capex at 7.5% of revenue. The Board recommended a final dividend of ₹1.50 per share for FY26, unchanged from the prior year, and the FY26 auditor's report flagged a ₹330.73 cr contingent liability towards DDA license fees. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CNG (Compressed Natural Gas), PNG (Piped Natural Gas), Other gas (LPG/LNG). Regulated city gas distribution utility with pipeline and compression infrastructure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8,485 | 15,603 | 15,457 | 16,467 | 17,846 |
| EBITDA (ex other income) | 1,881 | 2,040 | 2,364 | 1,973 | 1,844 |
| margin % | 22.2 | 13.1 | 15.3 | 12.0 | 10.3 |
| Owners' profit | 0 | 1,640 | 1,985 | 1,718 | 1,550 |
| EPS, as reported (₹) | 21.46 | 23.42 | 28.36 | 12.27 | 11.07 |
| ROE % · ROCE % | 19.8 · 21.8 | 20.7 · 22.4 | 20.6 · 21.8 | 16.1 · 16.3 | 13.4 · 13.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,898 | 2,292 | 1,532 | 2,199 | 1,936 |
| Capex | (1,337) | (1,122) | (1,229) | (1,164) | (1,347) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,088 | 4,146 | 4,341 | 4,327 | 4,446 | 4,489 | 4,585 | 5,043 |
| Profit before tax | 497 | 327 | 462 | 473 | 405 | 426 | 381 | 255 |
| Net profit | 454 | 325 | 453 | 428 | 385 | 392 | 339 | 238 |
| EPS (₹) | 6.50 | 4.66 | 3.25 | 3.06 | 2.76 | 2.81 | 2.43 | 1.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED | 59,039 | 93.4 | 12.14 | 49.5 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 44,400 | 10.6 | 1.99 | 6.9 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 20,063 | 9.6 | 1.06 | 6.4 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD ◆ | 19,635 | 14.4 | 1.70 | 8.8 | 13.4 | 13.8 | 26.8 | 7.8 |
| MAHANAGAR GAS LTD. | 10,402 | 14.5 | 1.61 | 6.6 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,298 | 14.8 | 1.49 | 7.3 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED | 998 | 13.7 | 1.00 | 7.3 | 5.3 | 7.1 | — | 18.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.4 | 14.4 | 5 of 9 | 50% |
| P/B | 1.7 | 1.6 | 6 of 9 | 38% |
| ROCE | 13.8 | 11.8 | 3 of 9 | 75% |
| ROE | 13.4 | 12.6 | 3 of 9 | 75% |
| Debt / Equity | 0.0 | 0.2 | 3 of 9 | 75% |
| EBITDA margin | 7.8 | 16.1 | 8 of 9 | 13% |
| Revenue growth | 16.6 | 24.3 | 7 of 9 | 25% |
| Profit growth | (44.4) | 96.1 | 9 of 9 | 0% |
| Market cap | 19635 | 20063 | 6 of 9 | 38% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting to approve quarter and half-year unaudited results | results | low | — | — |
| 25 Sept 2026 · IGL 27th AGM results: all 5 resolutions approved, dividend of Rs 1.5/share declared | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · IGL 27th AGM held; final dividend of Rs 1.5 per share proposed | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · IGL to meet Morgan Stanley on Sept 21, no UPSI to be shared | board shareholder meetings | low | — | — |
| 8 Sept 2026 · CAG appoints PSMG and Associates as statutory auditor for FY 2026-27 | management changes | medium | — | — |
| 2 Sept 2026 · IGL files 27th AGM notice with FY26 Annual Report including BRSR | board shareholder meetings | low | — | — |
| 2 Sept 2026 · IGL 27th AGM on Sept 24, 2026; final dividend Rs 1.5/share | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · IGL 27th AGM on Sep 24, 2026; final dividend of Rs 1.5 per share proposed | board shareholder meetings | medium | — | — |
| 2 Sept 2026 · IGL fixes Oct 1, 2026 as record date for FY26 final dividend | corporate actions | medium | — | — |
| 2 Sept 2026 · IGL fixes AGM on Sep 24, 2026; record date Oct 1, 2026 for final dividend | corporate actions | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.