Indraprastha Gas Ltd
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]
- Market Cap ₹ 23,311 Cr.
- Current Price ₹ 167
- High / Low ₹ 229 / 163
- Stock P/E 14.0
- Book Value ₹ 80.2
- Dividend Yield 2.55 %
- ROCE 20.8 %
- ROE 16.4 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 48.1%
- Debtor days have improved from 22.4 to 17.3 days.
Cons
- Earnings include an other income of Rs.710 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Energy Oil, Gas & Consumable Fuels Gas LPG/CNG/PNG/LNG Supplier
Part of BSE 500 Nifty 500 BSE Oil & Gas Nifty Energy Nifty Midcap 100
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,681 | 3,686 | 3,815 | 4,535 | 5,765 | 6,485 | 4,941 | 7,710 | 14,133 | 14,000 | 14,928 | 15,953 | |
| 2,887 | 2,910 | 2,851 | 3,409 | 4,506 | 4,949 | 3,446 | 5,816 | 12,089 | 11,612 | 12,934 | 14,037 | |
| Operating Profit | 794 | 775 | 964 | 1,126 | 1,259 | 1,536 | 1,495 | 1,894 | 2,044 | 2,388 | 1,994 | 1,916 |
| OPM % | 22% | 21% | 25% | 25% | 22% | 24% | 30% | 25% | 14% | 17% | 13% | 12% |
| 31 | 78 | 108 | 153 | 213 | 293 | 240 | 401 | 469 | 596 | 691 | 710 | |
| Interest | 30 | 10 | 1 | 2 | 2 | 20 | 22 | 25 | 27 | 28 | 26 | 11 |
| Depreciation | 149 | 156 | 167 | 181 | 201 | 252 | 290 | 317 | 363 | 414 | 476 | 506 |
| Profit before tax | 645 | 687 | 904 | 1,096 | 1,269 | 1,556 | 1,422 | 1,953 | 2,122 | 2,542 | 2,183 | 2,108 |
| Tax % | 33% | 33% | 33% | 34% | 34% | 20% | 18% | 23% | 23% | 22% | 22% | |
| 448 | 458 | 606 | 722 | 842 | 1,249 | 1,173 | 1,502 | 1,640 | 1,983 | 1,713 | 1,658 | |
| EPS in Rs | 3.20 | 3.27 | 4.33 | 5.16 | 6.02 | 8.92 | 8.38 | 10.73 | 11.71 | 14.18 | 12.27 | 11.88 |
| Dividend Payout % | 19% | 18% | 20% | 19% | 20% | 16% | 21% | 26% | 56% | 32% | 57% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 18% |
| 3 Years: | 25% |
| TTM: | 9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 7% |
| 3 Years: | 4% |
| TTM: | -2% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | -9% |
| 3 Years: | -9% |
| 1 Year: | -10% |
| Return on Equity | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 20% |
| 3 Years: | 19% |
| Last Year: | 16% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 10,941 |
| 145 | 0 | 0 | 0 | 0 | 96 | 113 | 108 | 83 | 81 | 93 | 102 | |
| 833 | 882 | 1,186 | 1,453 | 1,871 | 2,094 | 2,606 | 3,413 | 4,614 | 4,510 | 4,880 | 5,439 | |
| Total Liabilities | 3,093 | 3,452 | 4,198 | 5,100 | 6,187 | 7,548 | 9,054 | 11,107 | 12,628 | 14,225 | 15,590 | 16,762 |
| 1,956 | 2,019 | 2,117 | 2,432 | 2,877 | 3,557 | 4,321 | 5,002 | 5,734 | 6,603 | 7,192 | 7,528 | |
| CWIP | 254 | 267 | 352 | 386 | 478 | 777 | 847 | 1,379 | 1,434 | 1,396 | 1,543 | 1,701 |
| Investments | 308 | 327 | 784 | 1,316 | 1,778 | 630 | 2,288 | 2,626 | 1,522 | 2,222 | 2,926 | 3,461 |
| 575 | 839 | 945 | 966 | 1,054 | 2,584 | 1,598 | 2,101 | 3,939 | 4,003 | 3,929 | 4,072 | |
| Total Assets | 3,093 | 3,452 | 4,198 | 5,100 | 6,187 | 7,548 | 9,054 | 11,107 | 12,628 | 14,225 | 15,590 | 16,762 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 664 | 653 | 946 | 879 | 1,157 | 1,361 | 1,546 | 1,898 | 2,231 | 1,532 | 2,199 | |
| -364 | -175 | -1,114 | -717 | -1,121 | -521 | -1,826 | -1,585 | -841 | -1,103 | -1,519 | |
| -327 | -256 | -160 | -84 | -169 | -243 | -297 | -328 | -1,359 | -316 | -754 | |
| Net Cash Flow | -27 | 223 | -328 | 78 | -133 | 597 | -577 | -15 | 31 | 113 | -74 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 25 | 19 | 18 | 14 | 10 | 19 | 25 | 23 | 27 | 17 |
| Inventory Days | 7 | 10 | 10 | 8 | 6 | 5 | 8 | 4 | 2 | 2 | 2 |
| Days Payable | 30 | 26 | 48 | 50 | 35 | 22 | 69 | 65 | 32 | 37 | 31 |
| Cash Conversion Cycle | 1 | 9 | -19 | -23 | -15 | -7 | -41 | -37 | -6 | -8 | -12 |
| Working Capital Days | -36 | -32 | -62 | -67 | -75 | -83 | -144 | -115 | -79 | -72 | -80 |
| ROCE % | 29% | 32% | 32% | 30% | 31% | 24% | 27% | 27% | 28% | 21% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
24h - Audio recording link of Feb 12, 2026 conference call on Q3 unaudited results (Dec 31, 2025).
-
Declaration Of Interim Dividend And Record Date
2d - Unaudited Q3 results: standalone PAT Rs358.57cr, consolidated PAT Rs392.01cr; interim dividend Rs3.25/sh, record date Feb 19, 2026.
-
Board Meeting Outcome for Unaudited Financial Results For The Quarter Ended December 31, 2025 & Declaration Of Interim Dividend For FY 2025-26.
2d - Q3 FY25-26 results; interim dividend Rs3.25/share (162.5%) totaling Rs455cr; record date Feb 19, 2026.
-
Unaudited Financial Results For The Quarter Ended December 31, 2025
2d - Q3 net profit Rs358.57cr (standalone); consolidated Rs392.10cr; interim dividend Rs3.25/share, record date Feb 19, 2026.
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
10 Feb - Conference call Feb 13, 2026 4:00 PM IST to discuss Q3FY26 unaudited results.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from web
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
Concalls
-
Nov 2025TranscriptPPTREC
-
Jul 2025TranscriptPPT
-
Apr 2025TranscriptPPTREC
-
Jan 2025TranscriptPPT
-
Oct 2024TranscriptPPT
-
Jul 2024Transcript PPT
-
May 2024Transcript PPT
-
Jan 2024Transcript PPT REC
-
Nov 2023TranscriptPPT
-
Jul 2023TranscriptPPT
-
May 2023Transcript PPT
-
Jan 2023TranscriptPPT
-
Oct 2022TranscriptAI SummaryPPT
-
May 2022TranscriptAI SummaryPPT
-
Feb 2022TranscriptAI SummaryPPT
-
Nov 2021TranscriptAI SummaryPPT
-
Feb 2018TranscriptAI SummaryPPT
-
Nov 2017TranscriptAI SummaryPPT
-
Nov 2016TranscriptAI SummaryPPT
Leading player in City Gas Distribution[1]
IGL has operations in the NCT of Delhi, Noida, Greater Noida, Ghaziabad, Rewari, Karnal, Kaithal, Kanpur, Muzaffarnagar, Ajmer, and Banda with 819 CNG stations, 25.60 lacs residential connections, and ~10,000 industrial/commercial customers.