Indraprastha Gas Ltd

Indraprastha Gas Ltd

₹ 166 3.45%
26 May - close price
About

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]

Key Points

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.

  • Market Cap 23,246 Cr.
  • Current Price 166
  • High / Low 229 / 142
  • Stock P/E 15.0
  • Book Value 82.2
  • Dividend Yield 2.56 %
  • ROCE 17.9 %
  • ROE 14.0 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 34.1%

Cons

  • Earnings include an other income of Rs.675 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
3,682 3,407 3,459 3,556 3,597 3,517 3,698 3,759 3,948 3,914 4,023 4,068 4,163
3,221 2,765 2,802 2,994 3,076 2,940 3,163 3,397 3,455 3,403 3,582 3,597 3,742
Operating Profit 461 642 657 562 521 576 535 362 493 511 441 471 421
OPM % 13% 19% 19% 16% 14% 16% 14% 10% 12% 13% 11% 12% 10%
139 129 152 140 161 157 174 170 202 164 178 167 166
Interest 3 2 2 2 3 2 2 2 4 3 3 2 8
Depreciation 94 99 102 102 111 114 119 122 121 124 128 132 133
Profit before tax 503 670 704 599 569 617 588 408 570 548 488 503 447
Tax % 21% 22% 22% 21% 24% 22% 23% 20% 20% 22% 21% 22% 24%
398 522 553 475 433 480 454 325 453 428 385 392 339
EPS in Rs 2.84 3.73 3.95 3.40 3.10 3.44 3.25 2.33 3.25 3.06 2.76 2.81 2.43
Raw PDF

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 Mar 2026
3,681 3,686 3,815 4,535 5,765 6,485 4,941 7,710 14,133 14,000 14,928 16,168
2,887 2,910 2,851 3,409 4,506 4,949 3,446 5,816 12,089 11,612 12,934 14,324
Operating Profit 794 775 964 1,126 1,259 1,536 1,495 1,894 2,044 2,388 1,994 1,844
OPM % 22% 21% 25% 25% 22% 24% 30% 25% 14% 17% 13% 11%
31 78 108 153 213 293 240 401 469 596 691 675
Interest 30 10 1 2 2 20 22 25 27 28 26 15
Depreciation 149 156 167 181 201 252 290 317 363 414 476 518
Profit before tax 645 687 904 1,096 1,269 1,556 1,422 1,953 2,122 2,542 2,183 1,985
Tax % 33% 33% 33% 34% 34% 20% 18% 23% 23% 22% 22% 22%
448 458 606 722 842 1,249 1,173 1,502 1,640 1,983 1,713 1,544
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 11.07
Dividend Payout % 19% 18% 20% 19% 20% 16% 21% 26% 56% 32% 57% 14%
Compounded Sales Growth
10 Years: 16%
5 Years: 27%
3 Years: 5%
TTM: 8%
Compounded Profit Growth
10 Years: 13%
5 Years: 6%
3 Years: -1%
TTM: -7%
Stock Price CAGR
10 Years: 11%
5 Years: -8%
3 Years: -12%
1 Year: -20%
Return on Equity
10 Years: 19%
5 Years: 18%
3 Years: 17%
Last Year: 14%

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 Mar 2026
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 11,224
145 0 0 0 0 96 113 108 83 81 93 98
833 882 1,186 1,453 1,871 2,094 2,606 3,413 4,614 4,510 4,880 5,426
Total Liabilities 3,093 3,452 4,198 5,100 6,187 7,548 9,054 11,107 12,628 14,225 15,590 17,028
1,956 2,019 2,117 2,432 2,877 3,557 4,321 5,002 5,734 6,603 7,192 8,069
CWIP 254 267 352 386 478 777 847 1,379 1,434 1,396 1,543 1,518
Investments 308 327 784 1,316 1,778 630 2,288 2,626 1,522 2,222 2,926 3,175
575 839 945 966 1,054 2,584 1,598 2,101 3,939 4,003 3,929 4,267
Total Assets 3,093 3,452 4,198 5,100 6,187 7,548 9,054 11,107 12,628 14,225 15,590 17,028

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 Mar 2026
664 653 946 879 1,157 1,361 1,546 1,898 2,231 1,532 2,199 1,936
-364 -175 -1,114 -717 -1,121 -521 -1,826 -1,585 -841 -1,103 -1,519 -1,211
-327 -256 -160 -84 -169 -243 -297 -328 -1,359 -316 -754 -699
Net Cash Flow -27 223 -328 78 -133 597 -577 -15 31 113 -74 25
Free Cash Flow 449 422 675 409 476 398 663 561 1,109 303 1,035 588
CFO/OP 106% 108% 126% 107% 121% 111% 123% 120% 133% 85% 130% 126%

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 Mar 2026
Debtor Days 23 25 19 18 14 10 19 25 23 27 17 21
Inventory Days 7 10 10 8 6 5 8 4 2 2 2 2
Days Payable 30 26 48 50 35 22 69 65 32 37 31 32
Cash Conversion Cycle 1 9 -19 -23 -15 -7 -41 -37 -6 -8 -12 -9
Working Capital Days -36 -32 -62 -67 -75 -83 -144 -115 -79 -72 -80 -49
ROCE % 29% 32% 32% 30% 31% 24% 27% 27% 28% 21% 18%

Insights

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Mar 2015 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Domestic PNG Connections
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Industrial and Commercial PNG Connections
Nos. ・Standalone data
MDPE Pipeline Network
km ・Standalone data
Number of CNG Stations
Nos. ・Standalone data
Total Gas Sales Volume
MMSCM ・Standalone data
Average Daily Volume
MMSCMD ・Standalone data

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00%
21.94% 20.94% 17.91% 16.81% 16.16% 19.29% 14.32% 14.67% 16.82% 17.21% 17.00% 17.08%
20.17% 21.06% 22.74% 24.22% 25.10% 23.18% 26.12% 26.18% 23.99% 24.08% 24.17% 23.25%
5.18% 5.18% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%
7.72% 7.83% 9.36% 8.96% 8.74% 7.53% 9.55% 9.15% 9.19% 8.71% 8.83% 9.65%
No. of Shareholders 2,72,0652,70,6873,16,3402,96,5692,90,3782,60,8673,44,9093,52,1613,59,6663,44,5393,45,2053,65,478

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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