Indraprastha Gas Ltd. (currently trading at ₹210) is India’s leading city gas distribution company, supplying compressed natural gas (CNG) and piped natural gas (PNG) across Delhi NCR and adjoining regions. Incorporated in 1998 as a joint venture between GAIL, Bharat Petroleum, and the Government of Delhi, IGL plays a critical role in India’s clean energy transition, serving over 3.1 million households and 21.5 lakh vehicles across 955 CNG stations.
Indraprastha Gas Ltd. – FY22–FY25 Snapshot
Sales – ₹7,580 Cr → ₹10,220 Cr → ₹13,180 Cr → ₹15,717 Cr Growth driven by volume expansion and network penetration
Net Profit – ₹1,502 Cr → ₹1,720 Cr → ₹1,860 Cr → ₹1,983 Cr Stable earnings supported by regulated margins and scale
Operating Performance – Strong → Strong → Strong → Strong Consistent EBITDA margins and high asset utilization
Dividend Yield (%) – 1.25% → 1.30% → 1.35% → 1.40% Steady payouts aligned with cash flow generation
Equity Capital – ₹140.00 Cr (constant) No dilution; government and promoter-backed structure
Total Debt – ₹0 Cr (debt-free) Fully equity-financed operations
Fixed Assets – ₹4,820 Cr → ₹5,180 Cr → ₹5,520 Cr → ₹5,880 Cr Capex focused on pipeline expansion and station infrastructure
Institutional Interest & Ownership Trends
Promoter holding stands at 45.00% via GAIL and BPCL. FIIs and DIIs maintain strong exposure due to IGL’s monopoly status, clean energy theme, and predictable cash flows. Delivery volumes reflect long-term accumulation by ESG, infra, and utility-focused funds.
Business Growth Verdict
IGL continues to scale across CNG and PNG segments Margins remain stable due to regulated pricing and operational efficiency Debt-free structure enhances financial flexibility Capex supports long-term network expansion and customer onboarding
Management Con Call
Management emphasized strong growth in PNG connections across residential and commercial segments. CNG volumes continue to rise with fleet conversions and EV-hybrid transitions delayed. New cities added under GA expansion include Karnal, Kaithal, and Muzaffarnagar. FY26 outlook includes high single-digit volume growth and margin retention, supported by infrastructure rollout and favorable policy tailwinds.
Final Investment Verdict
Indraprastha Gas Ltd. offers a high-quality utility compounding story built on clean energy infrastructure, regulatory stability, and operational depth. Its debt-free status, consistent profitability, and strong promoter backing make it suitable for accumulation by investors seeking exposure to India’s urban energy transition. With expanding reach and policy support, IGL remains a durable value creator in the city gas distribution space.
Indraprastha Gas Ltd. – FY22–FY25 Snapshot
Sales – ₹7,580 Cr → ₹10,220 Cr → ₹13,180 Cr → ₹15,717 Cr Growth driven by volume expansion and network penetration
Net Profit – ₹1,502 Cr → ₹1,720 Cr → ₹1,860 Cr → ₹1,983 Cr Stable earnings supported by regulated margins and scale
Operating Performance – Strong → Strong → Strong → Strong Consistent EBITDA margins and high asset utilization
Dividend Yield (%) – 1.25% → 1.30% → 1.35% → 1.40% Steady payouts aligned with cash flow generation
Equity Capital – ₹140.00 Cr (constant) No dilution; government and promoter-backed structure
Total Debt – ₹0 Cr (debt-free) Fully equity-financed operations
Fixed Assets – ₹4,820 Cr → ₹5,180 Cr → ₹5,520 Cr → ₹5,880 Cr Capex focused on pipeline expansion and station infrastructure
Institutional Interest & Ownership Trends
Promoter holding stands at 45.00% via GAIL and BPCL. FIIs and DIIs maintain strong exposure due to IGL’s monopoly status, clean energy theme, and predictable cash flows. Delivery volumes reflect long-term accumulation by ESG, infra, and utility-focused funds.
Business Growth Verdict
IGL continues to scale across CNG and PNG segments Margins remain stable due to regulated pricing and operational efficiency Debt-free structure enhances financial flexibility Capex supports long-term network expansion and customer onboarding
Management Con Call
Management emphasized strong growth in PNG connections across residential and commercial segments. CNG volumes continue to rise with fleet conversions and EV-hybrid transitions delayed. New cities added under GA expansion include Karnal, Kaithal, and Muzaffarnagar. FY26 outlook includes high single-digit volume growth and margin retention, supported by infrastructure rollout and favorable policy tailwinds.
Final Investment Verdict
Indraprastha Gas Ltd. offers a high-quality utility compounding story built on clean energy infrastructure, regulatory stability, and operational depth. Its debt-free status, consistent profitability, and strong promoter backing make it suitable for accumulation by investors seeking exposure to India’s urban energy transition. With expanding reach and policy support, IGL remains a durable value creator in the city gas distribution space.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.