Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Indraprastha Gas Limited (IGL)
Small CapEnergy stocks · Small cap · NSE
Indraprastha Gas Limited (IGL) is a leading City Gas Distribution (CGD) company in India, operating across 12 geographical areas in 4 states. It supplies natural gas to over 3.27 million households, 5,400 industrial, and 7,400 commercial establishments, alongside a robust CNG network for vehicular customers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Aug, 01:50 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -4.0% / mo · MACD + · near 52W low · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 26
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
IGLD candles · FIT view-13.4%Latest close ₹142.54 on 2026-10-19
Bar
-0.4%
RSI
43
MACD hist
0.16
52W pos
4%
2026-10-19O ₹143.15H ₹144.33L ₹142.18C ₹142.54Vol 6.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
IGLNifty EnergyNifty 500
- IGL
- -7.8%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- -2.3 pp
Chart stats
19 Oct 2026- From 52W high
- -34.9%
- 52W range position
- 4%
- ATR (14)
- 2.5%
- Volume vs 20D
- 0.32x
- Avg traded value
- ₹24.5 Cr
- 20D price channel
- ₹139.2 - ₹149.4
₹219.1
₹139.2 - ₹219.1
₹3.6
Latest completed session
20-session average
26.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +17.2% · PAT -44.4% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-19.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -44% YoY · margin compression · Rev +17% YoY · +10% QoQ
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,587 Cr | +17.2% | +10.2% |
| EBITDA | ₹294 Cr | -42.5% | -30.2% |
| Operating margin | 6.0% | -700 bps | -400 bps |
| PAT | ₹238 Cr | -44.4% | -29.8% |
| PAT margin | 5.2% | -575 bps | -295 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.70
- P/B
- 1.74
- EV/EBITDA
- 9.34
- Market Cap
- 20055.00Cr
Profitability
- ROE
- 13.30%
- ROCE
- 17.50%
- ROA
- 7.95%
- Dividend Y
- 3.24%
Growth (CAGR)
- Revenue 5Y
- 27.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 5.00%
- EPS 3Y
- -3.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 101.69×
- Altman Z
- 4.64
- Book Value
- 82.20
Cash Flow
- FCF Yield
- 3.39%
- FCF Positive Y
- 9/5
- OCF
- 2184.00 Cr
- EPS TTM
- 9.72
Shareholding
- Promoter Hold
- 45.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 5%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 16.2k+8.4% vs prev
Net Profit
₹ CrLatest: 1,354-12.3% vs prev
Return on Equity
%Latest: 484+3503.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.1% over last month) — short-term momentum negative.
- RSI(14) at 43 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
17
RS percentile
Stage 4 Downtrend
1M return
-4.1%
3M return
-7.8%
6M return
-15.7%
1Y return
-32.2%
RS 1D
+2
RS 20D
+4
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 8.2% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.5%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 72.62+0.67%
RS vs Nifty 50073
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation4/30
Growth9/25
Quality4/20
Balance Sheet12/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 3.4%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 12/15 to the score.
Main drags
- Fair-value margin of safety is negative at -19.0%.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 4/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
14.7
PB
1.7
EV/EBITDA
9.3
ROE
13.3%
ROCE
17.5%
FCF Yield
3.4%
Debt/Equity
0.0
MoS
-19.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-19.0%
Previous: -19.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹134.08
-6.3% MoS
Growth-justified P/E
12.3
Growth-justified Value
₹119.75
-19.0% MoS
PEG
2.94
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GUJENERGY
Small
GUJARAT ENERGY LIMITED
City Gas Distribution
match 81
68
11.1
10.2%
+70%
UNDERVALUED
IRMENERGY
Small
IRM Energy Limited
City Gas Distribution
match 73
58
14.6
5.5%
+41%
FAIR VALUE
CASTROLIND
Small
Castrol India Limited
Oil & Gas
match 26
64
18.0
45.9%
+11%
UNDERVALUED
MRPL
Small
Mangalore Refinery and Petrochemicals Limited
Oil Refining & Marketing
match 20
81
6.8
14.5%
+60%
DEEP VALUE
CHENNPETRO
Large
Chennai Petroleum Corporation Limited
Oil Refining & Marketing
match 17
97
5.0
31.8%
+70%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-06T07:42:23.252Z
Management commentary snapshot
Q3 FY'26 saw total sales volume grow 3% YoY, with CNG up 3% (10% ex-institutional) and PNG up 5%. Revenue increased 8% YoY to INR4,465 crores. EBITDA surged 31% YoY to INR473 crores (INR500 crores adjusted), and PAT rose 25% YoY to INR358 crores, despite gas cost volatility and forex impact.
The thesis remains intact, supported by strong underlying volume growth, particularly in new GAs and non-institutional CNG. Positive regulatory changes are expected to significantly boost EBITDA margins, offsetting past headwinds from gas costs and forex. Management's confidence in future volume additions and margin expansion is a key positive.
Current business mix
Gas Sourcing by Type
Latest issuer-disclosed distribution across 4 reported categories.
Domestic43.0%
NWG7.0%
HPST6.0%
RLNG42.0%
Growth engines
New Geographical Areas (GAs)
New GAs are contributing significantly, with incremental volume almost 57% from outside Delhi and NCR, and growing at around 17%.
CNG Vehicle Conversions
Reduction of GST on CNG vehicles from 28% to 18% has increased vehicle conversions from an average of 21,000 to 26,000 per month.
Domestic & Commercial PNG
Domestic PNG sales grew 8% and commercial PNG sales also grew 8%, indicating steady traction and consistent customer additions.
CVG Excise Duty Exemption
Excise duty exemption for Compressed Biogas (CVG) is expected to have a material impact, with management aiming to ramp up CVG in the network.
Capacity and execution
CNG Stations
45 CNG stations have been added and commissioned during the year. The company targets adding 80 to 100 CNG stations per year for the next 3 to 5 years.
Pipeline Network
The steel pipeline network now extends over 2,500 kilometers, and the MDP network has reached approximately 29,200 kilometers.
Core Business Capex
Planned core business capex is around INR1,250 crores for FY'26, with INR847 crores already spent in 9 months. Similar levels of INR1,200-1,500 crores are expected for FY'27.
Diversification Capex
An additional INR500-800 crores capex is planned from FY'27 onwards for diversification into renewables, CPG, and LNG infrastructure.
Tailwinds
VAT Reduction on Domestic Gas
Replacement of 15% VAT with 2% CST on domestic gas from Gujarat, effective December 2025, is expected to have a positive impact on gas costs.
Rationalized Gas Transmission Tariff
Introduction of a 2-zone tariff regime (replacing 3 zones) effective January 1, 2026, will classify IGL's GAs under Zone 1 for CNG/PNG domestic, providing a net benefit of INR0.75/SCM.
GST Reduction on CNG Vehicles
The reduction of GST on CNG vehicles from 28% to 18% has led to a 'phenomenal increased vehicle conversions'.
Lower LNG Prices
Anticipated lower international LNG prices are expected to increase demand from industrial and commercial segments and positively affect margins.
Headwinds
DTC/DIMTS Fleet Migration
Lower offtake from DTC and DIMTS fleets due to phased migration towards electric mobility. DTC volumes are expected to be almost zero by March '26.
Gas Cost Volatility & Adverse Forex
Experienced volatility in gas costs and adverse forex impacts on procurement expenses, with rupee devaluation increasing gas costs by INR2-2.5/SCM.
New Labour Code Provision
A one-time provision of INR28 crores was made in Q3 FY'26 due to the New Labour Code becoming effective, impacting reported EBITDA.
Pollution-Related Restrictions
GRAP implementation and pollution issues in Delhi/NCR led to schools being shut and buses off roads, causing a slight dip in Q3 volumes.
Risk radar
Institutional Volume Decline
While DTC volumes are phasing out, DIMTS volumes are expected to decline gradually over the next 2-3 years, continuing to be a drag on headline growth.
Gas Sourcing & Price Volatility
Ongoing volatility in gas costs and forex rates could impact margins, despite efforts to diversify sourcing and target specific landed prices.
M&A Challenges in CGD Sector
Consolidation in the CGD industry is difficult due to huge penalties carried by GAs, deterring potential buyers and making valuations negative for smaller entities.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY provides a clear picture of overall growth against a comparable period, while QoQ highlights sequential momentum and the immediate impact of recent regulatory changes and one-time provisions.
Sector KPIs management disclosed
Total Sales Volume
Total sales volume grew 3% YoY to 867 million SCM. Average daily sales volume was 9.43 million SCM/day in Q3 FY'26, up from 9.11 million SCM/day in Q3 FY'25.
CNG Sales Volume
CNG segment grew 3% YoY in SCM terms (5% in kg terms), with average daily sales exceeding 50 lakh kgs/day. Excluding institutional volumes (DTC/DIMTS), CNG sales grew approximately 10%.
PNG Sales Volume
PNG segment volumes increased 5% YoY to 2.5 million SCM/day. Domestic and commercial PNG sales grew 8% each, while industrial demand was subdued.
EBITDA
EBITDA stood at INR473 crores, reflecting 31% YoY growth and 7% sequential growth. Excluding a one-time provision of INR28 crores for the New Labour Code, EBITDA would have been around INR500 crores.
Management forward view
Volume Growth Guidance
Management maintains guidance to exit FY'26 at an average of 10 MMSCMD for the month of March and expects to add 1 MMSCMD per year for the next two years.
EBITDA Margin Improvement
Management expects EBITDA margins to be near INR7/SCM going forward, driven by the full impact of transmission tariff rationalization and Gujarat VAT reduction, and the one-time nature of the Labour Code provision.
Diversified Sourcing Strategy
The company anticipates a 50-50 split between RLNG and domestic sources (APM, NWG, HPHT) for future procurement, with RLNG contracts being 60% Henry Hub and 40% Brent-linked.
Middle East Expansion Opportunity
IGL has qualified for Stage 1 of a tender process in the Middle East, with bid submission by April 23, 2026, seeing it as a 'very good opportunity' with a long-term sales potential of 6 million SCM.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA per SCM | INR5.4 (Q3 FY'26) | Improvement towards the INR7/SCM target, reflecting the full benefits of regulatory changes. |
| Total Sales Volume | 9.43 MMSCMD (Q3 FY'26 average) | Achieving the 10 MMSCMD exit rate by March '26 and sustained annual addition of 1 MMSCMD. |
| New GA Growth Rate | 17% | Continued aggressive growth in new geographical areas, contributing significantly to overall volume expansion. |
| Diversification Capex Deployment | INR847 crores (9M FY'26 core capex) | Commencement and progress of INR500-800 crores diversification capex from FY'27 in renewables, CPG, and LNG Infra. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 63rd percentile of the scored universe and 32nd percentile within Energy. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
33 docs text-extracted · 13 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Energy: 32nd pctile, median 73 · Small: 65th pctile, median 66
Evidence depth
Financial-only
33 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.4%.
- ▸9 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -4.8%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Indraprastha Gas Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 8 Sep - CAG appointed PSMG & Associates as IGL’s statutory auditor for FY2026-27.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.