Indraprastha Gas Ltd(IGL)

NSE: IGLBSE: 532514

₹ 141.95+1.43%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 19,873 crNext results: 30 Oct 2026Website: www.iglonline.netUpdated: 24 Oct 2026

About

Indraprastha Gas Limited (IGL) is India's largest city gas distribution company, supplying CNG to transport and piped natural gas (PNG) to domestic, commercial and industrial customers across Delhi, Uttar Pradesh, Haryana and Rajasthan. CNG accounts for 74.14% of total sales volume, with IGL serving around 21 lakh vehicles at its 954 CNG stations as of FY25.^[1][2]

Volume by segment

Average daily gas sales volume reached 9.66 MMSCMD in Q1 FY27, up from 9.13 MMSCMD in Q1 FY26, a 5.8% YoY rise.^[3]
CNG accounts for 74.14% of total sales volume in FY25; industrial customers 9.83%.^[2]
CNG daily volume was 5.31 million kg/day in Q1 FY27; PNG daily volume was 2.5 MMSCMD in Q3 FY26, up 5% YoY.^[3][4]
PNG domestic sales grew ~12% to 255.03 MMSCM in FY25 from 227.48 MMSCM in FY24; industrial PNG grew ~10% to 322.53 MMSCM; commercial PNG grew ~8% to 88.43 MMSCM.^[2]

Network and infrastructure

IGL operates 954 CNG stations nationally with total compression capacity of 109.44 lakh kgs per day as of FY25.^[2]
Steel pipeline network grew from 2,054 km in FY24 to 2,347 km in FY25; MDPE network grew from 23,565 km to 27,399 km.^[2]
Support infrastructure includes 6 fire and safety control rooms, 28 CNG control rooms, 75 PNG control rooms, and 17 offices across 4 states/UTs.^[2]
IGL commenced LNG operations in NCR in association with CONCOR - the first such operation in the NCR - and commissioned a CNG station at Noida International Airport in Q1 FY27.^[3]

Key operating metrics

EBITDA per SCM was ₹5.4 in Q3 FY26 and compressed further to INR 296 crores absolute EBITDA in Q1 FY27, with average gas input cost running ~INR 40 - 45/SCM.^[4][3]
Domestic gas (APM/NWG/HPHT) supplied 48% of gas sourcing mix in Q1 FY27; RLNG (including spot LNG) the remainder.^[3]
Monthly CNG vehicle additions averaged ~27,300 over the last 6 months to Q1 FY27, up from ~18,000/month in the same period of the prior year.^[3]
Domestic PNG connections exceeded 35 lakh as of Q1 FY27, up from 30.7 lakh at end-FY25; industrial and commercial connections totalled ~13,600 in Q1 FY27.^[3][2]

Geographic reach and growth mix

IGL operates across 4 states/UTs: NCT of Delhi, Uttar Pradesh, Haryana, and Rajasthan.^[2]
New geographical areas outside Delhi-NCR grew CNG volumes 27% YoY in Q1 FY27 and account for ~50% of total incremental sales.^[3]
IGL conditionally accepted PNGRB-authorised portions of Gurugram and Faridabad (previously contested via litigation) and commenced technical feasibility studies in Q1 FY27.^[3]

Associates and subsidiaries

IGL holds 50% each in MNGL (Pune) and CUGL (Kanpur); MNGL volumes reached 2.19 MMSCMD in Q1 FY27, up 18% from 1.85 MMSCMD in Q1 FY26.^[2][3]
CUGL daily volumes were 0.36 MMSCMD in Q1 FY27, up 6% from 0.34 MMSCMD in Q1 FY26.^[3]
IGL holds 51% in IGL Genesis Technologies Limited (IGTL), a meter manufacturing joint venture, with investment of ₹15.59 crores made in FY25; trial production commenced with open-market sales targeted from August 2025.^[2][5]

Gas sourcing

Majority of CNG (transport) and PNG (domestic) gas is sourced as domestic gas (APM/NAPM, New Well Gas, HPHT) at government-determined prices; the rest is imported RLNG under term contracts linked to Brent and Henry Hub indices.^[2]
Spot LNG prices ranged USD 17 - 22/mmbtu in Q1 FY27 due to West Asia force majeure disruptions, keeping input costs elevated.^[3]
HPHT domestic gas allocation is expected to increase from September 2026 as new contracts close.^[3]

Expansion and capex

FY27 total capex aspiration is ₹1,800 - 2,000 crores: ₹1,200 - 1,500 crores for core CNG/PNG plus ₹500 - 600 crores for diversification (solar, LNG, CBG).^[3]
Q1 FY27 quarterly capex was INR 327 crores; 9M FY26 core capex was ₹847 crores against a revised FY26 full-year plan of ₹1,250 crores.^[3][4]
80 - 100 new CNG stations planned per year for the next 3 - 5 years; ~25 - 30% in Delhi and the rest in new GAs and NCR.^[4]
A 200 MW captive solar power tender was to be floated within a month of the Q3 FY26 call (December 2025).^[4]

Recent developments

IGL qualified Stage 1 and received Phase 2 tender for a Saudi Arabia industrial city gas distribution JV; bid submission deadline was 23 April 2026 for 4 industrial cities with long-term sales potential of ~6 MMSCMD.^[4][6]
PNGRB reclassified IGL's geographical areas from Zone 2/3 to Zone 1 effective January 2026, yielding ~₹0.75/SCM net benefit after consumer passthrough.^[4]
Gujarat VAT on domestic gas replaced by 2% CST from December 2025, delivering ~₹0.35 - 0.40/SCM benefit to IGL.^[4]
DTC bus volumes declined to near-zero in Q1 FY27 from ~1.5 lakh kg/day in Q1 FY26, eliminating the recurring drag on reported CNG growth rates.^[3]

Market Cap

₹19,873 Cr

High / Low

₹219 / 137

Stock P/E

14.6

Price / Book

1.7

Book Value

₹82

EPS

₹11.1

No. of Shares

140 Cr

ROCE

17.9%

ROE

14.0%

OPM

9.3%

Debt / Equity

0.00

Sales

₹17,846 Cr

Net Profit

₹1,544 Cr

Promoter holding

45.0%

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