LPG/CNG/PNG/LNG Supplier industry

7 companies · ₹1.5 L cr · 7 with AI deep dives · Q1FY27 report

West Asia gas crisis bifurcates the sector: LNG trading plays post records; CGD distributors absorb cost spike

Turning upmargin troughed at 10.7% and has risen for 6 quarters to 14.6%, on positive revenue growth

Revenue YoY: +8.6%
EBITDA margin: 14.6%; +240bps YoY
Price, 1 year: -21.3%; 29% of names up
P/E vs own 5y: -27.6%; 14.2x now

Exhibit 1The quarter in numbers

constant panel of 7 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	27,642 cr	25,502 cr	+8.4%	25,450 cr	+8.6%	27,642 cr	0.0%
EBITDA margin	14.6%	14.0%	+60bps	12.2%	+240bps	14.6%	0bps

Revenue

Jun 26: 27,642 cr
Mar 26: 25,502 cr
QoQ: +8.4%
Jun 25: 25,450 cr
YoY: +8.6%
Peak: 27,642 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 14.6%
Mar 26: 14.0%
QoQ: +60bps
Jun 25: 12.2%

Sept 26: 1 of 7 reported so far, so it is not in the trend above.

Breadth: 86% of 7 companies grew revenue year on year (was 86% a quarter earlier) and 43% expanded margin (was 29%).

Exhibit 2What it costs

11.61x - 16.04x across the panel today

The median name trades at 14.2x, -27.6% against this industry's own 5-year median of 19.6x, and -57.4% against its own peak of 33.2x.

Exhibit 3Structure

₹1.5 L cr

Adani Total Gas Ltd is 37.7% of this industry by market cap. The top 5 are 97.9% and the top 10 are 100%.

large 1mid 4small 1micro 17 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 14.15x, 5y ROCE above its median of 23.92%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

Diwali open house: sign in free and Premium is open to you until 8 Nov.See plans →

Exhibit 5Coverage (7 of 7)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Adani Total Gas Ltd	₹58,730 cr	91.4x	49.4x	14.9%	18.6%	+33.8%	Unlock
Petronet LNG Ltd	₹43,838 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindWest Asia crisis severing LNG supply chains, forcing crisis-price spot sourcing5 managements

Qatar FM is declared month-to-month through at least end-August 2026 (Petronet). The pooled gas mechanism was withdrawn then reinstated then lapsed again (MGL, ATGL). CGD…

MGL (Q1FY27): “Pooled gas has been discontinued from around second week of July... after maybe 7, 8…”

headwind4 managements tailwind5 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

Create a free account →

AppendixThe other 0 companies

1-0

sort: mcap · composite · name