Indraprastha Gas Limited (IN:IGL)
:IGL
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Indraprastha Gas Limited
(IGL)
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Rating:70Outperform
Price Target:
₹173.00
▼(-11.01% Downside)
Action:Reiterated
Date:05/20/26
The score is supported primarily by strong financial resilience from a very low-leverage balance sheet and a reasonable valuation with a ~3% dividend yield. These positives are tempered by weakening profitability/cash conversion trends and bearish technical signals with the price trading below major moving averages.
Positive Factors
Very Low Leverage
Extremely low leverage and a steadily expanding equity base give IGL durable financial flexibility. Low debt reduces refinancing and interest risks, enabling sustained capex funding for network expansion and resilience through commodity or demand cycles over the next 2–6 months.
Negative Factors
Compressed Margins
Sharp margin compression signals weaker spreads between procurement and selling prices or rising operating costs. Sustained margin erosion reduces earnings power and free cash generation potential, making profitability more sensitive to gas cost volatility and regulatory pricing.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Extremely low leverage and a steadily expanding equity base give IGL durable financial flexibility. Low debt reduces refinancing and interest risks, enabling sustained capex funding for network expansion and resilience through commodity or demand cycles over the next 2–6 months.
Read all positive factors
Indraprastha Gas Limited (IGL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹216.72B
Dividend Yield0.77%
Average Volume (3M)95.80K
Price to Earnings (P/E)13.2
Beta (1Y)1.26
Revenue Growth8.31%
EPS Growth-9.81%
CountryIN
Employees719
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)11.40
Shares Outstanding1,400,001,600
10 Day Avg. Volume156,867
30 Day Avg. Volume95,802
Financial Highlights & Ratios
PEG Ratio-1.35
Price to Book (P/B)1.77
Price to Sales (P/S)1.26
P/FCF Ratio21.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹152.50Price Target Upside-21.55% Downside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)11.99
Revenue Forecast (FY)₹182.70B
Indraprastha Gas Limited Business Overview & Revenue Model
Company Description
Indraprastha Gas Limited engages in the distribution of natural gas in India. The company supplies compressed natural gas (CNG) to the transport sector; and piped natural gas to domestic, industrial, and commercial sectors in Delhi, Greater Noida,...
How the Company Makes Money
IGL primarily makes money by buying natural gas and selling it to end customers through two main channels: (1) CNG sales to vehicles and fleet operators via its CNG station network, and (2) PNG sales delivered through its pipeline network to resid...
Indraprastha Gas Limited Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
92
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 156.47B | 161.68B | 149.28B | 140.00B | 141.33B | 77.10B |
| Gross Profit | 32.70B | 30.10B | 34.31B | 38.02B | 33.71B | 30.23B |
| EBITDA | 19.42B | 18.44B | 19.31B | 23.24B | 19.76B | 18.41B |
| Net Income | 15.97B | 15.50B | 17.18B | 19.85B | 16.40B | 15.02B |
Balance Sheet | ||||||
| Total Assets | 167.62B | 170.28B | 155.81B | 142.20B | 126.21B | 111.02B |
| Cash, Cash Equivalents and Short-Term Investments | 47.75B | 43.10B | 35.94B | 30.10B | 18.30B | 30.61B |
| Total Debt | 1.02B | 977.50M | 934.90M | 811.70M | 827.70M | 1.08B |
| Total Liabilities | 55.17B | 55.03B | 49.39B | 45.70B | 46.89B | 35.16B |
| Stockholders Equity | 112.21B | 115.04B | 106.16B | 96.33B | 79.31B | 75.86B |
Cash Flow | ||||||
| Free Cash Flow | 3.68B | 9.30B | 10.35B | 3.03B | 11.09B | 5.61B |
| Operating Cash Flow | 11.04B | 22.78B | 21.99B | 15.32B | 22.31B | 18.98B |
| Investing Cash Flow | -6.38B | -15.46B | -15.19B | -11.03B | -8.41B | -15.85B |
| Financing Cash Flow | -134.10M | -6.99B | -7.54B | -3.16B | -13.59B | -3.28B |
Indraprastha Gas Limited Technical Analysis
Negative
194.40
Price Trends
158.87
Negative
167.70
Negative
184.85
Negative
Market Momentum
-1.90
Positive
41.84
Neutral
23.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IGL, the sentiment is Negative. The current price of 194.4 is above the 20-day moving average (MA) of 162.58, above the 50-day MA of 158.87, and above the 200-day MA of 184.85, indicating a bearish trend. The MACD of -1.90 indicates Positive momentum. The RSI at 41.84 is Neutral, neither overbought nor oversold. The STOCH value of 23.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IGL.
Indraprastha Gas Limited Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹1.02T | 16.11 | ― | 4.39% | 3.07% | -30.88% | |
75 Outperform | ₹105.98B | 10.89 | ― | 2.62% | 13.52% | -19.25% | |
71 Outperform | ₹151.74B | 16.83 | ― | 1.69% | ― | ― | |
70 Outperform | ₹216.72B | 13.15 | ― | 0.77% | 8.31% | -9.81% | |
69 Neutral | ₹256.46B | 26.58 | ― | 1.47% | -6.70% | -8.56% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
62 Neutral | ₹671.43B | 83.32 | ― | 0.04% | 17.89% | 0.19% |
* Utilities Sector Average
IN:IGL
Indraprastha Gas Limited
154.80
-43.95
-22.12%
IN:ATGL
Adani Total Gas Ltd.
610.50
-47.30
-7.19%
IN:GAIL
GAIL (India) Limited
155.55
-30.11
-16.22%
IN:GSPL
Gujarat State Petronet Limited
268.95
-71.98
-21.11%
IN:GUJGASLTD
Gujarat Gas Ltd.
372.55
-83.77
-18.36%
IN:MGL
Mahanagar Gas Ltd
1,072.95
-249.90
-18.89%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.