Arthneeti

Indraprastha Gas Q2 FY27 Share Price & Earnings Call Analysis

₹139.19-1.73% today
Market cap
₹19,428 Cr
P/E
14.29
ROE
13.33%
PEG
-5.58
Price to sales
1.16
Debt to equity
0.01
52W high / low
₹215 / ₹139
Sales growth (5Y)
26.76%
EBITDA margin
9.66%
Net profit margin
9.08%
Promoter holding
45.00%
Sales (last year)
₹16,840 Cr

Incorporated in the year 1998, Indraprastha Gas Limited (IGL) is in the business of city gas distribution in the National Capital Territory of Delhi. IGL also supplies the gas to the near by regions of Noida, Greater Noida, Ghaziabad, Hapur, Gurugram, Meerut, Shamli, Kanpur, Muzaffarnagar, Karnal and Rewari, Hamirpur, Fatehpur, Ajmer, Pali, Rajasmand.

Guidance scorecard · Q2 FY27 call

What Indraprastha Gas Ltd's management guided
and where it ranks in Gas

#7of 10 in
Gas
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Overall sales volume growth of about 6% compared to the same quarter last year.
  • Strong growth in CNG vehicle additions and conversions: approximately 27,300 vehicles/month in recent 6 months vs. 18,000/month last year, indicating robust demand.
  • Outside Delhi NCR, new geographical areas (GAs) growing at high rates (~27%), contributing nearly 50% of incremental sales.
  • Delhi NCR CNG sales growth around 9% excluding DTC bus volumes.
  • PNG customer base expanding with over 1 lakh new connections added in the quarter.
  • Capex guidance remains strong, with INR1,800 to 2,000 crores planned for the year to support infrastructure expansion.
  • Inorganic growth opportunities to be explored as policy evolves, with focus also on newer GAs.

2 more points from Indraprastha Gas Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Indraprastha Gas Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Q1 FY27 capex spent: INR 327 crores.
  • Planned capex for FY27: INR 1,800 - 2,000 crores.
  • Core business capex guidance: INR 1,200 - 1,500 crores.
  • Additional capex for business development/diversification: INR 500 - 600 crores.
  • Focus on PNG infrastructure development and expanding operations in newer geographical areas with robust growth potential.
  • Commissioned new city gate station at Rohini, Delhi to strengthen supply network.
  • Technical feasibility studies started for remaining areas of Gurugram and Faridabad with consent submitted for authorization.

2 more points from Indraprastha Gas Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Indraprastha Gas Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Capex for Q1 FY27 was around INR 327 crores.
  • Planned capex for FY27 is approximately INR 1,800 - 2,000 crores.
  • Of the planned capex, INR 1,200 - 1,500 crores is targeted for core infrastructure.
  • Additional INR 500 - 600 crores capex may be allocated to business development and diversification as opportunities arise.
  • Ongoing focus on expanding operations in newer Geographical Areas (GAs) with healthy growth observed.

2 more points from Indraprastha Gas Ltd's call on the order book

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Full Q1 FY27 analysis
Full Gas ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Gas
on management's own guidance

  1. IRM EnergyGood growth
    2
  2. Aegis Logistics LtdGood growth
    1
  3. GAIL (India)Moderate growth
    3
See all potential multibaggersWhere does Indraprastha Gas Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Gas companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Aegis Logistics Ltd20–40%Flat₹47,972 Cr38.3
2IRM Energy20–40%Flat₹1,060 Cr14.5
3GAIL (India)10–20%Flat₹1.11L Cr11.2
410–20%Flat₹63,718 Cr104.8
510–20%Flat₹43,950 Cr10.4
610–20%Flat₹20,887 Cr10.7

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Financials of Indraprastha Gas Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Indraprastha Gas Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +45.00%45.00%45.00%45.00%45.00%45.00%45.00%45.00%45.00%45.00%45.00%45.00%
FIIs +17.91%16.81%16.16%19.29%14.32%14.67%16.82%17.21%17.00%17.08%10.16%9.73%
DIIs +22.74%24.22%25.10%23.18%26.12%26.18%23.99%24.08%24.17%23.25%30.02%30.08%
Government +5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%5.00%
Public +9.36%8.96%8.74%7.53%9.55%9.15%9.19%8.71%8.83%9.65%9.81%10.19%
No. of Shareholders3,16,3402,96,5692,90,3782,60,8673,44,9093,52,1613,59,6663,44,5393,45,2053,65,4783,67,3773,73,185

Financials of Indraprastha Gas Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3,4593,5563,5973,5173,6983,7593,9483,9144,0234,0684,1634,5875,118
Expenses +2,8022,9943,0762,9403,1633,3973,4553,4033,5823,5973,7424,2935,150
Operating Profit657562521576535362493511441471421294-32
OPM %19%16%14%16%14%10%12%13%11%12%10%6%-0.6%
Other Income +152140161157174170202164178167166159188
Interest2232224332834
Depreciation102102111114119122121124128132133137144
Profit before tax7045995696175884085705484885034473129
Tax %22%21%24%22%23%20%20%22%21%22%24%24%-163%
Net Profit +55347543348045432545342838539233923824
EPS in Rs3.953.403.103.443.252.333.253.062.762.812.431.720.18

Financials of Indraprastha Gas Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +3,6813,6863,8154,5355,7656,4854,9417,71014,13314,00014,91316,16817,935
Expenses +2,8872,9102,8513,4094,5064,9493,4465,81612,08911,61212,93414,29116,781
Operating Profit7947759641,1261,2591,5361,4951,8942,0442,3881,9791,8761,154
OPM %22%21%25%25%22%24%30%25%14%17%13%12%6%
Other Income +3178108153213293240401469596706661680
Interest30101222022252728263517
Depreciation149156167181201252290317363414476518546
Profit before tax6456879041,0961,2691,5561,4221,9532,1222,5422,1831,9851,271
Tax %33%33%33%34%34%20%18%23%23%22%22%22%
Net Profit +4484586067228421,2491,1731,5021,6401,9831,7131,544992
EPS in Rs3.203.274.335.166.028.928.3810.7311.7114.1812.2711.077.14
Dividend Payout %19%18%20%19%20%16%21%26%56%32%57%43%

Financials of Indraprastha Gas Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital140140140140140140140140140140280280280
Reserves1,9752,4302,8723,5074,1765,2186,1947,4467,7919,49310,33611,22411,280
Borrowings +1450000961131088381939893
Other Liabilities +8338821,1861,4531,8712,0942,6063,4134,6144,5104,8805,4326,500
Total Liabilities3,0933,4524,1985,1006,1877,5489,05411,10712,62814,22515,59017,03518,153
Fixed Assets +1,9562,0192,1172,4322,8773,5574,3215,0025,7346,6037,1928,0538,388
CWIP2542673523864787778471,3791,4341,3961,5431,5341,628
Investments3083277841,3161,7786302,2882,6261,5222,2222,9263,1753,156
Other Assets +5758399459661,0542,5841,5982,1013,9394,0033,9294,2734,982
Total Assets3,0933,4524,1985,1006,1877,5489,05411,10712,62814,22515,59017,03518,153

Financials of Indraprastha Gas Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +6646539468791,1571,3611,5461,8982,2311,5322,1841,936
Cash from Investing Activity +-364-175-1,114-717-1,121-521-1,826-1,585-841-1,103-1,504-1,211
Cash from Financing Activity +-327-256-160-84-169-243-297-328-1,359-316-754-699
Net Cash Flow-27223-32878-133597-577-1531113-7425
Free Cash Flow4494226754094763986635611,1093031,019588
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit106%108%126%107%121%111%123%120%133%85%130%124%

Financials of Indraprastha Gas Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days232519181410192523271721
Inventory Days71010865842222
Days Payable302648503522696532373132
Cash Conversion Cycle19-19-23-15-7-41-37-6-8-12-9
Working Capital Days-36-32-62-67-75-83-144-115-79-72-80-80
ROCE %29%32%32%30%31%24%27%27%28%21%18%

Guidance history

How Indraprastha Gas Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%Up 0–2%Planned——
Q2 FY26 call →10–20%Up 2%+Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

14out of 100

Momentum score · price trend

14 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−34.3%19%
Last 6 months−16.2%28%
Last 3 months−8.4%49%

The price is 51.2% below its all-time high of ₹285.03 (9 Jul 2021). Stocks more than 20% below their peak have their score halved, so 28 became 14.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Indraprastha Gas Ltd: 0.4 × 19 + 0.4 × 28 + 0.2 × 49 = 28, halved to 14 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

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