GAIL-BPCL joint venture distributing CNG and piped natural gas across Delhi NCR and North India.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,583 | +17.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 6.0 | −7.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 186 | −47.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 12.31 | −2.7 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.64 | −3.2 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 9.94 | +1.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
0 of 9 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Exit Sales Volume | 9.5 MMSCMD by FY25 | Q2 FY25 | Target period has passed. The promise was missed. | Missed |
| EBITDA per SCM | ₹7 to ₹8 annually | Q3 FY25 | Management reiterated the long-term guidance of INR 7/SCM but warned of short-term stress from geopolitical issues. Actual Q1 EBITDA/SCM was ~INR 3.37, a significant decline, putting the target at risk. | At Risk |
| LNG Stations | 50 stations in next 3 to 5 years | Q2 FY25 | After two quarters of no updates, management reported that the company has commenced LNG operations in the NCR region, showing progress towards the long-term goal. | On Track |
9 of Indraprastha Gas Limited's 16 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 13 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹211.16 on 24 Oct 2025 → ₹141.57. High ₹215.15 (3 Nov 2025), low ₹140.01 (22 Oct 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Indraprastha Gas Limited is a city gas distribution (CGD) company that sources natural gas and sells it as compressed natural gas (CNG) to vehicles and as piped natural gas (PNG) to residential, commercial and industrial consumers. It operates under PNGRB-authorised geographical area licenses spanning Delhi NCR, Uttar Pradesh, Haryana and Rajasthan, fuelling the world's largest CNG-powered public bus fleet. IGL also holds 50% equity stakes in two associate CGD companies, Central UP Gas Limited (CUGL) and Maharashtra Natural Gas Limited (MNGL), extending its natural-gas distribution footprint into Uttar Pradesh and Maharashtra respectively.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
0 of 9 judged targets kept · 7 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Exit Sales Volume | 9.5 MMSCMD by FY25 | Q2 FY25 | Target period has passed. The promise was missed. | Missed |
| EBITDA per SCM | ₹7 to ₹8 annually | Q3 FY25 | Management reiterated the long-term guidance of INR 7/SCM but warned of short-term stress from geopolitical issues. Actual Q1 EBITDA/SCM was ~INR 3.37, a significant decline, putting the target at risk. | At Risk |
| LNG Stations | 50 stations in next 3 to 5 years | Q2 FY25 | After two quarters of no updates, management reported that the company has commenced LNG operations in the NCR region, showing progress towards the long-term goal. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Indraprastha Gas Limited Q1 FY27
Indraprastha Gas Limited delivered a strong Q1 FY27 with record turnover and healthy volume growth, driven by expanding infrastructure and robust CNG vehicle adoption. Despite challenges from geopolitical events impacting gas costs and availability, the company maintained stable operations and profitability. Strategic capex and a focus on long-term growth underpin its resilient performance.
Read the full callIndraprastha Gas Q3 FY26
Indraprastha Gas delivered strong financial results in Q3 FY26 with significant YoY growth in EBITDA and PAT, driven by volume expansion and anticipated benefits from recent regulatory changes. While the phase-out of DTC bus fleets and temporary GRAP restrictions impacted volumes, the company is optimistic about future growth from new geographical areas and increased vehicle conversions, alongside strategic capex and international expansion plans.
Read the full callIndraprastha Gas Q2 FY26
IGL reported a quarter of resilient volume growth despite structural headwinds from the Delhi Transport Corporation's (DTC) transition to electric vehicles. While margins were compressed by a shift in the gas sourcing mix toward more expensive RLNG (37% vs 25% previously), management is optimistic about a recovery to ₹7-₹8 per SCM margins. This recovery is expected to be driven by tax rationalization, unified tariffs, and a significant strategic pivot into the Saudi Arabian industrial gas market.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −48% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,697 | 3,759 | 3,947 | 3,914 | 4,023 | 4,067 | 4,163 | 4,583 |
| Expenses | 3,161 | 3,395 | 3,453 | 3,402 | 3,580 | 3,595 | 3,740 | 4,288 |
| Operating profit | 536 | 364 | 494 | 512 | 443 | 473 | 423 | 296 |
| Operating margin | 14.0% | 10.0% | 13.0% | 13.0% | 11.0% | 12.0% | 10.0% | 6.0% |
| Other income | 149 | 129 | 94 | 90 | 163 | 130 | 101 | 103 |
| Interest | 2 | 2 | 3 | 2 | 2 | 2 | 7 | 2 |
| Depreciation | 118 | 122 | 120 | 124 | 128 | 131 | 132 | 136 |
| Profit before tax | 565 | 369 | 466 | 476 | 475 | 469 | 385 | 260 |
| Tax rate | 24.0% | 22.0% | 25.0% | 25.0% | 22.0% | 24.0% | 28.0% | 28.0% |
| Net profit | 431 | 286 | 349 | 356 | 373 | 359 | 277 | 186 |
| EPS (₹ per share) | 3.08 | 2.04 | 2.49 | 2.54 | 2.66 | 2.56 | 1.98 | 1.33 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 14,141 | 14,019 | 14,920 | 16,167 |
| Expenses | 12,105 | 11,633 | 12,948 | 14,317 |
| Operating profit | 2,035 | 2,386 | 1,972 | 1,851 |
| Other income | 463 | 344 | 449 | 484 |
| Interest | 11 | 9 | 9 | 13 |
| Depreciation | 363 | 414 | 474 | 515 |
| Profit before tax | 2,123 | 2,308 | 1,938 | 1,805 |
| Net profit | 1,640 | 1,748 | 1,467 | 1,365 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 140 | 140 | 140 | 280 | 280 | 280 |
| Reserves | 6,796 | 6,947 | 8,412 | 9,004 | 10,941 | 9,707 |
| Borrowings | 108 | 83 | 81 | 69 | 102 | 55 |
| Other liabilities | 3,413 | 4,614 | 4,492 | 4,844 | 5,439 | 5,397 |
| Total liabilities | 10,457 | 11,783 | 13,125 | 14,197 | 16,762 | 15,439 |
| Fixed assets | 5,002 | 5,734 | 6,599 | 7,171 | 7,528 | 8,005 |
| Capital work in progress | 1,379 | 1,434 | 1,396 | 1,486 | 1,701 | 1,481 |
| Investments | 1,976 | 677 | 1,158 | 1,622 | 3,461 | 1,676 |
| Other assets | 2,101 | 3,939 | 3,972 | 3,919 | 4,072 | 4,278 |
| Total assets | 10,457 | 11,783 | 13,125 | 14,197 | 16,762 | 15,439 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,546 | 1,898 | 2,231 | 1,536 | 2,190 | 1,947 |
| Cash from investing | -1,826 | -1,585 | -841 | -1,095 | -1,492 | -1,200 |
| Cash from financing | -297 | -328 | -1,359 | -334 | -775 | -714 |
| Net cash flow | -577 | -15 | 31 | 107 | -77 | 33 |
| Free cash flow | 663 | 561 | 1,109 | 334 | 1,069 | 624 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 19 | 25 | 23 | 27 | 17 | 21 |
| Inventory days | 8 | 4 | 2 | 2 | 2 | 2 |
| Days payable | 69 | 65 | 32 | 37 | 31 | 32 |
| Cash conversion cycle | -41 | -37 | -6 | -8 | -12 | -9 |
| Working capital days | -144 | -115 | -79 | -72 | -80 | -80 |
| Return on capital employed | 24.0% | 26.0% | 27.0% | 29.0% | 21.0% | 18.0% |
| Dividend payout | 25.0% | 29.0% | 63.0% | 36.0% | 67.0% | 49.0% |
Ownership
Promoters hold 45.00% as of Sept 2026; institutions cut 0.37 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Indraprastha Gas Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 22.50% | unchanged | |
| 22.50% | unchanged | |
| Insurer | 9.46% | newly disclosed |
| Mutual fund | 8.78% | +1.88 pp |
| Mutual fund | 5.37% | newly disclosed |
| 5.00% | unchanged | |
| Insurer | 1.51% | +0.07 pp |
| Mutual fund | 1.35% | unchanged |
| Sovereign | 1.20% | unchanged |
| Insurer | — | off the list |
| Mutual fund | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 1 added, 5 trimmed, 1 sold out — net +40.14 L shares (+1.9%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Parag Parikh Flexi Cap Fund PPFAS Mutual Fund | ₹1.8k Cr | +62.67 L | Feb '26 |
| HDFC Mid Cap Fund HDFC Mutual Fund | ₹745 Cr | held | May '24 |
| SBI Energy Opportunities Fund SBI Mutual Fund | ₹163 Cr | held | Mar '24 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹124 Cr | held | Dec '22 |
| SBI PSU Fund SBI Mutual Fund | ₹103 Cr | held | Oct '25 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹95 Cr | held | Nov '24 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹63 Cr | held | May '24 |
| Parag Parikh ELSS Tax Saver Fund PPFAS Mutual Fund | ₹26 Cr | held | Feb '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
1 added, 5 trimmed — net +40.14 L shares (+1.9%)
Shares held by these funds +947%
Oct '23 21.70 cr shares Sep '26
Your own record
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