IGLIndraprastha Gas

₹214.85-0.14%

Market Cap

₹30,072.03 Cr

Stock P/E

18.05

ROCE

21.81%

ROE

16.92%

Book Value

₹78.35

Financials

YoY Net Sales

EPS Growth

Operating Margin

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From Last Concall

POSITIVES

•
Q1 FY26 shows volume momentum with 6% YoY overall growth (CNG +6%, PNG +10%); excluding DTC volumes, CNG growth is ~9%; Delhi volumes stable while outside Delhi show robust double-digit growth; 12-month rolling rise in new/retrofit CNG vehicles (17%).
•
Tariff rationalization could lift margins; PNGRB's move to a single zone tariff for CNG and domestic PNG is a potential tailwind; ~83% of volumes are in Zone-2 with possible Rs 0.70–1.30 per SCM savings.

NEGATIVES

•
Near-term margin pressure as Q1 EBITDA declined 11% YoY to Rs 512 crores, driven by higher per SCM gas purchase cost due to reduced APM gas allocation.
•
CNG growth is being damped by the ongoing DTC/DIMTS bus fleet transition to EV, creating a near-term headwind for volumes.

Peers Summary

Sector Leader

Indraprastha Gas Ltd. stands out in the gas transmission industry with solid profitability metrics and a low debt equity ratio. While it exhibits moderate growth, it is positioned well against peers, especially in terms of efficiency and valuation, making it a strong contender for investors seeking stability and reasonable growth.

Key Points

• Indraprastha Gas Ltd. has a strong ROE of 16.92% and low debt equity ratio of 0.0007, indicating strong profitability and minimal financial risk.
• Best value picks include Indraprastha Gas Ltd. and Mahanagar Gas Ltd. due to their attractive PE ratios and solid profit margins.
• Adani Total Gas Ltd. and Confidence Futuristic Energetech Ltd. are identified as financially risky due to high PE ratios and poor cashflow metrics.

Top Performers

Mahanagar Gas Ltd.

Highest profitability metrics with an ROE of 27.55% and a low PE ratio of 11.52, indicating strong returns relative to its price.

Indraprastha Gas Ltd.

Solid ROE of 16.92% and one of the lowest debt levels, showcasing strong operational efficiency and financial health.

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