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Indraprastha Gas Limited (IGL)

₹143.06 -1.43% last close, 16 Oct

📊 NSE: IGL 🏢 LPG/CNG/PNG/LNG Supplier 📢 Latest filing: 25 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Indraprastha Gas' revenue was ₹5,043 Cr (+16.6% year on year, +21.1% on the previous quarter), and net profit ₹238 Cr (-44.4% year on year); the operating margin was 5.8%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹5,043	+16.6%	+21.1%
Operating profit	₹294	-42.4%	-30.2%
Net profit	₹238	-44.4%	-29.8%
EPS (₹)	1.72	-43.8%	-29.2%
Operating margin	5.8%	—	—

Full quarterly financials → Results calendar →

IGL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 53.75% of the IGL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.54%. That is close to its usual level. Volume was 0.5 times its average, well below normal.

53.75%Delivery, 16 Oct

51.54%Own 20-session average

0.5×Volume vs its average

₹143.06NSE close · -1.43%

Delivery in the last 5 sessions: 45.8% · 54.7% · 51.9% · 49.6% · 53.8%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

IGL Shareholders Approve Rs 1.50/Share Final Dividend and AGM Resolutions with >98% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Sep 2026, 05:25 PM

Indraprastha Gas Limited (IGL) announced that all 5 resolutions placed before shareholders at its 27th Annual General Meeting held on September 24, 2026, were approved with requisite majority. Key approvals include the declaration of a final dividend of Rs 1.5 per equity share (99.9993% in favor) and adoption of FY26 audited accounts. Re-appointment of director Mohit Bhatia received 98.57% favorable votes, while auditor remuneration approvals saw over 99.99% support. Overall voting participation stood at 82.30% of outstanding voting shares.

Final dividend of Rs 1.5 per equity share approved with 99.9993% majority (1,15,21,89,754 votes in favor)
Overall voter turnout of 82.2997% across 1,15,21,97,451 polled votes out of 1,40,00,01,600 total shares
Adoption of FY26 financial statements approved with 99.9972% votes in favor
Director Mohit Bhatia re-appointed with 98.5719% votes in favor (1,64,54,831 votes against)

💡 Track the payout timeline for the Rs 1.50/share final dividend and upcoming Q2 FY27 operational earnings, particularly gas volume growth and gross margin trends amid domestic APM allocation cuts.

IGL Schedules One-to-One Investor Meeting with Morgan Stanley for September 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 04:42 PM

Indraprastha Gas Limited (IGL) has informed stock exchanges about a scheduled physical one-to-one analyst/institutional investor meeting with Morgan Stanley. The meeting is scheduled to take place on September 21, 2026, starting at 02:30 PM onwards in New Delhi. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during this interaction.

One-to-one physical meeting scheduled with Morgan Stanley on 21.09.2026
Interaction scheduled from 02:30 PM onwards in New Delhi
Company confirmed no Unpublished Price Sensitive Information (UPSI) is intended to be discussed

💡 Track subsequent exchange disclosures for any presentation materials or transcripts if published after the interaction.

CAG Appoints M/s PSMG & Associates as Statutory Auditor of IGL for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 03:42 PM

Indraprastha Gas Limited (IGL) announced that the Comptroller and Auditor General of India (CAG) has appointed M/s PSMG & Associates, New Delhi, as the Statutory Auditor for FY 2026-27. The appointment was conveyed via CAG's letter dated September 07, 2026, under Section 139 of the Companies Act, 2013. Additionally, the supplementary audit under Section 143(6) & (7) will be conducted by the Director General of Audit, Oil & Gas, Mumbai. This is a standard annual statutory exercise for government and public sector entities with no impact on core operations.

Comptroller & Auditor General of India appointed M/s PSMG & Associates as Statutory Auditor for FY 2026-27
CAG communication dated September 07, 2026 issued under Section 139 of the Companies Act, 2013
Supplementary audit entrusted to Director General of Audit, Oil & Gas, Mumbai under Section 143(6) & (7)
Audit covers both standalone and Consolidated Financial Statements under Section 129(4)

💡 No action is required as this is a standard regulatory appointment; investors should track upcoming Q2 FY27 earnings for operational performance.

IGL Issues 27th AGM Notice & FY26 Annual Report; Rs 1.50 Final Dividend Record Date Set for Oct 1

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 06:56 PM

Indraprastha Gas Limited (IGL) has issued the notice for its 27th Annual General Meeting scheduled for September 24, 2026, along with its FY25-26 Annual Report and Business Responsibility and Sustainability Report. The agenda includes shareholder approval for a final dividend of Rs 1.50 per share (face value Rs 2), which takes the total FY26 dividend payout to Rs 4.75 per share following an earlier interim dividend of Rs 3.25 per share. The record date for determining dividend entitlement is October 01, 2026.

27th Annual General Meeting scheduled for September 24, 2026 at 10:00 AM via VC/OAVM
Final dividend proposed at Rs 1.50 per equity share (150% on face value of Rs 2 each)
Record date for final dividend entitlement fixed as Thursday, October 01, 2026
Total FY26 dividend stands at Rs 4.75 per share, including Rs 3.25 per share interim dividend paid earlier

💡 Shareholders seeking eligibility for the Rs 1.50 per share final dividend must hold shares as of October 01, 2026, subject to approval at the AGM on September 24, 2026.

IGL Sets Oct 1, 2026 as Record Date for FY26 Final Dividend; 27th AGM on Sep 24

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 02 Sep 2026, 06:30 PM

Indraprastha Gas Limited (IGL) has scheduled its 27th Annual General Meeting (AGM) for September 24, 2026, to be held via Video Conferencing. The company has fixed Thursday, October 1, 2026, as the record date for determining shareholder entitlement to the final dividend for FY 2025-26. Payment of the dividend remains subject to shareholder approval at the upcoming AGM.

27th Annual General Meeting scheduled for September 24, 2026, at 10:00 AM IST
Record date for FY 2025-26 final dividend established as October 1, 2026
AGM to be conducted via Video Conferencing (VC) / Other Audio Visual Means (OAVM)

💡 Track the ex-dividend date preceding October 1, 2026, if seeking dividend eligibility, and review AGM resolutions for final dividend approval details.

IGL Sets October 1, 2026 as Record Date for FY26 Final Dividend; AGM on Sept 24

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 02 Sep 2026, 06:19 PM

Indraprastha Gas Limited (IGL) has scheduled its 27th Annual General Meeting (AGM) for September 24, 2026. The company has fixed Thursday, October 1, 2026, as the record date to determine shareholder eligibility for the Final Dividend of FY 2025-26, subject to approval at the AGM. The filing serves as a procedural corporate calendar notification for eligible shareholders.

27th AGM scheduled for September 24, 2026 at 10:00 AM via VC/OAVM
Record date fixed as October 1, 2026 for FY 2025-26 final dividend
Dividend payment remains subject to approval by shareholders at the AGM

💡 Investors seeking dividend eligibility must hold shares prior to the October 1, 2026 record date. Watch for AGM voting results and dividend payout timelines post-meeting.

IGL Schedules 27th AGM for Sep 24, 2026; Sets FY26 Final Dividend Record Date as Oct 1, 2026

🟡 NEUTRAL ⭐ 3/10

DIVIDEND 📅 02 Sep 2026, 06:16 PM

Indraprastha Gas Limited (IGL) has announced that its 27th Annual General Meeting (AGM) will be held on September 24, 2026, via Video Conferencing. The company has fixed Thursday, October 1, 2026, as the record date to determine eligibility for the final dividend for FY 2025-26, subject to shareholder approval at the AGM. IGL recorded FY26 revenue of ₹17,424.73 Cr and net profit of ₹1,543.77 Cr.

27th Annual General Meeting to be held on September 24, 2026, at 10:00 A.M. IST
Record date for FY 2025-26 final dividend set for Thursday, October 1, 2026
Dividend payment remains subject to shareholder approval at the AGM

💡 Track the AGM proceedings on September 24, 2026, for management commentary on gas volume growth, EV diversification, and the final dividend payout timeline.

IGL Shareholders Approve Kumar Shanker as Managing Director with 98.80% Majority

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Aug 2026, 03:32 PM

Indraprastha Gas Limited (IGL) announced the voting results of its postal ballot conducted via remote e-voting from July 22 to August 20, 2026. Shareholders approved the ordinary resolution for the appointment of Shri Kumar Shanker as Director and Managing Director with an overwhelming 98.80% of votes cast in favor. Out of 1,400,001,600 total shares, 1,149,367,703 valid votes (82.10% turnout) were polled, with only 1.20% voting against.

Appointment of Shri Kumar Shanker as Director and Managing Director approved via postal ballot
98.80% of total valid votes (1,135,573,534 votes) cast in favor of the resolution
1.20% of votes (13,794,169 votes) cast against the resolution
Total voter turnout represented 82.10% of total outstanding equity (1,149,367,703 votes polled)
Remote e-voting was conducted from July 22, 2026, to August 20, 2026, based on a cut-off date of July 3, 2026

💡 Track management commentary in upcoming quarterly earnings calls regarding key priorities such as CGD network expansion and domestic gas allocation adjustments.

IGL Releases Web Link for Transcript of August 14, 2026 Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 04:23 PM

Indraprastha Gas Limited (IGL) has submitted the web link to the transcript of its analyst and institutional investor conference call held on August 14, 2026. The submission follows the company's earlier intimation dated August 15, 2026, in compliance with Regulation 30 of the SEBI Listing Regulations. The document contains no direct financial or operational metrics within the filing text itself, serving as a standard procedural intimation.

Published web link to the transcript of the investor conference call held on August 14, 2026
Filing issued in continuation to the previous intimation dated August 15, 2026
Submitted in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should refer to the linked transcript on the company website to review management commentary regarding gas volume growth, domestic gas allocation impacts, and margin trends.

IGL Shares Audio Recording Link for Q1 (June 30, 2026) Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Aug 2026, 01:50 PM

Indraprastha Gas Limited (IGL) has disclosed the audio recording link for its earnings conference call held on August 14, 2026, at 4:00 PM IST. The call discussed the unaudited financial results for the quarter ended June 30, 2026, where the company recorded revenue of ₹5,043.44 Cr and PAT of ₹237.92 Cr. This filing is a statutory compliance step under Regulation 30 of SEBI LODR Regulations, 2015.

Conference call held on Friday, August 14, 2026 at 4:00 PM (IST)
Discussed Unaudited Financial Results for the quarter ended June 30, 2026
Audio recording made publicly accessible under SEBI LODR Regulation 30

💡 Listen to the con-call audio recording for management commentary regarding domestic gas allocation cuts, margin trends, and volume growth.

IGL Q1 FY27: PAT Drops 48% YoY to ₹186 Cr as EBITDA Margins Halve to 6%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 13 Aug 2026, 01:53 PM

Indraprastha Gas Limited (IGL) reported a weak set of results for Q1 FY27, with standalone PAT falling 47.7% YoY to ₹186.18 cr. While net revenue from operations grew 17.1% YoY to ₹4,583.44 cr, profitability was severely impacted by a 30.1% surge in gas purchase costs, which reached ₹3,810.86 cr. EBITDA margins contracted sharply to 6% from 13% in the same quarter last year. Total sales volumes saw a modest growth of 6% YoY, reaching 878.98 Million Scm (9.66 MMSCMD).

Standalone PAT declined 47.7% YoY to ₹186.18 cr from ₹355.94 cr in Q1 FY26
EBITDA margins compressed to 6% compared to 13% in the year-ago period
Purchases of natural gas stock-in-trade increased 30.1% YoY to ₹3,810.86 cr
Total sales volumes grew 6% YoY to 878.98 Million Scm, led by a 6% rise in CNG volumes
Consolidated total comprehensive income fell 44.6% YoY to ₹236.97 cr

💡 Investors should monitor management commentary regarding the impact of domestic gas allocation cuts and the strategy to mitigate high RLNG costs. The resolution of the ₹330.73 cr DDA license fee dispute via the AMRCD mechanism is also a key regulatory monitorable.

IGL Schedules Q1FY27 Earnings Conference Call for August 14, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 10 Aug 2026, 03:04 PM

Indraprastha Gas Limited (IGL) has scheduled its Q1FY27 earnings conference call for August 14, 2026, at 4:00 PM IST to discuss unaudited financial results for the quarter ended June 30, 2026. The call will feature senior management, including the Managing Director and CFO, providing insights into recent performance. This comes at a time when the company faces margin pressure, with TTM Operating Profit Margin (OPM) at 10.6% compared to 15.4% in FY24. Investors will likely focus on the impact of the 21% reduction in domestic gas allocation and the progress of the Rs 4,700 Cr three-year capex plan.

Conference call scheduled for August 14, 2026, at 4:00 PM IST to discuss Q1FY27 results.
Management participants include Mr. Kumar Shanker (MD), Mr. Mohit Bhatia (Director-Commercial), and Mr. Manjeet Gulati (CFO).
Company reported TTM revenue of Rs 17,425 Cr and TTM PAT of Rs 1,544 Cr leading into this quarter.
IGL currently operates 882 CNG stations and 27 lakh domestic PNG connections as per latest operational data.
Stock has seen a 24.6% price decline over the last 12 months, making management commentary on volume growth critical.

💡 Investors should listen for management's strategy to mitigate higher RLNG costs following the 21% domestic gas allocation cut and updates on the timeline for adding 1 million+ new PNG connections.

IGL Appoints Ashish Dadel as Head of C&P and Stores; 30 Years Experience

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 09 Jul 2026, 04:11 PM

Indraprastha Gas Limited (IGL) has appointed Shri Ashish Dadel as the new Head of Contracts & Procurement (C&P) and Stores, effective July 09, 2026. He joins on deputation from the promoter company, GAIL, replacing Shri Adesh Singhal who has been repatriated. Dadel is a Mechanical Engineering graduate with approximately 30 years of experience in the Oil & Gas sector. This is a routine management rotation typical for companies with significant promoter involvement from PSUs.

Shri Ashish Dadel appointed as Head (C&P and Stores) effective July 09, 2026
Appointee brings approximately 30 years of experience in the Oil & Gas sector since joining GAIL in 1996
Shri Adesh Singhal repatriated to promoter company GAIL
IGL maintains a 45.0% promoter holding, primarily through GAIL and BPCL

💡 No specific action required as this is a routine administrative rotation. Investors should continue to monitor the company's execution of its Rs 4,700 Cr three-year capex plan and the impact of domestic gas allocation cuts on margins.

IGL Seeks Shareholder Approval for Appointment of Kumar Shanker as MD for 3-Year Term

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 08 Jul 2026, 04:09 PM

Indraprastha Gas Limited (IGL) has initiated a postal ballot to seek shareholder approval for the appointment of Shri Kumar Shanker as Managing Director. Nominated by GAIL (India) Ltd, Shanker's term is set for three years from June 05, 2026, to June 04, 2029. The voting period is scheduled from July 22 to August 20, 2026, with results to be declared by August 24, 2026. This leadership transition comes as IGL manages a significant Rs 4,700 Cr capex plan and navigates margin pressures from reduced domestic gas allocations.

Appointment of Shri Kumar Shanker as Managing Director for a 3-year tenure ending June 04, 2029.
Remote e-voting period scheduled from July 22, 2026 (09:00 IST) to August 20, 2026 (17:30 IST).
Basic pay set at Rs 2,62,820 per month with a Variable DA of 54.1% effective from April 01, 2026.
Cut-off date for determining shareholder voting eligibility is Friday, July 03, 2026.
The appointee brings over 30 years of experience in gas processing, marketing, and regulatory functions.

💡 Investors should watch for the final voting results on August 24, 2026, and subsequent management commentary on the execution of the 1 million+ PNG connection target.

IGL to Close Trading Window from July 1, 2026, Ahead of Q1 Financial Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Jun 2026, 10:50 AM

Indraprastha Gas Limited (IGL) has announced the closure of its trading window for dealing in company shares starting July 1, 2026. This move is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the quarterly earnings release. The window will remain closed until 48 hours after the unaudited financial results for the quarter ending June 30, 2026, are made public. The specific date for the Board meeting to approve these results will be announced separately at a later date.

Trading window closure effective from July 1, 2026.
Closure is related to the financial results for the quarter ending June 30, 2026.
Window to reopen 48 hours after the official announcement of quarterly results.
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming Board meeting date to prepare for the Q1 earnings report.

View All IGL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Gross turnover increased 6.47% YoY to INR 16,399.70 Cr in FY25 from INR 15,403.13 Cr in FY24. CNG segment contributes 75% of total revenue, while PNG (Domestic, Industrial, and Commercial) accounts for the remaining 25%.

Geographic Revenue Split

The majority of revenue is derived from the National Capital Region (NCR), including Delhi, Noida, Greater Noida, and Ghaziabad. IGL maintains a leadership position in these regions due to its established infrastructure and first-mover advantage.

Profitability Margins

Operating margin declined to 9.14% in FY25 from 12.64% in FY24. PAT margin was 10.22% in FY23, down from 17.05% in FY22, primarily due to higher natural gas input costs and a reduction in domestic gas allocation.

EBITDA Margin

PBILDT margin improved to 17.08% in FY24 from 14.46% in FY23 due to softening gas purchase costs, but is expected to moderate by ~500 bps in FY26 if price impacts from reduced domestic gas allocation are fully absorbed.

Capital Expenditure

IGL has planned a capital expenditure of INR 4,700 Cr for the period FY25 to FY27 (approximately INR 1,566 Cr annually) for developing CGD networks in newly awarded GAs and expanding existing NCR infrastructure.

Credit Rating & Borrowing

IGL maintains a 'CARE AAA; Stable' rating. The company is currently zero-debt with an overall gearing of 0.01x as of March 31, 2025, and has unutilized fund-based working capital limits of INR 100 Cr.

⚙️ Operational Drivers

Raw Materials

Natural Gas, comprising Administrative Price Mechanism (APM) gas, High Pressure High Temperature (HPHT) gas, and imported Regasified Liquefied Natural Gas (RLNG). Domestic gas (APM/HPHT) accounts for 72% of requirements.

Import Sources

RLNG is imported from international markets to meet shortfalls in domestic allocation and to serve the PNG-Industrial and PNG-Commercial segments.

Key Suppliers

Primary gas suppliers include GAIL (India) Limited and Bharat Petroleum Corporation Limited (BPCL), with whom IGL has medium to long-term sourcing contracts.

Capacity Expansion

Current infrastructure includes 882 CNG stations, 10,585 Industrial/Commercial PNG connections, and 27 lakh domestic PNG connections as of March 31, 2024. Management aims to add over 1 million new connections.

Raw Material Costs

Raw material costs are highly sensitive to domestic allocation; a 21% reduction in domestic gas allocation effective October 16, 2024, has increased reliance on costlier RLNG, impacting margins.

Manufacturing Efficiency

Efficiency is tracked through turnover ratios; IGL achieved its highest-ever sales volume of 3,280.87 MMSCM (8.99 mmscmd) during FY25.

Logistics & Distribution

Distribution is managed through an extensive pipeline network in NCR where IGL holds 25-year infrastructure exclusivity, minimizing traditional logistics costs.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

Growth will be achieved through aggressive expansion in GAs awarded under the 9th, 10th, and 11th bidding rounds, adding 1 million+ PNG connections, and diversifying into EV charging, Compressed Bio-Gas (CBG), and solar power (500 MWp project).

Products & Services

Compressed Natural Gas (CNG) for the transport sector and Piped Natural Gas (PNG) for domestic, industrial, and commercial customers.

Brand Portfolio

IGL (Indraprastha Gas Limited).

New Products/Services

New initiatives include EV charging stations, MSW-based biogas plants, and green hydrogen projects, though specific revenue contribution percentages are not yet disclosed.

Market Expansion

Expansion into new Geographical Areas (GAs) beyond NCR and increasing penetration in existing authorized areas through a three-year INR 4,700 Cr capex plan.

Market Share & Ranking

IGL holds a leadership position in the CGD business in the National Capital Region (NCR) of Delhi.

Strategic Alliances

IGL is a JV between GAIL (22.5%), BPCL (22.5%), and the Government of NCT of Delhi (5%). It also holds a significant stake in Maharashtra Natural Gas Limited (MNGL), which reported an H1 profit of INR 300 Cr.

🌍 External Factors

Industry Trends

The industry is shifting toward multi-fuel models (CNG + EV + CBG). Current growth is supported by favorable regulatory regimes and environmental mandates, though 'open access' regulations may introduce third-party competition.

Competitive Landscape

Key competitors include other CGD players; however, IGL's primary competition is from alternative fossil fuels (petrol/diesel) and the emerging EV segment.

Competitive Moat

Moat is based on 25-year infrastructure exclusivity in Delhi and a massive established pipeline network that is difficult for competitors to replicate (high switching costs and capital intensity).

Macro Economic Sensitivity

Highly sensitive to Government of India (GoI) policies on gas allocation and the impetus toward a gas-based economy. Margins are sensitive to global crude and LNG price benchmarks.

Consumer Behavior

Shift toward cleaner fuels is driving PNG domestic adoption, while the transport sector's behavior is driven by the price delta between CNG and liquid fuels.

Geopolitical Risks

Geopolitical tensions affecting global LNG supply chains can lead to spot price spikes, increasing input costs for the 28% of gas not covered by domestic allocation.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by the Petroleum and Natural Gas Regulatory Board (PNGRB). Key regulations include the 25-year infrastructure exclusivity and the potential implementation of 'open access' for third-party transporters.

Environmental Compliance

IGL is investing INR 382 Cr in solar power and developing a Net Zero Policy to align with GoI carbon reduction goals.

Taxation Policy Impact

Not specifically detailed, but the company maintains adequate financial reporting and disclosures as per CARE Ratings.

Legal Contingencies

IGL carries large contingent liabilities in the form of Performance Bank Guarantees (PBGs) extended to the PNGRB for meeting Minimum Work Programme (MWP) targets.

⚠️ Risk Analysis

Key Uncertainties

Regulatory changes in APM gas allocation (21% recent cut) and the potential for 'open access' to allow competitors to use IGL's network are the primary risks.

Geographic Concentration Risk

High concentration in the NCR region; any regional regulatory or economic shift in Delhi/NCR significantly impacts total turnover.

Third Party Dependencies

High dependency on GAIL for both gas supply and pipeline infrastructure for gas transmission.

Technology Obsolescence Risk

The rise of Electric Vehicles (EVs) poses a long-term threat to the CNG segment (75% of revenue); mitigated by IGL's entry into EV charging infrastructure.