Who are Indraprastha Gas's main competitors?

Named competitors: Mahanagar Gas (MGL.NS), Gujarat Energy (GUJENERGY.NS), Adani Total Gas (ATGL.NS). The cockpit's measured peer set (industry) also includes Gujarat Energy (GUJENERGY.NS), Mahanagar Gas (MGL.NS), Petronet Lng (PETRONET.NS), Adani Total Gas (ATGL.NS), GAIL (India) (GAIL.NS), Oneok (OKE).

How has Indraprastha Gas stock performed?

Over six months to 6 Nov 2026 the shares returned -16.4% against 0.0% for the median peer; over one year -33.0%.

← CockpitCompetitor Analysis › IGL.NS Indraprastha GasOpen in the cockpit ↗

Indraprastha GasIGL.NSCompetitor analysis, valuation and peers

India · INR·Oil & Gas›Gas Distributors

City gas distribution company supplying CNG and piped natural gas across Delhi and the National Capital Region.

Momentum weak 35

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$2.10B

US dollars, full cap

Free float

50%

of shares outstanding

$/day

$2.61M

20-day average traded

Fwd P/E

19.3×

forward earnings

ROIC−WACC

-9.2 pp

WACC 15.5%

Hurdle

+0 pp

Req g minus delivered

Next earnings

100 days

14 Feb 2027

Close · INR₹141.97

1D+0.9%

1W+2.0%

1M-3.0%

3M-8.0%

6M-16.4%

YTD-27.0%

1Y-33.0%

ATR %3.1%

Beta0.80

52w lowhigh35.2% off high

What Indraprastha Gas does

City gas distribution company supplying CNG and piped natural gas across Delhi and the National Capital Region.

Sells CNG (compressed natural gas) at filling stations plus piped gas to homes and businesses, buying gas partly from a government-set allocation of cheaper domestic supply; when that falls short, it buys costlier market-priced gas, which squeezes margins. GAIL and BPCL, two state-owned energy firms, are its promoters.

Products and services

CNG (vehicle fuel)
Piped natural gas (domestic)
Industrial/commercial PNG

Customers

CNG vehicle owners/fleets in Delhi NCR
Households
Industrial/commercial gas users

Where it sits in the supply chain

Energy infrastructure
City gas distribution
CNG & piped natural gas

What could go right

Delhi NCR vehicle CNG mandate/pollution rules
Household PNG penetration growth

What could go wrong

Natural gas cost pass-through risk
EV adoption threatening CNG demand

Moat: wide (regulatory licence, installed base). Exclusive city gas distribution authorization for Delhi NCR with an entrenched CNG station network.

Headquarters: New Delhi, India · Founded: 1998 · Employees: 11,743

Named competitors

Mahanagar Gas MGL.NS
Gujarat Energy GUJENERGY.NS
Adani Total Gas ATGL.NS

Indraprastha Gas at a glance

Size Indraprastha Gas (IGL.NS) is an India Energy company (Gas Distributors) with a market value of $2.10B, the 362nd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹141.97 on 6 Nov 2026.

Performance Over six months the shares fell 16.4%, against 0.0% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 8 in its peer set.

Growth Revenue grew 14.6% over the last twelve months (peer median +13.6%); the operating margin is 3.4% (peer median 13.9%).

Valuation It trades at 19.3× forward earnings against a peer median of 14.3× (3rd most expensive of 8).

Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.

Capital Return on invested capital runs 9.2 points below its cost of capital (15.5% WACC).

Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Indraprastha Gas against the median of its 7 peers (local-currency closes).

Indraprastha Gas financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹179B	₹162B	₹149B	₹140B	₹141B
Revenue growth	—	+8%	+7%	-1%	—
Gross profit	₹23.7B	₹18.7B	₹20.1B	₹24.4B	₹20.8B
EBITDA	₹11.5B	₹19.2B	₹20.2B	₹24.2B	₹20.6B
Net income	₹10.0B	₹15.5B	₹17.2B	₹19.9B	₹16.4B
Free cash flow	n/a	₹9.30B	₹13.1B	₹5.12B	₹12.7B
Capital expenditure	n/a	₹13.5B	₹11.6B	₹12.3B	₹11.2B
Total debt	₹929M	₹978M	₹935M	₹812M	₹828M

Quarterly statements and history in the cockpit →

Indraprastha Gas competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Indraprastha Gas is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Indraprastha Gas is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Indraprastha Gas is the large dot.

Indraprastha Gas competitors and peer comparison

Head to head with its named competitors (IGL.NS vs MGL.NS vs GUJENERGY.NS vs ATGL.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Indraprastha Gas IGL.NS	$2.10B	-16%	+15%	3%	19.3×	27.0%
Mahanagar Gas MGL.NS	$1.18B	-4%	+14%	9%	15.3×	24.5%
Gujarat Energy GUJENERGY.NS	$2.15B	-46%	+43%	10%	7.6×	8.7%
Adani Total Gas ATGL.NS	$6.69B	-11%	+24%	14%	27.9×	n/a

How Indraprastha Gas compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Indraprastha Gas against its 7 peers (data as of 6 Nov 2026)
Measure	IGL.NS	Peer median	Rank in peer set
1-month return	-3.0%	-1.1%	4th lowest of 8
6-month return	-16.4%	0.0%	2nd lowest of 8
Distance from 52-week high	-35.2%	-14.7%	2nd lowest of 8
Revenue growth (TTM)	+14.6%	+13.6%	4th highest of 8
Operating margin	3.4%	13.9%	lowest of 8
Forward P/E	19.3×	14.3×	3rd most expensive of 8
Growth the price implies (Req g, 7 yrs)	27.0%	7.9%	most demanding of 7
Growth delivered (Del g)	+26.8%	+19.4%	3rd highest of 7
Hurdle (Req g minus delivered)	+0.2 pp	-9.2 pp	most demanding of 7
ROIC minus cost of capital	-9.2 pp	-5.8 pp	lowest of 8
EV / EBITDA	13.4×	8.3×	2nd most expensive of 8
Net debt / EBITDA	-3.9×	1.2×	least indebted of 8

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Indraprastha Gas IGL.NS	India	$2.10B	-16%	+15%	3%	19.3×	27.0%	+26.8%
Gujarat Energy GUJENERGY.NS	India	$2.15B	-46%	+43%	10%	7.6×	8.7%	+19.1%
Mahanagar Gas MGL.NS	India	$1.18B	-4%	+14%	9%	15.3×	24.5%	+30.8%
Petronet Lng PETRONET.NS	India	$5.02B	+12%	-30%	16%	11.3×	0.9%	+10.8%
Adani Total Gas ATGL.NS	India	$6.69B	-11%	+24%	14%	27.9×	n/a	n/a
GAIL (India) GAIL.NS	India	$12.9B	+11%	+10%	9%	8.7×	16.9%	+19.8%
Oneok OKE	United States	$53.7B	0%	+38%	15%	14.3×	4.2%	+31.8%
Targa Resources TRGP	United States	$56.7B	+7%	-1%	25%	21.7×	7.2%	+15.8%

Questions

Who are Indraprastha Gas's main competitors?: Named competitors: Mahanagar Gas (MGL.NS), Gujarat Energy (GUJENERGY.NS), Adani Total Gas (ATGL.NS). The cockpit's measured peer set (industry) also includes Gujarat Energy (GUJENERGY.NS), Mahanagar Gas (MGL.NS), Petronet Lng (PETRONET.NS), Adani Total Gas (ATGL.NS), GAIL (India) (GAIL.NS), Oneok (OKE).
Is Indraprastha Gas expensive compared with its peers?: On forward p/e it trades at 19.3× against a peer median of 14.3×, 3rd most expensive of 8 in its peer set. For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
How has Indraprastha Gas stock performed?: Over six months to 6 Nov 2026 the shares returned -16.4% against 0.0% for the median peer; over one year -33.0%.