Indraprastha Gas Limited

IGL.BO

Regulated Gas · Utilities

Price

₹151.95

-2.40 (-1.55%)

Market Cap

₹212.70B

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Indraprastha Gas Limited (IGL) is a utility company that delivers natural gas through pipelines directly to homes, vehicles, and businesses in and around Delhi, India. Its main products are compressed natural gas (CNG) for cars, buses, and auto-rickshaws, and piped natural gas (PNG) for household cooking and industrial use. IGL holds an exclusive license to distribute gas in its operating areas, making it the dominant supplier in the Delhi National Capital Region.

IGL earns money by buying natural gas from suppliers and selling it at a markup to end customers — essentially a volume-based distribution business. It operates primarily in Delhi, Noida, Greater Noida, and Gurugram, and with a market cap above ₹215 billion it is one of India's larger city gas distribution companies. Its government-backed geographic exclusivity gives it a strong moat, but the key risk is regulatory pricing pressure, since Indian authorities periodically set caps on the prices IGL can charge for CNG and PNG.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-25.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

50.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$61.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Indraprastha Gas Limited is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.40B (2022) → 1.40B (2026)

Score breakdown

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Quality

Gross Margin

18.2%

Thin — 18.2% gross margin

Operating Margin

6.9%

Modest — 6.9% operating margin

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.3%

Steady sales growth (+8.3% YoY)

EPS YoY

-9.9%

Earnings shrinking (-9.9% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

71%

Modest — 71% of profit becomes cash

FCF Margin

2.3%

Thin free cash flow (2.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

120.97x

Comfortably covers interest (121.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

13.7x

Attractive valuation — P/E 13.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.09%

Moderate income — 3.09% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-32.2%

Dividend cut (-32.2% YoY) — warning sign

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