# Indraprastha Gas (IGL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/igl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹142
- Change: +0.88%
- As of: 2026-11-06
- 1D return: +0.88%
- 5D return: +2.02%
- 1M return: -0.02%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

IGL is trading at ₹142.00 on 2026-11-06, positioned in a broader bearish structure across weekly and monthly horizons, though showing short-term consolidation. The daily trend is developing (ADX 21.39) with price holding above the 20-period EMA and SMA, yet remaining below the 50-period and 200-period moving averages and the Supertrend indicator. This divergence suggests a potential pause or minor rebound within a longer-term downtrend rather than a confirmed reversal. Momentum indicators show Minus DI (27.53) significantly higher than Plus DI (18.35), indicating persistent selling pressure.

Price action has been volatile, highlighted by an extreme downward volume anomaly on 2026-11-02 (-4.5% return, 5.69x volume ratio). Despite this, recent candlestick patterns like the Bullish Engulfing Reversal on 2026-11-04 are not currently active, suggesting the immediate momentum may be neutralizing. The stock sits near the upper-middle of its 20-day range (+74.0%) but remains deep in negative territory over the past year (-32.7%) and YTD (-26.0%).

Key levels to monitor include immediate resistance at ₹143.51–₹143.59 (approx. 1% above) and support at ₹140.75–₹140.92 (approx. 0.8% below). A break above ₹143.59 could signal strengthening short-term buying interest, while a close below ₹140.75 would likely re-establish downside bias toward the ₹138.00 region. Annualized volatility stands at +29.8%, reflecting significant price swings.

- Trend Structure: Daily trend is developing (ADX 21.39) with price above 20-period EMAs but below 50/200 SMAs and Supertrend; weekly/monthly trends remain established bearish.
- Momentum & Volatility: Selling pressure persists (Minus DI 27.53 vs Plus DI 18.35); extreme volume-driven drop recorded on 2026-11-02 (-4.5% return, 5.69x volume ratio).
- Price Positioning: Trading at ₹142.00, near top of 20-day range (+74.0%) but down -32.7% over 1 year and -26.0% YTD; current drawdown -37.7%.
- Critical Levels: Resistance at ₹143.51–₹143.59; Support at ₹140.75–₹140.92. Break above ₹143.59 needed for short-term bullish confirmation; break below ₹140.75 risks retest of ₹138.00.

- Bullish Engulfing Reversal
- Outside Bar
- Shooting Star
- Inside Bar

### News Context

Indraprastha Gas Ltd (IGL) reported a sharp 93.4% decline in standalone net profit to ₹24.4 crore for the quarter ended September FY27, driven by substantially higher input gas costs linked to global supply disruptions in West Asia. This profit erosion occurred despite an 8% increase in sales volume and a 26% rise in gross sales turnover, highlighting significant margin pressure as demand for CNG and PNG expanded. Concurrently, IGL secured a new business development with Northern Railway, signing an MoU to replace LPG and diesel consumption with piped natural gas across 22 establishments in Delhi, Ghaziabad, and Gautam Budh Nagar. The initial supply is estimated at 3,000 SCMD, with projected demand rising to 8,000–10,000 SCMD as infrastructure expands.

Market reaction has been mixed; shares are down 29.23% year-to-date. However, brokerages including Prabhudas Lilladher, Jefferies, UBS, and JM Financial have retained positive ratings ('Buy' or 'Add') citing strong volume growth momentum and cheap valuations, though they have cut target prices and earnings estimates to reflect near-term margin challenges and high dependence on spot gas. Prabhudas Lilladher specifically set a price target of ₹161.

- Q2 FY27 Profit Squeeze: Standalone net profit fell 93.4% to ₹24.4 crore due to higher input gas costs from West Asia supply disruptions, despite an 8% rise in sales volume and 26% increase in turnover.
- New Institutional Contract: Northern Railway signed an MoU to switch 22 establishments to PNG, starting with 3,000 SCMD supply and projecting growth to 8,000–10,000 SCMD.
- Brokerage Sentiment Divergence: Shares are down 29.23% YTD, but firms like Jefferies, UBS, and JM Financial maintain positive ratings based on volume momentum and valuation, while cutting targets to account for margin pressure.
- Price Target Update: Prabhudas Lilladher issued a 'Buy' recommendation with a specific price target of ₹161.

- [Buy Indraprastha Gas; target of Rs 161: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-indraprastha-gas-target-of-rs-161-prabhudas-lilladher-14068857.html)
- [IGL shares down 29% YTD; why brokerages retain positive ratings despite Q2 margin pressure](https://www.businesstoday.in/markets/stocks/story/igl-shares-down-29-ytd-why-brokerages-retain-positive-ratings-despite-q2-margin-pressure-565591-2026-11-04)
- [IGL sees 93% drop in profit amid supply disruptions linked to West Asia](https://timesofindia.indiatimes.com/business/india-business/igl-sees-93-drop-in-profit-amid-supply-disruptions-linked-to-west-asia/articleshow/135425046.cms)
- [IGL profit plunges 93.5% despite record gas sales: Why rising input costs are squeezing India's city gas distributors](https://www.businesstoday.in/latest/corporate/story/igl-profit-plunges-93-5-despite-record-gas-sales-why-rising-input-costs-are-squeezing-indias-city-gas-distributors-564922-2026-10-31)
- [Northern Railway Signs MoU With IGL To Replace 500 Kg LPG & 2,500 Litres Of Diesel With PNG Across 22 Establishments](https://www.freepressjournal.in/india/northern-railway-signs-mou-with-igl-to-replace-500-kg-lpg-2500-litres-of-diesel-with-png-across-22-establishments)

### What Changed

Indraprastha Gas Limited (IGL) has updated its public disclosure record with a compliance filing submitted to the National Stock Exchange on November 06, 2026. This filing provides access to the transcript of a conference call held three days earlier, on November 03, 2026, involving analysts and institutional investors. The submission adheres to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, following an initial intimation letter dated November 03, 2026.

Market data recorded on the same day as the filing shows IGL trading at ₹142.00, reflecting a marginal increase from the previous reported price of ₹140.76. While this price point indicates minor upward movement, the absence of defined daily or weekly trend data limits the ability to assess broader momentum or technical context for this shift. The primary material change remains the availability of the investor meet transcript, which serves as the latest source of management commentary and Q&A details for market participants.

- Filing Date: November 06, 2026 – IGL submitted the link to the transcript of the November 03, 2026 analyst/institutional investor conference call to the NSE.
- Regulatory Compliance: The transcript release follows Regulation 30 of SEBI LODR norms, initiated by an intimation letter on November 03, 2026.
- Price Observation: As of November 06, 2026, IGL’s share price was ₹142.00, up from the prior reference price of ₹140.76.
- Trend Context: No specific daily or weekly trend indicators are available to contextualize the recent price movement.

- [IGL: Indraprastha Gas Limited has informed the Exchange about the Link of Transcript of Conference call held on November 03, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_06112026121922_IGL_Transcript_SE_06112026.pdf)

### Official Filings

Indraprastha Gas Limited (IGL) reported unaudited financial results for the quarter ended September 30, 2026, on October 30, 2026. Standalone net profit fell sharply to ₹24.38 crores from ₹372.51 crores in the same period last year, while revenue from operations stood at ₹5,613.62 crores. Consolidated total comprehensive income was ₹24.17 crores. The company disclosed a significant contingent liability of ₹330.73 crores related to Delhi Development Authority (DDA) license fees, currently under resolution via the Alternative Mechanism for Resolution of Consumer Disputes (AMRCD). Additionally, IGL Genesis Technologies Limited has not paid due interest of ₹3.58 crores on a secured loan, leading to the reclassification of the principal as a current asset. Statutory auditors issued unmodified review conclusions on both standalone and consolidated results. A conference call to discuss these results was held on November 3, 2026.

- Standalone net profit declined to ₹24.38 crores for Q2 FY26-27, compared to ₹372.51 crores in the corresponding period last year.
- Revenue from operations recorded at ₹5,613.62 crores for the quarter ended September 30, 2026.
- An unresolved contingent liability of ₹330.73 crores regarding DDA license fees remains pending before the AMRCD.
- Interest dues of ₹3.58 crores by IGL Genesis Technologies Limited caused the associated loan principal to be reclassified as a current asset.

- [IGL: Indraprastha Gas Limited has informed the Exchange about the Link of Transcript of Conference call held on November 03, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_06112026121922_IGL_Transcript_SE_06112026.pdf)
- [Indraprastha Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_03112026203827_Earning_Call_audio_link_intimationQ2.pdf)
- [Indraprastha Gas Limited has submitted to the Exchange, the unaudited financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGL1_30102026194508_IGLUFRSep2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750503_30102026084908_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750504_30102026085002_WEB.xml)
- [Indraprastha Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_29102026162153_RevisedIGLIntimationConcall29102926.pdf)
- [INDRAPRASTHA GAS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2164_WebXMLFile_20261029_162750553.xml)
- [Indraprastha Gas Limited has informed the Exchange about Conference Call to discuss Unaudited Financial Results for quarter ended September 30, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_28102026161502_IGLIntimationEarningCall02112026.pdf)
- [INDRAPRASTHA GAS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2164_WebXMLFile_20261028_162901423.xml)
- [Financial Results |Meeting Date: 30-Oct-2026](https://nsearchives.nseindia.com/corporate/IGL1_23102026161022_Notice_of_Board_Meeting_October_30_2026.pdf)

### Fundamentals

Indraprastha Gas (IGL) is experiencing a sharp deterioration in profitability despite robust top-line growth. For the quarter ended September 2026, sales surged 27% year-on-year to ₹5,118 crore, yet operating profit turned negative at -₹32 crore, resulting in a net profit of just ₹24 crore and an EPS of ₹0.18. This marks a significant decline from ₹385 crore net profit and ₹2.76 EPS in the same period last year. The quarterly report for Q2 FY2026-27 confirms this trend, with expenses rising faster than revenue, leading to a sequential drop in net profit from ₹238 crore in Q1 to ₹23.8 crore in Q2.

Financial health metrics show mixed signals. Cash flow from operations remains strong, converting 124% of operating profit into cash for the year ended March 2026, though absolute CFO declined to ₹1,936 crore from ₹2,184 crore the prior year. Balance sheet leverage is stable, with borrowings holding at ₹93 crore as of September 2026, while fixed assets grew to ₹8,388 crore. Working capital management remains efficient with a negative cash conversion cycle of -9 days. Shareholding patterns indicate a shift, with DIIs increasing their stake to 30.08% while FIIs reduced theirs to 9.73%. The primary concern is the widening gap between revenue growth and margin compression.

- Profitability Collapse: Net profit fell sharply to ₹24 crore (EPS ₹0.18) in Sep 2026, down from ₹385 crore (EPS ₹2.76) in Sep 2025, despite a 27% YoY sales increase to ₹5,118 crore.
- Margin Compression: Operating profit turned negative (-₹32 crore) in Sep 2026, contrasting with historical positive margins; Q2 FY2026-27 saw sequential net profit decline from ₹238 crore to ₹23.8 crore.
- Cash Flow & Leverage: CFO/EBITDA ratio stood at 124% for Mar 2026, indicating good earnings quality, while borrowings remained low at ₹93 crore as of Sep 2026.
- Ownership Shift: DII holdings rose to 30.08% in Sep 2026 from 24.08% a year prior, while FII stakes dropped significantly to 9.73%.

### Bull Case

Indraprastha Gas (IGL) presents a conditional upside case anchored in resilient demand growth and strategic infrastructure expansion, despite near-term margin compression. For the quarter ended September FY27, sales volumes increased by 8% and gross sales turnover rose by 26%, indicating sustained consumer adoption of piped natural gas (PNG) and compressed natural gas (CNG). This operational momentum is reinforced by a new MoU with Northern Railway to replace LPG and diesel with PNG across 22 establishments in Delhi, Ghaziabad, and Gautam Budh Nagar. Initial supply is estimated at 3,000 SCMD, with projected demand rising to 8,000–10,000 SCMD as infrastructure expands. Additionally, brokerages such as Jefferies, UBS, and JM Financial have retained 'Buy' or 'Add' ratings, citing strong volume growth and cheap valuations as key drivers, even while cutting target prices to reflect high dependence on spot gas costs. The constructive interpretation hinges on the company’s ability to leverage this volume expansion and new institutional contracts to offset input cost pressures.

- Q2 FY27 sales volumes grew 8% year-on-year, with gross sales turnover rising 26%, demonstrating robust underlying demand despite a 93.5% drop in net profit due to higher gas costs.
- Northern Railway signed an MoU to switch 22 establishments from LPG/diesel to PNG, starting at 3,000 SCMD with potential growth to 8,000–10,000 SCMD.
- Major brokerages (Jefferies, UBS, JM Financial) maintain positive ratings based on volume momentum and valuation attractiveness, though they reduced earnings estimates for near-term margin challenges.
- Current technical trend remains bearish with shares down 29.23% YTD, requiring monitoring of gas procurement cost stabilization to validate the volume-driven upside thesis.

- [Buy Indraprastha Gas; target of Rs 161: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-indraprastha-gas-target-of-rs-161-prabhudas-lilladher-14068857.html)
- [IGL shares down 29% YTD; why brokerages retain positive ratings despite Q2 margin pressure](https://www.businesstoday.in/markets/stocks/story/igl-shares-down-29-ytd-why-brokerages-retain-positive-ratings-despite-q2-margin-pressure-565591-2026-11-04)
- [IGL sees 93% drop in profit amid supply disruptions linked to West Asia](https://timesofindia.indiatimes.com/business/india-business/igl-sees-93-drop-in-profit-amid-supply-disruptions-linked-to-west-asia/articleshow/135425046.cms)
- [IGL profit plunges 93.5% despite record gas sales: Why rising input costs are squeezing India's city gas distributors](https://www.businesstoday.in/latest/corporate/story/igl-profit-plunges-93-5-despite-record-gas-sales-why-rising-input-costs-are-squeezing-indias-city-gas-distributors-564922-2026-10-31)
- [Northern Railway Signs MoU With IGL To Replace 500 Kg LPG & 2,500 Litres Of Diesel With PNG Across 22 Establishments](https://www.freepressjournal.in/india/northern-railway-signs-mou-with-igl-to-replace-500-kg-lpg-2500-litres-of-diesel-with-png-across-22-establishments)
- [IGL: Indraprastha Gas Limited has informed the Exchange about the Link of Transcript of Conference call held on November 03, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_06112026121922_IGL_Transcript_SE_06112026.pdf)
- [Indraprastha Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_03112026203827_Earning_Call_audio_link_intimationQ2.pdf)
- [Indraprastha Gas Limited has submitted to the Exchange, the unaudited financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGL1_30102026194508_IGLUFRSep2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750503_30102026084908_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750504_30102026085002_WEB.xml)

### Bear Case

Indraprastha Gas (IGL) faces significant near-term headwinds driven by margin compression and a deteriorating technical setup. For the quarter ended September FY27, standalone net profit plummeted 93.5% to ₹24.38 crore from ₹372.5 crore in the prior-year period. This sharp contraction occurred despite an 8% rise in sales volume and a 26% increase in gross sales turnover, indicating that substantially higher input gas procurement costs—linked to global supply disruptions in West Asia—have severely eroded profitability. Brokerages have responded by cutting earnings estimates and target prices, reflecting concerns over high dependence on spot gas pricing.

Market performance mirrors these fundamental pressures. IGL shares are down 29.23% year-to-date as of November 6, 2026, with a current price of ₹142.00. Technical indicators across daily, weekly, and monthly timeframes are uniformly bearish, characterized by negative slopes in moving averages and Supertrend signals pointing downward. The stock is trading within a severe drawdown environment, currently -37.7% from its peak, with a maximum historical drawdown of -41.7%. Annualized volatility stands at +29.8%, underscoring heightened price instability. While volume growth remains positive, the divergence between revenue expansion and profit collapse highlights fragile unit economics in the current cost environment.

- Profit collapsed 93.5% YoY to ₹24.38 crore for Q2 FY27 despite 8% volume growth, driven by surging input gas costs linked to West Asian supply disruptions.
- Stock is down 29.23% YTD with a current price of ₹142.00, trading in a -37.7% current drawdown against a maximum drawdown of -41.7%.
- All technical timeframes (daily, weekly, monthly) show bearish trends, with negative moving average slopes and Supertrend sell signals.
- Brokerages have reduced target prices and earnings estimates due to margin pressure, though they retain 'Buy' ratings citing cheap valuations and volume momentum.

- [Buy Indraprastha Gas; target of Rs 161: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-indraprastha-gas-target-of-rs-161-prabhudas-lilladher-14068857.html)
- [IGL shares down 29% YTD; why brokerages retain positive ratings despite Q2 margin pressure](https://www.businesstoday.in/markets/stocks/story/igl-shares-down-29-ytd-why-brokerages-retain-positive-ratings-despite-q2-margin-pressure-565591-2026-11-04)
- [IGL sees 93% drop in profit amid supply disruptions linked to West Asia](https://timesofindia.indiatimes.com/business/india-business/igl-sees-93-drop-in-profit-amid-supply-disruptions-linked-to-west-asia/articleshow/135425046.cms)
- [IGL profit plunges 93.5% despite record gas sales: Why rising input costs are squeezing India's city gas distributors](https://www.businesstoday.in/latest/corporate/story/igl-profit-plunges-93-5-despite-record-gas-sales-why-rising-input-costs-are-squeezing-indias-city-gas-distributors-564922-2026-10-31)
- [Northern Railway Signs MoU With IGL To Replace 500 Kg LPG & 2,500 Litres Of Diesel With PNG Across 22 Establishments](https://www.freepressjournal.in/india/northern-railway-signs-mou-with-igl-to-replace-500-kg-lpg-2500-litres-of-diesel-with-png-across-22-establishments)
- [IGL: Indraprastha Gas Limited has informed the Exchange about the Link of Transcript of Conference call held on November 03, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_06112026121922_IGL_Transcript_SE_06112026.pdf)
- [Indraprastha Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_03112026203827_Earning_Call_audio_link_intimationQ2.pdf)
- [Indraprastha Gas Limited has submitted to the Exchange, the unaudited financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGL1_30102026194508_IGLUFRSep2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750503_30102026084908_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750504_30102026085002_WEB.xml)

### FAQs

**Why did IGL's profit drop so sharply despite higher sales?**

For the quarter ended September 30, 2026, standalone net profit fell 93.5% to ₹24.38 crore from ₹372.51 crore in the prior year period. This occurred even as sales volume rose 8% and turnover increased 26%, because substantially higher input gas procurement costs—linked to global supply disruptions—eroded margins.

**What is the status of the DDA license fee liability?**

IGL carries a significant contingent liability of ₹330.73 crore regarding Delhi Development Authority (DDA) license fees. The matter remains unresolved and has been relegated to the Alternative Mechanism for Resolution of Consumer Disputes (AMRCD).

**How have brokerages reacted to the recent financial results?**

Despite cutting target prices due to near-term margin challenges, firms including Jefferies, UBS, and JM Financial retained 'Buy' or 'Add' ratings, citing strong volume growth momentum and cheap valuations. Prabhudas Lilladher issued a 'Buy' recommendation with a price target of ₹161.

**What are the current technical trends and key price levels?**

As of November 6, 2026, the stock trades at ₹142.00, down 29.23% year-to-date. Technical indicators show a bearish trend across daily, weekly, and monthly timeframes. Immediate resistance lies at ₹143.51–₹143.59, while support is found at ₹140.92 and ₹140.75.

- [Buy Indraprastha Gas; target of Rs 161: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/earnings/buy-indraprastha-gas-target-of-rs-161-prabhudas-lilladher-14068857.html)
- [IGL shares down 29% YTD; why brokerages retain positive ratings despite Q2 margin pressure](https://www.businesstoday.in/markets/stocks/story/igl-shares-down-29-ytd-why-brokerages-retain-positive-ratings-despite-q2-margin-pressure-565591-2026-11-04)
- [IGL sees 93% drop in profit amid supply disruptions linked to West Asia](https://timesofindia.indiatimes.com/business/india-business/igl-sees-93-drop-in-profit-amid-supply-disruptions-linked-to-west-asia/articleshow/135425046.cms)
- [IGL profit plunges 93.5% despite record gas sales: Why rising input costs are squeezing India's city gas distributors](https://www.businesstoday.in/latest/corporate/story/igl-profit-plunges-93-5-despite-record-gas-sales-why-rising-input-costs-are-squeezing-indias-city-gas-distributors-564922-2026-10-31)
- [Northern Railway Signs MoU With IGL To Replace 500 Kg LPG & 2,500 Litres Of Diesel With PNG Across 22 Establishments](https://www.freepressjournal.in/india/northern-railway-signs-mou-with-igl-to-replace-500-kg-lpg-2500-litres-of-diesel-with-png-across-22-establishments)
- [IGL: Indraprastha Gas Limited has informed the Exchange about the Link of Transcript of Conference call held on November 03, 2026. |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_06112026121922_IGL_Transcript_SE_06112026.pdf)
- [Indraprastha Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/IGL1_03112026203827_Earning_Call_audio_link_intimationQ2.pdf)
- [Indraprastha Gas Limited has submitted to the Exchange, the unaudited financial results for the quarter and half year ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/IGL1_30102026194508_IGLUFRSep2026.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750503_30102026084908_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750504_30102026085002_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹140.75
- Risk regime: Higher Price Risk

### Support levels
- 140.92000000000002
- 138.26
- 125.63

### Resistance levels
- 143.59
- 154.7
- 169.2

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.88% |
| return_10 | +0.20% |
| return_1m | +0.44% |
| return_1y | -32.72% |
| return_20 | -0.02% |
| return_3m | -7.99% |
| return_5 | +2.02% |
| return_6m | -16.20% |
| return_since_start | -30.78% |
| return_ytd | -26.03% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -41.70% |
| annualized_volatility | +29.81% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Indraprastha Gas Limited FY2026-27 Q2: Revenue grows as pre-tax profit turns negative

Revenue from operations rose 11.3% sequentially to ₹5,615 crore in Q2 FY2026-27, but expenses increased faster, up 18.5% to ₹5,795 crore. Profit before tax swung from a ₹255 crore profit in Q1 to a ₹43 crore loss; despite a tax credit, profit for the quarter was ₹24 crore, down from ₹238 crore.

## Expenses outpaced revenue growth

Revenue from operations increased from ₹5,043 crore in Q1 FY2026-27 to ₹5,615 crore in Q2, a rise of ₹572 crore. Expenses rose by ₹904 crore over the same period, from ₹4,890 crore to ₹5,795 crore. The faster increase in expenses coincided with the swing in profit before tax.

Year on year, revenue from operations increased 26.3% from ₹4,446 crore in Q2 FY2025-26, while expenses rose 40.1% from ₹4,136 crore. Profit before tax declined from ₹405 crore to a loss of ₹43 crore.

## Profit fell sharply despite a tax credit

Profit from continuing operations was a loss of ₹28 crore in Q2, compared with a profit of ₹181 crore in Q1. A tax credit of ₹15 crore, versus a tax expense of ₹74 crore in Q1, contributed to total profit for the period of ₹24 crore. That was down from ₹238 crore in Q1. Basic EPS fell to ₹0.16 from ₹1.72.

Finance costs were ₹3.57 crore, slightly above ₹3.49 crore in Q1.

## Assets and working-capital balances increased

Total assets rose to ₹18,153 crore at 30 September 2026 from ₹17,028 crore at 31 March 2026. Property, plant and equipment increased to ₹8,114 crore from ₹8,045 crore.

Trade receivables increased to ₹1,225 crore from ₹920 crore, while trade payables rose to ₹1,638 crore from ₹1,069 crore. Cash and cash equivalents were broadly stable at ₹172 crore, compared with ₹169 crore. Equity attributable to owners of the parent increased to ₹11,560 crore from ₹11,504 crore.

## Key Takeaway

IGL’s revenue continued to grow, but the faster rise in expenses coincided with a sharp deterioration in profitability: pre-tax profit turned into a loss and quarterly profit fell to ₹24 crore. Higher receivables and payables were also visible in the closing balance sheet, alongside broadly stable cash balances.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +45.00%
- FII holding: +10.16%
- DII holding: +30.02%
- Mutual fund holding: +16.33%
- Retail holding: +7.17%
- Promoter pledged: +0.00%

### Major reported shareholders

- BHARAT PETROLEUM CORPORATION LTD — +22.50% (Bodies Corporate)
- GAIL (INDIA) LTD — +22.50% (Bodies Corporate)
- LIFE INSURANCE CORPORATION OF INDIA - ULIF00420091 — +9.46%
- PARAG PARIKH FLEXI CAP FUND — +6.90%
- HDFC MUTUAL FUND - HDFC MANUFACTURING FUND — +5.42%
- GOVT OF NCT OF DELHI — +5.00%
- SBI LIFE INSURANCE CO. LTD — +1.44%
- SBI PSU FUND — +1.35%
- GOVERNMENT PENSION FUND GLOBAL — +1.20%

## Official filings

- 2026-11-06 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_06112026121922_IGL_Transcript_SE_06112026.pdf)
- 2026-11-03 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_03112026203827_Earning_Call_audio_link_intimationQ2.pdf)
- 2026-10-30 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_30102026194508_IGLUFRSep2026.pdf)
- 2026-10-30 — Financial Results Filing: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750503_30102026084908_WEB.xml)
- 2026-10-30 — Financial Results Filing: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1750504_30102026085002_WEB.xml)
- 2026-10-29 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_29102026162153_RevisedIGLIntimationConcall29102926.pdf)
- 2026-10-29 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2164_WebXMLFile_20261029_162750553.xml)
- 2026-10-28 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_28102026161502_IGLIntimationEarningCall02112026.pdf)
- 2026-10-28 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2164_WebXMLFile_20261028_162901423.xml)
- 2026-10-23 — Board Meeting Notice: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_23102026161022_Notice_of_Board_Meeting_October_30_2026.pdf)
- 2026-10-23 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2164_WebXMLFile_20261023_161704577.xml)
- 2026-10-23 — Board Meeting Notice: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_2164_WebXMLFile_20261023_161704577.xml)
- 2026-10-13 — Shareholding Disclosure: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736988_13102026043316_WEB.xml)
- 2026-09-29 — Corporate Action Notice: Indraprastha Gas Limited - Ex-Date: 01-Oct-2026 — [Official attachment](https://www.nseindia.com/companies-listing/corporate-filings-actions)
- 2026-09-25 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2164_WebXMLFile_20260925_172045092.xml)
- 2026-09-25 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_25092026171924_TradingWindowclosure.pdf)
- 2026-09-25 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_2164_WebXMLFile_20260925_171921871.xml)
- 2026-09-24 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_24092026163455_SE_Letter_and_Proceeding_AGM_2026.pdf)
- 2026-09-16 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_2164_WebXMLFile_20260916_154929564.xml)
- 2026-09-15 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_15092026164146_IGL_investorMeet_21092026.pdf)
- 2026-09-08 — Management Change: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_08092026154140_IntimationStatutoryAuditor_2026.pdf)
- 2026-09-03 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/NOTICE_OF_SHAREHOLDERS_MEETINGS_2164_WebXMLFile_20260903_165023749.xml)
- 2026-09-02 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_02092026181836_IntimationRecorddate.pdf)
- 2026-09-02 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_02092026181538_IntimationRecorddate.pdf)
- 2026-09-02 — Generic Announcement: Indraprastha Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/IGL1_02092026183012_IntimationRecorddate.pdf)

## News and market events

- 2026-11-04 — MONEYCONTROL: **Buy Indraprastha Gas; target of Rs 161: Prabhudas Lilladher** — Prabhudas Lilladher has issued a 'Buy' recommendation for Indraprastha Gas, setting a price target of Rs 161. — [Source](https://www.moneycontrol.com/news/business/earnings/buy-indraprastha-gas-target-of-rs-161-prabhudas-lilladher-14068857.html)
- 2026-11-04 — BUSINESSTODAY: **IGL shares down 29% YTD; why brokerages retain positive ratings despite Q2 margin pressure** — Indraprastha Gas Ltd (IGL) shares remain down 29.23% year-to-date despite a recent uptick, as brokerages maintain positive ratings while cutting target prices due to Q2 FY27 margin pressure and an EBITDA loss driven by higher gas costs. Firms like Jefferies, UBS, and JM Financial cited strong volume growth momentum and cheap valuations as reasons for retaining 'Buy' or 'Add' ratings, even though they reduced earnings estimates and target prices to reflect near-term margin challenges and high dependence on spot gas. — [Source](https://www.businesstoday.in/markets/stocks/story/igl-shares-down-29-ytd-why-brokerages-retain-positive-ratings-despite-q2-margin-pressure-565591-2026-11-04)
- 2026-11-01 — Times of India: **IGL sees 93% drop in profit amid supply disruptions linked to West Asia** — IGL reported a 93.4% decline in standalone net profit for the quarter ended September, falling to Rs 24.4 crore from Rs 372.5 crore in the corresponding period of FY26. This profit drop occurred despite an 8% increase in sales volume and a 26% rise in sales turnover, as the company faced substantially higher input gas costs due to global supply disruptions linked to uncertainties in West Asia. — [Source](https://timesofindia.indiatimes.com/business/india-business/igl-sees-93-drop-in-profit-amid-supply-disruptions-linked-to-west-asia/articleshow/135425046.cms)
- 2026-10-31 — BUSINESSTODAY: **IGL profit plunges 93.5% despite record gas sales: Why rising input costs are squeezing India's city gas distributors** — Indraprastha Gas Ltd reported a 93.5% year-on-year plunge in standalone net profit to ₹24.38 crore for the September quarter of FY27, despite an 8% increase in sales volumes and a 26% rise in gross sales turnover. The divergence between revenue growth and profitability was driven by substantial increases in input gas procurement costs, which eroded margins even as demand for CNG and PNG expanded. — [Source](https://www.businesstoday.in/latest/corporate/story/igl-profit-plunges-93-5-despite-record-gas-sales-why-rising-input-costs-are-squeezing-indias-city-gas-distributors-564922-2026-10-31)
- 2026-10-31 — FREEPRESSJOURNAL.IN: **Northern Railway Signs MoU With IGL To Replace 500 Kg LPG & 2,500 Litres Of Diesel With PNG Across 22 Establishments** — Northern Railway has signed an MoU with Indraprastha Gas Limited (IGL) to replace daily consumption of 500 kg of LPG and 2,500 litres of diesel with piped natural gas (PNG) across 22 establishments in Delhi, Ghaziabad, and Gautam Budh Nagar. The initial supply is estimated at 3,000 SCMD, with demand projected to rise to 8,000-10,000 SCMD as infrastructure expands. — [Source](https://www.freepressjournal.in/india/northern-railway-signs-mou-with-igl-to-replace-500-kg-lpg-2500-litres-of-diesel-with-png-across-22-establishments)
- 2026-10-31 — MONEYCONTROL: **IGL Q2 profit plunges 93% as higher gas costs erode margins despite record sales** — IGL reported a 93% plunge in Q2 profit due to higher gas costs eroding margins, even though the company achieved record sales during the period. — [Source](https://www.moneycontrol.com/news/business/igl-q2-profit-plunges-93-as-higher-gas-costs-erode-margins-despite-record-sales-14064996.html)
- 2026-10-31 — The Hindu: **IGL Q2 profit plunges 93% as higher gas costs erode margins despite record sales** — Indraprastha Gas Ltd reported a 93.5% plunge in standalone net profit to ₹24.38 crore for the September quarter of 2026-27, driven by higher input gas costs that eroded margins despite an 8% rise in sales volumes and a 26% jump in gross turnover. — [Source](https://www.thehindubusinessline.com/companies/igl-q2-profit-plunges-93-as-higher-gas-costs-erode-margins-despite-record-sales/article71648476.ece)
- 2026-10-31 — The Hindu: **Q2 Results Highlights 31st Oct: NTPC, Quess Corp, Best Agrolife, Eveready Industries, CDSL, Muthoot Finance, Aditya Birla Fashion post profit growth; IGL, Tilaknagar Industries, Birla Corp report profit decline** — Muthoot Finance reported a 27% year-on-year growth in standalone profit to Rs 2,977 crore for the July-September quarter of FY27, driven by an increase in total income to Rs 8,842 crore from Rs 6,442 crore in the same period last year. — [Source](https://www.thehindubusinessline.com/markets/q2-results-highlights-ntpc-muthoot-finance-shyam-metalics-amp-energy-sarda-energy-and-minerals-zen-technologies-national-securities-depository-rainbowc-childrens-medicare-company-results-31-oc/article71648157.ece)
- 2026-10-30 — Mint: **Top 3 stocks to buy under  ₹200: IDBI Bank, IGL, CESC by Mehul Kothari of Anand Rathi | Target, stop-loss, market view** — Mehul Kothari, Deputy Vice President — Technical Research at Anand Rathi, issued buy recommendations for IDBI Bank, IGL, and CESC, specifying entry prices, targets, and stop-loss levels for each stock. — [Source](https://www.livemint.com/market/stock-market-news/top-3-stocks-to-buy-under-rs-200-idbi-bank-igl-cesc-by-mehul-kothari-of-anand-rathi-target-stop-loss-market-view-11793358158303.html)
- 2026-10-28 — BUSINESSTODAY: **JioBlackRock MF folios jump 261%: Can new fund houses challenge established AMCs?** — JioBlackRock Mutual Fund's investor folios surged 261% year-on-year to 13.37 lakh in September 2026, highlighting the rapid expansion of newer fund houses in India's competitive mutual fund industry. — [Source](https://www.businesstoday.in/mutual-funds/story/jioblackrock-mf-folios-jump-261-can-new-fund-houses-challenge-established-amcs-563522-2026-10-29)
- 2026-10-25 — Mint: **PSU Q2 results 2026 preview: BEL, Coal India, IGL - Earnings estimate, brokerage target price, returns potential** — BEL, Coal India and IGL are in focus ahead of their Q2 FY2026-27 results. Analysts expect BEL revenue to grow 16%, IGL volumes to rise 6%, and Coal India production to remain muted. Motilal Oswal rates all three stocks Buy, with indicated upside of 38%, 18% and 33%, respectively. — [Source](https://www.livemint.com/market/stock-market-news/psu-q2-results-2026-preview-bel-coal-india-igl-earnings-estimate-brokerage-target-price-returns-potential-11792946740816.html)
- 2026-10-17 — Mint: **Parag Parikh Flexi Cap Fund cash falls to 9.77% after Rajeev Thakkar's ‘single-digit’ outlook: Where is the money going? | Mint** — Parag Parikh Flexi Cap Fund has nearly halved its cash allocation in six months, signalling a shift towards deploying money in select opportunities. With cash levels falling below 10%, the fund’s latest portfolio reveals where it is increasing exposure and how its returns compare with the benchmark. — [Source](https://www.livemint.com/money/personal-finance/parag-parikh-flexi-cap-fund-cash-falls-to-9-77-after-rajeev-thakkars-single-digit-outlook-where-is-the-money-going-11792227464975.html)
- 2026-10-15 — The Hindu: **UPDATE 1-Kremlin says Russia restarts diesel exports after deal with Trump** — Kremlin says Russia resumes diesel exports after Trump deal, aiming to ease global prices; shipments resume despite criticism ahead of U.S. elections. — [Source](https://www.thehindu.com/news/international/kremlin-says-russia-restarts-diesel-exports-after-deal-with-trump/article71589598.ece)
- 2026-10-15 — The Hindu: **IGL launches AI-powered pilot project for hydrotesting verification** — Hydrotest status of the vehicle’s CNG cylinder; app to be linked to the Petroleum and Explosives Safety Organisation’s (PESO) portal — [Source](https://www.thehindu.com/business/igl-launches-ai-powered-pilot-project-for-hydrotesting-verification/article71589562.ece)
- 2026-10-15 — Times of India: **IGL rolls out AI system to check CNG cylinder safety at pumps** — NEW DELHI: To prevent CNG vehicles without a valid cylinder hydrotest certificate from refuelling, Indraprastha Gas Ltd (IGL) on Thursday launched an — [Source](https://timesofindia.indiatimes.com/india/igl-rolls-out-ai-system-to-check-cng-cylinder-safety-at-pumps/articleshow/134971405.cms)
- 2026-10-14 — Mint: **Crude oil prices above $100 a barrel: Why HPCL, IOCL and BPCL could face earnings pressure, experts decode** — Crude prices above $100 a barrel could squeeze Indian state-run oil marketers’ margins if petrol and diesel prices remain unchanged. HPCL faces the greatest earnings pressure, followed by IOC and BPCL.  — [Source](https://www.livemint.com/market/stock-market-news/crude-oil-prices-above-100-a-barrel-why-hpcl-iocl-and-bpcl-could-face-earnings-pressure-experts-decode-11791981298623.html)
- 2026-10-14 — MONEYCONTROL: **Petroleum regulatory board publishes draft guidelines for up to 5% hydrogen blending in household piped gas** — PNGRB, hydrogen blending, piped natural gas — [Source](https://www.moneycontrol.com/news/business/economy/petroleum-regulatory-board-publishes-draft-guidelines-for-up-to-5-hydrogen-blending-in-household-piped-gas-14052136.html)
- 2026-10-01 — BUSINESSTODAY: **GIFT Nifty down 110 points; NSE, YES Bank, TechM, Moneyview, Auro Pharma among top stocks in focus** — GIFT Nifty down 110 points; NSE, YES Bank, TechM, Moneyview, Auro Pharma among top stocks in focus — [Source](https://www.businesstoday.in/markets/stocks/story/gift-nifty-down-110-points-nse-yes-bank-techm-moneyview-auro-pharma-among-top-stocks-in-focus-558932-2026-10-01)
- 2026-09-30 — Mint: **IOC, HPCL, BPCL shares rise - What is behind the rally in crude oil-linked stocks?** — Shares of oil and gas companies, including IOC, HPCL, BPCL, and GAIL, climbed up to 3% in intraday trade on the BSE on Wednesday. Stocks like Petronet LNG, Indraprastha Gas, and Reliance Industries also gained significantly during the session. — [Source](https://www.livemint.com/market/stock-market-news/ioc-hpcl-bpcl-shares-rise-what-is-behind-the-rally-in-crude-oil-linked-stocks-11790749182174.html)
- 2026-09-30 — Mint: **Dividend, bonus, rights issue: Last chance to buy today before record date - IGL, KM Sugar Mills, R Systems | List** — R Systems International Limited leads with the highest dividend payout, announcing ₹8 interim dividend for FY26. Maestro Electronics sets October 1 as the record date for a 1:1 bonus issue. Investors must own stocks by October 1 to qualify for rights issue and spin-off actions. — [Source](https://www.livemint.com/market/stock-market-news/dividend-bonus-issue-rights-issue-last-chance-to-buy-today-indraprastha-gas-km-sugar-mills-r-systems-international-11790739278520.html)
- 2026-09-29 — The Hindu: **Delhi CNG stations see long queues amid hydro-test certificate checks** — Long queues at Delhi CNG stations amid hydro-test checks by PESO, with automated verification rolling out to curb delays. — [Source](https://www.thehindu.com/incoming/delhi-cng-stations-see-long-queues-amid-hydro-test-certificate-checks/article71524733.ece)
- 2026-09-27 — CNBC-TV18: **Six companies set to see record dates for corporate actions this week; Details here** — Aastha Spintex and Saraswati Saree Depot, both recent listings, have nearly halved from their issue price, while R Systems International shares are also down over 40% this year. All three are set to see record dates for their respective corporate actions this week. — [Source](https://www.cnbctv18.com/market/record-dates-this-week-natco-pharma-aastha-igl-sail-natco-saraswati-r-systems-share-price-dividend-bonus-rights-issue-19999541.htm)
- 2026-09-25 — Mint: **Upcoming dividend stocks: SAIL, IGL, NMDC among 3 PSU stocks with record dates ahead- Check yield, ROE, stock return** — Three public sector undertakings: SAIL, IGL, and NMDC, are set to pay dividends by the end of September and October. Investors need to hold the stocks before record dates to qualify for payouts. SAIL offers ₹2.35 per share, IGL ₹1.50, and NMDC Re 1. — [Source](https://www.livemint.com/market/stock-market-news/upcoming-dividend-stocks-sail-igl-nmdc-among-3-psu-stocks-with-record-dates-ahead-check-yield-roe-stock-return-11790330679880.html)
- 2026-09-24 — NEWS.WEBINDIA123.COM: **IGL reports record gas sales in FY26, adds 70 CNG stations and over 3.7 lakh PNG connections** — Indraprastha Gas Limited (IGL) reported record sales volumes of compressed natural gas (CNG) and piped natural gas (PNG) in the financial year 2025-26, as the company expanded its distribution network by adding 70 CNG stations and more than 3.7 lakh new PNG connections during the year. — [Source](https://news.webindia123.com/news/Articles/Business/20260924/4503106.html)
- 2026-09-24 — The Hindu: **IGL achieves record gas sales of 9.39 MSCMD in FY26** — 70 new CNG stations take network to 1,024; board recommends final dividend of ₹1.5 a share — [Source](https://www.thehindubusinessline.com/companies/igl-achieves-record-gas-sales-of-939-mscmd-in-fy26/article71503660.ece)

## Business profile

**Strategic vision:** Distributes natural gas for domestic, transport, and commercial use.

### Business segments
- **Compressed Natural Gas (CNG):** Supplied as an auto fuel for the transport sector and for industrial gas supplies.
- **Piped Natural Gas (PNG):** Distributed to domestic and commercial sectors for cooking and other applications.
- **Industrial Gas Supply:** Natural gas is supplied to industrial establishments.

### Competitive strengths
- Established natural gas distribution network across multiple states.
- Partnerships with major energy corporations like GAIL and BPCL.
- Focus on providing cleaner, environment-friendly auto fuel alternatives.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/igl
Markdown representation: https://faxioms.com/stocks/igl?render=md