Indraprastha Gas Limited

IGL.BO

Regulated Gas · Utilities

Exchange

Bombay Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Good

Stability

Exceptional

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

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.

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

Insider Activity

50.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹0 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

12.6%

Thin — 12.6% gross margin

Profit after running costs

Operating Margin

3.4%

Thin — 3.4% operating margin

Return on the money invested

ROCE

9.5%

Below par — 9.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+9.9%

Steady sales growth (+9.9% YoY)

Profit growth

EPS YoY

-18.3%

Earnings shrinking (-18.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

81%

Modest — 81% of profit becomes cash

Spare cash per sale

FCF Margin

2.2%

Thin free cash flow (2.2%)

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

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

67.33x

Comfortably covers interest (67.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

15.6x

no trend

Fair value — P/E 15.6

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

Cheaper or dearer next year

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

3.09%

no trend

Moderate income — 3.09% yield

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

Dividend record

Dividend Growth

-32.2%

no trend

Dividend cut (-32.2% YoY) — warning sign

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