Indraprastha Gas

What Indraprastha Gas does

Indraprastha Gas Limited (IGL) is India's largest city gas distribution (CGD) company, operating as a joint venture between GAIL (India) Ltd and Bharat Petroleum Corporation Ltd (BPCL), with the Delhi government holding a 5% equity stake. The company is publicly listed on NSE and BSE under the ticker IGL, headquartered in New Delhi, and was founded in 1998. IGL operates across 33 districts in 12 geographical areas spanning the National Capital Territory of Delhi, Uttar Pradesh, Haryana, and Rajasthan, distributing natural gas through two primary channels: CNG dispensing stations serving vehicle operators (auto-rickshaws, taxis, personal vehicles, goods carriers) and PNG (Piped Natural Gas) connections to domestic households, commercial establishments, and industrial users. The company also commissions rooftop solar installations at CNG stations, including India's first forecourt-area rooftop solar facility at Ghazipur, and has tendered a 200 MWdc solar project with 28 MWh battery energy storage in Rajasthan as part of clean energy diversification.

IGL's business model operates under a regulated framework administered by the Petroleum and Natural Gas Regulatory Board (PNGRB), which grants exclusive Geographical Areas for CGD operations and sets returns on capital employed, providing revenue predictability. The company generates revenue primarily through usage-based CNG and PNG sales, with Q4 FY26 gas sales volumes reaching 9.69 mmscmd (5-6% YoY growth) and full-year FY26 revenue of Rs 16,168 crore. IGL's PNG Drive 2.0 program targets 3.5 lakh new billed domestic connections to grow the base from 370,000+ to 500,000 households, with installation teams executing 5,000 new connections daily. The company's FY27 capex of Rs 2,000 crore supports both core CGD expansion and diversification into compressed biogas plants, potential Saudi Arabia operations, and renewable energy infrastructure. Margin pressure emerged in FY26 from a 25% surge in gas procurement costs driven by West Asia conflict disruptions affecting LNG supplies, with EBITDA per scm declining from over Rs 6 to Rs 4.8, though this was partially offset by CNG price pass-throughs (Delhi CNG rose from Rs 77.09/kg to Rs 83.09/kg in May 2026).

Name

Indraprastha Gas

Legal name

Indraprastha Gas Limited

Website

https://iglonline.net

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Indraprastha Gas is India's largest city gas distribution company, operating CNG stations and PNG pipeline networks across 33 districts in Delhi-NCR, UP, Haryana, and Rajasthan as a joint venture between GAIL and BPCL.

Ownership category

akta.pro rank

Product category

City Gas Distribution

NAICS

Natural Gas Distribution (2212), Natural Gas Distribution (221210), Electric Power Generation (22111)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Distributed Energy & Gas Solutions Sales (CHP, Microgrids, On-site Gas Supply) (EUAAADAJ)

akta.pro secondary industry

Gas Mains (Distribution Pipelines) (EUAJABAA)

Keywords

• City gas distribution
• Compressed natural gas
• Piped natural gas
• Natural gas distribution
• PNG connections

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. CNG Sales: Compressed Natural Gas sales to vehicle users (auto-rickshaws, taxis, personal vehicles, goods carriers) through CNG dispensing stations across Delhi-NCR and other operational areas. CNG prices have been hiked multiple times from Rs 77.09/kg to Rs 83.09/kg in Delhi due to rising input costs and geopolitical disruptions.
2. PNG (Piped Natural Gas) Sales: Piped natural gas connections and sales to domestic households, commercial establishments (restaurants), and industrial users. The company has approximately 370,000+ PNG connections with plans to reach 500,000. PNG Drive 2.0 targets 3.5 lakh new billed domestic connections.
3. Regulated Return on Capital Employed: CGD companies operate under regulated returns framework set by PNGRB, providing stable, predictable revenue based on capital employed in infrastructure expansion. Q4FY26 EBITDA guidance of Rs 7-8/scm.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Indraprastha Gas Limited distributes natural gas through two primary channels: CNG (Compressed Natural Gas) sold as vehicle fuel through a network of CNG dispensing stations, and PNG (Piped Natural Gas) supplied via pipeline infrastructure to domestic households, commercial establishments (restaurants, hotels), and industrial users. The company operates across 33 districts in 12 geographical areas spanning Delhi, Uttar Pradesh, Haryana, and Rajasthan, and is expanding into renewable energy generation through rooftop and utility-scale solar power projects.

Product overview

Indraprastha Gas Limited (IGL) is North India's largest city gas distribution company operating as a joint venture between GAIL (India) Ltd and Bharat Petroleum Corporation Ltd, with the Delhi government holding a 5% equity stake. The company operates across 33 districts in 12 geographical areas spanning Delhi, Uttar Pradesh, Haryana, and Rajasthan. IGL's core product portfolio includes CNG (Compressed Natural Gas) for vehicle fuel, domestic PNG (Piped Natural Gas) for household cooking, commercial PNG for restaurants and businesses, and industrial PNG for manufacturing. The company is expanding into clean energy with solar power generation through rooftop installations at CNG stations and large-scale solar projects with battery storage. IGL's PNG Drive 2.0 program drives domestic connection expansion while maintaining its traditional CGD operations.

Differentiator

Problem solved

Functional benefit

Products and services

• CNG (Compressed Natural Gas) Compressed natural gas sold as vehicle fuel through a network of CNG dispensing stations to auto-rickshaw drivers, taxi operators, commercial fleet operators, and individual CNG vehicle owners. CNG volumes grew 5% YoY in Q4 FY26.
• Domestic PNG (Piped Natural Gas) Piped natural gas supplied directly to residential households for cooking fuel through IGL's pipeline network. Current base of approximately 370,000 PNG domestic connections across operational areas, targeted to grow to 500,000 under PNG Drive 2.0.
• Commercial PNG Piped natural gas supply to commercial establishments such as restaurants, eateries, hotels, and catering businesses for cooking and related operations. IGL is prioritizing these connections due to commercial LPG supply shortages.
• Industrial PNG Piped natural gas supplied to industrial users and manufacturing establishments at 2 bar to 1 bar pressure options for use in industrial processes and manufacturing operations.
• Solar Power Generation Renewable energy generation including rooftop solar installations at CNG stations and large-scale solar farms with battery energy storage, supporting IGL's clean energy portfolio expansion beyond traditional city gas distribution.
• PNG Connection Services Installation and connection services for new PNG users including expedited pipeline extensions, metering, and safety certification. IGL has scaled up installation teams to achieve 5,000 new connections daily in Delhi-NCR.

Quantifiable outcome

• CNG volume growth of 10-13% projected for FY27
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor.

• Indian Oil Corporation LtdminorStrategic or Co-development Partner · 21 June 2026Executives from IGL and IOC participated jointly in ET Government National PSU Summit 2026 discussing India's energy security transition, emphasizing natural gas, CBG, and green hydrogen as alternatives to reduce import dependence.
• Renewable Energy Infrastructure PartnersminorOthers · 20 May 2026IGL invited EPC bids for 200 MWdc solar project with 28 MWh BESS in Rajasthan. Bidders must have Inter State Transmission System connectivity in their name.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Adani Total Gas: Adani Total Gas is a pan-India CGD operator and joint venture between Adani Group and TotalEnergies, explicitly named as an IGL competitor. It serves similar CNG/PNG customers across multiple Indian states under PNGRB-licensed geographies.
• Mahanagar Gas: Mahanagar Gas (MGL) is Mumbai's primary city gas distribution company, directly comparable to IGL as a publicly listed CGD operator distributing CNG and PNG to end users in a major Indian metropolitan area under PNGRB regulation. MGL is one of IGL's named competitors in the source material.
• Torrent Gas: Torrent Gas is a CGD operator active across multiple Indian states including UP (named in source material as a co-operating CGD company), offering directly comparable CNG/PNG distribution services.
• Indian Oil-Adani Gas (IOAGPL): IOAGPL is a CGD joint venture operating multiple geographical areas including parts of UP, directly comparable to IGL's CGD operations and PNG connection expansion. The source material lists IOC Adani Gas as a co-operating CGD company in UP.
• Green Gas Limited: Green Gas Limited operates CGD networks including in UP (listed in source material as a co-operating CGD company), providing directly comparable city gas distribution services to similar end customers.
• Gujarat Gas: Gujarat Gas is one of India's largest city gas distribution companies operating across multiple GAs in Gujarat, competing directly with IGL in CGD operations. It is explicitly named as a competitor in the source material.
• GAIL Gas: GAIL Gas is the CGD subsidiary of GAIL (India), which is one of IGL's parent companies. It operates CGD networks across multiple states and is directly comparable in business model, though with a different parent affiliation.

Others

• Petronet LNG: Petronet LNG is India's largest LNG import and regasification company, supplying natural gas to downstream CGD companies including IGL. As an upstream LNG supplier and infrastructure operator, it is a thematically adjacent player whose gas pricing and supply availability directly affect IGL's input costs.

Regional players

• Sabarmati Gas: Sabarmati Gas is a Gujarat-based CGD company operating CNG and PNG distribution networks. While serving a different geography than IGL, it offers directly comparable CGD services and operating model in another major Indian region.

Broad incumbents

• Hindustan Petroleum Corporation Limited (HPCL): HPCL operates CGD through its subsidiary and is named in the source material as a co-operating CGD company. As a major PSU oil marketing company, HPCL is comparable as a broad incumbent in the same downstream gas ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/IGLSocial

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Indraprastha Gas