Indraprastha Gas Limited (IGL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-21.9%

₹104.46

vs ₹133.72 price

Levered DCF

₹152.95

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.9

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	13.15×	16.41×	15.53×	18.3×	17.39×	30.57×	21.75×	25.52×
P/B	1.77×	2.66×	3.2×	3.78×	3.44×	5.66×	5.07×	4.98×
P/S	1.26×	1.89×	2.2×	2.12×	3.39×	7.26×	4.19×	3.73×
EV / EBITDA	6.97×	13.18×	12.96×	14.8×	13.85×	24.22×	17.45×	17.02×
Gross margin	18.6%	23.0%	27.2%	23.9%	39.2%	48.8%	38.6%	36.9%
Operating margin	8.2%	20.1%	24.0%	21.1%	34.7%	42.6%	33.4%	31.9%
Net margin	9.6%	11.5%	14.2%	11.6%	19.5%	23.7%	19.3%	14.6%
Current ratio	1.16×	1.08×	1.07×	0.88×	1.21×	1.32×	1.39×	1.46×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0.01×	0.02×	0.02×	0×
Interest coverage	85.88×	405.13×	121.82×	111.12×	130.33×	107.47×	331.28×	1,383.04×
Dividend yield	3.3%	2.6%	0.9%	4.3%	1.0%	0.5%	0.7%	0.8%
Payout ratio	42.9%	42.8%	14.1%	79.0%	16.8%	16.7%	16.2%	20.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.5%	16.2%	20.6%	20.7%	19.8%	18.5%	23.3%	19.5%
Return on invested capital	8.4%	20.8%	25.8%	27.4%	25.7%	25.7%	30.3%	26.2%
Return on assets	9.1%	11.0%	14.0%	13.0%	13.5%	13.0%	16.6%	13.6%
Free cash flow yield	4.6%	3.7%	1.0%	3.7%	2.1%	1.8%	1.5%	2.2%
Earnings yield	7.6%	6.1%	6.4%	5.5%	5.8%	3.3%	4.6%	3.9%
Enterprise value	₹175.6B	₹260.3B	₹306.9B	₹299.9B	₹261.5B	₹359.2B	₹265.9B	₹214.4B
Net debt / EBITDA	-1.12×	-1.1×	-0.06×	-0.01×	0.02×	0.04×	-0.38×	-0.06×
Cash conversion cycle (days)	-7	-11	-4	-2	-29	-29	-3	-10