Indraprastha Gas

** Nomura touts Indian oil marketing companies, city gas distributors and Petronet LNG as biggest beneficiaries if Strait of Hormuz reopens, crude prices continue to ease

** Says crude could fall below $70 per barrel over the next few months if sanctions on Iran are lifted and oil flows normalise

** On Tuesday, IOC shares rise 0.27%, BPCL gains 0.13%, HPCL up 0.49%, PLNG advances 0.49%, RELI up 1.64% and ONGC up 0.88%

KEY STOCK IMPACT OF IRAN PEACE DEAL

Source: Nomura Research

(Reporting by Surbhi Misra in Bengaluru)

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** Shares of India's Indraprastha Gas IGAS.NS jump 3.45% to 156.87 rupees, set to snap three sessions of losses, if trend holds

** The gas distribution company reported a 20.7% y/y decrease in profit to 2.77 billion rupees ($28.76 million) while revenue rose 6% year-on-year

** Nomura ("buy", TP: 225 rupees) says quarterly volumes beat estimates despite margin pressure from higher raw material costs

** Brokerage says recent CNG and domestic PNG price hikes should help offset rising gas costs and rupee depreciation in coming quarters

** Domestic PNG volumes grew 13% y/y, while overall volumes rose 6%, per Nomura

** IGAS rated "buy" on avaerage by 30 analysts, median PT at 215.50 rupees - LSEG-compiled data

** YTD, Indraprastha stock down 22.06%

($1 = 96.3050 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

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May 18 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS - APPOINTS MANJEET SINGH GULATI AS CFO EFFECTIVE MAY 21, 2026

Source text: ID:nBSE6PQ3sd

Further company coverage: IGAS.NS

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By Nidhi Verma

NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.

The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.

Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.

"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.

In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.

India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.

LPG DISRUPTION EXPOSES IMPORT DEPENDENCE

The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.

India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.

India satisfies half of its natural gas consumption with imports of liquefied natural gas.

"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.

Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.

Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.

Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.

India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.

Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.

The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.

"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.

(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)

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** Adani Total Gas ADAG.NS jumps 14%; Gujarat Gas GGAS.NS, Indraprastha Gas IGAS.NS up 3.4% and 7.2%, respectively

** Petronet LNG PLNG.NS, Mahanagar Gas MGAS.NS, GAIL (India) GAIL.NS gain as much as 3.5%, 3.5% and 3.1%, respectively

** India invokes emergency measures to divert LNG supplies to priority users after disruptions through Strait of Hormuz, prompting review of gas allocations across sectors

** Government orders supplies to be rerouted to households, autos, fertiliser plants

** Macquarie remains positive on midstream and downstream gas firms on expectations of volume recovery in FY27

** But warns Q1 FY27 earnings may be hit and recovery in volumes could be delayed due to supply disruption

(Reporting by Yagnoseni Das in Bengaluru)

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** Indian shares extend their slump and the rupee slides to a record low on a surge in oil prices due to escalating military conflict in the Middle East

** Benchmark Nifty 50 .NSEI and Sensex .BSESN down about 2% each, with all 16 major sectors logging losses

** Broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lose 2.6% each

** Other Asian markets .MIAPJ0000PUS tumble 4.8% on the day, on worries that a prolonged Mideast war could deliver an energy shock MKTS/GLOB

** Brent crude LCOc1 jumps 2.3% to $83.3 per barrel, climbing over 17% in four sessions, on intensifying U.S.-Israel clashes with Iran O/R

** Higher oil prices and trade disruptions weigh on large importers of the commodity, such as India, placing downward pressure on the rupee and having adverse implications for the current account and fiscal deficit, as well as inflation

** Volatility .NIFVIX jumps to 21.28, highest in 10 months

** Among stocks, Larsen & Toubro LART.NS, which has significant exposure to the Middle East region, slides 6.3% after losing 5% in the previous session

** Petronet LNG PLNG.NS, Gail GAIL.NS, Gujarat Gas GGAS.NS and Indraprastha Gas IGAS.NS decline after Qatar halts LNG production, rising India's gas supply

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 12 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS - INTERIM DIVIDEND 3.25 RUPEES/SHARE

Source text: ID:nBSE1b2k6T

Further company coverage: IGAS.NS

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Jan 29 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• ORGANIC RECYCLING SYSTEMS LTD - INDRAPRASTHA GAS AND CO FORMALIZE MOU FOR CBG PROJECTS

Source text: ID:nBSE93yRYK

Further company coverage: IGAS.NS

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Jan 9 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS - IGL PASSES PRE-QUALIFICATION STAGE IN KSA NATURAL GAS TENDER

Source text: ID:nBSE4hlfYb

Further company coverage: IGAS.NS

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Nov 12 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS - APPROVED ALLIANCE-CUM-PARTNERSHIP AGREEMENT BETWEEN CO, MASAH CONSTRUCTION COMPANY, SAUDI ARABIA

• INDRAPRASTHA GAS - AGREEMENT TO OBTAIN LICENSE TO DEVELOP NATGAS DISTRIBUTION NETWORKS IN SAUDI ARABIA

Source text: ID:nNSE1w008F

Further company coverage: IGAS.NS

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Sept 24 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDIA'S INDRAPRASTHA GAS EXEC: LOOKING TO IMPORT 500,000 TON PER YEAR LNG UNDER LONG TERM DEAL

Source text: [ID:]

Further company coverage: IGAS.NS

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** Shares Indraprastha Gas IGAS.NS of rise 2% to 207 rupees

** City gas distributor posts an 11% Y/Y decline in June-qtr consol net profit; rev from ops rises 11.3% Y/Y

** J.P. Morgan says co reported better-than-expected Q1, with profit 9% above estimates and EBITDA 6% higher, supported by lower gas costs and improved realizations

** Maintains 'underweight' rating; raises TP to 165 rupees from 144 rupees

** Morgan Stanley said volumes met expectations and operational performance remained stable

** Says co may need to raise prices by another 3–4% to maintain mid-cycle profitability

** IGAS rated "buy" by 30 analysts on average; median target price is 220 rupees – data compiled by LSEG

** Stock down 0.4% YTD

(Reporting by Rudra Pratap Singh in Bengaluru)

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July 7 (Reuters) - Desco Infratech Ltd DESC.BO:

• GOT ORDER WORTH 35 MILLION RUPEES

Source text: ID:nnAZN43W8AE

Further company coverage: DESC.BO

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** Shares of Indraprastha Gas IGAS.NS rise about 3% to 226 rupees apiece

** Rise after PNGRB, India's petroleum and natural gas regulator, approves reforms in natural gas pipeline tariff regulations

** The new PNGRB draft regulations are seen as positive for Indraprastha Gas Ltd primarily because they improve the company's margin outlook, say two analysts

** IGAS shares are up 5.6% in 2025 so far, outpacing the 3.4% rise in energy index .NIFTYENR. exchange data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS climb 3.2% to emerge as top percentage gainer on the Nifty energy index .NIFTYENR, which is up 0.3%

** Citi Research analysts say potential disruption risks from EVs for city gas distributors (CGDs) like IGAS appear to be rapidly fading, citing local media report which said Delhi will likely relax EV transition policy

** The EV transition policy mandated that new additions to cab fleets will switch to all-electric fleets by 2030, which Citi said dampened sentiment for IGL's growth prospects

** Adds cab segment contributes to 12-15% of IGAS's CNG volumes

** Due to electrification, contribution from Delhi Transport Corp (DTC) buses dropped to 2% for IGAS vs 7-8% a few years ago - Citi

** Adds air quality mandate of directing only clean fuels in busses could partially offset losses in DTC segment for IGAS post November 2026

** Citi rates IGAS "buy", target price at 250 rupees - reflecting a 26% upside on last close

** Stock down 1.3% YTD

(Reporting by Manvi Pant in Bengaluru)

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May 6 (Reuters) - Indian city gas distributor Mahanagar Gas MGAS.NS posted a 4.8% fall in quarterly profit on Tuesday, as expenses cut into steady growth in volumes.

The state-backed natural gas distributor reported a profit after tax of 2.52 billion rupees ($29.9 million) for the quarter ended March 31, down from 2.65 billion a year earlier.

Revenue from operations grew 18.6% to 20.39 billion, while total expenses rose 24.2%.

For further earnings highlights, (click here)

KEY CONTEXT

Indian city gas companies like Mahanagar Gas, Indraprastha Gas IGAS.NS and Gujarat Gas GGAS.NS have been facing earnings pressure for the last couple of quarters due to reduced supply of cheaper, government-regulated APM (Administered Price Mechanism) gas. This has forced them to buy more expensive gas from the open market, squeezing their profit margins.

Mahanagar Gas, however, posted a 12.3% rise in total sales volumes, driven primarily by strong growth in its compressed natural gas segment.

Peer Indraprastha Gas reported a 9% fall in its quarterly profit from a year ago, hurt by higher expenses.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG IBES

-- $1 = 84.2640 Indian rupees

(Reporting by Yagnoseni Das in Bengaluru; Editing by Vijay Kishore)

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** Shares of Indraprastha Gas IGAS.NS up 4% at 185.70 rupees
** City gas distributor on Sunday reported 9% fall in Q4 profit from a year ago, hurt by one-off expenses of 1.14 billion rupees
** Co on Monday told CNBC-TV18 it is looking at medium-term margins of 7-8 rupees on possible price hikes, despite a fall to 4 rupees this quarter
** City gas distributors such as IGAS have suffered margin erosion due to lower allocation of subsidized gas from government, buying gas at spot markets at higher rates
* IGAS down 14% YTD, while rivals Adani Total Gas ADAG.NS is down 18% and Mahanagar Gas MGAS.NS up ~ 4% YTD

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected] ))

April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

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** Shares of Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS down 1%-5%

** Govt cuts administered price mechanism (APM) gas allocation to city gas distributors, effective April 16

** Antique Stock Broking says estimated de-allocation at about 3 mmscmd vs market expectations of about 0.8–1 mmscmd

** Adds, assuming APM fully meets domestic PNG needs, CNG allocation drops to 38% for IGAS/MGAS (from 50%–51%) and to 34% for GGAS (from 48%)

** Estimates CNG gross margin hit of 0.9–1 rupees/scm, along with varying EBITDA impacts

** YTD, IGAS down 16.3%, MGAS down 2.5%, GGAS down 14.2%

(Reporting by Ashish Chandra in Bengaluru)

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April 15 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• DOMESTIC GAS ALLOCATION REDUCED BY 20% EFFECTIVE APRIL 16, 2025

• REVISION IN ALLOCATIONS EXPECTED TO IMPACT COMPANY PROFITABILITY

• ALLOCATED ADDITIONAL ABOUT 125% OF REDUCTION IN DOMESTIC GAS VOLUMES AS NWG

Source text: ID:nBSEbGs5QL

Further company coverage: IGAS.NS

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** Indian city gas distributor stocks GAIL (India) Ltd GAIL.NS, Gujarat State Petronet Ltd GSPT.NS, and Indraprastha Gas Ltd IGAS.NS rise between 2.4% and 4%

** India's natural gas regulator proposes lower pipeline tariffs

** Morgan Stanley analysts estimate GAIl, GSPT could see 8%-10% rise in earnings due to proposed regulations; GAIL's return on investments could also improve

** CLSA says IGAS likely to be biggest benefactor of proposed norms, which would help bring down operating expenses

** IGAS' ~1.5% YTD drop least among pack; GAIL down 4.4%, while GSPT down 18.3%

(Reporting by Nandan Mandayam in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS rise 3.3% to 199.57 rupees apiece, after Axis Capital upgrades to "buy" from "add", citing strong volume growth prospects

** Axis Capital hikes target price to 244 rupees from 213 rupees, implying an upside of 16%

** Co set to benefit from a ramp-up in its new geographical areas, which should help drive a robust 8% CAGR in volumes over fiscal years 2025-27 - Axis

** Adds valuation at F12M PE of 14.5x is also attractive after a 30% drop in six months and is at a discount of 25% to past 10-year average

** Average rating of 29 analysts tracking IGAS is "hold"; median target price is 216.25 rupees, according to data compiled by LSEG

** IGAS shares down 4% YTD compared to 6.5% drop in Nifty energy index .NIFTYENR

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS rise 4.7% to 203 rupees

** Analysts at Jefferies say stock's risk-reward is "favourable;" maintains "buy" rating and PT of 252 rupees

** Expect near-term price hike, which should restore confidence in margin outlook, supported by steady volume growth and controlled feedstock costs, the analysts say

** Weakening Indian rupee will hurt Q4, but lower feedstock cost will compensate, they add

** Expect 9% EPS growth over FY25-27- Jefferies

** Analysts' avg rating on stock "hold", same as rival Hindustan Petroleum Corp Ltd HPCL.NS, while Mahanagar Gas MGAS.NS rated "buy" on avg - LSEG data

** Stock gained ~10% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Indraprastha Gas Ltd IGAS.NS up 3.8% at 397.7 rupees

** PhillipCapital upgrades stock rating to "buy" from "neutral", hikes PT to 480 rupees from 475 rupees

** Says stock trading at reduced valuation after it saw 'significant correction' from Oct.16 to Nov. 16 when govt reduced CNG gas supply for city gas entities

** Adds that most part of the supply diverted has been restored, which will bolster operating margins

** Nirmal Bang upgrades IGAS to "hold" from "sell"; says policy concerns have been mitigated

** Jefferies upgrades to "buy" from "hold", raises PT to 505 rupees from 295 rupees

** Adds that IGAS has managed to tie up significant volume of term LNG contracts off Henry Hub, which are better priced than spot market LNG, restoring volume and margin visibility

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 27 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• DEC-QUARTER CONSOL NET PROFIT 3.27 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 41.46 BILLION RUPEES

Source text: ID:nBSEbKqcFc

Further company coverage: IGAS.NS

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Jan 14 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS LTD - R.K. JAIN CEASES AS CHAIRMAN

Source text: ID:nBSE1p5rPQ

Further company coverage: IGAS.NS

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** Shares of city gas distributor Indraprastha Gas IGAS.NS ends 4.1% higher

** IGAS says GAIL GAIL.NS increases domestic gas allocations by 31% with effect from Jan. 16

** Says the increase to have positive impact on profitability

** IGAS fell as much as ~25% after co flagged issues with gas allocation in Nov, but has recovered since

** GAIL ends session ~4% lower

(Reporting by Hritam Mukherjee in Bengaluru)

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** India's benchmark indexes NSE Nifty 50 .NSEI and BSE Sensex .BSESN rise ~0.2% each

** Nine of 13 major sectors advance; auto .NIFTYAUTO gains ~0.8%, set to snap six-session losing streak

** Tata Motors TAMO.NS advances 2% to top Nifty 50 gainers

** Oil and gas index .NIFOILGAS adds 0.9%; city gas distributors Mahanagar Gas MGAS.NS and Indraprastha Gas IGAS.MS rise ~3% on reports that oil ministry has re-submitted a proposal to halve excise duty on CNG to 7%

** Broader, more domestically-focussed smallcaps .NIFSMCP100 and midcaps .NIFMDCP100 gain 0.4% and 0.2%, respectively

** Analysts expect Indian markets to see marginal moves between now and early January ahead of corporate earnings, due to lack of major triggers

** Among individual stocks, drugmaker Biocon BION.NS gains 4% on European Union nod for generic diabetes, weight-loss medication

** Consumer durables firm Amber Enterprises AMBE.NS jumps 7.5% to record high on report of potential demerger of its electronics division

(Reporting by Bharath Rajeswaran in Bengaluru)

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Dec 10 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• APPROVED ISSUANCE OF BONUS SHARES

• ISSUANCE OF BONUS SHARES IN 1:1 RATIO

Source text: ID:nBSE5W5gJR

Further company coverage: IGAS.NS

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** Shares of Indraprastha Gas IGAS.NS rise 1.9% to 367.10 rupees

** City gas distributor's board to consider issue of bonus shares on Dec. 10

** Trading vols at 5.6 mln, roughly equal to the 30-day avg

** IGAS down ~12% YTD

(Reporting by Vijay Malkar)

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