Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Gas Distribution Stocks in India

Gas Distribution: GAIL (India) Ltd owns the largest revenue base; Adani Total Gas Ltd has the fastest current growth.

Nifty Gas Distribution Index — Constituents & Performance

The Gas Distribution companies below are the listed Indian Gas Distribution universe this page tracks — the same constituent set people search for as the Nifty Gas Distribution index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Gas Distribution moved against NIFTY 500?

The line below covers 5.2 years. Over the most recent two of them this sector is 33% behind NIFTY 500. Earnings across its companies fell 10% on average over the last four reported quarters.

ASLEEP · 1y −12.7%⚠Price down, no fundamental support0 of 7 companies ahead of NIFTY 500 by 5% or more over three months

RS — · 2/7 >200d (−2) · 0/7 lead (−3) · EPS 0/7↑

200300202620252024202320222021 216339 TRAILING 12-MONTH EPS · 100 AT THE START0100113Sep 22Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 5 reportingSep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 6 reportingDec 2022 · trailing 12-month earnings per share at 102, against 100 at the start · no comparable year yet · 6 reportingMar 2023 · trailing 12-month earnings per share at 98, against 100 at the start · up 0.2% on a year ago · 6 reportingJun 2023 · trailing 12-month earnings per share at 98, against 100 at the start · down 2.0% on a year ago · 6 reportingSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 3.2% on a year ago · 7 reportingDec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 6.6% on a year ago · 7 reportingMar 2024 · trailing 12-month earnings per share at 105, against 100 at the start · up 21.7% on a year ago · 7 reportingJun 2024 · trailing 12-month earnings per share at 113, against 100 at the start · up 19.5% on a year ago · 7 reportingSep 2024 · trailing 12-month earnings per share at 108, against 100 at the start · up 2.2% on a year ago · 7 reportingDec 2024 · trailing 12-month earnings per share at 101, against 100 at the start · up 3.8% on a year ago · 7 reportingMar 2025 · trailing 12-month earnings per share at 101, against 100 at the start · down 2.1% on a year ago · 7 reportingJun 2025 · trailing 12-month earnings per share at 98, against 100 at the start · down 9.0% on a year ago · 7 reportingSep 2025 · trailing 12-month earnings per share at 94, against 100 at the start · down 12.1% on a year ago · 7 reportingDec 2025 · trailing 12-month earnings per share at 98, against 100 at the start · down 8.5% on a year ago · 7 reportingMar 2026 · trailing 12-month earnings per share at 101, against 100 at the start · down 10.2% on a year ago · 6 reportingNot reported yet — earnings trail price by a quarter or two101 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
200300202620252024202320222021 216339 TRAILING 12-MONTH EPS · 100 AT THE START0100113Mar 23Mar 24Mar 25Mar 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 5 reportingSep 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 6 reportingDec 2022 · trailing 12-month earnings per share at 102, against 100 at the start · no comparable year yet · 6 reportingMar 2023 · trailing 12-month earnings per share at 98, against 100 at the start · up 0.2% on a year ago · 6 reportingJun 2023 · trailing 12-month earnings per share at 98, against 100 at the start · down 2.0% on a year ago · 6 reportingSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 3.2% on a year ago · 7 reportingDec 2023 · trailing 12-month earnings per share at 100, against 100 at the start · up 6.6% on a year ago · 7 reportingMar 2024 · trailing 12-month earnings per share at 105, against 100 at the start · up 21.7% on a year ago · 7 reportingJun 2024 · trailing 12-month earnings per share at 113, against 100 at the start · up 19.5% on a year ago · 7 reportingSep 2024 · trailing 12-month earnings per share at 108, against 100 at the start · up 2.2% on a year ago · 7 reportingDec 2024 · trailing 12-month earnings per share at 101, against 100 at the start · up 3.8% on a year ago · 7 reportingMar 2025 · trailing 12-month earnings per share at 101, against 100 at the start · down 2.1% on a year ago · 7 reportingJun 2025 · trailing 12-month earnings per share at 98, against 100 at the start · down 9.0% on a year ago · 7 reportingSep 2025 · trailing 12-month earnings per share at 94, against 100 at the start · down 12.1% on a year ago · 7 reportingDec 2025 · trailing 12-month earnings per share at 98, against 100 at the start · down 8.5% on a year ago · 7 reportingMar 2026 · trailing 12-month earnings per share at 101, against 100 at the start · down 10.2% on a year ago · 6 reportingNot reported yet — earnings trail price by a quarter or two101No earnings on file this far back — the price series reaches further than the filings do
Gas Distribution, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 7 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Gas Distribution outperforming NIFTY 500?

The 52-week comparison of Gas Distribution against NIFTY 500 is not available from the current market series. 2 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Adani Total Gas Ltd is the strongest against the sector itself at +10.5%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
2/7Stocks leading NIFTY 500
2/7Stocks leading sector

Sector metric: 8.0 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 2 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500. GAIL (India) Ltd leads with revenue of ₹1,41,598 crore, based on 7 of 7 comparable companies through Mar 2026. Adani Total Gas Ltd has the fastest current revenue growth at 19.8%, across 7 of 7 comparable companies.

Is the Gas Distribution sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 2 of 7 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Gas Distribution company is largest by revenue?

GAIL (India) Ltd leads with revenue of ₹1,41,598 crore, based on 7 of 7 comparable companies through Mar 2026.

Which Gas Distribution company is growing fastest?

Adani Total Gas Ltd has the fastest current revenue growth at 19.8%, across 7 of 7 comparable companies.

Which Gas Distribution company has the strongest 4-Factor Sector Score?

Petronet LNG Ltd ranks first at 68.3/100 with 89.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Gas Distribution company has the least gross debt?

Indraprastha Gas Ltd has the lowest comparable gross debt at ₹98 crore. GAIL (India) Ltd has the highest at ₹24,831 crore.

Which Gas Distribution company has the lowest comparable PEG?

Mahanagar Gas Ltd has the lowest comparable Guarded PEG at 0.3, among 6 of 7 companies that pass the metric’s comparability rules.

How much history does this Gas Distribution comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
7
complete canonical membership
Combined market value
₹3.0 L Cr
GAIL (India) Ltd
Revenue growing
4/7
positive TTM year-on-year growth
Beating NIFTY 500
2/7
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Petronet LNG Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 89.6% evidence confidence.
Mahanagar Gas Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Petronet LNG Ltd · PETRONET

68.3/100 · Favorable setup · 90% evidence

Exact sum: 20.9 + 20.3 + 13.5 + 13.6 = 68.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

20.9/35Growth & earnings

Revenue -14.7% · PAT -1.5% · OPM change 8 pp

88% evidence

20.3/25Capital efficiency

ROCE 22.7% · debt/equity 0.1×

100% evidence

13.5/20Valuation

P/E 10.5× · PEG 1.3

100% evidence

13.6/20Relative strength

RS sector 7.1% · RS bench -2.7% · 1Y -9.9%

70% evidence

2. Indraprastha Gas Ltd · IGL

50.9/100 · Mixed-positive evidence · 96% evidence

Exact sum: 16.6 + 16.9 + 16.5 + 0.9 = 50.9

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

16.6/35Growth & earnings

Revenue 8.3% · PAT -9.8% · OPM change -2 pp

88% evidence

16.9/25Capital efficiency

ROCE 17.9% · debt/equity 0.01×

100% evidence

16.5/20Valuation

P/E 13.5× · PEG 1.26

100% evidence

0.9/20Relative strength

RS sector -12.3% · RS bench -17% · 1Y -28.8%

100% evidence

3. Adani Total Gas Ltd · ATGL

48.0/100 · Mixed-negative evidence · 87% evidence

Exact sum: 18 + 9.5 + 3.5 + 17 = 48

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.0/35Growth & earnings

Revenue 19.8% · PAT -2.5% · OPM change -6 pp

100% evidence

9.5/25Capital efficiency

ROCE 15.3% · debt/equity 0.59×

100% evidence

3.5/20Valuation

P/E 114× · PEG 8.42

65% evidence

17.0/20Relative strength

RS sector 10.5% · RS bench 14.4% · 1Y 8.1%

70% evidence

4. Mahanagar Gas Ltd · MGL

46.3/100 · Mixed-negative evidence · 90% evidence

Exact sum: 10 + 16.7 + 13 + 6.6 = 46.3

Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

10.0/35Growth & earnings

Revenue 13.5% · PAT -19.4% · OPM change -7 pp

88% evidence

16.7/25Capital efficiency

ROCE 18.1% · debt/equity 0.04×

100% evidence

13.0/20Valuation

P/E 12.6× · PEG 0.3

100% evidence

6.6/20Relative strength

RS sector -5.6% · RS bench -6.8% · 1Y -27.2%

70% evidence

5. Gujarat Gas Ltd · GUJGASLTD

46.3/100 · Mixed-negative evidence · 83% evidence

Exact sum: 17.1 + 15.7 + 11.4 + 2.1 = 46.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

17.1/35Growth & earnings

Revenue 3.7% · PAT -10.6% · OPM change 0 pp

83% evidence

15.7/25Capital efficiency

ROCE 18.5% · debt/equity 0.18×

95% evidence

11.4/20Valuation

P/E 18.6× · PEG —

50% evidence

2.1/20Relative strength

RS sector -12.2% · RS bench -12.9% · 1Y -25.1%

100% evidence

6. Gujarat State Petronet Ltd · GSPL

44.3/100 · Mixed-negative evidence · 73% evidence

Exact sum: 14.1 + 12.6 + 11 + 6.6 = 44.3

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

14.1/35Growth & earnings

Revenue -7.5% · PAT -18.6% · OPM change 3 pp

56% evidence

12.6/25Capital efficiency

ROCE 15.2% · debt/equity 0.01×

75% evidence

11.0/20Valuation

P/E 14.4× · PEG 1.27

100% evidence

6.6/20Relative strength

RS sector -4.7% · RS bench -16.3% · 1Y -30%

70% evidence

7. GAIL (India) Ltd · GAIL

31.8/100 · Adverse evidence · 90% evidence

Exact sum: 8 + 6 + 6.3 + 11.5 = 31.8

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

8.0/35Growth & earnings

Revenue -0.2% · PAT -39.2% · OPM change -6 pp

88% evidence

6.0/25Capital efficiency

ROCE 9.7% · debt/equity 0.28×

100% evidence

6.3/20Valuation

P/E 14.7× · PEG 1.79

100% evidence

11.5/20Relative strength

RS sector -1.9% · RS bench 0.4% · 1Y -7.6%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

GAIL (India) Ltd has the highest Revenue among the 7 Gas Distribution companies compared here, at ₹1,41,598 crore. Petronet LNG Ltd is next at ₹43,495 crore. Adani Total Gas Ltd has the highest Revenue growth at 19.8%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: GAIL (India) Ltd is the scale leader at ₹1,41,598 crore, 225.6% ahead of Petronet LNG Ltd. Adani Total Gas Ltd's growth is 19.8% from a ₹6,269 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderGAIL (India) Ltd · ₹1,41,598 crore
Gap225.6% versus #2 · Petronet LNG Ltd
Persistence6/8 recent comparable periods
Coverage7/7 companies · 128 observations

Investor read: GAIL (India) Ltd is the scale benchmark; Adani Total Gas Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: GAIL (India) Ltd's growth falls below Adani Total Gas Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1GAIL (India) Ltd GAIL₹1.4 L Cr
2Petronet LNG Ltd PETRONET₹43.5K Cr
3Gujarat Gas Ltd GUJGASLTD₹17.1K Cr
4Gujarat State Petronet Ltd GSPL · older report₹16.3K Cr
5Indraprastha Gas Ltd IGL₹16.2K Cr
Revenue growthfastest growers
1Adani Total Gas Ltd ATGL20%
2Mahanagar Gas Ltd MGL14%
3Indraprastha Gas Ltd IGL8.4%
4Gujarat Gas Ltd GUJGASLTD3.7%
5GAIL (India) Ltd GAIL-0.2%
Revenue · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
GAIL (India) Ltd GAIL₹35.6K Cr-2.4%Mar 2026
Petronet LNG Ltd PETRONET₹9.4K Cr-23%Mar 2026
Gujarat Gas Ltd GUJGASLTD₹5.8K Cr41%Mar 2026
Indraprastha Gas Ltd IGL₹4.2K Cr5.5%Mar 2026
Gujarat State Petronet Ltd GSPL₹3.9K Cr-11%Dec 2025
Mahanagar Gas Ltd MGL₹2.1K Cr4.5%Mar 2026
Adani Total Gas Ltd ATGL₹1.8K Cr27%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Adani Total Gas Ltd · ATGL

₹648 Cr
₹883 Cr
₹1.0K Cr
₹1.0K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹1.2K Cr
₹1.2K Cr
₹1.1K Cr
₹1.2K Cr
₹1.3K Cr
₹1.3K Cr
₹1.4K Cr
₹1.5K Cr
₹1.5K Cr
₹1.6K Cr
₹1.8K Cr

GAIL (India) Ltd · GAIL

₹21.8K Cr
₹26.1K Cr
₹27.3K Cr
₹37.9K Cr
₹38.7K Cr
₹35.9K Cr
₹33.2K Cr
₹32.8K Cr
₹33.0K Cr
₹34.7K Cr
₹32.8K Cr
₹34.7K Cr
₹33.9K Cr
₹36.8K Cr
₹36.4K Cr
₹35.3K Cr
₹35.5K Cr
₹35.2K Cr
₹35.6K Cr
—

Gujarat Gas Ltd · GUJGASLTD

—
—
—
—
—
₹3.7K Cr
₹3.9K Cr
₹3.8K Cr
₹3.8K Cr
₹3.9K Cr
₹4.1K Cr
₹4.5K Cr
₹3.8K Cr
₹4.2K Cr
₹4.1K Cr
₹3.9K Cr
₹3.8K Cr
₹3.7K Cr
₹5.8K Cr
—

Gujarat State Petronet Ltd · GSPL

₹4.1K Cr
₹5.5K Cr
₹5.0K Cr
₹5.5K Cr
₹4.3K Cr
₹4.0K Cr
₹4.3K Cr
₹4.1K Cr
₹4.3K Cr
₹4.4K Cr
₹4.5K Cr
₹4.7K Cr
₹4.0K Cr
₹4.4K Cr
₹4.3K Cr
₹4.1K Cr
₹4.0K Cr
₹3.9K Cr
—
—

Indraprastha Gas Ltd · IGL

₹1.8K Cr
₹2.2K Cr
₹2.4K Cr
₹3.2K Cr
₹3.6K Cr
₹3.7K Cr
₹3.7K Cr
₹3.4K Cr
₹3.5K Cr
₹3.6K Cr
₹3.6K Cr
₹3.5K Cr
₹3.7K Cr
₹3.8K Cr
₹3.9K Cr
₹3.9K Cr
₹4.0K Cr
₹4.1K Cr
₹4.2K Cr
—

Mahanagar Gas Ltd · MGL

₹830 Cr
₹1.0K Cr
₹1.1K Cr
₹1.5K Cr
₹1.6K Cr
₹1.7K Cr
₹1.6K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹2.0K Cr
₹2.1K Cr
₹2.1K Cr
₹2.1K Cr
₹2.1K Cr
—

Petronet LNG Ltd · PETRONET

₹10.8K Cr
₹12.6K Cr
₹11.2K Cr
₹14.3K Cr
₹16.0K Cr
₹15.8K Cr
₹13.9K Cr
₹11.7K Cr
₹12.5K Cr
₹14.7K Cr
₹13.8K Cr
₹13.4K Cr
₹13.0K Cr
₹12.2K Cr
₹12.3K Cr
₹11.9K Cr
₹11.0K Cr
₹11.2K Cr
₹9.4K Cr
—

Revenue growth · reported quarter history

Adani Total Gas Ltd · ATGL

—
—
—
—
72%
25%
10%
1.3%
-1.8%
4.5%
4.7%
8.4%
11%
12%
15%
20%
19%
16%
16%
27%

GAIL (India) Ltd · GAIL

—
—
—
116%
78%
37%
22%
-13%
-15%
-3.3%
-1.4%
5.9%
2.7%
6.2%
11%
1.7%
4.9%
-4.5%
-2.4%
—

Gujarat Gas Ltd · GUJGASLTD

—
—
—
—
—
—
—
—
—
6.7%
5.2%
18%
-1.6%
5.7%
-0.8%
-13%
-0.1%
-12%
41%
—

Gujarat State Petronet Ltd · GSPL

—
—
32%
62%
5.6%
-27%
-14%
-26%
-1.1%
9.8%
6.1%
15%
-6.4%
-0.7%
-5.3%
-13%
0.4%
-11%
—
—

Indraprastha Gas Ltd · IGL

—
—
—
154%
94%
68%
53%
6.7%
-2.7%
-4.2%
-2.3%
3.2%
6.9%
5.7%
9.8%
11%
8.8%
8.2%
5.5%
—

Mahanagar Gas Ltd · MGL

—
—
—
137%
88%
63%
48%
5.7%
0.5%
-6.1%
0.2%
8.3%
14%
18%
22%
25%
15%
12%
4.5%
—

Petronet LNG Ltd · PETRONET

—
—
—
66%
48%
25%
24%
-18%
-22%
-6.5%
-0.6%
15%
3.9%
-17%
-11%
-11%
-15%
-8.7%
-23%
—
02 · compare level, then change

Operating Economics & Margin Trend

Petronet LNG Ltd has the highest OPM among the 7 Gas Distribution companies compared here, at 20%. Gujarat State Petronet Ltd is next at 16%. The same company also holds the highest Margin change, at +8 percentage points. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Petronet LNG Ltd leads both opm at 20% and margin change at +8 percentage points.

LeaderPetronet LNG Ltd · 20%
Gap25% versus #2 · Gujarat State Petronet Ltd
Persistence5/8 recent comparable periods
Coverage7/7 companies · 133 observations

Investor read: Petronet LNG Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Petronet LNG Ltd PETRONET20%
2Gujarat State Petronet Ltd GSPL · older report16%
3Adani Total Gas Ltd ATGL15%
4Mahanagar Gas Ltd MGL13%
5Gujarat Gas Ltd GUJGASLTD11%
Margin changefastest expanders
1Petronet LNG Ltd PETRONET+8.0 pp
2Gujarat State Petronet Ltd GSPL · older report+3.0 pp
3Gujarat Gas Ltd GUJGASLTD0.0 pp
4Indraprastha Gas Ltd IGL−2.0 pp
5Adani Total Gas Ltd ATGL−6.0 pp
Operating margin · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Petronet LNG Ltd PETRONET20%+8.0 ppMar 2026
Gujarat State Petronet Ltd GSPL16%+3.0 ppDec 2025
Adani Total Gas Ltd ATGL15%−6.0 ppJun 2026
Mahanagar Gas Ltd MGL13%−7.0 ppMar 2026
Gujarat Gas Ltd GUJGASLTD11%0.0 ppMar 2026
Indraprastha Gas Ltd IGL10%−2.0 ppMar 2026
GAIL (India) Ltd GAIL4.0%−6.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Adani Total Gas Ltd · ATGL

36%
23%
13%
21%
20%
21%
17%
23%
26%
25%
25%
26%
25%
20%
20%
21%
20%
20%
19%
15%

GAIL (India) Ltd · GAIL

17%
18%
16%
12%
4.9%
1.0%
2.0%
8.0%
11%
12%
12%
14%
12%
9.0%
10%
10%
10%
8.0%
4.0%
—

Gujarat Gas Ltd · GUJGASLTD

12%
4.6%
15%
12%
16%
16%
14%
10%
13%
10%
14%
12%
14%
9.0%
11%
13%
12%
12%
11%
—

Gujarat State Petronet Ltd · GSPL

20%
11%
20%
18%
23%
21%
20%
17%
21%
18%
21%
17%
17%
13%
13%
17%
15%
16%
—
—

Indraprastha Gas Ltd · IGL

29%
21%
21%
19%
15%
12%
13%
19%
19%
16%
14%
16%
14%
10%
12%
13%
11%
12%
10%
—

Mahanagar Gas Ltd · MGL

36%
10%
20%
20%
16%
15%
24%
34%
30%
29%
24%
26%
23%
18%
20%
24%
16%
17%
13%
—

Petronet LNG Ltd · PETRONET

12%
14%
10%
7.5%
7.3%
11%
7.0%
10%
10%
12%
8.0%
12%
9.0%
10%
12%
10%
10%
11%
20%
—

Margin change · reported quarter history

Adani Total Gas Ltd · ATGL

−14.4 pp
−19.9 pp
−22.1 pp
−20.9 pp
−15.4 pp
−2.0 pp
+4.0 pp
+2.0 pp
+5.7 pp
+4.0 pp
+8.0 pp
+3.0 pp
−1.0 pp
−5.0 pp
−5.0 pp
−5.0 pp
−5.0 pp
0.0 pp
−1.0 pp
−6.0 pp

GAIL (India) Ltd · GAIL

+6.3 pp
+3.4 pp
−2.7 pp
−3.0 pp
−11.7 pp
−16.7 pp
−13.6 pp
−4.0 pp
+6.1 pp
+11.0 pp
+10.0 pp
+6.0 pp
+1.0 pp
−3.0 pp
−2.0 pp
−4.0 pp
−2.0 pp
−1.0 pp
−6.0 pp
—

Gujarat Gas Ltd · GUJGASLTD

−17.6 pp
−17.1 pp
−1.2 pp
−12.3 pp
+4.6 pp
+11.4 pp
−0.9 pp
−1.7 pp
−3.2 pp
−6.0 pp
0.0 pp
+2.0 pp
+1.0 pp
−1.0 pp
−3.0 pp
+1.0 pp
−2.0 pp
+3.0 pp
0.0 pp
—

Gujarat State Petronet Ltd · GSPL

−17.8 pp
−20.4 pp
−4.1 pp
−14.6 pp
+3.1 pp
+10.4 pp
+0.2 pp
−0.6 pp
−1.8 pp
−3.0 pp
+1.0 pp
0.0 pp
−4.0 pp
−5.0 pp
−8.0 pp
0.0 pp
−2.0 pp
+3.0 pp
—
—

Indraprastha Gas Ltd · IGL

−2.2 pp
−13.4 pp
−10.9 pp
−11.0 pp
−14.1 pp
−9.2 pp
−7.8 pp
−0.3 pp
+4.2 pp
+4.0 pp
+1.0 pp
−3.0 pp
−5.0 pp
−6.0 pp
−2.0 pp
−3.0 pp
−3.0 pp
+2.0 pp
−2.0 pp
—

Mahanagar Gas Ltd · MGL

−7.3 pp
−37.5 pp
−24.2 pp
−29.8 pp
−20.2 pp
+5.0 pp
+4.2 pp
+14.4 pp
+13.8 pp
+14.0 pp
0.0 pp
−8.0 pp
−7.0 pp
−11.0 pp
−4.0 pp
−2.0 pp
−7.0 pp
−1.0 pp
−7.0 pp
—

Petronet LNG Ltd · PETRONET

−9.9 pp
−4.5 pp
−3.9 pp
−4.8 pp
−4.7 pp
−2.8 pp
−3.5 pp
+2.5 pp
+2.7 pp
+1.0 pp
+1.0 pp
+2.0 pp
−1.0 pp
−2.0 pp
+4.0 pp
−2.0 pp
+1.0 pp
+1.0 pp
+8.0 pp
—
03 · compare level, then change

Profit Scale & Acceleration

GAIL (India) Ltd has the highest Net profit among the 7 Gas Distribution companies compared here, at ₹7,581 crore. Petronet LNG Ltd is next at ₹3,913 crore. Petronet LNG Ltd has the highest Profit growth at -1.5%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: GAIL (India) Ltd leads with ₹7,581 crore of TTM profit, 93.7% above Petronet LNG Ltd. Petronet LNG Ltd shows -1.5% growth from a ₹3,913 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderGAIL (India) Ltd · ₹7,581 crore
Gap93.7% versus #2 · Petronet LNG Ltd
Persistence4/8 recent comparable periods
Coverage7/7 companies · 128 observations

Investor read: GAIL (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1GAIL (India) Ltd GAIL₹7.6K Cr
2Petronet LNG Ltd PETRONET₹3.9K Cr
3Gujarat State Petronet Ltd GSPL · older report₹1.6K Cr
4Indraprastha Gas Ltd IGL₹1.5K Cr
5Gujarat Gas Ltd GUJGASLTD₹1.0K Cr
Profit growthfastest growers
1Petronet LNG Ltd PETRONET-1.5%
2Adani Total Gas Ltd ATGL-2.5%
3Indraprastha Gas Ltd IGL-9.8%
4Gujarat Gas Ltd GUJGASLTD-11%
5Gujarat State Petronet Ltd GSPL · older report-19%
Net profit · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
GAIL (India) Ltd GAIL₹1.5K Cr-41%Mar 2026
Petronet LNG Ltd PETRONET₹1.4K Cr25%Mar 2026
Gujarat State Petronet Ltd GSPL₹379 Cr13%Dec 2025
Indraprastha Gas Ltd IGL₹339 Cr-25%Mar 2026
Gujarat Gas Ltd GUJGASLTD₹152 Cr-47%Mar 2026
Adani Total Gas Ltd ATGL₹142 Cr-14%Jun 2026
Mahanagar Gas Ltd MGL₹130 Cr-47%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Adani Total Gas Ltd · ATGL

₹158 Cr
₹128 Cr
₹81 Cr
₹138 Cr
₹160 Cr
₹150 Cr
₹98 Cr
₹150 Cr
₹173 Cr
₹177 Cr
₹168 Cr
₹172 Cr
₹186 Cr
₹142 Cr
₹155 Cr
₹165 Cr
₹163 Cr
₹159 Cr
₹168 Cr
₹142 Cr

GAIL (India) Ltd · GAIL

₹2.9K Cr
₹3.8K Cr
₹3.5K Cr
₹3.3K Cr
₹1.3K Cr
₹398 Cr
₹643 Cr
₹1.8K Cr
₹2.4K Cr
₹3.2K Cr
₹2.5K Cr
₹3.2K Cr
₹2.7K Cr
₹4.1K Cr
₹2.5K Cr
₹2.4K Cr
₹2.0K Cr
₹1.7K Cr
₹1.5K Cr
—

Gujarat Gas Ltd · GUJGASLTD

—
—
—
—
—
₹372 Cr
₹370 Cr
₹216 Cr
₹296 Cr
₹221 Cr
₹410 Cr
₹331 Cr
₹309 Cr
₹221 Cr
₹288 Cr
₹328 Cr
₹280 Cr
₹267 Cr
₹152 Cr
—

Gujarat State Petronet Ltd · GSPL

₹513 Cr
₹351 Cr
₹639 Cr
₹648 Cr
₹621 Cr
₹530 Cr
₹543 Cr
₹434 Cr
₹590 Cr
₹496 Cr
₹663 Cr
₹527 Cr
₹423 Cr
₹335 Cr
₹352 Cr
₹465 Cr
₹389 Cr
₹379 Cr
—
—

Indraprastha Gas Ltd · IGL

₹419 Cr
₹375 Cr
₹431 Cr
₹481 Cr
₹427 Cr
₹334 Cr
₹398 Cr
₹522 Cr
₹553 Cr
₹475 Cr
₹433 Cr
₹480 Cr
₹454 Cr
₹325 Cr
₹453 Cr
₹428 Cr
₹385 Cr
₹392 Cr
₹339 Cr
—

Mahanagar Gas Ltd · MGL

₹204 Cr
₹57 Cr
₹132 Cr
₹185 Cr
₹164 Cr
₹172 Cr
₹269 Cr
₹368 Cr
₹338 Cr
₹317 Cr
₹261 Cr
₹289 Cr
₹287 Cr
₹221 Cr
₹247 Cr
₹319 Cr
₹191 Cr
₹201 Cr
₹130 Cr
—

Petronet LNG Ltd · PETRONET

₹818 Cr
₹1.2K Cr
₹791 Cr
₹725 Cr
₹786 Cr
₹1.2K Cr
₹619 Cr
₹819 Cr
₹856 Cr
₹1.2K Cr
₹764 Cr
₹1.1K Cr
₹871 Cr
₹902 Cr
₹1.1K Cr
₹842 Cr
₹830 Cr
₹870 Cr
₹1.4K Cr
—

Profit growth · reported quarter history

Adani Total Gas Ltd · ATGL

—
—
—
—
1.3%
17%
21%
8.7%
8.1%
18%
71%
15%
7.5%
-20%
-7.7%
-4.1%
-12%
12%
8.4%
-14%

GAIL (India) Ltd · GAIL

—
—
—
52%
-54%
-89%
-81%
-45%
86%
702%
285%
78%
10%
28%
1.3%
-25%
-26%
-58%
-41%
—

Gujarat Gas Ltd · GUJGASLTD

—
—
—
—
—
—
—
—
—
-41%
11%
53%
4.4%
0.0%
-30%
-0.9%
-9.4%
21%
-47%
—

Gujarat State Petronet Ltd · GSPL

—
—
11%
-11%
21%
51%
-15%
-33%
-5.0%
-6.4%
22%
21%
-28%
-32%
-47%
-12%
-8.0%
13%
—
—

Indraprastha Gas Ltd · IGL

—
—
—
73%
1.9%
-11%
-7.7%
8.5%
30%
42%
8.8%
-8.1%
-18%
-32%
4.6%
-11%
-15%
21%
-25%
—

Mahanagar Gas Ltd · MGL

—
—
—
-9.3%
-20%
202%
104%
99%
106%
84%
-3.0%
-21%
-15%
-30%
-5.4%
10%
-33%
-9.1%
-47%
—

Petronet LNG Ltd · PETRONET

—
—
—
8.2%
-3.9%
3.2%
-22%
13%
8.9%
1.4%
23%
35%
1.8%
-26%
43%
-24%
-4.7%
-3.6%
25%
—
04 · not available

Capacity Spending & Returns On It

No company in this Gas Distribution comparison reports capital expenditure on a comparable basis, so there is nothing to rank here — 0 of 7 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Jun 2026.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Indraprastha Gas Ltd has the lowest Gross debt among the 7 Gas Distribution companies compared here, at ₹98 crore. Gujarat State Petronet Ltd is next at ₹140 crore. Petronet LNG Ltd has the lowest Net debt at ₹7,773 crore net cash, so level and change sit with different companies.

What the numbers say: Petronet LNG Ltd has the clearest covered balance-sheet capacity with ₹7,773 crore net cash and gross debt of ₹2,341 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderIndraprastha Gas Ltd · ₹98 crore
Gap30% versus #2 · Gujarat State Petronet Ltd
Persistence8/8 recent comparable periods
Coverage7/7 companies · 118 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Indraprastha Gas Ltd IGL₹98 Cr
2Gujarat State Petronet Ltd GSPL · older report₹140 Cr
3Mahanagar Gas Ltd MGL₹223 Cr
4Petronet LNG Ltd PETRONET₹2.3K Cr
5Adani Total Gas Ltd ATGL₹2.9K Cr
Net debtlowest net debt
1Petronet LNG Ltd PETRONET₹-7.8K Cr
2Gujarat State Petronet Ltd GSPL · older report₹-4.7K Cr
3Indraprastha Gas Ltd IGL₹-4.2K Cr
4Mahanagar Gas Ltd MGL₹-927 Cr
5Adani Total Gas Ltd ATGL₹2.6K Cr
Debt and balance-sheet capacity · company comparison
7/7 level · 6/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
GAIL (India) Ltd GAIL₹24.8K Cr₹22.7K CrMar 2026
Gujarat Gas Ltd GUJGASLTD₹3.2K Cr—Mar 2026
Adani Total Gas Ltd ATGL₹2.9K Cr₹2.6K CrJun 2026
Petronet LNG Ltd PETRONET₹2.3K Cr₹-7.8K CrMar 2026
Mahanagar Gas Ltd MGL₹223 Cr₹-927 CrMar 2026
Gujarat State Petronet Ltd GSPL₹140 Cr₹-4.7K CrDec 2025
Indraprastha Gas Ltd IGL₹98 Cr₹-4.2K CrMar 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Adani Total Gas Ltd · ATGL

₹674 Cr
₹674 Cr
₹1.0K Cr
₹1.0K Cr
₹1.2K Cr
₹1.2K Cr
₹1.4K Cr
₹1.4K Cr
₹1.4K Cr
₹1.4K Cr
₹1.6K Cr
₹1.6K Cr
₹1.5K Cr
₹1.5K Cr
₹1.8K Cr
₹1.8K Cr
₹2.0K Cr
₹2.0K Cr
₹2.3K Cr
₹2.9K Cr

GAIL (India) Ltd · GAIL

₹7.6K Cr
₹7.6K Cr
₹9.2K Cr
₹9.2K Cr
₹14.3K Cr
₹14.3K Cr
₹17.8K Cr
₹17.8K Cr
₹18.0K Cr
₹18.0K Cr
₹21.8K Cr
₹21.8K Cr
₹19.6K Cr
₹19.6K Cr
₹21.6K Cr
₹21.6K Cr
₹22.4K Cr
₹22.4K Cr
₹24.8K Cr
—

Gujarat Gas Ltd · GUJGASLTD

—
—
₹629 Cr
—
—
—
₹152 Cr
—
—
—
₹150 Cr
—
—
—
₹150 Cr
—
₹151 Cr
—
₹3.2K Cr
—

Gujarat State Petronet Ltd · GSPL

₹1.1K Cr
₹1.1K Cr
₹713 Cr
₹713 Cr
—
—
₹149 Cr
₹149 Cr
₹145 Cr
₹145 Cr
₹140 Cr
₹140 Cr
₹136 Cr
₹136 Cr
₹138 Cr
₹138 Cr
₹140 Cr
₹140 Cr
—
—

Indraprastha Gas Ltd · IGL

₹97 Cr
₹97 Cr
₹108 Cr
₹108 Cr
₹99 Cr
₹99 Cr
₹83 Cr
₹83 Cr
₹84 Cr
₹84 Cr
₹81 Cr
₹81 Cr
₹74 Cr
₹74 Cr
₹93 Cr
₹93 Cr
₹102 Cr
₹102 Cr
₹98 Cr
—

Mahanagar Gas Ltd · MGL

₹74 Cr
₹74 Cr
₹103 Cr
₹103 Cr
₹117 Cr
₹117 Cr
₹115 Cr
₹115 Cr
₹115 Cr
₹115 Cr
₹141 Cr
₹141 Cr
₹154 Cr
₹154 Cr
₹201 Cr
₹201 Cr
₹221 Cr
₹221 Cr
₹223 Cr
—

Petronet LNG Ltd · PETRONET

₹3.5K Cr
₹3.5K Cr
₹3.4K Cr
₹3.4K Cr
₹3.5K Cr
₹3.5K Cr
₹3.3K Cr
₹3.3K Cr
₹3.2K Cr
₹3.2K Cr
₹3.0K Cr
₹3.0K Cr
₹2.8K Cr
₹2.8K Cr
₹2.7K Cr
₹2.7K Cr
₹2.5K Cr
₹2.5K Cr
₹2.3K Cr
—

Net debt · reported quarter history

Adani Total Gas Ltd · ATGL

₹644 Cr
—
₹1.0K Cr
—
₹805 Cr
—
₹1.4K Cr
—
₹1.0K Cr
—
₹1.4K Cr
—
₹1.2K Cr
—
₹1.6K Cr
—
₹1.5K Cr
—
₹2.6K Cr
—

GAIL (India) Ltd · GAIL

₹5.6K Cr
₹5.6K Cr
₹6.7K Cr
₹6.7K Cr
₹12.7K Cr
₹12.7K Cr
₹17.0K Cr
₹17.0K Cr
₹15.4K Cr
₹15.4K Cr
₹20.3K Cr
₹20.1K Cr
₹16.4K Cr
₹16.4K Cr
₹19.1K Cr
₹18.9K Cr
₹20.7K Cr
₹20.7K Cr
₹22.7K Cr
—

Gujarat State Petronet Ltd · GSPL

₹392 Cr
₹392 Cr
₹615 Cr
₹578 Cr
—
—
₹-1.3K Cr
₹-1.2K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-2.2K Cr
₹-2.2K Cr
₹-3.6K Cr
₹-3.6K Cr
₹-3.5K Cr
₹-3.8K Cr
₹-4.7K Cr
₹-4.7K Cr
—
—

Indraprastha Gas Ltd · IGL

₹-2.8K Cr
₹-2.8K Cr
₹-3.0K Cr
₹-3.0K Cr
₹-3.5K Cr
₹-3.5K Cr
₹-1.7K Cr
₹-3.0K Cr
₹-2.7K Cr
₹-2.7K Cr
₹-2.9K Cr
₹-3.0K Cr
₹-3.1K Cr
₹-3.1K Cr
₹-3.5K Cr
₹-3.5K Cr
₹-4.3K Cr
₹-4.3K Cr
₹-4.2K Cr
—

Mahanagar Gas Ltd · MGL

₹-1.7K Cr
₹-1.7K Cr
₹-1.4K Cr
₹-1.4K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.4K Cr
₹-1.4K Cr
₹-2.0K Cr
₹-2.0K Cr
₹-1.3K Cr
₹-1.3K Cr
₹-1.5K Cr
₹-1.5K Cr
₹-1.2K Cr
₹-1.2K Cr
₹-1.1K Cr
₹-1.1K Cr
₹-927 Cr
—

Petronet LNG Ltd · PETRONET

₹-260 Cr
—
₹2.4K Cr
—
₹-3.8K Cr
—
₹3.3K Cr
—
₹-4.7K Cr
—
₹1.3K Cr
—
₹-7.1K Cr
—
₹1.9K Cr
—
₹-8.9K Cr
—
₹-7.8K Cr
—
06 · compare level, then change

Return On Capital Employed

Petronet LNG Ltd has the highest ROCE among the 7 Gas Distribution companies compared here, at 22.7%. Gujarat Gas Ltd is next at 18.5%. The same company also holds the highest ROCE change, at -1.5 percentage points. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Petronet LNG Ltd leads ROCE at 22.7%, 4.2 percentage points above Gujarat Gas Ltd. Petronet LNG Ltd has the strongest latest improvement at -1.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderPetronet LNG Ltd · 22.7%
Gap22.7% versus #2 · Gujarat Gas Ltd
Persistence0/8 recent comparable periods
Coverage7/7 companies · 89 observations

Investor read: Petronet LNG Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Petronet LNG Ltd PETRONET23%
2Gujarat Gas Ltd GUJGASLTD19%
3Mahanagar Gas Ltd MGL18%
4Indraprastha Gas Ltd IGL18%
5Adani Total Gas Ltd ATGL15%
ROCE changefastest improvers
1Petronet LNG Ltd PETRONET−1.5 pp
2Gujarat Gas Ltd GUJGASLTD−2.0 pp
3Indraprastha Gas Ltd IGL−2.4 pp
4Adani Total Gas Ltd ATGL−3.0 pp
5GAIL (India) Ltd GAIL−4.1 pp
Return on capital · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Petronet LNG Ltd PETRONET19%−1.5 ppMar 2026
Mahanagar Gas Ltd MGL15%−4.3 ppMar 2026
Adani Total Gas Ltd ATGL15%−3.0 ppJun 2026
Gujarat State Petronet Ltd GSPL13%−4.3 ppDec 2025
Indraprastha Gas Ltd IGL11%−2.4 ppMar 2026
GAIL (India) Ltd GAIL6.5%−4.1 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Adani Total Gas Ltd · ATGL

30%
—
23%
—
21%
—
22%
—
22%
26%
20%
25%
19%
22%
15%
18%
14%
16%
13%
15%

GAIL (India) Ltd · GAIL

12%
—
16%
—
15%
—
5.9%
—
4.9%
12%
11%
16%
12%
16%
11%
15%
9.0%
11%
6.5%
—

Gujarat State Petronet Ltd · GSPL

28%
—
23%
—
—
—
21%
—
18%
20%
17%
20%
16%
17%
12%
13%
10%
13%
—
—

Indraprastha Gas Ltd · IGL

22%
—
20%
—
21%
—
20%
—
19%
28%
19%
27%
16%
21%
13%
20%
11%
18%
11%
—

Mahanagar Gas Ltd · MGL

28%
—
19%
—
16%
—
21%
—
28%
38%
28%
33%
23%
25%
19%
24%
17%
20%
15%
—

Petronet LNG Ltd · PETRONET

23%
—
25%
—
23%
—
22%
—
22%
25%
21%
27%
22%
23%
21%
23%
18%
22%
19%
—

ROCE change · reported quarter history

Adani Total Gas Ltd · ATGL

—
—
—
—
−8.9 pp
—
−1.5 pp
—
+1.5 pp
—
−2.1 pp
—
−3.7 pp
−3.9 pp
−4.6 pp
−7.6 pp
−5.0 pp
−6.0 pp
−2.2 pp
−3.0 pp

GAIL (India) Ltd · GAIL

—
—
—
—
+2.8 pp
—
−9.9 pp
—
−10.2 pp
—
+4.8 pp
—
+7.0 pp
+4.3 pp
−0.1 pp
−1.3 pp
−2.9 pp
−5.6 pp
−4.1 pp
—

Gujarat State Petronet Ltd · GSPL

—
—
—
—
—
—
−2.2 pp
—
—
—
−4.2 pp
—
−2.5 pp
−3.3 pp
−5.5 pp
−7.3 pp
−5.7 pp
−4.3 pp
—
—

Indraprastha Gas Ltd · IGL

—
—
—
—
−1.4 pp
—
+0.2 pp
—
−1.9 pp
—
−0.5 pp
—
−3.4 pp
−6.3 pp
−6.0 pp
−7.1 pp
−4.5 pp
−2.9 pp
−2.4 pp
—

Mahanagar Gas Ltd · MGL

—
—
—
—
−12.3 pp
—
+2.5 pp
—
+11.9 pp
—
+6.9 pp
—
−5.2 pp
−13.0 pp
−9.2 pp
−8.7 pp
−5.3 pp
−4.7 pp
−4.3 pp
—

Petronet LNG Ltd · PETRONET

—
—
—
—
+0.5 pp
—
−2.7 pp
—
−1.4 pp
—
−1.0 pp
—
−0.1 pp
−1.2 pp
−0.3 pp
−3.7 pp
−3.2 pp
−1.8 pp
−1.5 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Mahanagar Gas Ltd has the lowest Guarded PEG among the 7 Gas Distribution companies compared here, at 0.3×. Indraprastha Gas Ltd is next at 1.26×. Petronet LNG Ltd has the lowest P/E at 10.5×, so level and change sit with different companies. 6 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Mahanagar Gas Ltd has the lowest comparable Guarded PEG at 0.3×, 76.2% below Indraprastha Gas Ltd. Only 6 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderMahanagar Gas Ltd · 0.3×
Gap76.2% versus #2 · Indraprastha Gas Ltd
Persistence0/8 recent comparable periods
Coverage6/7 companies · 45 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Mahanagar Gas Ltd MGL0.3
2Indraprastha Gas Ltd IGL1.3
3Gujarat State Petronet Ltd GSPL · older report1.3
4Petronet LNG Ltd PETRONET1.3
5GAIL (India) Ltd GAIL1.8
P/Elowest P/E
1Petronet LNG Ltd PETRONET10.5
2Mahanagar Gas Ltd MGL12.6
3Indraprastha Gas Ltd IGL13.5
4Gujarat State Petronet Ltd GSPL · older report14.4
5GAIL (India) Ltd GAIL14.7
Valuation · company comparison
6/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Adani Total Gas Ltd ATGL8.4121.4Jun 2026
GAIL (India) Ltd GAIL1.810.5Mar 2026
Petronet LNG Ltd PETRONET1.310.2Mar 2026
Gujarat State Petronet Ltd GSPL1.316.3Dec 2025
Indraprastha Gas Ltd IGL1.312.5Mar 2026
Mahanagar Gas Ltd MGL0.39.7Mar 2026
Gujarat Gas Ltd GUJGASLTD—18.8Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Adani Total Gas Ltd · ATGL

5.8
7.6
13.8
64.5
—
—
—
17.9
11.3
15.1
13.5
6.7
5.3
4.6
8.4
—
—
—
—
—

GAIL (India) Ltd · GAIL

—
—
0.2
0.1
—
—
—
—
—
—
—
—
—
—
0.4
1.8
—
—
—
—

Gujarat State Petronet Ltd · GSPL

0.6
0.4
—
—
—
0.4
1.5
—
—
1.1
—
—
1.3
—
—
—
—
—
—
—

Indraprastha Gas Ltd · IGL

0.7
0.5
0.5
—
0.8
0.9
1.1
2.4
—
3.0
1.7
—
1.3
—
—
—
—
—
—
—

Mahanagar Gas Ltd · MGL

0.3
—
—
—
—
—
—
—
—
—
—
—
0.3
—
—
—
—
—
—
—

Petronet LNG Ltd · PETRONET

0.8
0.5
0.4
0.5
0.7
0.6
—
—
—
—
0.5
1.4
0.9
1.0
—
1.3
—
—
—
—

P/E · reported quarter history

Adani Total Gas Ltd · ATGL

267.2
318.9
392.9
494.9
727.6
801.0
180.0
131.7
120.7
190.4
170.6
147.6
125.0
106.5
99.3
114.5
110.2
100.1
90.6
121.4

GAIL (India) Ltd · GAIL

8.9
6.1
5.8
4.8
4.3
5.4
8.2
12.3
19.7
20.2
14.8
14.6
13.8
11.0
11.4
11.9
11.6
12.5
10.5
—

Gujarat Gas Ltd · GUJGASLTD

25.3
29.9
28.4
22.3
28.8
24.6
19.6
20.9
21.4
25.3
34.0
39.2
34.5
28.1
23.1
28.2
25.5
24.3
18.8
—

Gujarat State Petronet Ltd · GSPL

9.5
9.3
9.2
7.4
8.1
9.0
8.7
9.8
10.6
11.3
12.9
10.3
14.1
13.5
12.3
16.8
16.7
16.3
—
—

Indraprastha Gas Ltd · IGL

26.2
22.7
17.8
17.2
16.3
16.9
17.9
20.2
18.9
16.2
15.5
17.8
19.8
14.8
16.8
17.4
17.0
17.0
12.5
—

Mahanagar Gas Ltd · MGL

12.8
12.6
12.9
13.0
15.3
12.7
12.3
13.1
12.9
10.3
10.4
12.3
16.0
10.6
13.0
14.3
11.4
11.5
9.7
—

Petronet LNG Ltd · PETRONET

11.4
10.8
8.9
9.0
8.6
9.3
9.8
10.1
10.5
9.6
11.3
13.6
12.9
12.9
12.1
11.4
10.8
11.5
10.2
—
08 · compare level, then change

Enterprise Value & Book Value

Petronet LNG Ltd has the lowest EV/EBITDA among the 7 Gas Distribution companies compared here, at 4.8×. Gujarat State Petronet Ltd is next at 5×. GAIL (India) Ltd has the lowest P/BV at 1.26×, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Petronet LNG Ltd leads ev/ebitda at 4.8×; GAIL (India) Ltd leads p/bv at 1.26×.

LeaderPetronet LNG Ltd · 4.8×
Gap4% versus #2 · Gujarat State Petronet Ltd
Persistence0/8 recent comparable periods
Coverage7/7 companies · 133 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Petronet LNG Ltd PETRONET4.8
2Gujarat State Petronet Ltd GSPL · older report5.0
3Mahanagar Gas Ltd MGL5.4
4GAIL (India) Ltd GAIL6.9
5Indraprastha Gas Ltd IGL6.9
P/BVlowest P/BV
1GAIL (India) Ltd GAIL1.3
2Gujarat State Petronet Ltd GSPL · older report1.3
3Gujarat Gas Ltd GUJGASLTD1.3
4Mahanagar Gas Ltd MGL1.7
5Indraprastha Gas Ltd IGL1.8
Enterprise and book valuation · company comparison
7/7 level · 7/7 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Adani Total Gas Ltd ATGL64.816.3Jun 2026
Gujarat Gas Ltd GUJGASLTD10.02.5Mar 2026
GAIL (India) Ltd GAIL6.91.0Mar 2026
Indraprastha Gas Ltd IGL6.91.9Mar 2026
Mahanagar Gas Ltd MGL5.41.5Mar 2026
Gujarat State Petronet Ltd GSPL5.01.4Dec 2025
Petronet LNG Ltd PETRONET4.81.8Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Adani Total Gas Ltd · ATGL

176.2
209.4
252.6
310.1
444.9
485.7
111.3
79.1
71.8
110.6
97.4
85.5
72.0
61.3
56.0
64.8
61.6
55.1
49.4
64.8

GAIL (India) Ltd · GAIL

6.2
4.4
4.2
3.5
3.5
4.2
5.4
7.3
11.5
11.9
9.7
9.5
9.1
7.3
7.4
8.0
7.8
8.1
6.9
—

Gujarat Gas Ltd · GUJGASLTD

16.1
18.4
16.8
13.6
16.9
14.7
12.3
13.1
12.5
14.5
18.8
21.5
19.2
15.2
12.2
15.1
13.8
12.8
10.0
—

Gujarat State Petronet Ltd · GSPL

4.6
4.3
4.3
3.8
3.5
3.9
4.0
4.4
4.2
4.6
5.5
4.3
6.0
5.0
4.1
5.8
5.3
5.0
—
—

Indraprastha Gas Ltd · IGL

17.6
14.3
11.1
10.9
10.1
10.4
11.3
12.8
11.6
10.2
10.0
11.2
12.4
9.0
10.0
10.5
10.0
9.7
6.9
—

Mahanagar Gas Ltd · MGL

7.5
6.7
6.6
6.9
8.2
7.1
7.3
7.9
7.8
6.5
6.7
7.7
9.8
6.4
7.8
8.4
6.7
6.6
5.4
—

Petronet LNG Ltd · PETRONET

6.6
6.3
5.3
5.4
4.6
5.0
5.9
5.9
6.0
5.0
6.1
8.1
7.4
7.0
6.3
6.5
5.7
5.7
4.8
—

P/BV · reported quarter history

Adani Total Gas Ltd · ATGL

79.8
85.8
102.4
130.3
136.7
151.2
39.5
24.5
22.9
33.6
31.5
27.5
24.1
19.1
16.9
17.8
17.0
13.9
12.9
16.3

GAIL (India) Ltd · GAIL

1.3
0.9
1.1
1.1
0.9
1.0
1.1
1.1
1.3
1.5
1.6
2.2
2.0
1.5
1.4
1.6
1.3
1.3
1.0
—

Gujarat Gas Ltd · GUJGASLTD

9.6
8.6
6.6
6.5
5.5
5.3
5.6
5.7
4.1
4.5
5.3
6.2
5.4
4.3
3.6
4.2
3.4
3.1
2.5
—

Gujarat State Petronet Ltd · GSPL

2.8
2.3
2.1
1.9
1.5
1.7
1.9
2.0
1.7
1.7
2.0
1.8
2.2
1.8
1.5
1.7
1.5
1.4
—
—

Indraprastha Gas Ltd · IGL

5.9
4.9
3.8
4.1
3.4
3.6
4.0
4.4
4.0
3.2
3.4
4.5
4.0
2.6
2.7
3.1
2.7
2.4
1.9
—

Mahanagar Gas Ltd · MGL

3.1
2.4
2.1
2.1
2.2
2.2
2.4
2.5
2.5
2.9
3.3
3.1
3.8
2.2
2.5
2.9
2.1
1.8
1.5
—

Petronet LNG Ltd · PETRONET

3.0
2.5
2.3
2.6
2.1
2.2
2.5
2.4
2.4
2.0
2.4
3.2
2.9
2.7
2.3
2.6
2.0
2.0
1.8
—
09 · let price answer last

Market action

Adani Total Gas Ltd has the strongest one-year price move in Gas Distribution at +8.1%. It also leads on Mansfield relative strength against NIFTY at +14.4%. 2 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Gas Distribution comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 7 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 1 of the 8 ranked sections has fewer than three usable current readings. A high growth rate can still be a low-base artefact.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
  • Thin comparisons: Capital expenditure have fewer than three usable current readings.
10 · the complete set

Which companies are included?

All 7 companies in the canonical Gas Distribution membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. 1 of these is no longer being priced, so its price and relative strength are frozen at the last traded week shown.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
GAIL (India) Ltd GAIL₹1.1 L Cr₹1702026-07-19Mar 2026Cross-checked
Adani Total Gas Ltd ATGL19/26 WEEKS₹71.8K Cr₹6532026-07-19Jun 2026Cross-checked
Petronet LNG Ltd PETRONET₹41.2K Cr₹2752026-07-19Mar 2026Cross-checked
Gujarat Gas Ltd GUJGASLTD₹33.1K Cr₹3532026-06-28Mar 2026Primary source only
Indraprastha Gas Ltd IGL₹20.9K Cr₹1492026-07-19Mar 2026Cross-checked
Gujarat State Petronet Ltd GSPL₹15.1K Cr₹2682026-03-29 · not currently pricedDec 2025Cross-checked
Mahanagar Gas Ltd MGL₹10.6K Cr₹1,0772026-07-19Mar 2026Cross-checked
How each company's sources stand: Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 7 Gas Distribution companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing6 cross-checked · 1 unverified · 0 withheld, of 7 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Gas Distribution company comparison FAQs

These 18 answers restate the Gas Distribution comparison above in question form. Every one is computed from the same 7 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Gas Distribution index?

The Nifty Gas Distribution index tracks India's listed Gas Distribution companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Gas Distribution sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Gas Distribution stocks in India?

Ranked by this page's four-factor score, Petronet LNG Ltd places first among 7 listed Gas Distribution companies, followed by Indraprastha Gas Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Gas Distribution stocks are listed in India?

This comparison covers 7 listed Gas Distribution companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Gas Distribution company is the biggest?

GAIL (India) Ltd is the largest, with trailing-twelve-month revenue of ₹1,41,598 crore, ahead of Petronet LNG Ltd at ₹43,495 crore. That covers 7 of 7 companies with comparable reporting through Mar 2026.

Which Gas Distribution company is growing fastest?

Adani Total Gas Ltd has the fastest revenue growth at 19.8% year on year, across 7 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Gas Distribution company has the best profit margins?

Petronet LNG Ltd has the highest operating margin at 20%, from 7 of 7 comparable companies. Petronet LNG Ltd shows the biggest recent improvement, at +8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Gas Distribution company makes the most profit?

GAIL (India) Ltd earns the most, at ₹7,581 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Petronet LNG Ltd has the fastest profit growth at -1.5%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Gas Distribution company earns the highest return on capital?

Petronet LNG Ltd leads on return on capital employed at 22.7%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Gas Distribution stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Mahanagar Gas Ltd screens cheapest at 0.3×. Only 6 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Gas Distribution company has the strongest balance sheet?

Indraprastha Gas Ltd carries the lowest comparable gross debt at ₹98 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Gas Distribution stock has the strongest price momentum?

Adani Total Gas Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Gas Distribution company scores highest for research priority?

Petronet LNG Ltd scores 68.3 out of 100 with 89.6% evidence confidence, from 20.9 points on growth and earnings, 20.3 on capital efficiency, 13.5 on valuation and 13.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Gas Distribution companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Gas Distribution sector?

The 7 Gas Distribution companies on this page carry ₹3,04,586 crore of combined market value. GAIL (India) Ltd is the largest at ₹1,11,790 crore, about 37% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Gas Distribution sector's P/E ratio?

The median price-to-earnings ratio across the 7 Gas Distribution companies on this page is 14.4×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Gas Distribution sector performing?

2 of the 7 covered Gas Distribution companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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