# Gas Distribution — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Gas Distribution has underperformed NIFTY 500 by 14.9% over 52 weeks and 4.2% over 13 weeks. 2 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself. GAIL (India) Ltd leads with revenue of ₹1,41,598 crore, based on 7 of 7 comparable companies through Mar 2026.

### Is the Gas Distribution sector outperforming NIFTY 500?

Gas Distribution has underperformed NIFTY 500 by 14.9% over 52 weeks and 4.2% over 13 weeks. 2 of 7 covered companies beat NIFTY on Mansfield relative strength, while 2 of 7 beat the sector itself.

### 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 68.7/100 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.

## Sector relative strength

Gas Distribution has underperformed NIFTY 500 by 14.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 4.2%. 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.

13-week sector return versus NIFTY 500: -4.2%
52-week sector return versus NIFTY 500: -15%
Stocks leading NIFTY: 2/7
Stocks leading sector: 2/7

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

Companies: 7
Combined market value: ₹3.0 L Cr

## 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.

1. Petronet LNG Ltd (PETRONET): 69/100 — Favorable setup; evidence 90%
   - Growth & earnings 20.9/35 | Capital efficiency 20.3/25 | Valuation 13.5/20 | Relative strength 14.0/20
   - Exact sum: 20.9 + 20.3 + 13.5 + 14 = 68.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Indraprastha Gas Ltd (IGL): 52/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 16.6/35 | Capital efficiency 16.9/25 | Valuation 16.5/20 | Relative strength 2.0/20
   - Exact sum: 16.6 + 16.9 + 16.5 + 2 = 52
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Adani Total Gas Ltd (ATGL): 48/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 18.0/35 | Capital efficiency 9.5/25 | Valuation 3.5/20 | Relative strength 17.0/20
   - 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.
4. Mahanagar Gas Ltd (MGL): 46/100 — Mixed-negative evidence; evidence 90%
   - Growth & earnings 10.0/35 | Capital efficiency 16.7/25 | Valuation 13.0/20 | Relative strength 6.6/20
   - 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.
5. Gujarat Gas Ltd (GUJGASLTD): 45/100 — Mixed-negative evidence; evidence 83%
   - Growth & earnings 17.1/35 | Capital efficiency 15.7/25 | Valuation 11.4/20 | Relative strength 1.1/20
   - Exact sum: 17.1 + 15.7 + 11.4 + 1.1 = 45.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Gujarat State Petronet Ltd (GSPL): 44/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 14.1/35 | Capital efficiency 12.6/25 | Valuation 11.0/20 | Relative strength 6.6/20
   - 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.
7. GAIL (India) Ltd (GAIL): 32/100 — Adverse evidence; evidence 90%
   - Growth & earnings 8.0/35 | Capital efficiency 6.0/25 | Valuation 6.3/20 | Relative strength 11.8/20
   - Exact sum: 8 + 6 + 6.3 + 11.8 = 32.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

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.

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.

Evidence: GAIL (India) Ltd · ₹1,41,598 crore | 225.6% versus #2 · Petronet LNG Ltd | 6/8 recent comparable periods | 7/7 companies · 128 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. GAIL (India) Ltd (GAIL): ₹1.4 L Cr
2. Petronet LNG Ltd (PETRONET): ₹43.5K Cr
3. Gujarat Gas Ltd (GUJGASLTD): ₹17.1K Cr
4. Gujarat State Petronet Ltd (GSPL): ₹16.3K Cr — older report
5. Indraprastha Gas Ltd (IGL): ₹16.2K Cr

### Revenue growth — fastest growers
1. Adani Total Gas Ltd (ATGL): 20%
2. Mahanagar Gas Ltd (MGL): 14%
3. Indraprastha Gas Ltd (IGL): 8.4%
4. Gujarat Gas Ltd (GUJGASLTD): 3.7%
5. GAIL (India) Ltd (GAIL): -0.2%

### 20-quarter Revenue history
- GAIL: Sep 2021 ₹21.8K Cr | Dec 2021 ₹26.1K Cr | Mar 2022 ₹27.3K Cr | Jun 2022 ₹37.9K Cr | Sep 2022 ₹38.7K Cr | Dec 2022 ₹35.9K Cr | Mar 2023 ₹33.2K Cr | Jun 2023 ₹32.8K Cr | Sep 2023 ₹33.0K Cr | Dec 2023 ₹34.7K Cr | Mar 2024 ₹32.8K Cr | Jun 2024 ₹34.7K Cr | Sep 2024 ₹33.9K Cr | Dec 2024 ₹36.8K Cr | Mar 2025 ₹36.4K Cr | Jun 2025 ₹35.3K Cr | Sep 2025 ₹35.5K Cr | Dec 2025 ₹35.2K Cr | Mar 2026 ₹35.6K Cr | Jun 2026 —
- ATGL: Sep 2021 ₹648 Cr | Dec 2021 ₹883 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.5K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.6K Cr | Jun 2026 ₹1.8K Cr
- PETRONET: Sep 2021 ₹10.8K Cr | Dec 2021 ₹12.6K Cr | Mar 2022 ₹11.2K Cr | Jun 2022 ₹14.3K Cr | Sep 2022 ₹16.0K Cr | Dec 2022 ₹15.8K Cr | Mar 2023 ₹13.9K Cr | Jun 2023 ₹11.7K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹14.7K Cr | Mar 2024 ₹13.8K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹13.0K Cr | Dec 2024 ₹12.2K Cr | Mar 2025 ₹12.3K Cr | Jun 2025 ₹11.9K Cr | Sep 2025 ₹11.0K Cr | Dec 2025 ₹11.2K Cr | Mar 2026 ₹9.4K Cr | Jun 2026 —
- GUJGASLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.9K Cr | Jun 2023 ₹3.8K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.9K Cr | Mar 2024 ₹4.1K Cr | Jun 2024 ₹4.5K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹4.2K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- IGL: Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.5K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.5K Cr | Sep 2024 ₹3.7K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.9K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- GSPL: Sep 2021 ₹4.1K Cr | Dec 2021 ₹5.5K Cr | Mar 2022 ₹5.0K Cr | Jun 2022 ₹5.5K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹4.4K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 ₹830 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.7K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr | Jun 2026 —

### 20-quarter Revenue growth history
- GAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 116% | Sep 2022 78% | Dec 2022 37% | Mar 2023 22% | Jun 2023 -13% | Sep 2023 -15% | Dec 2023 -3.3% | Mar 2024 -1.4% | Jun 2024 5.9% | Sep 2024 2.7% | Dec 2024 6.2% | Mar 2025 11% | Jun 2025 1.7% | Sep 2025 4.9% | Dec 2025 -4.5% | Mar 2026 -2.4% | Jun 2026 —
- ATGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 72% | Dec 2022 25% | Mar 2023 10% | Jun 2023 1.3% | Sep 2023 -1.8% | Dec 2023 4.5% | Mar 2024 4.7% | Jun 2024 8.4% | Sep 2024 11% | Dec 2024 12% | Mar 2025 15% | Jun 2025 20% | Sep 2025 19% | Dec 2025 16% | Mar 2026 16% | Jun 2026 27%
- PETRONET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 66% | Sep 2022 48% | Dec 2022 25% | Mar 2023 24% | Jun 2023 -18% | Sep 2023 -22% | Dec 2023 -6.5% | Mar 2024 -0.6% | Jun 2024 15% | Sep 2024 3.9% | Dec 2024 -17% | Mar 2025 -11% | Jun 2025 -11% | Sep 2025 -15% | Dec 2025 -8.7% | Mar 2026 -23% | Jun 2026 —
- GUJGASLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.7% | Mar 2024 5.2% | Jun 2024 18% | Sep 2024 -1.6% | Dec 2024 5.7% | Mar 2025 -0.8% | Jun 2025 -13% | Sep 2025 -0.1% | Dec 2025 -12% | Mar 2026 41% | Jun 2026 —
- IGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 154% | Sep 2022 94% | Dec 2022 68% | Mar 2023 53% | Jun 2023 6.7% | Sep 2023 -2.7% | Dec 2023 -4.2% | Mar 2024 -2.3% | Jun 2024 3.2% | Sep 2024 6.9% | Dec 2024 5.7% | Mar 2025 9.8% | Jun 2025 11% | Sep 2025 8.8% | Dec 2025 8.2% | Mar 2026 5.5% | Jun 2026 —
- GSPL: Sep 2021 — | Dec 2021 — | Mar 2022 32% | Jun 2022 62% | Sep 2022 5.6% | Dec 2022 -27% | Mar 2023 -14% | Jun 2023 -26% | Sep 2023 -1.1% | Dec 2023 9.8% | Mar 2024 6.1% | Jun 2024 15% | Sep 2024 -6.4% | Dec 2024 -0.7% | Mar 2025 -5.3% | Jun 2025 -13% | Sep 2025 0.4% | Dec 2025 -11% | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 137% | Sep 2022 88% | Dec 2022 63% | Mar 2023 48% | Jun 2023 5.7% | Sep 2023 0.5% | Dec 2023 -6.1% | Mar 2024 0.2% | Jun 2024 8.3% | Sep 2024 14% | Dec 2024 18% | Mar 2025 22% | Jun 2025 25% | Sep 2025 15% | Dec 2025 12% | Mar 2026 4.5% | Jun 2026 —

## Operating Economics & Margin Trend

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

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.

Evidence: Petronet LNG Ltd · 20% | 25% versus #2 · Gujarat State Petronet Ltd | 5/8 recent comparable periods | 7/7 companies · 133 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Petronet LNG Ltd (PETRONET): 20%
2. Gujarat State Petronet Ltd (GSPL): 16% — older report
3. Adani Total Gas Ltd (ATGL): 15%
4. Mahanagar Gas Ltd (MGL): 13%
5. Gujarat Gas Ltd (GUJGASLTD): 11%

### Margin change — fastest expanders
1. Petronet LNG Ltd (PETRONET): +8.0 pp
2. Gujarat State Petronet Ltd (GSPL): +3.0 pp — older report
3. Gujarat Gas Ltd (GUJGASLTD): 0.0 pp
4. Indraprastha Gas Ltd (IGL): −2.0 pp
5. Adani Total Gas Ltd (ATGL): −6.0 pp

### 20-quarter OPM history
- GAIL: Sep 2021 17% | Dec 2021 18% | Mar 2022 16% | Jun 2022 12% | Sep 2022 4.9% | Dec 2022 1.0% | Mar 2023 2.0% | Jun 2023 8.0% | Sep 2023 11% | Dec 2023 12% | Mar 2024 12% | Jun 2024 14% | Sep 2024 12% | Dec 2024 9.0% | Mar 2025 10% | Jun 2025 10% | Sep 2025 10% | Dec 2025 8.0% | Mar 2026 4.0% | Jun 2026 —
- ATGL: Sep 2021 36% | Dec 2021 23% | Mar 2022 13% | Jun 2022 21% | Sep 2022 20% | Dec 2022 21% | Mar 2023 17% | Jun 2023 23% | Sep 2023 26% | Dec 2023 25% | Mar 2024 25% | Jun 2024 26% | Sep 2024 25% | Dec 2024 20% | Mar 2025 20% | Jun 2025 21% | Sep 2025 20% | Dec 2025 20% | Mar 2026 19% | Jun 2026 15%
- PETRONET: Sep 2021 12% | Dec 2021 14% | Mar 2022 10% | Jun 2022 7.5% | Sep 2022 7.3% | Dec 2022 11% | Mar 2023 7.0% | Jun 2023 10% | Sep 2023 10% | Dec 2023 12% | Mar 2024 8.0% | Jun 2024 12% | Sep 2024 9.0% | Dec 2024 10% | Mar 2025 12% | Jun 2025 10% | Sep 2025 10% | Dec 2025 11% | Mar 2026 20% | Jun 2026 —
- GUJGASLTD: Sep 2021 12% | Dec 2021 4.6% | Mar 2022 15% | Jun 2022 12% | Sep 2022 16% | Dec 2022 16% | Mar 2023 14% | Jun 2023 10% | Sep 2023 13% | Dec 2023 10% | Mar 2024 14% | Jun 2024 12% | Sep 2024 14% | Dec 2024 9.0% | Mar 2025 11% | Jun 2025 13% | Sep 2025 12% | Dec 2025 12% | Mar 2026 11% | Jun 2026 —
- IGL: Sep 2021 29% | Dec 2021 21% | Mar 2022 21% | Jun 2022 19% | Sep 2022 15% | Dec 2022 12% | Mar 2023 13% | Jun 2023 19% | Sep 2023 19% | Dec 2023 16% | Mar 2024 14% | Jun 2024 16% | Sep 2024 14% | Dec 2024 10% | Mar 2025 12% | Jun 2025 13% | Sep 2025 11% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- GSPL: Sep 2021 20% | Dec 2021 11% | Mar 2022 20% | Jun 2022 18% | Sep 2022 23% | Dec 2022 21% | Mar 2023 20% | Jun 2023 17% | Sep 2023 21% | Dec 2023 18% | Mar 2024 21% | Jun 2024 17% | Sep 2024 17% | Dec 2024 13% | Mar 2025 13% | Jun 2025 17% | Sep 2025 15% | Dec 2025 16% | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 36% | Dec 2021 10% | Mar 2022 20% | Jun 2022 20% | Sep 2022 16% | Dec 2022 15% | Mar 2023 24% | Jun 2023 34% | Sep 2023 30% | Dec 2023 29% | Mar 2024 24% | Jun 2024 26% | Sep 2024 23% | Dec 2024 18% | Mar 2025 20% | Jun 2025 24% | Sep 2025 16% | Dec 2025 17% | Mar 2026 13% | Jun 2026 —

### 20-quarter Margin change history
- GAIL: Sep 2021 +6.3 pp | Dec 2021 +3.4 pp | Mar 2022 −2.7 pp | Jun 2022 −3.0 pp | Sep 2022 −11.7 pp | Dec 2022 −16.7 pp | Mar 2023 −13.6 pp | Jun 2023 −4.0 pp | Sep 2023 +6.1 pp | Dec 2023 +11.0 pp | Mar 2024 +10.0 pp | Jun 2024 +6.0 pp | Sep 2024 +1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −4.0 pp | Sep 2025 −2.0 pp | Dec 2025 −1.0 pp | Mar 2026 −6.0 pp | Jun 2026 —
- ATGL: Sep 2021 −14.4 pp | Dec 2021 −19.9 pp | Mar 2022 −22.1 pp | Jun 2022 −20.9 pp | Sep 2022 −15.4 pp | Dec 2022 −2.0 pp | Mar 2023 +4.0 pp | Jun 2023 +2.0 pp | Sep 2023 +5.7 pp | Dec 2023 +4.0 pp | Mar 2024 +8.0 pp | Jun 2024 +3.0 pp | Sep 2024 −1.0 pp | Dec 2024 −5.0 pp | Mar 2025 −5.0 pp | Jun 2025 −5.0 pp | Sep 2025 −5.0 pp | Dec 2025 0.0 pp | Mar 2026 −1.0 pp | Jun 2026 −6.0 pp
- PETRONET: Sep 2021 −9.9 pp | Dec 2021 −4.5 pp | Mar 2022 −3.9 pp | Jun 2022 −4.8 pp | Sep 2022 −4.7 pp | Dec 2022 −2.8 pp | Mar 2023 −3.5 pp | Jun 2023 +2.5 pp | Sep 2023 +2.7 pp | Dec 2023 +1.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 −1.0 pp | Dec 2024 −2.0 pp | Mar 2025 +4.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 +1.0 pp | Mar 2026 +8.0 pp | Jun 2026 —
- GUJGASLTD: Sep 2021 −17.6 pp | Dec 2021 −17.1 pp | Mar 2022 −1.2 pp | Jun 2022 −12.3 pp | Sep 2022 +4.6 pp | Dec 2022 +11.4 pp | Mar 2023 −0.9 pp | Jun 2023 −1.7 pp | Sep 2023 −3.2 pp | Dec 2023 −6.0 pp | Mar 2024 0.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −1.0 pp | Mar 2025 −3.0 pp | Jun 2025 +1.0 pp | Sep 2025 −2.0 pp | Dec 2025 +3.0 pp | Mar 2026 0.0 pp | Jun 2026 —
- IGL: Sep 2021 −2.2 pp | Dec 2021 −13.4 pp | Mar 2022 −10.9 pp | Jun 2022 −11.0 pp | Sep 2022 −14.1 pp | Dec 2022 −9.2 pp | Mar 2023 −7.8 pp | Jun 2023 −0.3 pp | Sep 2023 +4.2 pp | Dec 2023 +4.0 pp | Mar 2024 +1.0 pp | Jun 2024 −3.0 pp | Sep 2024 −5.0 pp | Dec 2024 −6.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −3.0 pp | Dec 2025 +2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- GSPL: Sep 2021 −17.8 pp | Dec 2021 −20.4 pp | Mar 2022 −4.1 pp | Jun 2022 −14.6 pp | Sep 2022 +3.1 pp | Dec 2022 +10.4 pp | Mar 2023 +0.2 pp | Jun 2023 −0.6 pp | Sep 2023 −1.8 pp | Dec 2023 −3.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 −4.0 pp | Dec 2024 −5.0 pp | Mar 2025 −8.0 pp | Jun 2025 0.0 pp | Sep 2025 −2.0 pp | Dec 2025 +3.0 pp | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 −7.3 pp | Dec 2021 −37.5 pp | Mar 2022 −24.2 pp | Jun 2022 −29.8 pp | Sep 2022 −20.2 pp | Dec 2022 +5.0 pp | Mar 2023 +4.2 pp | Jun 2023 +14.4 pp | Sep 2023 +13.8 pp | Dec 2023 +14.0 pp | Mar 2024 0.0 pp | Jun 2024 −8.0 pp | Sep 2024 −7.0 pp | Dec 2024 −11.0 pp | Mar 2025 −4.0 pp | Jun 2025 −2.0 pp | Sep 2025 −7.0 pp | Dec 2025 −1.0 pp | Mar 2026 −7.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: GAIL (India) Ltd · ₹7,581 crore | 93.7% versus #2 · Petronet LNG Ltd | 4/8 recent comparable periods | 7/7 companies · 128 observations

Definition: 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 profit — largest
1. GAIL (India) Ltd (GAIL): ₹7.6K Cr
2. Petronet LNG Ltd (PETRONET): ₹3.9K Cr
3. Gujarat State Petronet Ltd (GSPL): ₹1.6K Cr — older report
4. Indraprastha Gas Ltd (IGL): ₹1.5K Cr
5. Gujarat Gas Ltd (GUJGASLTD): ₹1.0K Cr

### Profit growth — fastest growers
1. Petronet LNG Ltd (PETRONET): -1.5%
2. Adani Total Gas Ltd (ATGL): -2.5%
3. Indraprastha Gas Ltd (IGL): -9.8%
4. Gujarat Gas Ltd (GUJGASLTD): -11%
5. Gujarat State Petronet Ltd (GSPL): -19% — older report

### 20-quarter Net profit history
- GAIL: Sep 2021 ₹2.9K Cr | Dec 2021 ₹3.8K Cr | Mar 2022 ₹3.5K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹398 Cr | Mar 2023 ₹643 Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹3.2K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹1.7K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ATGL: Sep 2021 ₹158 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹160 Cr | Dec 2022 ₹150 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹173 Cr | Dec 2023 ₹177 Cr | Mar 2024 ₹168 Cr | Jun 2024 ₹172 Cr | Sep 2024 ₹186 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹165 Cr | Sep 2025 ₹163 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹168 Cr | Jun 2026 ₹142 Cr
- PETRONET: Sep 2021 ₹818 Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹791 Cr | Jun 2022 ₹725 Cr | Sep 2022 ₹786 Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹619 Cr | Jun 2023 ₹819 Cr | Sep 2023 ₹856 Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹764 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹871 Cr | Dec 2024 ₹902 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹842 Cr | Sep 2025 ₹830 Cr | Dec 2025 ₹870 Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- GUJGASLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹372 Cr | Mar 2023 ₹370 Cr | Jun 2023 ₹216 Cr | Sep 2023 ₹296 Cr | Dec 2023 ₹221 Cr | Mar 2024 ₹410 Cr | Jun 2024 ₹331 Cr | Sep 2024 ₹309 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹288 Cr | Jun 2025 ₹328 Cr | Sep 2025 ₹280 Cr | Dec 2025 ₹267 Cr | Mar 2026 ₹152 Cr | Jun 2026 —
- IGL: Sep 2021 ₹419 Cr | Dec 2021 ₹375 Cr | Mar 2022 ₹431 Cr | Jun 2022 ₹481 Cr | Sep 2022 ₹427 Cr | Dec 2022 ₹334 Cr | Mar 2023 ₹398 Cr | Jun 2023 ₹522 Cr | Sep 2023 ₹553 Cr | Dec 2023 ₹475 Cr | Mar 2024 ₹433 Cr | Jun 2024 ₹480 Cr | Sep 2024 ₹454 Cr | Dec 2024 ₹325 Cr | Mar 2025 ₹453 Cr | Jun 2025 ₹428 Cr | Sep 2025 ₹385 Cr | Dec 2025 ₹392 Cr | Mar 2026 ₹339 Cr | Jun 2026 —
- GSPL: Sep 2021 ₹513 Cr | Dec 2021 ₹351 Cr | Mar 2022 ₹639 Cr | Jun 2022 ₹648 Cr | Sep 2022 ₹621 Cr | Dec 2022 ₹530 Cr | Mar 2023 ₹543 Cr | Jun 2023 ₹434 Cr | Sep 2023 ₹590 Cr | Dec 2023 ₹496 Cr | Mar 2024 ₹663 Cr | Jun 2024 ₹527 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹335 Cr | Mar 2025 ₹352 Cr | Jun 2025 ₹465 Cr | Sep 2025 ₹389 Cr | Dec 2025 ₹379 Cr | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 ₹204 Cr | Dec 2021 ₹57 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹185 Cr | Sep 2022 ₹164 Cr | Dec 2022 ₹172 Cr | Mar 2023 ₹269 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹338 Cr | Dec 2023 ₹317 Cr | Mar 2024 ₹261 Cr | Jun 2024 ₹289 Cr | Sep 2024 ₹287 Cr | Dec 2024 ₹221 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹319 Cr | Sep 2025 ₹191 Cr | Dec 2025 ₹201 Cr | Mar 2026 ₹130 Cr | Jun 2026 —

### 20-quarter Profit growth history
- GAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 -54% | Dec 2022 -89% | Mar 2023 -81% | Jun 2023 -45% | Sep 2023 86% | Dec 2023 702% | Mar 2024 285% | Jun 2024 78% | Sep 2024 10% | Dec 2024 28% | Mar 2025 1.3% | Jun 2025 -25% | Sep 2025 -26% | Dec 2025 -58% | Mar 2026 -41% | Jun 2026 —
- ATGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.3% | Dec 2022 17% | Mar 2023 21% | Jun 2023 8.7% | Sep 2023 8.1% | Dec 2023 18% | Mar 2024 71% | Jun 2024 15% | Sep 2024 7.5% | Dec 2024 -20% | Mar 2025 -7.7% | Jun 2025 -4.1% | Sep 2025 -12% | Dec 2025 12% | Mar 2026 8.4% | Jun 2026 -14%
- PETRONET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.2% | Sep 2022 -3.9% | Dec 2022 3.2% | Mar 2023 -22% | Jun 2023 13% | Sep 2023 8.9% | Dec 2023 1.4% | Mar 2024 23% | Jun 2024 35% | Sep 2024 1.8% | Dec 2024 -26% | Mar 2025 43% | Jun 2025 -24% | Sep 2025 -4.7% | Dec 2025 -3.6% | Mar 2026 25% | Jun 2026 —
- GUJGASLTD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -41% | Mar 2024 11% | Jun 2024 53% | Sep 2024 4.4% | Dec 2024 0.0% | Mar 2025 -30% | Jun 2025 -0.9% | Sep 2025 -9.4% | Dec 2025 21% | Mar 2026 -47% | Jun 2026 —
- IGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 73% | Sep 2022 1.9% | Dec 2022 -11% | Mar 2023 -7.7% | Jun 2023 8.5% | Sep 2023 30% | Dec 2023 42% | Mar 2024 8.8% | Jun 2024 -8.1% | Sep 2024 -18% | Dec 2024 -32% | Mar 2025 4.6% | Jun 2025 -11% | Sep 2025 -15% | Dec 2025 21% | Mar 2026 -25% | Jun 2026 —
- GSPL: Sep 2021 — | Dec 2021 — | Mar 2022 11% | Jun 2022 -11% | Sep 2022 21% | Dec 2022 51% | Mar 2023 -15% | Jun 2023 -33% | Sep 2023 -5.0% | Dec 2023 -6.4% | Mar 2024 22% | Jun 2024 21% | Sep 2024 -28% | Dec 2024 -32% | Mar 2025 -47% | Jun 2025 -12% | Sep 2025 -8.0% | Dec 2025 13% | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.3% | Sep 2022 -20% | Dec 2022 202% | Mar 2023 104% | Jun 2023 99% | Sep 2023 106% | Dec 2023 84% | Mar 2024 -3.0% | Jun 2024 -21% | Sep 2024 -15% | Dec 2024 -30% | Mar 2025 -5.4% | Jun 2025 10% | Sep 2025 -33% | Dec 2025 -9.1% | Mar 2026 -47% | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/7 companies · 0 observations

Definition: 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.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: Indraprastha Gas Ltd · ₹98 crore | 30% versus #2 · Gujarat State Petronet Ltd | 8/8 recent comparable periods | 7/7 companies · 118 observations

Definition: 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 debt — lowest gross debt
1. Indraprastha Gas Ltd (IGL): ₹98 Cr
2. Gujarat State Petronet Ltd (GSPL): ₹140 Cr — older report
3. Mahanagar Gas Ltd (MGL): ₹223 Cr
4. Petronet LNG Ltd (PETRONET): ₹2.3K Cr
5. Adani Total Gas Ltd (ATGL): ₹2.9K Cr

### Net debt — lowest net debt
1. Petronet LNG Ltd (PETRONET): ₹-7.8K Cr
2. Gujarat State Petronet Ltd (GSPL): ₹-4.7K Cr — older report
3. Indraprastha Gas Ltd (IGL): ₹-4.2K Cr
4. Mahanagar Gas Ltd (MGL): ₹-927 Cr
5. Adani Total Gas Ltd (ATGL): ₹2.6K Cr

### 20-quarter Gross debt history
- GAIL: Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹9.2K Cr | Jun 2022 ₹9.2K Cr | Sep 2022 ₹14.3K Cr | Dec 2022 ₹14.3K Cr | Mar 2023 ₹17.8K Cr | Jun 2023 ₹17.8K Cr | Sep 2023 ₹18.0K Cr | Dec 2023 ₹18.0K Cr | Mar 2024 ₹21.8K Cr | Jun 2024 ₹21.8K Cr | Sep 2024 ₹19.6K Cr | Dec 2024 ₹19.6K Cr | Mar 2025 ₹21.6K Cr | Jun 2025 ₹21.6K Cr | Sep 2025 ₹22.4K Cr | Dec 2025 ₹22.4K Cr | Mar 2026 ₹24.8K Cr | Jun 2026 —
- ATGL: Sep 2021 ₹674 Cr | Dec 2021 ₹674 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹1.0K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.8K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 ₹2.9K Cr
- PETRONET: Sep 2021 ₹3.5K Cr | Dec 2021 ₹3.5K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹3.4K Cr | Sep 2022 ₹3.5K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.5K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- GUJGASLTD: Sep 2021 — | Dec 2021 — | Mar 2022 ₹629 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹152 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹150 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹150 Cr | Jun 2025 — | Sep 2025 ₹151 Cr | Dec 2025 — | Mar 2026 ₹3.2K Cr | Jun 2026 —
- IGL: Sep 2021 ₹97 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹108 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹99 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹84 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹93 Cr | Sep 2025 ₹102 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹98 Cr | Jun 2026 —
- GSPL: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹713 Cr | Jun 2022 ₹713 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹149 Cr | Jun 2023 ₹149 Cr | Sep 2023 ₹145 Cr | Dec 2023 ₹145 Cr | Mar 2024 ₹140 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹136 Cr | Mar 2025 ₹138 Cr | Jun 2025 ₹138 Cr | Sep 2025 ₹140 Cr | Dec 2025 ₹140 Cr | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 ₹74 Cr | Dec 2021 ₹74 Cr | Mar 2022 ₹103 Cr | Jun 2022 ₹103 Cr | Sep 2022 ₹117 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹115 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹141 Cr | Jun 2024 ₹141 Cr | Sep 2024 ₹154 Cr | Dec 2024 ₹154 Cr | Mar 2025 ₹201 Cr | Jun 2025 ₹201 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹221 Cr | Mar 2026 ₹223 Cr | Jun 2026 —

### 20-quarter Net debt history
- GAIL: Sep 2021 ₹5.6K Cr | Dec 2021 ₹5.6K Cr | Mar 2022 ₹6.7K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹12.7K Cr | Dec 2022 ₹12.7K Cr | Mar 2023 ₹17.0K Cr | Jun 2023 ₹17.0K Cr | Sep 2023 ₹15.4K Cr | Dec 2023 ₹15.4K Cr | Mar 2024 ₹20.3K Cr | Jun 2024 ₹20.1K Cr | Sep 2024 ₹16.4K Cr | Dec 2024 ₹16.4K Cr | Mar 2025 ₹19.1K Cr | Jun 2025 ₹18.9K Cr | Sep 2025 ₹20.7K Cr | Dec 2025 ₹20.7K Cr | Mar 2026 ₹22.7K Cr | Jun 2026 —
- ATGL: Sep 2021 ₹644 Cr | Dec 2021 — | Mar 2022 ₹1.0K Cr | Jun 2022 — | Sep 2022 ₹805 Cr | Dec 2022 — | Mar 2023 ₹1.4K Cr | Jun 2023 — | Sep 2023 ₹1.0K Cr | Dec 2023 — | Mar 2024 ₹1.4K Cr | Jun 2024 — | Sep 2024 ₹1.2K Cr | Dec 2024 — | Mar 2025 ₹1.6K Cr | Jun 2025 — | Sep 2025 ₹1.5K Cr | Dec 2025 — | Mar 2026 ₹2.6K Cr | Jun 2026 —
- PETRONET: Sep 2021 ₹-260 Cr | Dec 2021 — | Mar 2022 ₹2.4K Cr | Jun 2022 — | Sep 2022 ₹-3.8K Cr | Dec 2022 — | Mar 2023 ₹3.3K Cr | Jun 2023 — | Sep 2023 ₹-4.7K Cr | Dec 2023 — | Mar 2024 ₹1.3K Cr | Jun 2024 — | Sep 2024 ₹-7.1K Cr | Dec 2024 — | Mar 2025 ₹1.9K Cr | Jun 2025 — | Sep 2025 ₹-8.9K Cr | Dec 2025 — | Mar 2026 ₹-7.8K Cr | Jun 2026 —
- IGL: Sep 2021 ₹-2.8K Cr | Dec 2021 ₹-2.8K Cr | Mar 2022 ₹-3.0K Cr | Jun 2022 ₹-3.0K Cr | Sep 2022 ₹-3.5K Cr | Dec 2022 ₹-3.5K Cr | Mar 2023 ₹-1.7K Cr | Jun 2023 ₹-3.0K Cr | Sep 2023 ₹-2.7K Cr | Dec 2023 ₹-2.7K Cr | Mar 2024 ₹-2.9K Cr | Jun 2024 ₹-3.0K Cr | Sep 2024 ₹-3.1K Cr | Dec 2024 ₹-3.1K Cr | Mar 2025 ₹-3.5K Cr | Jun 2025 ₹-3.5K Cr | Sep 2025 ₹-4.3K Cr | Dec 2025 ₹-4.3K Cr | Mar 2026 ₹-4.2K Cr | Jun 2026 —
- GSPL: Sep 2021 ₹392 Cr | Dec 2021 ₹392 Cr | Mar 2022 ₹615 Cr | Jun 2022 ₹578 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹-1.2K Cr | Sep 2023 ₹-1.3K Cr | Dec 2023 ₹-1.3K Cr | Mar 2024 ₹-2.2K Cr | Jun 2024 ₹-2.2K Cr | Sep 2024 ₹-3.6K Cr | Dec 2024 ₹-3.6K Cr | Mar 2025 ₹-3.5K Cr | Jun 2025 ₹-3.8K Cr | Sep 2025 ₹-4.7K Cr | Dec 2025 ₹-4.7K Cr | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 ₹-1.7K Cr | Dec 2021 ₹-1.7K Cr | Mar 2022 ₹-1.4K Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹-1.3K Cr | Dec 2022 ₹-1.3K Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.4K Cr | Sep 2023 ₹-2.0K Cr | Dec 2023 ₹-2.0K Cr | Mar 2024 ₹-1.3K Cr | Jun 2024 ₹-1.3K Cr | Sep 2024 ₹-1.5K Cr | Dec 2024 ₹-1.5K Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.2K Cr | Sep 2025 ₹-1.1K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-927 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Petronet LNG Ltd · 22.7% | 22.7% versus #2 · Gujarat Gas Ltd | 0/8 recent comparable periods | 7/7 companies · 89 observations

Definition: 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.

### ROCE — highest
1. Petronet LNG Ltd (PETRONET): 23%
2. Gujarat Gas Ltd (GUJGASLTD): 19%
3. Mahanagar Gas Ltd (MGL): 18%
4. Indraprastha Gas Ltd (IGL): 18%
5. Adani Total Gas Ltd (ATGL): 15%

### ROCE change — fastest improvers
1. Petronet LNG Ltd (PETRONET): −1.5 pp
2. Gujarat Gas Ltd (GUJGASLTD): −2.0 pp
3. Indraprastha Gas Ltd (IGL): −2.4 pp
4. Adani Total Gas Ltd (ATGL): −3.0 pp
5. GAIL (India) Ltd (GAIL): −4.1 pp

### 20-quarter ROCE history
- GAIL: Sep 2021 12% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 5.9% | Jun 2023 — | Sep 2023 4.9% | Dec 2023 12% | Mar 2024 11% | Jun 2024 16% | Sep 2024 12% | Dec 2024 16% | Mar 2025 11% | Jun 2025 15% | Sep 2025 9.0% | Dec 2025 11% | Mar 2026 6.5% | Jun 2026 —
- ATGL: Sep 2021 30% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 22% | Dec 2023 26% | Mar 2024 20% | Jun 2024 25% | Sep 2024 19% | Dec 2024 22% | Mar 2025 15% | Jun 2025 18% | Sep 2025 14% | Dec 2025 16% | Mar 2026 13% | Jun 2026 15%
- PETRONET: Sep 2021 23% | Dec 2021 — | Mar 2022 25% | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 22% | Dec 2023 25% | Mar 2024 21% | Jun 2024 27% | Sep 2024 22% | Dec 2024 23% | Mar 2025 21% | Jun 2025 23% | Sep 2025 18% | Dec 2025 22% | Mar 2026 19% | Jun 2026 —
- IGL: Sep 2021 22% | Dec 2021 — | Mar 2022 20% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 20% | Jun 2023 — | Sep 2023 19% | Dec 2023 28% | Mar 2024 19% | Jun 2024 27% | Sep 2024 16% | Dec 2024 21% | Mar 2025 13% | Jun 2025 20% | Sep 2025 11% | Dec 2025 18% | Mar 2026 11% | Jun 2026 —
- GSPL: Sep 2021 28% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 18% | Dec 2023 20% | Mar 2024 17% | Jun 2024 20% | Sep 2024 16% | Dec 2024 17% | Mar 2025 12% | Jun 2025 13% | Sep 2025 10% | Dec 2025 13% | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 28% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 16% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 28% | Dec 2023 38% | Mar 2024 28% | Jun 2024 33% | Sep 2024 23% | Dec 2024 25% | Mar 2025 19% | Jun 2025 24% | Sep 2025 17% | Dec 2025 20% | Mar 2026 15% | Jun 2026 —

### 20-quarter ROCE change history
- GAIL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.8 pp | Dec 2022 — | Mar 2023 −9.9 pp | Jun 2023 — | Sep 2023 −10.2 pp | Dec 2023 — | Mar 2024 +4.8 pp | Jun 2024 — | Sep 2024 +7.0 pp | Dec 2024 +4.3 pp | Mar 2025 −0.1 pp | Jun 2025 −1.3 pp | Sep 2025 −2.9 pp | Dec 2025 −5.6 pp | Mar 2026 −4.1 pp | Jun 2026 —
- ATGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.9 pp | Dec 2022 — | Mar 2023 −1.5 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 −2.1 pp | Jun 2024 — | Sep 2024 −3.7 pp | Dec 2024 −3.9 pp | Mar 2025 −4.6 pp | Jun 2025 −7.6 pp | Sep 2025 −5.0 pp | Dec 2025 −6.0 pp | Mar 2026 −2.2 pp | Jun 2026 −3.0 pp
- PETRONET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 −2.7 pp | Jun 2023 — | Sep 2023 −1.4 pp | Dec 2023 — | Mar 2024 −1.0 pp | Jun 2024 — | Sep 2024 −0.1 pp | Dec 2024 −1.2 pp | Mar 2025 −0.3 pp | Jun 2025 −3.7 pp | Sep 2025 −3.2 pp | Dec 2025 −1.8 pp | Mar 2026 −1.5 pp | Jun 2026 —
- IGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.4 pp | Dec 2022 — | Mar 2023 +0.2 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 −0.5 pp | Jun 2024 — | Sep 2024 −3.4 pp | Dec 2024 −6.3 pp | Mar 2025 −6.0 pp | Jun 2025 −7.1 pp | Sep 2025 −4.5 pp | Dec 2025 −2.9 pp | Mar 2026 −2.4 pp | Jun 2026 —
- GSPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −2.2 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −4.2 pp | Jun 2024 — | Sep 2024 −2.5 pp | Dec 2024 −3.3 pp | Mar 2025 −5.5 pp | Jun 2025 −7.3 pp | Sep 2025 −5.7 pp | Dec 2025 −4.3 pp | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −12.3 pp | Dec 2022 — | Mar 2023 +2.5 pp | Jun 2023 — | Sep 2023 +11.9 pp | Dec 2023 — | Mar 2024 +6.9 pp | Jun 2024 — | Sep 2024 −5.2 pp | Dec 2024 −13.0 pp | Mar 2025 −9.2 pp | Jun 2025 −8.7 pp | Sep 2025 −5.3 pp | Dec 2025 −4.7 pp | Mar 2026 −4.3 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Mahanagar Gas Ltd · 0.3× | 76.2% versus #2 · Indraprastha Gas Ltd | 0/8 recent comparable periods | 6/7 companies · 45 observations

Definition: 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 PEG — lowest PEG
1. Mahanagar Gas Ltd (MGL): 0.3
2. Indraprastha Gas Ltd (IGL): 1.3
3. Gujarat State Petronet Ltd (GSPL): 1.3 — older report
4. Petronet LNG Ltd (PETRONET): 1.3
5. GAIL (India) Ltd (GAIL): 1.8

### P/E — lowest P/E
1. Petronet LNG Ltd (PETRONET): 10.5
2. Mahanagar Gas Ltd (MGL): 12.6
3. Indraprastha Gas Ltd (IGL): 13.5
4. Gujarat State Petronet Ltd (GSPL): 14.4 — older report
5. GAIL (India) Ltd (GAIL): 14.7

### 20-quarter Guarded PEG history
- GAIL: Sep 2021 — | Dec 2021 — | Mar 2022 0.2 | Jun 2022 0.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.4 | Jun 2025 1.8 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ATGL: Sep 2021 5.8 | Dec 2021 7.6 | Mar 2022 13.8 | Jun 2022 64.5 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 17.9 | Sep 2023 11.3 | Dec 2023 15.1 | Mar 2024 13.5 | Jun 2024 6.7 | Sep 2024 5.3 | Dec 2024 4.6 | Mar 2025 8.4 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- PETRONET: Sep 2021 0.8 | Dec 2021 0.5 | Mar 2022 0.4 | Jun 2022 0.5 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.5 | Jun 2024 1.4 | Sep 2024 0.9 | Dec 2024 1.0 | Mar 2025 — | Jun 2025 1.3 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- IGL: Sep 2021 0.7 | Dec 2021 0.5 | Mar 2022 0.5 | Jun 2022 — | Sep 2022 0.8 | Dec 2022 0.9 | Mar 2023 1.1 | Jun 2023 2.4 | Sep 2023 — | Dec 2023 3.0 | Mar 2024 1.7 | Jun 2024 — | Sep 2024 1.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GSPL: Sep 2021 0.6 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.4 | Mar 2023 1.5 | Jun 2023 — | Sep 2023 — | Dec 2023 1.1 | Mar 2024 — | Jun 2024 — | Sep 2024 1.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 0.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.3 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- GAIL: Sep 2021 8.9 | Dec 2021 6.1 | Mar 2022 5.8 | Jun 2022 4.8 | Sep 2022 4.3 | Dec 2022 5.4 | Mar 2023 8.2 | Jun 2023 12.3 | Sep 2023 19.7 | Dec 2023 20.2 | Mar 2024 14.8 | Jun 2024 14.6 | Sep 2024 13.8 | Dec 2024 11.0 | Mar 2025 11.4 | Jun 2025 11.9 | Sep 2025 11.6 | Dec 2025 12.5 | Mar 2026 10.5 | Jun 2026 —
- ATGL: Sep 2021 267.2 | Dec 2021 318.9 | Mar 2022 392.9 | Jun 2022 494.9 | Sep 2022 727.6 | Dec 2022 801.0 | Mar 2023 180.0 | Jun 2023 131.7 | Sep 2023 120.7 | Dec 2023 190.4 | Mar 2024 170.6 | Jun 2024 147.6 | Sep 2024 125.0 | Dec 2024 106.5 | Mar 2025 99.3 | Jun 2025 114.5 | Sep 2025 110.2 | Dec 2025 100.1 | Mar 2026 90.6 | Jun 2026 121.4
- PETRONET: Sep 2021 11.4 | Dec 2021 10.8 | Mar 2022 8.9 | Jun 2022 9.0 | Sep 2022 8.6 | Dec 2022 9.3 | Mar 2023 9.8 | Jun 2023 10.1 | Sep 2023 10.5 | Dec 2023 9.6 | Mar 2024 11.3 | Jun 2024 13.6 | Sep 2024 12.9 | Dec 2024 12.9 | Mar 2025 12.1 | Jun 2025 11.4 | Sep 2025 10.8 | Dec 2025 11.5 | Mar 2026 10.2 | Jun 2026 —
- GUJGASLTD: Sep 2021 25.3 | Dec 2021 29.9 | Mar 2022 28.4 | Jun 2022 22.3 | Sep 2022 28.8 | Dec 2022 24.6 | Mar 2023 19.6 | Jun 2023 20.9 | Sep 2023 21.4 | Dec 2023 25.3 | Mar 2024 34.0 | Jun 2024 39.2 | Sep 2024 34.5 | Dec 2024 28.1 | Mar 2025 23.1 | Jun 2025 28.2 | Sep 2025 25.5 | Dec 2025 24.3 | Mar 2026 18.8 | Jun 2026 —
- IGL: Sep 2021 26.2 | Dec 2021 22.7 | Mar 2022 17.8 | Jun 2022 17.2 | Sep 2022 16.3 | Dec 2022 16.9 | Mar 2023 17.9 | Jun 2023 20.2 | Sep 2023 18.9 | Dec 2023 16.2 | Mar 2024 15.5 | Jun 2024 17.8 | Sep 2024 19.8 | Dec 2024 14.8 | Mar 2025 16.8 | Jun 2025 17.4 | Sep 2025 17.0 | Dec 2025 17.0 | Mar 2026 12.5 | Jun 2026 —
- GSPL: Sep 2021 9.5 | Dec 2021 9.3 | Mar 2022 9.2 | Jun 2022 7.4 | Sep 2022 8.1 | Dec 2022 9.0 | Mar 2023 8.7 | Jun 2023 9.8 | Sep 2023 10.6 | Dec 2023 11.3 | Mar 2024 12.9 | Jun 2024 10.3 | Sep 2024 14.1 | Dec 2024 13.5 | Mar 2025 12.3 | Jun 2025 16.8 | Sep 2025 16.7 | Dec 2025 16.3 | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 12.8 | Dec 2021 12.6 | Mar 2022 12.9 | Jun 2022 13.0 | Sep 2022 15.3 | Dec 2022 12.7 | Mar 2023 12.3 | Jun 2023 13.1 | Sep 2023 12.9 | Dec 2023 10.3 | Mar 2024 10.4 | Jun 2024 12.3 | Sep 2024 16.0 | Dec 2024 10.6 | Mar 2025 13.0 | Jun 2025 14.3 | Sep 2025 11.4 | Dec 2025 11.5 | Mar 2026 9.7 | Jun 2026 —

## Enterprise Value & Book Value

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

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.

Evidence: Petronet LNG Ltd · 4.8× | 4% versus #2 · Gujarat State Petronet Ltd | 0/8 recent comparable periods | 7/7 companies · 133 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. Petronet LNG Ltd (PETRONET): 4.8
2. Gujarat State Petronet Ltd (GSPL): 5.0 — older report
3. Mahanagar Gas Ltd (MGL): 5.4
4. GAIL (India) Ltd (GAIL): 6.9
5. Indraprastha Gas Ltd (IGL): 6.9

### P/BV — lowest P/BV
1. GAIL (India) Ltd (GAIL): 1.3
2. Gujarat State Petronet Ltd (GSPL): 1.3 — older report
3. Gujarat Gas Ltd (GUJGASLTD): 1.3
4. Mahanagar Gas Ltd (MGL): 1.7
5. Indraprastha Gas Ltd (IGL): 1.8

### 20-quarter EV/EBITDA history
- GAIL: Sep 2021 6.2 | Dec 2021 4.4 | Mar 2022 4.2 | Jun 2022 3.5 | Sep 2022 3.5 | Dec 2022 4.2 | Mar 2023 5.4 | Jun 2023 7.3 | Sep 2023 11.5 | Dec 2023 11.9 | Mar 2024 9.7 | Jun 2024 9.5 | Sep 2024 9.1 | Dec 2024 7.3 | Mar 2025 7.4 | Jun 2025 8.0 | Sep 2025 7.8 | Dec 2025 8.1 | Mar 2026 6.9 | Jun 2026 —
- ATGL: Sep 2021 176.2 | Dec 2021 209.4 | Mar 2022 252.6 | Jun 2022 310.1 | Sep 2022 444.9 | Dec 2022 485.7 | Mar 2023 111.3 | Jun 2023 79.1 | Sep 2023 71.8 | Dec 2023 110.6 | Mar 2024 97.4 | Jun 2024 85.5 | Sep 2024 72.0 | Dec 2024 61.3 | Mar 2025 56.0 | Jun 2025 64.8 | Sep 2025 61.6 | Dec 2025 55.1 | Mar 2026 49.4 | Jun 2026 64.8
- PETRONET: Sep 2021 6.6 | Dec 2021 6.3 | Mar 2022 5.3 | Jun 2022 5.4 | Sep 2022 4.6 | Dec 2022 5.0 | Mar 2023 5.9 | Jun 2023 5.9 | Sep 2023 6.0 | Dec 2023 5.0 | Mar 2024 6.1 | Jun 2024 8.1 | Sep 2024 7.4 | Dec 2024 7.0 | Mar 2025 6.3 | Jun 2025 6.5 | Sep 2025 5.7 | Dec 2025 5.7 | Mar 2026 4.8 | Jun 2026 —
- GUJGASLTD: Sep 2021 16.1 | Dec 2021 18.4 | Mar 2022 16.8 | Jun 2022 13.6 | Sep 2022 16.9 | Dec 2022 14.7 | Mar 2023 12.3 | Jun 2023 13.1 | Sep 2023 12.5 | Dec 2023 14.5 | Mar 2024 18.8 | Jun 2024 21.5 | Sep 2024 19.2 | Dec 2024 15.2 | Mar 2025 12.2 | Jun 2025 15.1 | Sep 2025 13.8 | Dec 2025 12.8 | Mar 2026 10.0 | Jun 2026 —
- IGL: Sep 2021 17.6 | Dec 2021 14.3 | Mar 2022 11.1 | Jun 2022 10.9 | Sep 2022 10.1 | Dec 2022 10.4 | Mar 2023 11.3 | Jun 2023 12.8 | Sep 2023 11.6 | Dec 2023 10.2 | Mar 2024 10.0 | Jun 2024 11.2 | Sep 2024 12.4 | Dec 2024 9.0 | Mar 2025 10.0 | Jun 2025 10.5 | Sep 2025 10.0 | Dec 2025 9.7 | Mar 2026 6.9 | Jun 2026 —
- GSPL: Sep 2021 4.6 | Dec 2021 4.3 | Mar 2022 4.3 | Jun 2022 3.8 | Sep 2022 3.5 | Dec 2022 3.9 | Mar 2023 4.0 | Jun 2023 4.4 | Sep 2023 4.2 | Dec 2023 4.6 | Mar 2024 5.5 | Jun 2024 4.3 | Sep 2024 6.0 | Dec 2024 5.0 | Mar 2025 4.1 | Jun 2025 5.8 | Sep 2025 5.3 | Dec 2025 5.0 | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 7.5 | Dec 2021 6.7 | Mar 2022 6.6 | Jun 2022 6.9 | Sep 2022 8.2 | Dec 2022 7.1 | Mar 2023 7.3 | Jun 2023 7.9 | Sep 2023 7.8 | Dec 2023 6.5 | Mar 2024 6.7 | Jun 2024 7.7 | Sep 2024 9.8 | Dec 2024 6.4 | Mar 2025 7.8 | Jun 2025 8.4 | Sep 2025 6.7 | Dec 2025 6.6 | Mar 2026 5.4 | Jun 2026 —

### 20-quarter P/BV history
- GAIL: Sep 2021 1.3 | Dec 2021 0.9 | Mar 2022 1.1 | Jun 2022 1.1 | Sep 2022 0.9 | Dec 2022 1.0 | Mar 2023 1.1 | Jun 2023 1.1 | Sep 2023 1.3 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 2.2 | Sep 2024 2.0 | Dec 2024 1.5 | Mar 2025 1.4 | Jun 2025 1.6 | Sep 2025 1.3 | Dec 2025 1.3 | Mar 2026 1.0 | Jun 2026 —
- ATGL: Sep 2021 79.8 | Dec 2021 85.8 | Mar 2022 102.4 | Jun 2022 130.3 | Sep 2022 136.7 | Dec 2022 151.2 | Mar 2023 39.5 | Jun 2023 24.5 | Sep 2023 22.9 | Dec 2023 33.6 | Mar 2024 31.5 | Jun 2024 27.5 | Sep 2024 24.1 | Dec 2024 19.1 | Mar 2025 16.9 | Jun 2025 17.8 | Sep 2025 17.0 | Dec 2025 13.9 | Mar 2026 12.9 | Jun 2026 16.3
- PETRONET: Sep 2021 3.0 | Dec 2021 2.5 | Mar 2022 2.3 | Jun 2022 2.6 | Sep 2022 2.1 | Dec 2022 2.2 | Mar 2023 2.5 | Jun 2023 2.4 | Sep 2023 2.4 | Dec 2023 2.0 | Mar 2024 2.4 | Jun 2024 3.2 | Sep 2024 2.9 | Dec 2024 2.7 | Mar 2025 2.3 | Jun 2025 2.6 | Sep 2025 2.0 | Dec 2025 2.0 | Mar 2026 1.8 | Jun 2026 —
- GUJGASLTD: Sep 2021 9.6 | Dec 2021 8.6 | Mar 2022 6.6 | Jun 2022 6.5 | Sep 2022 5.5 | Dec 2022 5.3 | Mar 2023 5.6 | Jun 2023 5.7 | Sep 2023 4.1 | Dec 2023 4.5 | Mar 2024 5.3 | Jun 2024 6.2 | Sep 2024 5.4 | Dec 2024 4.3 | Mar 2025 3.6 | Jun 2025 4.2 | Sep 2025 3.4 | Dec 2025 3.1 | Mar 2026 2.5 | Jun 2026 —
- IGL: Sep 2021 5.9 | Dec 2021 4.9 | Mar 2022 3.8 | Jun 2022 4.1 | Sep 2022 3.4 | Dec 2022 3.6 | Mar 2023 4.0 | Jun 2023 4.4 | Sep 2023 4.0 | Dec 2023 3.2 | Mar 2024 3.4 | Jun 2024 4.5 | Sep 2024 4.0 | Dec 2024 2.6 | Mar 2025 2.7 | Jun 2025 3.1 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 1.9 | Jun 2026 —
- GSPL: Sep 2021 2.8 | Dec 2021 2.3 | Mar 2022 2.1 | Jun 2022 1.9 | Sep 2022 1.5 | Dec 2022 1.7 | Mar 2023 1.9 | Jun 2023 2.0 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 2.0 | Jun 2024 1.8 | Sep 2024 2.2 | Dec 2024 1.8 | Mar 2025 1.5 | Jun 2025 1.7 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 — | Jun 2026 —
- MGL: Sep 2021 3.1 | Dec 2021 2.4 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 2.2 | Dec 2022 2.2 | Mar 2023 2.4 | Jun 2023 2.5 | Sep 2023 2.5 | Dec 2023 2.9 | Mar 2024 3.3 | Jun 2024 3.1 | Sep 2024 3.8 | Dec 2024 2.2 | Mar 2025 2.5 | Jun 2025 2.9 | Sep 2025 2.1 | Dec 2025 1.8 | Mar 2026 1.5 | Jun 2026 —

## Market action

Adani Total Gas Ltd has the strongest one-year price move in Gas Distribution at -0.1%. It also leads on Mansfield relative strength against NIFTY at +7.6%. 2 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Adani Total Gas Ltd (ATGL): -0.1%
2. GAIL (India) Ltd (GAIL): -8.2%
3. Petronet LNG Ltd (PETRONET): -9.6%
4. Gujarat Gas Ltd (GUJGASLTD): -25%
5. Mahanagar Gas Ltd (MGL): -29%

### Strongest relative strength versus NIFTY 500
1. Adani Total Gas Ltd (ATGL): 7.6%
2. GAIL (India) Ltd (GAIL): 1.7%
3. Petronet LNG Ltd (PETRONET): -0.4%
4. Mahanagar Gas Ltd (MGL): -6.6%
5. Gujarat Gas Ltd (GUJGASLTD): -13%

## What can make this comparison misleading?
- 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.

## Every company
- GAIL (India) Ltd (GAIL) — market value ₹1.1 L Cr; latest fundamentals Mar 2026
- Adani Total Gas Ltd (ATGL) — market value ₹71.8K Cr; latest fundamentals Jun 2026
- Petronet LNG Ltd (PETRONET) — market value ₹41.2K Cr; latest fundamentals Mar 2026
- Gujarat Gas Ltd (GUJGASLTD) — market value ₹33.1K Cr; latest fundamentals Mar 2026
- Indraprastha Gas Ltd (IGL) — market value ₹20.9K Cr; latest fundamentals Mar 2026
- Gujarat State Petronet Ltd (GSPL) — market value ₹15.1K Cr; latest fundamentals Dec 2025
- Mahanagar Gas Ltd (MGL) — market value ₹10.6K Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 6. Unverified: 1. Withheld: 0. Graded companies: 7.

Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld.

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

### Is the Gas Distribution sector beating the market?

Gas Distribution has underperformed NIFTY 500 by 14.9% over the last 52 weeks and 4.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 68.7 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 14 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. The sector itself is 14.9% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/gas-distribution