City Gas Distribution Stocks and Companies in India

The largest City Gas Distribution stocks in India by market value are GAIL (₹1.22 lakh crore), Adani Total Gas (₹63,283 crore) and Petronet LNG (₹47,688 crore), at prices of 6 Nov 2026.

• GAIL: ₹185.79 | market value ₹1.22 lakh crore | P/E 9.7
• Adani Total Gas: ₹575.40 | market value ₹63,283 crore | P/E 98.6
• Petronet LNG: ₹317 | market value ₹47,688 crore | P/E 10.3
• Gujarat Gas: ₹353 (price from the week of 28 Jun 2026) | market value ₹33,105 crore | P/E 18.6
• IGL: ₹141.97 | market value ₹19,876 crore | P/E 19.9
• GSPL: ₹268 (price from the week of 29 Mar 2026) | market value ₹15,141 crore | P/E 14.4
• MGL: ₹1,129.60 | market value ₹11,158 crore | P/E 15.6

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 6 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

All 7 listed Indian Gas Distribution companies are named here, largest first. This is the set of companies people mean when they search for a Nifty Gas Distribution index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one. Every figure is equal-weighted across those companies and carries its own as-of date.

1. GAIL (India) Ltd₹1.2 lakh cr
2. Adani Total Gas Ltd₹58,800 cr
3. Petronet LNG Ltd₹47,700 cr
4. Gujarat Gas Ltd₹33,100 cr
5. Indraprastha Gas Ltd₹19,500 cr
6. Gujarat State Petronet Ltd₹15,100 cr
7. Mahanagar Gas Ltd₹10,400 cr

7 City Gas Distribution companies in the Gas Distribution industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 7 are listed below, largest first. The largest is GAIL (India) (₹1.22 lakh crore) and the smallest with a market value is Mahanagar Gas.

Download all 7 City Gas Distribution companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 17% behind NIFTY 500. Earnings across its companies fell 6% on average over the last four reported quarters.

Price down, no fundamental support. 1 of 7 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high).

Ahead of NIFTY 500 on the three-month view for 3 weeks running; 2 of the 7 companies in the industry index above their 200-day average (no change from four weeks earlier); 1 of those 7 pass the momentum test (no change from four weeks earlier); earnings rising at 3 of the 7 that report earnings.

Ahead of NIFTY 500 for 3 weeks after being behind, with 1 → 1 of 7 participating. Earnings mixed, 3 of 7 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the 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 set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Gas Distribution has done worse than the NIFTY 500 by 9.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 0.4%. Petronet LNG Ltd is the strongest against the sector itself at +11.1%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 11.0 as of 30 October 2026 (consolidation, falling).

Gas Distribution has done worse than the NIFTY 500 by 9.6% over 52 weeks, but is 0.4% ahead over the last 13 weeks. 1 of 7 companies we track is beating the NIFTY on relative strength (how a share price has done against the index over recent months) (2 have no relative-strength reading yet), and 2 of the 3 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Petronet LNG Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 100% evidence confidence.

Indraprastha Gas Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (1 company)

Under 60% of the evidence behind this score is available, so it ranks after every company above, whatever the score.

Petronet LNG Ltd has the strongest one-year price move in Gas Distribution at +2.9%. It also leads on relative strength against the NIFTY, at +8.0%. 2 of 7 companies we track are ahead of the index on that measure (2 have no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Gas Distribution itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

2 of 9 Gas Distribution companies held a results call for July to September 2026. GAIL (India) guided: FY27 natural gas transmission 126-127 MMSCMD.

From the results calls for July to September 2026.

Big funds, foreign and Indian, kept their stake about the same over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹18,514 crore in the last 12 months, 7% more than a year before.
• Projects still being built shrank 8% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 7 Gas Distribution companies, in percentage points.

Ownership and spending as of 10 October 2026.

GAIL (India) Ltd has the highest Revenue among the 7 Gas Distribution companies compared here, at ₹1,59,087 crore. Petronet LNG Ltd is next at ₹33,366 crore. Adani Total Gas Ltd has the highest Revenue growth at 23.7%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: GAIL (India) Ltd is the largest at ₹1,59,087 crore, 376.8% ahead of Petronet LNG Ltd. Adani Total Gas Ltd's growth is 23.7% from a ₹6,762 crore base, with 20 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: GAIL (India) Ltd is the size to compare against; Adani Total Gas Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Petronet LNG Ltd has the highest OPM among the 7 Gas Distribution companies compared here, at 23%. Adani Total Gas Ltd is next at 17%. The same company also has the highest Margin change, at +13 percentage points. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Petronet LNG Ltd leads both opm at 23% and margin change at +13 percentage points.

What this means: Petronet LNG Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

GAIL (India) Ltd has the highest Net profit among the 7 Gas Distribution companies compared here, at ₹12,605 crore. Petronet LNG Ltd is next at ₹4,634 crore. Petronet LNG Ltd has the highest Profit growth at 26.3%, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: GAIL (India) Ltd earns the most, ₹12,605 crore of profit over the last 12 months, 172% above Petronet LNG Ltd. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: GAIL (India) Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Petronet LNG Ltd has the highest ROCE among the 7 Gas Distribution companies compared here, at 22.6%. Gujarat Gas Ltd is next at 18.5%. GAIL (India) Ltd has the highest ROCE change at +3.3 percentage points, so level and change sit with different companies. 7 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Petronet LNG Ltd leads ROCE at 22.6%, 4.1 percentage points above Gujarat Gas Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Petronet LNG Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Mahanagar Gas Ltd has the lowest PEG among the 7 Gas Distribution companies compared here, at 0.3×. Petronet LNG Ltd is next at 0.76×. GAIL (India) Ltd has the lowest P/E at 9.7×, so level and change sit with different companies. 6 of 7 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Mahanagar Gas Ltd has the lowest comparable PEG at 0.3×, 60.5% below Petronet LNG Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

Valuation · company comparison

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Gas Distribution companies show up on 7 of our India lists. The most are on the oil & gas stocks list (7 companies).

This Gas Distribution comparison names 5 specific ways its own evidence can mislead, all listed below. 2 of the 7 companies report on an older date than the sector's freshest reporters, so their ranks are marked stale. A high growth rate can still come from a very small starting figure.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 2 companies have older fundamental reporting dates than the sector’s freshest reporters; their ranks carry a stale marker.

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 Sep 2026 and market data through 30 October 2026.

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

These 24 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 Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.