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Indian (NIFTY) Gas Utilities Industry Analysis

UpdatedApr 29, 2026
DataAggregated Company Financials
Companies8
  • 7D3.7%
  • 3M3.9%
  • 1Y-8.3%
  • YTD-1.7%

The Gas Utilities industry is up 3.5% in the last week, with Adani Total Gas up 6.4%. In the past year, the industry is down 8.9%. As for the next few years, earnings are expected to grow by 7.2% per annum.

Industry Valuation and Performance

Has the Indian Gas Utilities Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 29 Apr 2026₹2.6t₹2.1t₹141.3b14.6x18.4x1.3x
Fri, 27 Mar 2026₹2.2t₹2.1t₹141.3b12.7x15.3x1.1x
Sun, 22 Feb 2026₹2.5t₹2.1t₹141.3b15.1x17.6x1.2x
Tue, 20 Jan 2026₹2.5t₹2.1t₹163.2b16.2x15.3x1.2x
Thu, 18 Dec 2025₹2.6t₹2.1t₹163.2b16.1x15.8x1.2x
Sat, 15 Nov 2025₹2.8t₹2.1t₹163.2b17.6x17x1.3x
Mon, 13 Oct 2025₹2.8t₹2.0t₹172.7b17.7x16.2x1.4x
Wed, 10 Sep 2025₹2.7t₹2.0t₹172.7b16.9x15.6x1.3x
Fri, 08 Aug 2025₹2.7t₹2.1t₹173.3b16.2x15.3x1.3x
Sun, 06 Jul 2025₹3.0t₹2.0t₹181.8b17.7x16.5x1.5x
Tue, 03 Jun 2025₹3.0t₹2.0t₹181.8b21.7x16.3x1.4x
Thu, 01 May 2025₹2.8t₹2.0t₹185.4b19.7x15.2x1.4x
Sat, 29 Mar 2025₹2.7t₹2.0t₹185.3b19.5x14.8x1.4x
Mon, 24 Feb 2025₹2.6t₹2.0t₹185.3b19.3x14x1.3x
Wed, 22 Jan 2025₹2.9t₹2.0t₹181.0b18.8x15.9x1.5x
Fri, 20 Dec 2024₹3.0t₹2.0t₹181.0b19.3x16.6x1.5x
Sun, 17 Nov 2024₹3.0t₹2.0t₹181.0b19.9x16.3x1.5x
Tue, 15 Oct 2024₹3.6t₹2.0t₹181.6b19.5x19.6x1.8x
Thu, 12 Sep 2024₹3.6t₹2.0t₹181.6b19x19.6x1.8x
Sat, 10 Aug 2024₹3.6t₹2.0t₹181.6b19.3x20x1.9x
Mon, 08 Jul 2024₹3.6t₹1.9t₹167.2b18.4x21.6x1.9x
Wed, 05 Jun 2024₹3.2t₹1.9t₹167.2b15.6x19.3x1.7x
Fri, 03 May 2024₹3.4t₹1.9t₹147.2b16.7x23.1x1.8x
Sun, 31 Mar 2024₹3.2t₹1.9t₹146.5b15.5x22.1x1.7x
Tue, 27 Feb 2024₹3.5t₹1.9t₹146.5b15.5x23.6x1.8x
Thu, 25 Jan 2024₹3.2t₹1.9t₹118.1b20.5x27.4x1.7x
Sat, 23 Dec 2023₹3.0t₹1.9t₹116.6b18.9x25.6x1.6x
Mon, 20 Nov 2023₹2.3t₹1.9t₹116.6b15.7x19.4x1.2x
Wed, 18 Oct 2023₹2.4t₹2.0t₹102.3b20x23.5x1.2x
Fri, 15 Sep 2023₹2.4t₹2.0t₹102.3b19.8x23.8x1.2x
Sun, 13 Aug 2023₹2.4t₹2.0t₹102.3b18.4x23.1x1.2x
Tue, 11 Jul 2023₹2.4t₹2.1t₹117.6b17.2x20x1.1x
Thu, 08 Jun 2023₹2.4t₹2.1t₹117.5b16.4x20.2x1.2x
Sat, 06 May 2023₹2.6t₹2.0t₹146.0b17.3x18x1.3x
Price to Earnings Ratio

18x


Total Market Cap: ₹2.6tTotal Earnings: ₹146.0bTotal Revenue: ₹2.0tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Gas Utilities Industry Price to Earnings3Y Average 18.9x202420252026
Current Industry PE
  • Investors are relatively neutral on the Indian Gas Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 18.9x.
  • The 3-year average PS ratio of 1.4x is higher than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Gas Utilities industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Trends

Which industries have driven the changes within the Indian Utilities industry?

IN Market-0.38%
Utilities5.61%
Gas Utilities3.66%
Gas Utilities3.66%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
ATGL Adani Total Gas₹653.856.4%
+₹43.1b		7.2%PE112x
GAIL GAIL (India)₹165.683.1%
+₹32.3b		-12.6%PE12.7x
GUJGASLTD Gujarat Gas₹389.454.1%
+₹10.5b		-16.9%PE23.1x
IRMENERGY IRM Energy₹347.6665.1%
+₹5.6b		18.5%PE31.8x
GSPL Gujarat State Petronet₹281.770.8%
+₹1.2b		-14.6%PE15.1x

Latest News

ATGL
₹653.85
Adani Total Gas
7D
6.4%
1Y
7.2%
IGL
₹166.45
Indraprastha Gas
7D
-0.4%
1Y
-10.0%

IGL: Upcoming Shareholder Actions And Biogas Partnership Will Support Long-Term Upside

Analysts have trimmed their price target on Indraprastha Gas from ₹225.73 to ₹205.53. This reflects updated views on revenue growth, profit margins and a slightly lower future P/E assumption.
MGL
₹1,133.00
Mahanagar Gas
7D
-0.3%
1Y
-14.6%

MGL: Interim Dividend Decision At Upcoming Board Meeting Will Support Earnings Resilience

Analysts have inched up their price target for Mahanagar Gas from about ₹1,749 to roughly ₹1,754, reflecting updated assumptions around revenue growth, profit margins and future P/E levels. What's in the News A board meeting is scheduled for February 7, 2026, to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, and to consider an interim dividend for FY 2025-26 (Key Developments).
IRMENERGY
₹347.66
IRM Energy
7D
65.1%
1Y
18.5%
POSITRON
₹208.10
Positron Energy
7D
26.5%
1Y
-46.0%
GAIL
₹165.68
GAIL (India)
7D
3.1%
1Y
-12.6%

GAIL: Solar Expansion And New Leadership Will Support Future Upside

The analyst price target for GAIL (India) has shifted from about ₹191.65 to ₹187.65, with analysts citing updated views on revenue growth, profit margins, and future P/E assumptions to support the change. What's in the News GAIL approved 700 MW of solar power projects with planned investment of ₹38,000 million across Uttar Pradesh and Maharashtra, including large scale battery energy storage systems intended to support captive power needs at its petrochemical and PDH PP plants (Key Developments).
GUJGASLTD
₹389.45
Gujarat Gas
7D
4.1%
1Y
-16.9%

GUJGASLTD: Firmer Revenue Outlook And Higher P/E Will Support Positive Returns

Analysts have trimmed their price target on Gujarat Gas to ₹418 from ₹435, reflecting updated assumptions that combine slightly higher revenue growth expectations with more cautious views on profit margins and future P/E levels. Valuation Changes Fair Value: Trimmed from ₹434.89 to ₹418.11, a modest reduction in the central value estimate.
GSPL
₹281.77
Gujarat State Petronet
7D
0.8%
1Y
-14.6%