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Indian (NIFTY) Gas Utilities Industry Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies8
  • 7D-0.6%
  • 3M-5.7%
  • 1Y-16.8%
  • YTD-15.3%

The Gas Utilities industry has stayed flat over the last week. As for the longer term, the industry has declined 17% in the last year. Looking forward, earnings are forecast to grow by 4.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Dec 2025₹2.6t₹2.1t₹163.2b16.1x15.9x1.3x
Tue, 11 Nov 2025₹2.7t₹2.1t₹164.4b16.9x16.7x1.3x
Thu, 09 Oct 2025₹2.8t₹2.0t₹172.7b17.6x16.1x1.4x
Sat, 06 Sep 2025₹2.7t₹2.0t₹172.7b17x15.6x1.3x
Mon, 04 Aug 2025₹2.7t₹2.1t₹173.4b16.3x15.6x1.3x
Wed, 02 Jul 2025₹3.0t₹2.0t₹181.8b17.2x16.4x1.5x
Fri, 30 May 2025₹3.0t₹2.0t₹181.8b21.5x16.3x1.5x
Sun, 27 Apr 2025₹2.8t₹2.0t₹185.3b19.1x14.9x1.4x
Tue, 25 Mar 2025₹2.8t₹2.0t₹185.3b19.7x14.9x1.4x
Thu, 20 Feb 2025₹2.6t₹2.0t₹185.3b18.6x13.8x1.3x
Sat, 18 Jan 2025₹2.9t₹2.0t₹181.0b18.7x16.1x1.5x
Mon, 16 Dec 2024₹3.1t₹2.0t₹181.0b19.6x17.2x1.6x
Wed, 13 Nov 2024₹3.1t₹2.0t₹181.1b18.4x16.9x1.6x
Fri, 11 Oct 2024₹3.5t₹2.0t₹181.6b19.5x19.5x1.8x
Sun, 08 Sep 2024₹3.7t₹2.0t₹181.6b19.5x20.2x1.9x
Tue, 06 Aug 2024₹3.6t₹1.9t₹180.1b19x20.1x1.9x
Thu, 04 Jul 2024₹3.6t₹1.9t₹167.2b18.2x21.6x1.9x
Sat, 01 Jun 2024₹3.5t₹1.9t₹167.2b15.6x20.9x1.8x
Mon, 29 Apr 2024₹3.4t₹1.9t₹146.5b17x23.3x1.8x
Wed, 27 Mar 2024₹3.3t₹1.9t₹146.5b15x22.2x1.7x
Fri, 23 Feb 2024₹3.4t₹1.9t₹146.5b15.9x23.2x1.8x
Sun, 21 Jan 2024₹3.2t₹1.9t₹116.6b20.9x27.6x1.7x
Tue, 19 Dec 2023₹3.0t₹1.9t₹116.6b18x25.6x1.5x
Thu, 16 Nov 2023₹2.3t₹1.9t₹116.6b15.8x19.5x1.2x
Sat, 14 Oct 2023₹2.4t₹2.0t₹102.3b20x23.5x1.2x
Mon, 11 Sep 2023₹2.5t₹2.0t₹102.3b20.2x24.2x1.2x
Wed, 09 Aug 2023₹2.4t₹2.0t₹102.3b18.7x23.4x1.2x
Fri, 07 Jul 2023₹2.4t₹2.1t₹117.6b17.3x20.3x1.2x
Sun, 04 Jun 2023₹2.4t₹2.1t₹117.5b16.3x20x1.1x
Tue, 02 May 2023₹2.7t₹2.0t₹146.0b17.7x18.3x1.3x
Thu, 30 Mar 2023₹2.5t₹2.0t₹146.0b16.6x17.3x1.3x
Sat, 25 Feb 2023₹2.4t₹2.0t₹146.0b15.8x16.5x1.2x
Mon, 23 Jan 2023₹5.8t₹1.9t₹175.2b16.6x33.2x3.1x
Wed, 21 Dec 2022₹5.5t₹1.9t₹175.2b17.4x31.6x2.9x
Price to Earnings Ratio

31.6x


Total Market Cap: ₹5.5tTotal Earnings: ₹175.2bTotal Revenue: ₹1.9tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Gas Utilities Industry Price to Earnings3Y Average 19.7x202320242025
Current Industry PE
  • Investors are pessimistic on the Indian Gas Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 15.9x which is lower than its 3-year average PE of 19.7x.
  • The 3-year average PS ratio of 1.5x is higher than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Gas Utilities industry have declined 2.3% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.0% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

IN Market-0.34%
Utilities0.15%
Gas Utilities-0.63%
Gas Utilities-0.63%
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
GAIL GAIL (India)₹170.710.4%
+₹4.8b		-16.7%PE10.3x
ATGL Adani Total Gas₹593.700.09%
+₹604.9m		-17.3%PE104.4x

Latest News

MGL
₹1,123.20
Mahanagar Gas
7D
-4.0%
1Y
-13.4%

A Look At The Fair Value Of Mahanagar Gas Limited (NSE:MGL)

Dec 14
A Look At The Fair Value Of Mahanagar Gas Limited (NSE:MGL)
GUJGASLTD
₹395.65
Gujarat Gas
7D
-2.7%
1Y
-22.2%

GUJGASLTD: Stable Margins And Earnings Outlook Will Drive Future Upside

Analysts have maintained their price target for Gujarat Gas at ₹448.46 per share. This reflects unchanged assumptions on the discount rate, revenue growth, profit margins, and future valuation multiples that continue to support the current fair value estimate.
IGL
₹186.71
Indraprastha Gas
7D
-2.7%
1Y
-4.8%

IGL: Saudi Gas Network Push Will Drive Long-Term Upside Potential

Analysts have nudged their price target for Indraprastha Gas slightly higher from ₹225.40 to approximately ₹225.73, citing modestly stronger revenue growth expectations, which are offset by a marginal downward revision in profit margin forecasts and a slightly higher implied future valuation multiple. What's in the News Board meeting scheduled for November 12, 2025, to review and approve unaudited financial results for the quarter ended September 30, 2025 (company filing) The board will consider an alliance and partnership agreement with MASAH Construction Company, Saudi Arabia, to jointly pursue licenses for developing natural gas distribution networks in multiple industrial cities in the Kingdom of Saudi Arabia (company filing) Shareholders approved a final dividend of INR 1.5 per equity share for the financial year ended March 31, 2025, at the AGM held on September 26, 2025 (AGM resolution) Valuation Changes Fair Value: Adjusted marginally higher from ₹225.40 to about ₹225.73, reflecting a very small upward revision in intrinsic value estimates.
GAIL
₹170.71
GAIL (India)
7D
0.4%
1Y
-16.7%

GAIL: Upcoming Pipeline Completion Will Drive Momentum Into December 2025

Analysts have slightly reduced their fair value estimate for GAIL (India) from ₹208.19 to ₹206.19. This revision is due to minor adjustments in profit margin and revenue growth expectations.
GSPL
₹289.20
Gujarat State Petronet
7D
-1.4%
1Y
-23.5%
POSITRON
₹217.25
Positron Energy
7D
-2.3%
1Y
-32.1%
IRMENERGY
₹283.65
IRM Energy
7D
-1.7%
1Y
-24.7%
ATGL
₹593.70
Adani Total Gas
7D
0.09%
1Y
-17.3%