Indraprastha Gas Limited will receive a one-time additional allocation of 200 scm of cheaper APM gas for each new domestic PNG customer under the central government's six-month scheme starting 1 September. Nomura estimates a surplus of 83 scm per customer based on FY26 consumption, while Emkay estimates savings of Rs 20 crore, or about 1.1% of FY26 pre-tax profit, assuming market gas at $12 per mmbtu versus APM at $7 per mmbtu. The company reported Q1FY27 Ebitda down 42% year-on-year to Rs 510 crore, its shares have corrected about 22% in calendar 2026, and it trades at about 11.0 times one-year forward earnings.

Nomura said Indraprastha Gas Limited will benefit from the government's new scheme providing 200 scm of low-cost APM gas for every incremental billed domestic connection above the April-June average raised by 10% from September 1, 2026. Nomura noted Indraprastha Gas Limited added 28,800 households per month in April-June 2026, in line with its historical run-rate, leaving less headroom versus Mahanagar Gas Limited, though the incentive still supports conversion of already connected but unbilled households and reduces PNG capex payback.