GAIL India vs Indraprastha Gas vs Mahanagar Gas: Which Stock Should You Track

GAIL India PE 11.45, mkt cap Rs 1,12,960 crore. Indraprastha Gas PE 15.20, mkt cap Rs 20,580 crore. Mahanagar Gas PE 14.77, mkt cap Rs 10,556 crore.

Updated: 23 Sept 2026 • 10:44 am

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GAIL India vs Indraprastha Gas vs Mahanagar Gas: Which Stock Should You Track

Quick Answer

GAIL India vs Indraprastha Gas vs Mahanagar Gas is a side-by-side comparison of three companies from the City Gas Distribution space. On this comparison, GAIL India carries a market capitalisation of about Rs 1,12,960 crore against Rs 20,580 crore for Indraprastha Gas and Rs 10,556 crore for Mahanagar Gas, with return on equity of 8.51%, 13.47% and 13.09% respectively. Each company's numbers are presented here without a declared better pick, since the right stock depends on an investor's own criteria.

GAIL India vs Indraprastha Gas vs Mahanagar Gas starts with the core numbers most investors compare within the City Gas Distribution segment: market capitalisation, valuation multiples, profitability and dividend yield. Figures below are sourced as of September 2026 and will shift with daily price moves.

All three names sit in the City Gas Distribution bucket, which makes them a natural set to place side by side rather than a random trio of unrelated businesses.

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Table of Contents

GAIL India, Indraprastha Gas and Mahanagar Gas: Company Overview

GAIL India is a listed Indian company in the City Gas Distribution space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

Indraprastha Gas is a listed Indian company in the City Gas Distribution space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

Mahanagar Gas is a listed Indian company in the City Gas Distribution space, tracked here on book value, return ratios and valuation alongside its peers in this comparison.

GAIL India vs Indraprastha Gas vs Mahanagar Gas: Valuation and Profitability Snapshot

Metric	GAIL India	Indraprastha Gas	Mahanagar Gas
Market Cap (approx.)	Rs 1,12,960 crore	Rs 20,580 crore	Rs 10,556 crore
PE Ratio (TTM)	11.45	15.20	14.77
PB Ratio	1.27	1.79	1.64
Return on Equity (ROE)	8.51%	13.47%	13.09%
EPS (TTM, Rs)	15.01	9.67	72.35
Dividend Yield	3.20%	3.23%	2.81%
Debt to Equity	0.28	0.01	0.03
Book Value per Share (Rs)	135.43	82.17	650.71

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On valuation, GAIL India trades at a PE of 11.45 and a PB of 1.27, Indraprastha Gas at a PE of 15.20 and a PB of 1.79, while Mahanagar Gas trades at a PE of 14.77 and a PB of 1.64. On return on equity, the three post 8.51%, 13.47% and 13.09% respectively, and on dividend yield they stand at 3.20%, 3.23% and 2.81%.

GAIL India vs Indraprastha Gas vs Mahanagar Gas: Latest Quarterly Results

Company	Latest Quarter Revenue	Latest Quarter Net Profit	YoY Change (Revenue)	QoQ Change (Revenue)
GAIL India	Rs 41,482.65 crore	Rs 4,670.99 crore	+16.6%	+13.7%
Indraprastha Gas	Rs 5,145.36 crore	Rs 237.92 crore	+16.5%	+9.8%
Mahanagar Gas	Rs 2,629.33 crore	Rs 192.64 crore	+13.6%	+14.9%

Quarterly figures above are the most recent reported quarter for each company (Q1 FY28, quarter ended June 2026), compared with the year-ago and preceding quarter.

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What Should Investors Look at Beyond These Numbers?

Beyond the metrics above, investors comparing these three city gas distribution names should track quarter-on-quarter revenue and margin trends, management commentary on demand and input costs, and any sector-specific regulatory developments, since a single-quarter snapshot can shift quickly.

Conclusion

GAIL India vs Indraprastha Gas vs Mahanagar Gas highlights how differently three companies in the same city gas distribution segment can score across valuation, profitability and dividend metrics, even when operating in a similar space. This comparison does not declare a winner; investors should weigh these figures against their own research and risk appetite. Please read the disclaimer below before making any investment decision.

Disclaimer: Data and figures in this article are sourced from publicly available information as of September 2026 and may not reflect real-time prices. Please verify all data independently before making any investment decision. This comparison does not recommend or endorse any single stock over another; investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

FAQs on GAIL India vs Indraprastha Gas vs Mahanagar Gas

What is the market cap difference between GAIL India, Indraprastha Gas and Mahanagar Gas?

Ans. As of September 2026, GAIL India has a market cap of approximately Rs 1,12,960 crore, Indraprastha Gas is at approximately Rs 20,580 crore, and Mahanagar Gas is at approximately Rs 10,556 crore.

Which of the three has the highest PE ratio?

Ans. Among GAIL India, Indraprastha Gas and Mahanagar Gas, the PE ratios stand at 11.45, 15.20 and 14.77 respectively as of September 2026.

Which of the three has the highest ROE?

Ans. GAIL India, Indraprastha Gas and Mahanagar Gas post ROE of 8.51%, 13.47% and 13.09% respectively as of September 2026.

Which of these three stocks pays the highest dividend yield?

Ans. GAIL India, Indraprastha Gas and Mahanagar Gas carry dividend yields of 3.20%, 3.23% and 2.81% respectively.

What is the debt to equity ratio for GAIL India, Indraprastha Gas and Mahanagar Gas?

Ans. GAIL India carries a debt to equity of 0.28, Indraprastha Gas of 0.01, and Mahanagar Gas of 0.03.

Which of the three trades at the highest price to book value?

Ans. GAIL India, Indraprastha Gas and Mahanagar Gas trade at price to book ratios of 1.27, 1.79 and 1.64 respectively.

Is one of GAIL India, Indraprastha Gas or Mahanagar Gas better than the others?

Ans. This comparison does not declare one stock better than another; each company scores differently across valuation, profitability and dividend metrics, and the right fit depends on an individual investor's own criteria and research.