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Tax Tweak Could Deliver Margin Bonanza For Indraprastha Gas, Says Motilal Oswal Maintaining 'Buy'
Motilal Oswal remains positive on IGL, citing strong fundamentals, margin expansion potential from tax and tariff reforms, and favorable commodity price trends.
08 Oct 2025, 10:38 AM IST 
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Zonal tariff reform to further boost IGL's Ebitda margin by Rs 0.7-1.3/scm.
(Source: company website)
As per the brokerages scenario analysis, it estimates an Rs 0.9/scm Ebitda margin gain for IGL (we currently build in Rs 5.9/6.5/6.5 per scm Ebitda margin for IGL in FY26/27/28). Hence, if this tax change materializes, it would lead to 8%/15%/15% increase in our FY26/27/28 PAT estimates.
