Natural Gas Distribution / City Gas Distribution (CGD)
Strategic Profile
GGL operates in 44 districts across 6 states and 1 Union territory, maintaining leadership position in CGD industry in terms of size and scale of operation. The Company operates over 834 CNG stations and has connected more than 23.44 lakh households, over 15,700 commercial customers and more than 4,425 industrial customers.
Cyborg Score Rationale
Market leader in largest CGD sector with steady 5% revenue growth and diversified customer base across residential, commercial, and industrial segments. Recent brokerage downgrades citing industrial volume pressure and valuation concerns temper the outlook.
Top Insights
India's largest CGD company by sales volume with 43,900+ km pipeline network and 834+ CNG stations across 6 states
2024 revenue of ₹164.87 billion (5.08% YoY growth) with earnings of ₹11.48 billion (0.40% growth)
Citi has reiterated Sell rating citing disappointing Q1FY26 performance and relatively expensive valuation compared to sector peers
Recently won PNGRB Excellence Award 2025 in Safety, Integrity & Technical Excellence category
Named Competitors
Mahanagar Gas (MGL) — City Gas Distribution in Western India
Indraprastha Gas (IGL) — Delhi-NCR city gas distribution leader
City Gas Distribution Operators — Regional CGD players across India
Recent Developments
(Feb 2025) Re-certified for Integrated QHSE Management System by Bureau Veritas