Key Metrics of Green Gas Limited
About Green Gas Limited
Sectors
Company details
Operational Areas of Green Gas Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Jul 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹657 Cr | View |
| 26 Mar 2026 | ICRA | Other | AA | A1+ | Stable | ₹750 Cr | View |
Credit strengths (ICRA, Jul 2026)
+ Strong parentage with IOCL and GAIL being dominant players in domestic gas business
GGL is a joint venture (JV) of GAIL and IOCL, with each owning a 49.97% stake.
+ Favourable outlook for CNG
The outlook for CNG and PNG(d) consumption remains favourable, driven by the focused policy initiatives of the GoI aiding APM gas allocation, implementation of the Kirit Parikh Committee’s recommendations for pricing of APM gas and the priority in HPHT gas bidding for the CGD sector.
+ Regulations under PNGRB Act ensure monopoly of incumbents
After the expiry of the marketing exclusivity period of five years, the PNGRB regulations ensure a normative pre-tax RoCE of 21% for the incumbents through adequate network tariff and compression charges on the regulated assets owing to the physical exclusivity of 25 years in place (2041 for Lucknow and 2034 for Agra).
Credit challenges
− Modest scale of operations and moderation in profitability
The company has a moderate scale of operations vis-à-vis some other large CGD companies as the network penetration has been lower in the cities.
− Moderation in credit metrics amid capex
GGL has capex plans worth ~Rs. 750 crore over the next 2-3 fiscals for which equity infusion by the promoter entities remains a key monitorable.
− Highly regulated nature of the CGD sector
The CGD entities are regulated by the PNGRB.
Could lead to an upgrade
Any significant growth in the scale of business, healthy profitability and a marked improvement in the debt protection metrics could lead to an upgrade.
Could lead to a downgrade
The ratings may be downgraded if the linkages with the promoters weaken, or if there is any slippage from the MWP commitments, resulting in large penalties. Any adverse regulatory development impacting the revenue and profitability, or a sizeable debt-funded capex affecting the
Agency-reported financials (ICRA, 30 Jul 2026)
| Metric | FY2024 | FY2025 | 9MFY2026 |
|---|---|---|---|
| Operating income | ₹804 Cr | ₹845 Cr | ₹660 Cr |
| PAT | ₹43.50 Cr | ₹8.10 Cr | ₹1.00 Cr |
| OPBDIT/OI | 17.5% | 11.0% | 9.3% |
| PAT/OI | 5.4% | 1.0% | 0.2% |
| Total outside liabilities/Tangible net worth (times) | 1.20× | 1.10× | 1.10× |
| Total debt/OPBDIT (times) | 3.30× | 4.20× | 4.20× |
| Interest coverage (times) | 3.90× | 4.00× | 3.00× |
| Revenue growth (YoY) | — | 5.1% | — |
| EBITDA (margin × income) | ₹141 Cr | ₹92.98 Cr | ₹61.40 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹464 Cr | ₹391 Cr | ₹258 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹36.08 Cr | ₹23.25 Cr | ₹20.47 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term fund based – Term loan | Term loans | ₹500 Cr | ₹312 Cr | −37.6% | AA (Stable) | Reaffirmed | ICRA |
| Others Long term/Short term | Working capital & bank lines | ₹247 Cr | ₹345 Cr | 39.7% | A1+ | Reaffirmed | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 57% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Liquidity position, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 57% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 3×
Rated limits by facility
Timeline
From the report
GGL has capex plans worth ~Rs. 750 crore over the next 2-3 fiscals for which equity infusion by the promoter entities remains a key monitorable.
From the report
Further, the company has repayment obligations of Rs. 62.5 crore per annum over the next 5 years .
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Green Gas Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 GAIL (India) |
Outlets operated by GAIL. | gailonline.com | — | New Delhi, India |
 Indraprastha Gas |
Outlets operated by Indraprasath. | iglonline.net | — | New Delhi, India |
 Mahanagar Gas Limited |
Natural Gas & City Gas · Electricity, Gas and Water companies | mahanagargas.com | — | Mumbai, Maharashtra, India |
| Natural Gas & City Gas · Electricity, Gas and Water companies | adanigas.com | — | Ahmedabad, Gujarat, India | |
| Tripura Natural Gas Company Limited | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Tripura, India |
| Meena Lpg Industries | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Tamil Nadu, India |
| Mahanagar Gas |
Natural Gas & City Gas · Oil, Gas & Energy | mahanagargas.com | — | Mumbai, India |
| Natural Gas & City Gas · Oil, Gas & Energy | adanigas.com | — | Ahmedabad, India | |
| Pankaj Gas Cylinders Private Limited | Natural Gas & City Gas · Oil, Gas & Energy | — | — | Delhi, India |
| Gas Turbine Research Establishment | Natural Gas & City Gas · Oil, Gas & Energy | — | — | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.