Torrent Gas IPO

Torrent Gas Limited's IPO is a Book Building Issue consisting entirely of an Offer for Sale of up to 33.50 crore shares.

The equity shares are proposed to be listed on NSE and BSE. Axis Capital Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details, such as IPO dates, IPO price bands, and lot size, are yet to be announced.

About Torrent Gas Limited

Torrent Gas Limited was incorporated as Torrent Gas Private Limited on May 28, 2018, at Ahmedabad, Gujarat, under the Companies Act, 2013. The company was subsequently converted from a private limited company into a public limited company pursuant to a resolution passed by its shareholders on September 13, 2023. Following the conversion, its name was changed to Torrent Gas Limited, with the Registrar of Companies issuing a fresh certificate of incorporation on October 19, 2023. The company is a wholly owned subsidiary of Torrent Investments Limited. Its registered office is located at Samanvay, 600, Tapovan, Ambawadi, Ahmedabad, Gujarat, and its corporate office is situated near Thaltej Metro Station, Ahmedabad.

The company operates in India's natural gas and city gas distribution (CGD) industry, connecting natural gas producers and suppliers to end consumers. Its business primarily involves the distribution and sale of compressed natural gas (CNG) and piped natural gas (PNG) to domestic households, commercial establishments, industrial consumers, and vehicles. The company also derives a portion of its revenue from the sale of compressed biogas (CBG). Its integrated business model involves sourcing natural gas and distributing it through its owned and operated pipeline infrastructure and CNG stations.

As of June 30, 2026, the company operated across 17 authorised Geographical Areas covering 34 districts in seven states and one Union Territory, pursuant to authorisations granted by the Petroleum and Natural Gas Regulatory Board. Its operations covered an aggregate geographical area of approximately 121,214.01 square kilometres. The company recorded peak gas sales of 3.34 million standard cubic metres per day as of June 30, 2026, representing a compound annual growth rate of 32.09% from February 2022.

As of June 30, 2026, the company's distribution network comprised 25 City Gate Stations, approximately 1,932.19 kilometres of steel pipelines, and 9,454.46 kilometres of medium-density polyethylene (MDPE) pipelines, taking the total pipeline network to approximately 11,386.65 kilometres. The company also operated 557 CNG stations, comprising 170 online and 387 offline stations. Its CNG infrastructure had an aggregate online compression capacity of 5.73 million standard cubic metres per day and offline compression capacity of 4.15 million standard cubic metres per day.

The company's PNG distribution network served approximately 271,983 consumers as of June 30, 2026, comprising 270,242 domestic consumers and 1,741 industrial and commercial consumers. Its domestic PNG consumer base increased from approximately 121,092 active connections as of March 31, 2024, to 270,242 active connections as of June 30, 2026, reflecting the expansion of its household customer base across its authorised Geographical Areas. The company also owns and operates 439 stationary and 958 mobile cascades, which can be deployed across its operating Geographical Areas.

In addition to expanding its existing CGD operations, Torrent Gas intends to explore opportunities in gas marketing, infrastructure development, and related services beyond its authorised Geographical Areas, subject to applicable regulatory approvals. The company is also evaluating an aggregator model to develop and operate CGD infrastructure for smaller authorised operators.

Industry Outlook

• The City Gas Distribution (CGD) sector has undergone a significant transformation over the past decade, evolving from a city-specific model into a broader pan-India natural gas distribution network.
• Natural gas consumption in India increased from 176 MMSCMD in FY 2011–12 to 195 MMSCMD in FY 2024–25. However, domestic net production declined from 127 MMSCMD to 98 MMSCMD during the same period.
• The gap between domestic production and consumption has increased India's dependence on imported liquefied natural gas (LNG). LNG imports rose from 49 MMSCMD in FY 2011–12 to approximately 98 MMSCMD in FY 2024–25, increasing LNG's share in total natural gas consumption from around 28% to nearly 50%.
• LNG imports continued to increase, rising from approximately 24 million tonnes in FY 2024 to 26 million tonnes in FY 2026. India has seven operational LNG terminals, with key facilities including Dahej, Hazira, Kochi, and Mundra-Dhamra.
• The CGD sector has recorded strong growth, with natural gas consumption increasing from approximately 15 MMSCMD in FY 2016 to 45 MMSCMD in FY 2026, representing a CAGR of approximately 11.70%.
• The CGD sector is expected to remain a key driver of incremental natural gas demand in India, supported by expanding distribution infrastructure, increasing CNG and PNG penetration, policy support, and the shift towards cleaner fuels.
• According to the International Energy Agency (IEA), India's natural gas consumption is projected to increase from approximately 44.3 MMT in 2023 to 77.25 MMT by 2030, representing growth of nearly 60%.
• The Petroleum and Natural Gas Regulatory Board (PNGRB) projects India's total natural gas demand to increase from approximately 189 MMSCMD in FY 2023–24 to 297–365 MMSCMD by 2030. CGD demand is expected to rise from 36.9 MMSCMD to 87.1–126.1 MMSCMD over the same period.

Torrent Gas IPO Objectives

The Torrent Gas Limited IPO is a 100% Offer for Sale (OFS), so the company will not receive any funding and the entire IPO proceeds will go to the selling shareholders.

Financial Performance of Torrent Gas Limited

Torrent Gas Limited Peer Details Comparison