> ## Content Index > Fetch the complete content index at: https://www.moatmarginresearch.com/llms.txt > Use this file to discover other available public pages before exploring further. # Indraprastha Gas Moat Analysis: Score & Risks - URL: https://www.moatmarginresearch.com/indraprastha-gas-moat/ - Published: 2026-08-16T16:21:51.000Z - Updated: 2026-08-22T05:14:14.000Z - Author: A K Karthikeyan - Tags: First-pass note, Coverage Moat Note · First-pass ## Indraprastha Gas Ltd. A first-pass moat teardown of Indraprastha Gas Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it. **Moat & Margin**16 Aug 2026 First-pass · \~3 min 5.79 / 10 NARROW → WIDEProcess/Data-led First-pass narrow-to-wide read — primary edge in Cost Advantage. Provisional, single-pass evidence. Provisional score · subject to modification based on new evidence Indraprastha Gas Ltd. scores **5.79** on MoatSCORE 6.0 — a narrow-to-wide moat in Oil & Gas. This is a **first-pass note**: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued. The teardown ## Seven dimensions of moat Ordered by contribution. Each dimension carries a verified filing quote, graded **\[M\]** mechanism or **\[O\]** outcome. D3Cost Advantage7 M · Mechanism✓ Verified verbatim “Replacement of conventional light fittings by LED light fittings had been done at all IGL CNG stations resulting in average energy saving of \~ 65 % per light fittings load.” **Indraprastha Gas Ltd.** · Annual Report · p.53 D1Network Effects6 M · Mechanism✓ Verified verbatim “Your Company increased its steel pipeline network from 1,265 kms in FY 2020-21 to 1,571 kms in FY 2021-22 and its MDPE network from 15,262 kms in FY 2020-21 to 17,240 kms in FY 2021-22.” **Indraprastha Gas Ltd.** · Annual Report · p.24 D6Efficient Scale6 M · Mechanism✓ Verified verbatim “Our steel pipeline network now extends over 2,500 kilometers, while our MDP network has reached approximately 29,200 kilometers.” **Indraprastha Gas Ltd.** · Earnings Call · p.2 D4Price Discretion5.5 M · Mechanism✓ Verified verbatim “Stabilising the prices of administered price mechanism (APM) for PNG/CNG consumers.” **Indraprastha Gas Ltd.** · Annual Report · p.67 D2Switching Costs4.8 No verified filing quote surfaced for this dimension in the first-pass evidence sweep. D5Intangible Assets4.5 O · Outcome✓ Verified verbatim “DDA vide communication dated 29 August 2016 has revised the total demand (excluding interest) to Rs.330.73 crores for the period upto 31 March 2016.” **Indraprastha Gas Ltd.** · Xbrl Text 1 quote extracted here — not one mechanism-class. The evidence is outcome-only. D7Counter-PositioningExcluded— Excluded for this archetype. D8Ungoverned RiskUnscored · Layer 2.5 D8 rating: **ADEQUATE**. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed. The barrier gate ## The barrier gate — first-pass Replication — can a rival copy it?7.0 How hard it is for a rival to copy the edge (first-pass estimate). Bypass — can a rival route around it?6.0 How easily a rival can route around the edge (first-pass estimate). Effective barrier 6 — at or above 6, consistent with a narrow-to-wide read. First-pass estimate. What would change our mind 1. **Deep two-pass review.** This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read. 2. **The barrier gate.** A firmer replication or bypass estimate is the most likely thing to shift the band. 3. **Adverse events.** Any governance, regulatory or funding shock captured in D8 could re-rate the fade window. First-pass note — provisional single-pass MoatSCORE 6.0 read, not the full deep dive. Educational research, not investment advice; no buy/sell recommendation, no price target. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser. **Where this note fits.** This company is one of **509 Indian companies** we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the [Moat Screener](https://www.moatmarginresearch.com/moat-screener/).