Torrent Gas IPO: Updated DRHP Filed For 33.5 Crore Shares

Mumbai | 9 September 2026 

Torrent Gas Ltd, a Gujarat-based city gas distribution company owned by the Mehta family through Torrent Investments, has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The issue will comprise entirely an offer for sale (OFS) of 33.5 crore equity shares by Torrent Investments, with no fresh issue component, according to the UDRHP filed on 8 September 2026. 

The filing follows SEBI’s approval for the company’s confidentially filed draft offer document in June 2026. Torrent Gas had first filed its IPO papers through the confidential pre-filing route in March 2026. 

What Is The Torrent Gas IPO Structure? 

The Torrent Gas IPO is structured entirely as an offer for sale, with no fresh issue component. Promoter entity Torrent Investments will be the sole selling shareholder, offering up to 33.5 crore equity shares. As the issue carries no fresh issue portion, all proceeds from the sale will go to Torrent Investments. 

Axis Capital, Citigroup Global Markets India and Kotak Mahindra Capital Company have been appointed as the merchant bankers managing the issue. The equity shares are proposed to be listed on the BSE and NSE. 

What Is Torrent Gas’ Financial Performance? 

Torrent Gas’ profit for the financial year ended March 2026 more than doubled to ₹280.85 crore, from ₹135 crore in the previous year. Revenue for the year rose 34.8% to ₹5,933.4 crore, from ₹4,401.7 crore. 

For the quarter ended June 2026, profit rose 133.2% to ₹129.85 crore, from ₹55.7 crore in the year-ago quarter. Revenue for the quarter increased 28% to ₹1,788 crore, from ₹1,396.8 crore. 

What Does Torrent Gas Do? 

Torrent Gas is a city gas distribution (CGD) company that connects natural gas producers and suppliers with end-users, including households, commercial establishments, industrial consumers and vehicles. It holds licences from the Petroleum and Natural Gas Regulatory Board to operate across 34 districts in seven states and one union territory, and competes with listed peers Adani Total Gas and Indraprastha Gas. 

The company earns revenue from the sale of compressed natural gas (CNG), piped natural gas (PNG) and compressed biogas (CBG). As of June 2026, it operated 557 CNG stations and supplied PNG to 2,71,983 consumers. 

What Is Torrent Gas’ Gas Sales And Margin Profile? 

Torrent Gas reported total peak gas sales of 3.34 MMSCMD (million metric standard cubic metres per day) as on the date of the UDRHP, a compound annual growth rate of 32.09% between February 2022 and June 2026, over 52 months. Its gross margin stood at ₹18.05 per standard cubic metre (SCM) for the quarter ended June 2026, against an average of ₹11.84 per SCM among benchmarked CGD entities in India, according to the company. 

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