# Torrent Gas Limited: IPO analysis > Torrent Gas Limited (CIN U40100GJ2018PLC102554) has filed a Updated Draft Red Herring Prospectus with SEBI for an IPO comprising an offer for sale of 33.5 Cr shares. In FY26 it reported revenue of ₹5,933 Cr (+34.8% on FY25) and a net profit of ₹281 Cr. Promoters hold 100.0% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 36 claims looked up. - Page: https://ipo.innerkore.com/in/company/U40100GJ2018PLC102554/torrent-gas-limited/ - CIN: U40100GJ2018PLC102554 - Last updated: 9 Sep 2026 ## Key facts - **Company:** Torrent Gas Limited - **CIN:** U40100GJ2018PLC102554 - **Filing stage:** UDRHP - **Latest SEBI filing:** 9 Sep 2026 - **Offer for sale:** 33,50,00,000 shares - **Listing on:** BSE, NSE - **Revenue FY26:** ₹5,933 Cr - **Revenue growth:** +34.8% - **Net profit FY26:** ₹281 Cr - **Revenue CAGR FY24 to FY26:** 37.2% - **Promoter holding (pre-IPO):** 100.0% - **Lead managers:** Axis Capital Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited - **Registrar:** MUFG Intime India Private Limited - **Earlier look-up flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Growth** (looks fine): 37.2% a year. Sales FY24 to FY26; latest year +34.8%. - **Profitability** (look closer): 4.7% net margin. FY26; operating margin steady. - **Debt** (concern): 1.61x equity. ₹3,344 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 114% of profit. Operations brought in ₹319 crore against ₹281 crore of profit in FY26. - **One-off income** (looks fine): 6% of profit. Other and one-off income is 6% of pre-tax profit. - **Where the money goes** (concern): All for sale. Entirely an offer for sale: the company receives nothing. - **Red flags** (looks fine): None serious. 36 claims looked up earlier: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:|---:| | Sales | 3,154 | 4,402 | 1,397 | 5,933 | 1,788 | | Sales growth | – | 39.6% | – | 34.8% | – | | Operating profit | 379 | 641 | 181 | 828 | 300 | | Operating margin | 12.0% | 14.6% | 12.9% | 14.0% | 16.8% | | Net profit | -17 | 135 | 56 | 281 | 130 | | Net margin | -0.6% | 3.1% | 4.0% | 4.7% | 7.3% | | Net worth | 1,968 | 2,107 | 1,982 | 2,072 | 2,200 | | Borrowings | 2,641 | 2,827 | 2,980 | 3,344 | 3,317 | | Return on equity | -0.9% | 6.4% | – | 13.6% | – | ## Claims looked up earlier - **NONE** (PromoterBackground): Equity Shares have not been and will not be registered, listed or otherwise qualified in any other jurisdiction outside India.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that equity shares have not been and will not be registered, listed, or otherwise qualified in any other jurisdiction outside India. - **NONE** (PromoterBackground): Equity Shares have not been, and will not be, registered under the U.S. Securities Act or any state securities laws in the United States.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the equity shares have not been or will not be registered under U.S. securities laws. - **NONE** (PromoterBackground): Trustees of Mehta Family Trust 1 include Sudhir Uttamlal Mehta and Anita Sudhir Mehta, with Sudhir Uttamlal Mehta as the managing trustee.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim about the trustees of Mehta Family Trust 1. - **NONE** (PromoterBackground): The registered office of TIL is situated at Samanvay, 600 Tapovan, Ambawadi, Ahmedabad, 380015, Gujarat, India.. No web search results were found to corroborate, contradict, or provide any information regarding the registered office address mentioned in the DRHP claim. - **NONE** (PromoterBackground): Mehta Family Trust 4 was formed pursuant to a deed of trust dated June 1, 2023.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mehta Family Trust 4 was formed pursuant to a deed of trust dated June 1, 2023. - **NONE** (PromoterBackground): Mehta Family Trust 3 was formed pursuant to a deed of trust dated May 10, 2023.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Mehta Family Trust 3 was formed pursuant to a deed of trust dated May 10, 2023. - **NONE** (PromoterBackground): Mehta Family Trust 2 was formed pursuant to a deed of trust dated June 1, 2023.. No current web search results were found to corroborate, contradict, update, or provide any new information regarding the claim that Mehta Family Trust 2 was formed pursuant to a deed of trust dated June 1, 2023. - **NONE** (PromoterBackground): Mehta Family Trust 1 was formed pursuant to a deed of trust dated May 10, 2023.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that Mehta Family Trust 1 was formed pursuant to a deed of trust dated May 10, 2023. - **NONE** (PromoterBackground): Jinal Sudhirbhai Mehta is serving as the vice-chairman and managing director on the board of Torrent Power Limited.. No web search results were found to corroborate, contradict, or provide any information regarding the claim that Jinal Sudhirbhai Mehta is serving as the vice-chairman and managing director on the board of Torrent Power Limited. - **NONE** (PromoterBackground): Torrent Investments Limited (TIL) was incorporated as a private limited company on January 17, 1985.. No web search results were found to corroborate, contradict, or provide any information regarding the incorporation date of Torrent Investments Limited (TIL) as stated in the DRHP. - **NONE** (PromoterBackground): There are no outstanding litigation proceedings involving any of the Group Companies that will have a material impact on the Company.. No web search results were found to corroborate, contradict, update, or provide any information regarding outstanding litigation proceedings involving the group companies of Torrent Gas Limited. - **NONE** (PromoterBackground): A penalty aggregating to ₹3.29 Crore has been levied on Dholpur CGD Private Limited in connection with the acquisition of 51.00% equity shareholding of Dholpur CGD from a company operating in the city gas distribution segment.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the penalty levied on Dholpur CGD Private Limited in connection with the acquisition of equity in Dholpur CGD. ## Common questions ### How big is the Torrent Gas Limited IPO? Torrent Gas Limited's IPO comprises an offer for sale of 33.5 Cr shares, according to its Updated Draft Red Herring Prospectus. The price band has not been announced yet: draft filings leave it blank and it is set in the Red Herring Prospectus. ### What are Torrent Gas Limited's revenue and profit? Torrent Gas Limited reported revenue from operations of ₹5,933 Cr in FY26, +34.8% versus FY25. Net profit was ₹281 Cr (FY25: ₹135 Cr). Revenue grew at a compound rate of 37.2% a year from FY24 to FY26. Figures are read from the UDRHP, as printed there. ### How much do promoters own in Torrent Gas Limited? Promoters and the promoter group hold 100.0% of Torrent Gas Limited before the IPO. ### What are the red flags in Torrent Gas Limited's UDRHP? Earlier, we looked up 36 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Torrent Gas Limited do? The biggest red flag in the Torrent Gas IPO isn't what you think—it's a glaring omission. We found absolutely no documentation linking Newzone Power Projects Private Limited to Torrent Investments, raising serious questions about the structure and transparency of this offering. ### Who manages the Torrent Gas Limited IPO? Book running lead managers: Axis Capital Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Torrent Gas Limited IPO documents? All 2 filings for Torrent Gas Limited (DAP, UDRHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Torrent Gas Limited - UDRHP-I](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Torrent%20Gas%20Limited%20-%20DAP_p.pdf) (Abridged prospectus (DAP), filed 9 Sep 2026) - [Torrent Gas Limited - UDRHP-I](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788937260208.PDF) (Updated Draft Red Herring Prospectus, filed 9 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.