Gas Distribution
Gas Distribution
from 1,121 today
Mahanagar Gas reported a resilient 1QFY27 with EBITDA/scm 43% above estimates at INR7.9/scm, driven by stable 7% YoY volume growth and strong margin performance. We value MAHGL at 13x Dec'27 P/E, resulting in a TP of INR1,560, and reiterate our BUY rating.
Total volumes grew 7.0% YoY to 4.8mmscmd, driven by healthy CNG/PNG-Dom volume growth. Maintain Accumulate with a revised TP of INR1,254 based on 12x FY28E EPS.
We maintain our BUY recommendation on the stock with a target price of Rs 1,300, driven by QoQ margin recovery and largely intact volume trajectory despite near-term headwinds from the West Asia crisis.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
