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Volumes in line; lower EBITDA spreads impacts the performance Mahanagar Gas Limited (MGL) delivered a poor Q2FY25, with a 4.8% QoQ decline in EBITDA to Rs4bn and a sequentially flat PAT at Rs2.8bn. Strong CNG volumes with in-line growth of 11.7% YoY and 4.1% QoQ while EBITDA spreads were weaker on falling APM supply despite price hikes in CNG. We expect the volumes to grow by ~8.5%, but EBITDA spreads should be lower in FY25 as compared to FY24 (peak profitability). We upgrade our rating t...
Buy Mahanagar Gas Ltd For Target Rs. 2,230 By Yes Securities Ltd
Mahanagar Gas is currently trading at Rs. 1442.40, up by 5.20 points or 0.36% from its previous closing of Rs. 1437.20 on the BSE. The scrip opened at Rs. 1459.30 and has touched a high and low of Rs. 1463.00 and Rs. 1426.00 respectively. So far 7543 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1988.55 on 25-Sep-2024 and a 52 week low of Rs. 1018.00 on 23-Nov-2023. Last one week high and low of the scrip sto...
Mahanagar Gas inches up on inking pact to form joint venture company with International Battery Company
MGL reported a strong 13% YoY SA volume growth in Q1FY25 to 3.86mmscmd (a 2% beat), combined with a 15% QoQ growth in UEPL to 0.17mmscmd (1.0- 1.3mmscmd potential in 6-7yrs). Q1FY25 SA EBITDA/PAT of Rs4.2bn/Rs2.8bn were both 11% above our estimates, led by better gross margins as well as volumes. EBITDA/scm rose 4% QoQ to Rs11.9 (a 9% beat). UEPL also turned black, with Rs100mn PAT. The mgmt. reiterated its long-term volume CAGR guidance of 6-7% and Rs10-12/scm EBITDA. Q1 capex was Rs2.5bn, w...
Buy Mahanagar Gas Ltd For Target Rs.2,100 By Emkay Global Financial Services
Robust performance MGL reported a strong 13% YoY SA volume growth in Q1FY25 to 3.86mmscmd (a 2% beat), combined with a 15% QoQ growth in UEPL to 0.17mmscmd (1.0- 1.3mmscmd potential in 6-7yrs). Q1FY25 SA EBITDA/PAT of Rs4.2bn/Rs2.8bn were both 11% above our estimates, led by better gross margins as well as volumes. EBITDA/scm rose 4% QoQ to Rs11.9 (a 9% beat). UEPL also turned black, with Rs100mn PAT. The mgmt. reiterated its long-term volume CAGR guidance of 6-7% and Rs10-12/scm EBITDA. Q...
Buy Mahanagar Gas Ltd. For Target Rs. 2,100 By Emkay Global Financial Services
Our View Mahanagar Gas Limited (MGL) delivered a marginally better than expected Q1FY25, with a 6.3% QoQ increase in EBITDA to Rs4.2bn and a 7.4% QoQ increase in PAT to Rs2.8bn. Strong CNG volumes with a above normal growth of 11.7% YoY and 4% QoQ while EBITDA spreads were stronger despite price cuts and marginally lower gas cost sequentially. The volumes would grow by 7-8%, but EBITDA spreads should be lower in FY25 as compared to FY24 (peak profitability). We maintain our NEUTRAL rating ...
Neutral Mahanagar Gas Ltd For Target Rs.1,860 By Yes Securities
Our View. Mahanagar Gas Limited (MGL) delivered a marginally better than expected Q1FY25, with a 6.3% QoQ increase in EBITDA to Rs4.2bn and a 7.4% QoQ increase in PAT to Rs2.8bn. Strong CNG volumes with a above normal growth of 11.7% YoY and 4% QoQ while EBITDA spreads were stronger despite price cuts and marginally lower gas cost sequentially. The volumes would grow by 7-8%, but EBITDA spreads should be lower in FY25 as compared to FY24 (peak profitability). We maintain our NEUTRAL rating...
Neutral Mahanagar Gas Ltd For Target Rs.1,860 By Yes Securities
Solid performance; valuation expensive Mahanagar Gas Ltd (MGL) distributes natural gas to hospitals, nursing homes, hotels, flight kitchens and restaurants in India. * In Q1FY25, MGL’s consolidated revenue surged 8.4% YoY to Rs. 1,832cr, supported by strong volume growth. * EBITDA declined 16.2% YoY to Rs. 437cr, with margins contracting to 23.8% due to increase in natural gas costs. * Increased capital expenditure, expanding city gas distribution (CGD) infras...
Sell Mahanagar Gas Ltd For Target Rs.1,673 By Geojit Financial Services Ltd
The Mahanagar Gas Ltd has hiked the prices of CNG by Rs 1.50/kg and domestic PNG by Rs 1/SCM in Mumbai and its surrounding areas with effect from midnight (July 8-9) on Monday, an official said. Accordingly, the price of CNG will go up from Rs 73.50/kg to Rs 75/kg, and the rate of domestic PNG will increase from Rs 47/SCM to Rs 48/SCM, inclusive of all taxes for Mumbai and surrounding regions. The latest hike is attributed to meeting the increasing volumes of CNG-PNG demand and ow...
MGL hikes CNG-PNG prices for Mumbai consumers
UEPL and LCV initiatives to propel volume growth * Mahanagar Gas Ltd. (MAHGL) held an analyst meet on 7th Jun’24 which was attended by the senior management of the company. Management reiterated: 1) an overall 6-7% volume growth target, with at least 10% volume growth from the recently acquired UEPL, 2) the current APM gas allocation stands at ~70% and the shortfall is being compensated by additional HPHT volumes, and 3) INR10b of capex that was guided for FY25, of which INR2b wi...
Buy Mahanagar Gas Ltd For Target Rs.1,565 By Motilal Oswal Financial Services
Analyst Meet Update: Strategic growth driven by infrastructure expansion Our View MAHGL is to play a key role in India’s transition into the CGD segment towards cleaner energy. As per industry, the Indian government’s USD67bn investment to expand the natural gas sector by 2030 poise significant growth in CNG and DPNG infrastructure. Allocation policies prioritize APM and HP/HT gas, ensuring cost-effective supply. MAHGL’s strategy focuses on expanding customer reach, pa...
Buy Mahanagar Gas Ltd For Target Rs.1,730 By Yes Securities
Thrust on core, combined with new forays Mahanagar Gas (MGL) hosted its analyst meet on 7-Jun-24, highlighting its strong FY24 performance, and guided to a steady 5-year volume CAGR of 6- 7%/>10% in standalone (SA)/Unison Enviro (UEPL) vs. ~5% during FY19-24. Management indicated a clear focus on infrastructure creation to spur demand growth, with capex target for FY25 at Rs10bn—split between SA and UEPL at Rs8bn and Rs2bn, respectively. APM gas allocation is ~70% of priority vol....
BUY Mahanagar Gas Ltd. For Target Rs. 1,680 - Emkay Global Financial Services
Weak performance impacted by lower EBITDA spreads, while volumes were in line Our View Mahanagar Gas Limited (MGL) delivered a weak Q4FY24, missing expectations with a 1% YoY increase in EBITDA to Rs3.94bn and a 1.4% YoY fall in PAT to Rs2.7bn. Strong CNG volumes with a above normal growth of 10.6% YoY and a new high across PNG segments, while EBITDA spreads were weaker due to price cuts and increased gas cost. The volumes would grow by 6-7%, but EBITDA spreads should be lower in FY25 a...
Buy Mahanagar Gas Ltd. For Target Rs. 1,560 - Yes Securities
Remain positive amid government distractions * MAHGL’s stock price declined over 15% on 6th Mar’24 after Mr. Hardeep Singh Puri, Minister of Petroleum and Natural Gas, said that the full benefits of gas sector reforms have not reached the end user and that CGDs are posting strong profits. He also declared the government’s commitment to ensuring the benefits of gas reforms reach end-consumers directly. * The market likely believes that the recent CNG price cut by the c...
Buy Mahanagar Gas Ltd For Target Rs.1,665 - Motilal Oswal Financial Services
Strong performance driven by higher EBITDA spreads and volumes Our View Mahanagar Gas Limited (MGL) delivered a robust Q3 FY24, exceeding expectations with a 75.2% YoY increase in EBITDA to Rs4.5bn and an 84.3% YoY increase in PAT to Rs3.2bn. Strong CNG volumes with a above normal growth of 6.4% YoY and a new high across PNG segments drove this performance, while EBITDA spreads were stronger but sequentially declined due to price cuts. The volumes would continue to grow at a slower pace...
Add Mahanagar Gas Ltd For Target Rs.1,365 By Yes Securities
Taking measures to propel volume growth - Mahanagar Gas Ltd.’s (MAHGL) EBITDA increased by 75% YoY to INR4.5b in 3QFY24, mainly driven by a 63% YoY rise in EBITDA/scm to INR13.3. Volumes grew 8% YoY to 3.7mmscmd driven by CNG and I/C-PNG. - CNG growth was led by an increase in vehicle conversions to 22.4k vehicles in 3Q from ~20k in 2Q and ~15k in 1Q. There was a 30% uptic...
Buy Mahanagar Gas Ltd. For Target Rs.1665 Motilal Oswal Financial Services
CNG supplier Indraprastha Gas Limited (IGL) announced a reduction in the selling price of the gas in Delhi and the National Capital Region (NCR) on Wednesday. The retail consumer price of the gas has been reduced by Rs 2.50 per kg. After the reduction, the revised selling price of CNG in Delhi will be Rs 74.09 per kg. The new price has been brought into effect from midnight of March 7. Earlier on Tuesday, Mahanagar Gas Ltd (MGL) announced a reduction in CNG prices by Rs 2.50 per k...
CNG price reduced by Rs 2.50 per kg in Delhi-NCR
The Mahanagar Gas Ltd (MGL) on Tuesday announced a reduction in CNG prices by Rs 2.50 per kg for Mumbai and Mumbai Metropolitan Region. The downward revision will come into effect from midnight of March 5/6, and now the new prices of CNG will be Rs 73.40 per kg. This new rate offers attractive savings of 53 per cent, compared to petrol, and 22 per cent, compared to diesel, at current price levels in Mumbai. This reduction in CNG price would help to increase the consumption of natural...
MGL cuts CNG prices for Mumbai, surroundings from midnight
Mahanagar Gas is currently trading at Rs. 1463.95, up by 9.85 points or 0.68% from its previous closing of Rs. 1454.10 on the BSE. The scrip opened at Rs. 1405.50 and has touched a high and low of Rs. 1466.70 and Rs. 1405.50 respectively. So far 8619 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1558.85 on 07-Feb-2024 and a 52 week low of Rs. 864.65 on 23-Feb-2023. Last one week high and low of the scrip stoo...
Mahanagar Gas rises on inking share subscription agreement with 3EV Industries
Mahanagar Gas is currently trading at Rs. 1496.00, up by 34.30 points or 2.35% from its previous closing of Rs. 1461.70 on the BSE. The scrip opened at Rs. 1490.85 and has touched a high and low of Rs. 1502.00 and Rs. 1475.75 respectively. So far 3635 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1513.00 on 01-Feb-2024 and a 52 week low of Rs. 831.00 on 03-Feb-2023. Last one week high and low of the scrip sto...
Mahanagar Gas surges on acquiring 100% stake in Unison Enviro
Mahanagar Gas is currently trading at Rs. 1342.60, up by 30.35 points or 2.31% from its previous closing of Rs. 1312.25 on the BSE. The scrip opened at Rs. 1343.85 and has touched a high and low of Rs. 1351.00 and Rs. 1304.65 respectively. So far 23058 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1353.80 on 23-Jan-2024 and a 52 week low of Rs. 831.00 on 03-Feb-2023. Last one week high and low of the scrip st...
Mahanagar Gas jumps on reporting 84% rise in Q3 net profit
Aggressive growth plans Revised volume-focused strategy: MAHGL was focused on strong margins in the past; however, following a litany of concerns about volume growth, the focus is now on volume growth. In Q2FY24, margins were Rs 14.6/scm; while guidance received is for targeting EBITDA spreads of Rs 12/scm to boost volume growth supported by APM price decline and favourable gas sourcing. In October, MAHGL had taken price cut of Rs 3/kg for CNG following reduction in HPHT natural gas prices...
Add Mahanagar Gas Ltd For Target Rs.1365 - Yes Securities Ltd
Mahanagar Gas is currently trading at Rs. 1262.95, up by 2.50 points or 0.20% from its previous closing of Rs. 1260.45 on the BSE. The scrip opened at Rs. 1262.15 and has touched a high and low of Rs. 1274.00 and Rs. 1257.70 respectively. So far 5101 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1274.00 on 16-Jan-2024 and a 52 week low of Rs. 831.00 on 03-Feb-2023. Last one week high and low of the scrip stoo...
Mahanagar Gas rises on forming JV with Baidyanath LNG
We have coverage on Mahanagar Gas Ltd. with a BUY rating on stock. Since our report, the stock has posted a high of Rs.1241 today. With the recent run-up in the share price (51% return), we are now changing our rating on the stock to Neutral. Please refer disclaimer at https://www.sushilfinance.com/Disclamier/disclaimer Member : BSE/ NSE/ MSEI. SEBI Registration No.-INZ000165135.
Neutral Mahanagar Gas Ltd For Target Rs. 1,296 - Sushil Finance Ltd
Margins to taper off; EV policy not a major risk Mahanagar Gas (MGL) reported robust YoY performance with 89.4%/ 106.4% surge in EBITDA/ PAT benefitted from substantial rise in margins. EBITDA/ scm rose 83.2% YoY albeit moderated 13.3% QoQ to Rs14.6/ scm. QoQ margin moderation was attributed to lower average realisations and slightly higher gas costs. On EV policy for Maharashtra, management commented that the EV adoption to happen gradually and would impact volumes over a 7-8 year period....
Buy Mahanagar Gas Ltd For Target Rs.1,189 - Centrum Broking Ltd
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