External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.</li><li>Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.</li><li>Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 483, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium term</li><li>Q1FY24 EBITDA/PAT at INR 3.9/2.2bn came in below our estimates, owing to a lower-than-expected per unit EBITDA margin</li><li>Overall volume grew 4% QoQ on account of higher CNG and industrial segment volume.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 483, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium termQ1FY24 EBITDA/PAT at INR 3.9/2.2bn came in below our estimates, owing to a lower-than-expected per unit EBITDA marginOverall volume grew 4% QoQ on account of higher CNG and industrial segment volume.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Gas (Q1FY24): Weak Margins Impact Earnings. Maintain ADD

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium term</li><li>Q4FY23 EBITDA/PAT at INR 5.6/3.7bn came in below our estimates, owing to lower-than-expected per unit EBITDA margins</li><li>Volumes rose sharply QoQ by 22% on account of higher offtake by domestic household and industrial segments</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18% volume growth seen over FY19-22 (2) increased pricing competition from alternate fuel in the industrial/commercial segment and (3) low visibility on spot LNG prices in the medium termQ4FY23 EBITDA/PAT at INR 5.6/3.7bn came in below our estimates, owing to lower-than-expected per unit EBITDA marginsVolumes rose sharply QoQ by 22% on account of higher offtake by domestic household and industrial segmentsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Gas (Results Review 4QFY23): Volume Growth Offset Margin Weakness.

Gujarat Gas (Results Review 4QFY23) - Volume Growth Offset Margin Weakness.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers.</li><li>Sales volume grew at 15% CAGR in FY17-22 driven by industrial PNG </li><li>The company benefitted from the NGT order for Morbi industrial area.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers.Sales volume grew at 15% CAGR in FY17-22 driven by industrial PNG The company benefitted from the NGT order for Morbi industrial area.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Gujarat Gas - Muted Volume Outlook in near Term…

India

Gujarat Energy is an integrated energy company engaged in city gas distribution, natural gas trading, and exploration and production of oil and gas resources. It operates India's largest city gas distribution network, supplying piped natural gas to domestic, commercial, and industrial customers, and compressed natural gas to vehicles. The company is headquartered in Gandhinagar, India, and was incorporated on February 21, 2012, as GSPC Distribution Networks Limited, later changing its name to Gujarat Gas Limited and then to Gujarat Energy Limited following a composite scheme of amalgamation in April 2026.

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Gujarat Energy (GUJENERG IN)

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.

HDFC Securities

Gujarat Gas (Q1FY24): Weak Margins Impact Earnings. Maintain ADD

Q1FY24 EBITDA/PAT at INR 3.9/2.2bn came in below our estimates, owing to a lower-than-expected per unit EBITDA margin. Overall volume grew 4% QoQ

HDFC Securities

Gujarat Gas (Results Review 4QFY23): Volume Growth Offset Margin Weakness.

Our ADD recommendation on GGL, with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E compared to ~18%...

HDFC Securities

Gujarat Gas (Results Review 4QFY23) - Volume Growth Offset Margin Weakness.

Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 510, is premised on (1) volume growth of only ~8% CAGR over FY23-25E...

HDFC Securities

Gujarat Gas - Muted Volume Outlook in near Term…

Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers. Sales volume grew at 15% CAGR...

ICICI Securities Limited

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