External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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Equity Bottom-Up

<ul><li>Gujarat Gas (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe: Rs2.6bn).</li><li>Total volume grew 3.4% YoY and 8.2% QoQ primarily led by recovery in Morbi sales.</li><li>EBITDA/scm declined 31.6% QoQ to Rs4.4 amid higher spot LNG prices and APM de-allocation.</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 (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe: Rs2.6bn).Total volume grew 3.4% YoY and 8.2% QoQ primarily led by recovery in Morbi sales.EBITDA/scm declined 31.6% QoQ to Rs4.4 amid higher spot LNG prices and APM de-allocation.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 (GUJGA IN) - Weak Near-Term Outlook

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 (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.</li><li>Volume of 9.5mmscmd vs our estimate of 9.4mmscmd was offset by lower margin (EBITDA margin of INR 4,4/scm vs estimated INR 4.8/scm).</li><li>Morbi volume estimated at ~3.35mmscmd was up 0.5mmscmd QoQ due to relatively better pricing vs propane in Q3, even as YoY trends remain subdued due to continued export softness owing to shipping disruptions/weak demand globally.</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 (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.Volume of 9.5mmscmd vs our estimate of 9.4mmscmd was offset by lower margin (EBITDA margin of INR 4,4/scm vs estimated INR 4.8/scm).Morbi volume estimated at ~3.35mmscmd was up 0.5mmscmd QoQ due to relatively better pricing vs propane in Q3, even as YoY trends remain subdued due to continued export softness owing to shipping disruptions/weak demand globally.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 - Flattish Q3FY25 Result; Prospects Look Better for Next 12 Months

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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 has announced a scheme of amalgamation and arrangement, under which Gujarat State Petroleum Corp.</li><li>(GSPC), Gujarat State Petronet (GUJS) and GSPC Energy (GEL) will merge with Gujarat Gas.</li><li>This will be followed by the merged entity de-merging the transmission business into a new entity, GSPL Transmission Limited (GTL).</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 has announced a scheme of amalgamation and arrangement, under which Gujarat State Petroleum Corp.(GSPC), Gujarat State Petronet (GUJS) and GSPC Energy (GEL) will merge with Gujarat Gas.This will be followed by the merged entity de-merging the transmission business into a new entity, GSPL Transmission Limited (GTL).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 - Merger to Unlock Value for GUJGA and GUJS

<ul><li>Prabhudas Lilladher's research report onGujarat Gas Gujarat Gas (Gujga) reported an EBITDA/PAT of Rs 5.9bn (+47.5% QoQ, PLe: Rs 5bn) and Rs4.1bn (+86% QoQ, PLe: Rs 2.9bn) respectively.</li><li>Total volumes grew 9.4% YoY to 9.7mmscmd, driven by 8% YoY recovery in industrial/commercial volumes.</li><li>EBITDA/scm came in strong at Rs6.7/scm.</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.

Prabhudas Lilladher's research report onGujarat Gas Gujarat Gas (Gujga) reported an EBITDA/PAT of Rs 5.9bn (+47.5% QoQ, PLe: Rs 5bn) and Rs4.1bn (+86% QoQ, PLe: Rs 2.9bn) respectively.Total volumes grew 9.4% YoY to 9.7mmscmd, driven by 8% YoY recovery in industrial/commercial volumes.EBITDA/scm came in strong at Rs6.7/scm.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 (GUJGA IN) - Beat on Estimates Led by Strong EBITDA/Scm

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>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.

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 (GUJGA IN) - Weak Near-Term Outlook

Gujarat Gas (GUJGA) reported EBITDA of Rs3.8bn (down 26% QoQ, PLe: Rs3.6bn, BBGe: Rs4.4bn) and PAT of Rs2.2bn (down 27.8% QoQ, PLe: Rs1.9bn, BBGe:...

Prabhudas Lilladhar

Gujarat Gas - Flattish Q3FY25 Result; Prospects Look Better for Next 12 Months

Gujarat Gas (GUJGA) reported 26/28% YoY decline in EBITDA/PAT to INR 3.8bn/INR 2.2bn (I-Sec est. of INR 4.1/INR 2.3bn) in Q3FY25.

ICICI Securities Limited

Gujarat Gas - Merger to Unlock Value for GUJGA and GUJS

We maintain our BUY rating on Gujarat Gas with a TP of INR715. While 2QFY25 volume momentum is expected to be weak QoQ amid high spot LNG prices...

Motilal Oswal

Gujarat Gas (GUJGA IN) - Beat on Estimates Led by Strong EBITDA/Scm

Prabhudas Lilladher's research report onGujarat Gas Gujarat Gas (Gujga) reported an EBITDA/PAT of Rs 5.9bn (+47.5% QoQ, PLe: Rs 5bn) and Rs4.1bn...

Prabhudas Lilladhar

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

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