External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Marico: Marico posted an in-line revenue performance, with a marginal beat in EBITDA</li><li>Consolidated revenue was up 1% YoY while domestic revenue/volume were down 4/6% YoY (three-year revenue CAGR at 4% vs that of HUL/Emami/GCPL at 9/3/12%)</li><li>Domestic volume, excluding Saffola (inflationary headwind led a double-digit decline), was up 1% YoY</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.

Marico: Marico posted an in-line revenue performance, with a marginal beat in EBITDAConsolidated revenue was up 1% YoY while domestic revenue/volume were down 4/6% YoY (three-year revenue CAGR at 4% vs that of HUL/Emami/GCPL at 9/3/12%)Domestic volume, excluding Saffola (inflationary headwind led a double-digit decline), was up 1% YoYContent 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.

HSIE Results Daily: Marico, IRB Infra, Computer Age Management Services

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>We initiate coverage on Mahanagar Gas Limited (MGL) with a BUY recommendation and a target price of Rs 1,540/share, implying a potential upside of 20% from the current market price (CMP).</li><li>MGL is a leading player in India’s city gas distribution (CGD) sector, operating in the Mumbai Metropolitan Region and surrounding areas, where it is a dominant player.</li><li>Leveraging its presence in one of the country’s most urbanised and high-income regions, MGL has established a strong foundation in the natural gas industry. </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.

We initiate coverage on Mahanagar Gas Limited (MGL) with a BUY recommendation and a target price of Rs 1,540/share, implying a potential upside of 20% from the current market price (CMP).MGL is a leading player in India’s city gas distribution (CGD) sector, operating in the Mumbai Metropolitan Region and surrounding areas, where it is a dominant player.Leveraging its presence in one of the country’s most urbanised and high-income regions, MGL has established a strong foundation in the natural gas industry. 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.

Mahanagar Gas Ltd - Robust Fundamentals at Attractive Valuation; Initiate with BUY

<ul><li>We attended the Mahanagar Gas (MGL) Analyst Meet on 6 June 2025.</li><li>Following are the key takeaways: (1) volume growth for the next 2-3 years is expected to be in double digits on the back of higher volumes from new GAs, investments in expansion of CNG/D-PNG infrastructure, and various promotional activities undertaken across segments to boost gas consumption.</li><li>(2) Current gas sourcing split is as follows, 1.65mmscmd of APM gas, 0.5mmscmd each of HPHT and NWG, 1.5mmscmd HH linked contracts and 0.1mmscmd Brent-linked contracts. </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.

We attended the Mahanagar Gas (MGL) Analyst Meet on 6 June 2025.Following are the key takeaways: (1) volume growth for the next 2-3 years is expected to be in double digits on the back of higher volumes from new GAs, investments in expansion of CNG/D-PNG infrastructure, and various promotional activities undertaken across segments to boost gas consumption.(2) Current gas sourcing split is as follows, 1.65mmscmd of APM gas, 0.5mmscmd each of HPHT and NWG, 1.5mmscmd HH linked contracts and 0.1mmscmd Brent-linked contracts. 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.

Mahanagar Gas: Focused on volume growth. Maintain BUY

<ul><li>The Mahanagar Gas (MGL) stock price rose ~3% and outperformed the Sensex by ~4% in the last 1M</li><li>This positive price movement could be attributed to the CNG price hike undertaken by the company in December 2024</li><li>Going ahead, we expect (i) MGL to replace expensive spot gas purchases with cheaper HPHT domestic gas, (ii) continued strong CNG vehicle registration, accelerated addition of retail outlets, customer additions in the industrial segment, and (iii) volume growth contribution from the acquired three GAs of Unison Enviro (UEPL).</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.

The Mahanagar Gas (MGL) stock price rose ~3% and outperformed the Sensex by ~4% in the last 1MThis positive price movement could be attributed to the CNG price hike undertaken by the company in December 2024Going ahead, we expect (i) MGL to replace expensive spot gas purchases with cheaper HPHT domestic gas, (ii) continued strong CNG vehicle registration, accelerated addition of retail outlets, customer additions in the industrial segment, and (iii) volume growth contribution from the acquired three GAs of Unison Enviro (UEPL).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.

Mahanagar Gas: Strong CNG vehicle registrations to drive volumes. Maintain BUY

<ul><li>The Mahanagar Gas (MGL) stock price has corrected ~36% and underperformed the Sensex by ~34% in the last 3M due to the potential adverse impact of drastic cut in APM gas allocation for city gas sector</li><li>We estimate MGL’s EBITDA could be impacted by as much as INR ~5-5.5/scm due to the reduction in APM gas allocation</li><li>Volume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas cost</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.

The Mahanagar Gas (MGL) stock price has corrected ~36% and underperformed the Sensex by ~34% in the last 3M due to the potential adverse impact of drastic cut in APM gas allocation for city gas sectorWe estimate MGL’s EBITDA could be impacted by as much as INR ~5-5.5/scm due to the reduction in APM gas allocationVolume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas costContent 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.

Mahanagar Gas: Reduced APM Gas Allocation—a Near-Term Headwind. Maintain BUY

India

Mahanagar Gas Limited (MGL) is an Indian city gas distribution (CGD) company that provides clean energy solutions. It is the sole authorized distributor of Compressed Natural Gas (CNG) for vehicles and Piped Natural Gas (PNG) for domestic, commercial, and industrial use in Mumbai, its adjoining areas, and the Raigad district in Maharashtra, India. The company was founded on May 8, 1995, and is headquartered in Mumbai, Maharashtra, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mahanagar Gas (MAHGL IN)

HSIE Results Daily: Marico, IRB Infra, Computer Age Management Services

Consolidated revenue was up 1% YoY while domestic revenue/volume were down 4/6% YoY (three-year revenue CAGR at 4% vs that of HUL/Emami/GCPL at 9/3...

HDFC Securities

Mahanagar Gas Ltd - Robust Fundamentals at Attractive Valuation; Initiate with BUY

We initiate coverage on Mahanagar Gas Limited (MGL) with a BUY recommendation and a target price of Rs 1,540/share, implying a potential upside of...

Axis Direct

Mahanagar Gas: Focused on volume growth. Maintain BUY

Following are the key takeaways: (1) volume growth for the next 2-3 years is expected to be in double digits on the back of higher volumes from new...

HDFC Securities

Mahanagar Gas: Strong CNG vehicle registrations to drive volumes. Maintain BUY

Going ahead, we expect (i) MGL to replace expensive spot gas purchases with cheaper HPHT domestic gas, (ii) continued strong CNG vehicle...

HDFC Securities

Mahanagar Gas: Reduced APM Gas Allocation—a Near-Term Headwind. Maintain BUY

Volume growth could be adversely impacted in the near term as we expect MGL to take further price hikes to offset the rising gas cost

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)