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.

Equity Bottom-Up

<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

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sagility-india" target="_blank" data-smartkarma-citation="entities:43717:1" rel="noopener">Sagility India (2058883D IN)</a> (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Sagility India (2058883D IN) (Sagility) raised around US$250m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Sagility is a pure-play healthcare focused solutions and services provider to Payers (U.S. health insurance companies), and Providers (primarily hospitals, physicians, and diagnostic and medical devices companies).
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

<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

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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

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>Future growth for MGL is poised to be driven by GA3, where penetration remains significantly lower compared to the more established GA1 and GA2.</li><li>Robust performance in the industrial segment would further support its growth trajectory.</li><li>However, margins could taper off given the falling domestic gas allocation, while the possibility of fuel price cuts could impact its competitive positioning.</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.

Future growth for MGL is poised to be driven by GA3, where penetration remains significantly lower compared to the more established GA1 and GA2.Robust performance in the industrial segment would further support its growth trajectory.However, margins could taper off given the falling domestic gas allocation, while the possibility of fuel price cuts could impact its competitive positioning.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 - Steady Volume Growth, but Lower Margins Likely

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.

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Mahanagar Gas (MAHGL IN)

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

Sagility India IPO Lockup - US$1.5bn Lockup Release; PE Promoter Will Have to Trim for Free-Float

Sagility B.V. plans to offload up to 15.02% stake in Sagility India via block deals worth INR26.7bn (US$314.7m). The secondary share sale is priced...

Akshat Shah

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

Mahanagar Gas - Steady Volume Growth, but Lower Margins Likely

Future growth for MGL is poised to be driven by GA3, where penetration remains significantly lower compared to the more established GA1 and GA2.

Prabhudas Lilladhar

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