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>The Mahanagar Gas (MGL) stock price has rallied ~43% and outperformed the Sensex by ~34% in the last 3M</li><li>We expect strong volume growth to continue to drive stock price outperformance</li><li>We anticipate that the robust CNG vehicle registration data, accelerated infrastructure rollout in existing geographical areas (GAs), volume growth contribution from the acquired three GAs of Unison Enviro (UEPL) and competitive CNG price vs petrol/diesel will support strong volume growth of 10.4% CAGR over FY24-26E</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 rallied ~43% and outperformed the Sensex by ~34% in the last 3MWe expect strong volume growth to continue to drive stock price outperformanceWe anticipate that the robust CNG vehicle registration data, accelerated infrastructure rollout in existing geographical areas (GAs), volume growth contribution from the acquired three GAs of Unison Enviro (UEPL) and competitive CNG price vs petrol/diesel will support strong volume growth of 10.4% CAGR over FY24-26EContent 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: Volume Growth Picking Up, Maintain Buy

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>Mahanagar Gas Ltd.’s (MAHGL) EBITDA decreased 20% YoY to INR4.2b in 1QFY25, mainly driven by a 29% YoY dip in EBITDA/scm to INR11.9 (MOSL est: INR 10.9).</li><li>Volumes grew 13% YoY to 3.9mmscmd driven by CNG and I/C-PNG. Key highlights from the conference call: 1) EBITDA/scm came in strong despite APM gas allocation below 70% in 1QFY25, 2) management guidance on both margin and volume growth remains conservative at 7% volume growth (ex-UEPL) and INR10-12 EBITDA/scm, 3) volume growth at UEPL is in mid-teens and can sustain for the next 6-7 years, 4) MAHGL is looking to add 75 stations in FY25 on a base of ~400 stations (incl. UEPL), 5) MAHGL guided an improved volume outlook in 2Q/3QFY25, besides margin support from CNG price hikes taken in early Jul’24.</li><li>Outlook We expect a 7% CAGR in volume over FY24-26, driven by multiple initiatives implemented by the company, such as partnering with OEMs to drive conversions of commercial CNG vehicles and providing guaranteed price discounts to new I/C-PNG customers.</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.

Mahanagar Gas Ltd.’s (MAHGL) EBITDA decreased 20% YoY to INR4.2b in 1QFY25, mainly driven by a 29% YoY dip in EBITDA/scm to INR11.9 (MOSL est: INR 10.9).Volumes grew 13% YoY to 3.9mmscmd driven by CNG and I/C-PNG. Key highlights from the conference call: 1) EBITDA/scm came in strong despite APM gas allocation below 70% in 1QFY25, 2) management guidance on both margin and volume growth remains conservative at 7% volume growth (ex-UEPL) and INR10-12 EBITDA/scm, 3) volume growth at UEPL is in mid-teens and can sustain for the next 6-7 years, 4) MAHGL is looking to add 75 stations in FY25 on a base of ~400 stations (incl. UEPL), 5) MAHGL guided an improved volume outlook in 2Q/3QFY25, besides margin support from CNG price hikes taken in early Jul’24.Outlook We expect a 7% CAGR in volume over FY24-26, driven by multiple initiatives implemented by the company, such as partnering with OEMs to drive conversions of commercial CNG vehicles and providing guaranteed price discounts to new I/C-PNG customers.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 - Volume/Margin Surpass Guidance

<ul><li>The Mahanagar Gas (MGL) stock price has rallied ~15% and outperformed the Sensex by ~8% in the last 3M</li><li>However, despite this performance, we estimate the current market price factors only ~5% volume growth</li><li>We anticipate the accelerated infrastructure rollout in existing and new geographical areas (GAs), the acquisition of Unison Enviro’s (UEPL) three GAs, competitive CNG price vs petrol/diesel, and robust CNG vehicle registrations data should support strong volume growth of 10.4% CAGR over FY24-26E.</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 rallied ~15% and outperformed the Sensex by ~8% in the last 3MHowever, despite this performance, we estimate the current market price factors only ~5% volume growthWe anticipate the accelerated infrastructure rollout in existing and new geographical areas (GAs), the acquisition of Unison Enviro’s (UEPL) three GAs, competitive CNG price vs petrol/diesel, and robust CNG vehicle registrations data should support strong volume growth of 10.4% CAGR over FY24-26E.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: Volume Growth Levers in Place. Maintain BUY

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>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%/&gt;10% in standalone (SA)/Unison Enviro (UEPL) vs.~5% during FY19-24.</li><li>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.</li><li>APM gas allocation is ~70% of priority vol.</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.

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%/&gt;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.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 - Thrust on Core, Combined with New Forays

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Waaree Renewable Technologies / Equity Capital Markets

Waaree Renewable Technologies (WAREERTL IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies</a>  is looking to raise up to US$400m in its upcoming India IPO.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023. </li>
<li>In this note, we talk about the company’s past performance.</li>
</ul>



Waaree Energies  is looking to raise up to US$400m in its upcoming India IPO.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2023. 
In this note, we talk about the company’s past performance.


Waaree Energies Pre-IPO - Riding the Anti-China US Wave

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)

Mahanagar Gas: Volume Growth Picking Up, Maintain Buy

The Mahanagar Gas (MGL) stock price has rallied ~43% and outperformed the Sensex by ~34% in the last 3M. We expect strong volume growth to continue...

HDFC Securities

Mahanagar Gas - Volume/Margin Surpass Guidance

The stock trades at 13.5x FY26E EPS of INR136.9. We value it at 16x FY26E EPS to arrive at our TP of INR2,200. Reiterate BUY.

Motilal Oswal

Mahanagar Gas: Volume Growth Levers in Place. Maintain BUY

The Mahanagar Gas (MGL) stock price has rallied ~15% and outperformed the Sensex by ~8% in the last 3M. However, despite this performance, we...

HDFC Securities

Mahanagar Gas - Thrust on Core, Combined with New Forays

Management indicated a clear focus on infrastructure creation to spur demand growth, with capex target for FY25 at Rs10bn—split between SA and UEPL...

Emkay

Waaree Energies Pre-IPO - Riding the Anti-China US Wave

Waaree Energies is looking to raise up to US$400m in its upcoming India IPO. In this note, we look at the company's past performance.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)