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. 

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External broker reports(aggregated public sources)

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>Mahanagar Gas Limited (MGL) is one of India's leading city gas distribution (CGD) companies, incorporated in 1995.</li><li>The company distributes natural gas through an extensive CGD network of pipelines, supplying Compressed Natural Gas (CNG) to the transport segment and Piped Natural Gas (PNG) to domestic, commercial and industrial customers (C&amp;I), alongside a growing LNG retailing business.</li><li>A. Q4 Margin Pressure Reflects a One-Off Supply Shock, Not a Structural Break: In Q4FY26, EBITDA/scm fell 38%/25% YoY/QoQ to Rs 6.2/scm as the West Asia crisis disrupted RLNG supply from mid-March and triggered a government pool mechanism that curtailed MGL's Henry Hub-linked term contracts, pushing gas cost/scm to Rs 35.2/scm.</li></ul><p><em>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.</em></p>

Mahanagar Gas Limited (MGL) is one of India's leading city gas distribution (CGD) companies, incorporated in 1995.The company distributes natural gas through an extensive CGD network of pipelines, supplying Compressed Natural Gas (CNG) to the transport segment and Piped Natural Gas (PNG) to domestic, commercial and industrial customers (C&amp;I), alongside a growing LNG retailing business.A. Q4 Margin Pressure Reflects a One-Off Supply Shock, Not a Structural Break: In Q4FY26, EBITDA/scm fell 38%/25% YoY/QoQ to Rs 6.2/scm as the West Asia crisis disrupted RLNG supply from mid-March and triggered a government pool mechanism that curtailed MGL's Henry Hub-linked term contracts, pushing gas cost/scm to Rs 35.2/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.

PICK OF THE WEEK: Mahanagar Gas Ltd - 20th June, 2026