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.

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>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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.</li>
<li>With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.</li>
<li>India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.</li>
</ul>


The RBI’s March 2025 surveys highlight a balanced recovery, with easing inflation expectations, strong rural sentiment, and sector-specific growth prospects across banking, manufacturing, and services.
With moderate credit growth and consumer confidence improving, sectors like agri-finance, retail, and infrastructure are poised for growth, while inflationary pressures and currency depreciation may impact import-dependent companies.
India's economic recovery is steady, with sector-specific positioning crucial. As rural confidence rises and inflation expectations moderate, growth opportunities are more identifiable, especially in rural finance and manufacturing.


India

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

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Gujarat Gas Ltd (GUJGA 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

RBI Forward-Looking Survey Analysis

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

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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

RBI Forward-Looking Survey Analysis

​RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...

Nimish Maheshwari

RBI surveys show balanced recovery in India, with rural sentiment strong and growth prospects in banking, manufacturing, and services. Sector...