External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

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>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

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.</li><li>Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.</li><li>Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).</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.

Our ADD recommendation on Gujarat Gas (GGL), with a price target of INR 453, is premised on (1) volume growth of only ~9% CAGR over FY24-26E compared to ~18% volume growth seen over FY19-22; (2) increased pricing competition from alternate fuel in the industrial/commercial segment; and (3) low visibility on spot LNG prices in the medium term.Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.Volume stood at 9.32mmscmd (22% YoY, +1% QoQ).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 (Q2FY24): Decline in Input Gas Cost Improves the Margin.

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<ul>
<li>Shares of city gas distribution players such as MAHGL, IGL, GUJGA and IRMENERG are down in the last one month.</li>
<li>This comes after the government's decision to reduce APM gas allocation towards CNG from 70% to 50%. </li>
<li>MAHGL, IGL due to high concentration towards CNG would be most impacted and would need price hikes. GUJGA and IRMENERG are less exposed due to high proportion of Industrial demand.</li>
</ul>


Shares of city gas distribution players such as MAHGL, IGL, GUJGA and IRMENERG are down in the last one month.
This comes after the government's decision to reduce APM gas allocation towards CNG from 70% to 50%. 
MAHGL, IGL due to high concentration towards CNG would be most impacted and would need price hikes. GUJGA and IRMENERG are less exposed due to high proportion of Industrial demand.


CGD Allocation Reduction- Decoding the Impact

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

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.

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

Gujarat Gas Ltd (GUJGA IN)

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

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.

HDFC Securities

CGD Allocation Reduction- Decoding the Impact

Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

Nitin Mangal

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Gujarat Gas (Q2FY24): Decline in Input Gas Cost Improves the Margin.

Q2FY24 EBITDA/PAT at INR 5/3bn came in above our estimates, owing to a higher-than-expected per unit EBITDA margin and volume.

HDFC Securities

CGD Allocation Reduction- Decoding the Impact

​Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

Nitin Mangal

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Shares of CGD players are down due to government reducing APM gas allocation for CNG, impacting MAHGL and IGL the most while GUJGA and IRMENERG...

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...