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Equity Bottom-Up

<ul><li>The Indraprastha Gas (IGL) stock price has corrected ~35% over the last 3M and underperformed the Sensex by ~33% due to the adverse impact on profitability expected to be caused by the reduction in APM gas allocation to city gas distributors</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a revised target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>We expect IGL to undertake further price hikes in the near term to pass on the impact of lower APM gas allocation, which, in turn, could adversely impact volume growth in FY26E</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 Indraprastha Gas (IGL) stock price has corrected ~35% over the last 3M and underperformed the Sensex by ~33% due to the adverse impact on profitability expected to be caused by the reduction in APM gas allocation to city gas distributorsWe maintain our BUY recommendation on Indraprastha Gas (IGL) with a revised target price of INR 515, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~9% CAGR over FY24-27E, and (3) robust long-term margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWe expect IGL to undertake further price hikes in the near term to pass on the impact of lower APM gas allocation, which, in turn, could adversely impact volume growth in FY26EContent 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.

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

<ul><li>The Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 635, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~10% CAGR over FY24-29E, and (3) robust margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector</li><li>We anticipate volume growth to be led by the company’s focus on expanding its city gas network, especially in new GAs and competitive CNG price vs petrol/diesel.</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 Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 635, given (1) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility, (2) healthy long-term volume growth of ~10% CAGR over FY24-29E, and (3) robust margins supported by pricing power and higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sectorWe anticipate volume growth to be led by the company’s focus on expanding its city gas network, especially in new GAs and competitive CNG price vs petrol/diesel.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.

Indraprastha Gas: Looking beyond near-term headwinds. Maintain BUY

<ul><li>The Indraprastha Gas (IGL) stock price has rallied ~14% over the last 3M and outperformed the Sensex by ~5%</li><li>We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 615, given (1) healthy volume growth of ~10% CAGR over FY24-29E, (2) higher margins supported by higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibility</li><li>We anticipate volume growth to be led by the company’s focus on the expansion of its city gas network in existing and new GAs and competitive CNG price vs petrol/diesel</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 Indraprastha Gas (IGL) stock price has rallied ~14% over the last 3M and outperformed the Sensex by ~5%We maintain our BUY recommendation on Indraprastha Gas (IGL) with a target price of INR 615, given (1) healthy volume growth of ~10% CAGR over FY24-29E, (2) higher margins supported by higher allocation of gas from the high-pressure, high-temperature (HPHT) fields to the priority sector, and (3) a strong portfolio of new geographical areas (GAs) ensuring volume growth visibilityWe anticipate volume growth to be led by the company’s focus on the expansion of its city gas network in existing and new GAs and competitive CNG price vs petrol/dieselContent 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.

Indraprastha Gas: Long-Term Volume Growth Outlook Intact Despite near Term Concerns.

<ul><li>The Indraprastha Gas (IGL) stock price has rallied ~12% over the last 1M and outperformed the Sensex by ~8%</li><li>Despite this rally, we estimate that IGL’s current stock price factors 10.5% CAGR volume growth over FY24-32E, assuming 0% terminal growth</li><li>We expect IGL, with higher exposure to the CNG segment, to benefit from news reports, suggesting a potential cut in excise duty on CNG in the upcoming budget and a sentimental boost from the launch of the CNG bike by Bajaj Auto</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 Indraprastha Gas (IGL) stock price has rallied ~12% over the last 1M and outperformed the Sensex by ~8%Despite this rally, we estimate that IGL’s current stock price factors 10.5% CAGR volume growth over FY24-32E, assuming 0% terminal growthWe expect IGL, with higher exposure to the CNG segment, to benefit from news reports, suggesting a potential cut in excise duty on CNG in the upcoming budget and a sentimental boost from the launch of the CNG bike by Bajaj AutoContent 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.

Indraprastha Gas: Long-Term Volume Growth Outlook Positive. Maintain BUY

<ul><li>The Indraprastha Gas (IGL) stock price has seen an ~15% correction over the last five months and underperformed the Sensex by ~25%, owing to the threat of EV following the introduction of the Draft EV policy 2.0 and the recent cut of INR 2.5/kg in retail CNG price</li><li>Notwithstanding the EV threat, we expect IGL, with higher exposure to the CNG segment, to benefit from the boost to volume growth, driven by favourable economics between CNG and alternative fuels and expansion of city gas network in new geographical areas (GAs)</li><li>Our thesis of volume growth improvement is also supported by Vahan data, which indicates an improvement in monthly CNG vehicle registrations in Delhi.</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 Indraprastha Gas (IGL) stock price has seen an ~15% correction over the last five months and underperformed the Sensex by ~25%, owing to the threat of EV following the introduction of the Draft EV policy 2.0 and the recent cut of INR 2.5/kg in retail CNG priceNotwithstanding the EV threat, we expect IGL, with higher exposure to the CNG segment, to benefit from the boost to volume growth, driven by favourable economics between CNG and alternative fuels and expansion of city gas network in new geographical areas (GAs)Our thesis of volume growth improvement is also supported by Vahan data, which indicates an improvement in monthly CNG vehicle registrations in Delhi.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.

Indraprastha Gas: CNG Strength Counters EV Threat

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

Indraprastha Gas: APM Gas Allocation Cut Poses Profit Challenges. Maintain BUY

We believe CNG volume growth levers are in place to achieve 9% CAGR volume growth over FY24-27E. We reiterate a BUY rating on IGL with a target...

HDFC Securities

Indraprastha Gas: Looking beyond near-term headwinds. Maintain BUY

The Indraprastha Gas (IGL) stock price has rallied ~2% over the last 3M and underperformed the Sensex by ~0.3%. We maintain our BUY recommendation...

HDFC Securities

Indraprastha Gas: Long-Term Volume Growth Outlook Intact Despite near Term Concerns.

The Indraprastha Gas (IGL) stock price has rallied ~14% over the last 3M and outperformed the Sensex by ~5%. We maintain our BUY recommendation on...

HDFC Securities

Indraprastha Gas: Long-Term Volume Growth Outlook Positive. Maintain BUY

We expect IGL, with higher exposure to the CNG segment, to benefit from news reports, suggesting a potential cut in excise duty on CNG in the...

HDFC Securities

Indraprastha Gas: CNG Strength Counters EV Threat

The Indraprastha Gas (IGL) stock price has seen an ~15% correction over the last five months and underperformed the Sensex by ~25%

HDFC Securities

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