External broker reports(aggregated public sources), HDFC Securities

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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 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><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>

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