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The hike in CNG prices have eliminated key headwinds for IGL viz. expected margin contraction and reduction in earnings and return ratios, to a large extent. Relative ease in pass through of the APM gas price hike indicates absence of regulatory risks in the near term. This coupled with strong CNG conversions and growth in newer geographies would result in strong earnings growth and re-rating of the stock. We revise our target price on the stock to Rs301 (Rs210) owing to the upward revision in earnings estimates and lower WACC estimates (to reflect lower risk). We e upgrade the stock to Buy from Reduce earlier earlier.Download Full Report
|MCAP BSE (Rs in Cr)||12,097.40|
|MCAP NSE (Rs in Cr)||12,114.90|
|Div Yield (%)||0.69|
Shareholding Pattern (%)
|Public & Others||11.0|