CLSA has maintained its outperform rating on Indraprastha Gas Ltd (IGL) with a target price of ₹210, implying a modest 3% upside from the current market price of ₹203.85.
IGL reported a Q1FY26 profit after tax (PAT) of ₹3.6 billion, which was 13% ahead of CLSA’s estimates. The outperformance was primarily driven by stronger-than-expected unit margins, even as overall volumes fell short of projections. Additionally, the beat on EBITDA was supported by higher-than-modeled other income.
In terms of operational performance, IGL posted total volumes of 9.13 million metric standard cubic meters per day (mmscmd), marking a 6% year-on-year increase. Segment-wise, CNG volumes rose 5%, PNG volumes grew 11%, and industrial-commercial volumes were up 9% YoY.
CLSA noted the strong margin delivery as a key positive but kept its rating and target price unchanged, reflecting a limited upside from current levels.
Disclaimer: The views expressed in this article are based on brokerage reports and do not constitute investment advice. Please consult your financial advisor before making any investment decisions.
