Antique Broking has maintained its ‘sell’ rating on Indraprastha Gas Ltd (IGL), with a target price of ₹164, implying a potential downside of around 11.3% from the current market price (CMP) of ₹185.05.
The brokerage highlighted that core margins remain weak, as expected. Additionally, volume growth disappointed and missed estimates for the quarter under review.
While the performance of subsidiaries during the quarter was strong, Antique remains cautious due to an overall muted volume outlook, margin uncertainty, and lower fuel arbitrage.
The brokerage estimates that IGL’s EPS will grow at only about 4.2% CAGR over FY25–27E, reflecting limited near-term growth visibility.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
