Citi has reiterated its Buy rating on Mahanagar Gas Ltd (MGL) and assigned a target price of ₹1,700 per share, implying a potential 16% upside from the current market price of ₹1,471.30.
The brokerage noted that MGL’s Q1 EBITDA was above estimates, supported by strong operating performance. Volume growth stood at a healthy 10% year-on-year, in line with company guidance and reflecting steady demand across segments.
Citi also reaffirmed MGL as its top pick in the city gas distribution (CGD) space, citing consistent growth visibility, robust fundamentals, and favorable sector dynamics.
Disclaimer: The brokerage views expressed above are those of Citi. This article does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions.
