'Buy' Indraprastha Gas Maintains HDFC Securities, Says Delhi EV Policy Not A Big Threat

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HDFC Securities Institutional Equities

We expect Indraprastha Gas Ltd.'s consolidated earnings per share to record 14.4% CAGR over FY25-27E while RoE should remain at 17% during this period. At the current market price, IGL is trading at 14.8x Jun-26E EPS, which we believe is contextually low.

The current market price factors in an Ebitda margin of Rs 5.9/scm over FY26-33E. We have tweaked our MNGL volume and Ebitda estimates upwards, leading to an increase of 10.8/10.7% in the FY26E/FY27E consolidated EPS estimates respectively.

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