'Buy' IRM Energy Shares Maintains HDFC Securities But Cuts Target Price  — Here's Why

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Institutional Equities

We cut volume estimates for FY26E/27E by 13%/16% to factor in lower growth across all three segments.

We also reduced Ebitda assumptions for FY26E/27E from Rs 8.0/8.2 to Rs 5.1/5.5 respectively owing to royalty payments, lower volume growth due to roll-back of NGT order in Fatehgarh Sahib geographical area, reduction in APM gas allocation, and competitive prices of alternate fuels, which shall curb any potential price hike in the near term.

At the current market price, we estimate it factors in an Ebitda per unit of only Rs 4.6/scm over FY26-34E (as compared to Rs 4.72/scm reported for Q1 FY26). We reiterate Buy with a target price of Rs 440/share.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.