GAIL Shares Downgraded To 'Add' By ICICI Securities Citing Limited Near-Term Triggers — Check New Target Price

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ICICI Securities Report

We have revised down earnings per share estimates for FY27/28E by 2.5/4.8%, respectively, to factor in the lower tariffs. We reduce target price to Rs 195 (from Rs 215) to factor in the same and also lower DCF assumptions on transmission segment, coupled with lower investment value for other listed holdings.

Resultant of only 11% upside from current market price, we downgrade GAIL to Add (from Buy).

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