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ICICI Securities Report
India's gas sector has been beset with inequities; gas price of producer Oil and Natural Gas Corporation is at a 10-year low while Ebitda margin of city gas distribution players Mahanagar Gas and Indraprastha Gas would be similar to or higher than ONGC's gas price in FY21E.
ONGC has not received the policy support it should have on gas pricing while city gas distribution players have enjoyed policy largesse as they got priority access to cheap domestic gas and enjoy monopoly even 22-25 years after inception.
While ONGC's share price is down 75% from its high in June 2014, CGD share prices are up 2.3-5.9 times. This may be about to change.
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