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Mahanagar Gas Remains Motilal Oswal's Preferred Pick Among CGDs — Here's Why
In the recent analyst meet hosted by Mahanagar Gas, the management maintained its 10%+ YoY volume growth guidance for the next 2-3 years, with I&C-PNG/CNG volumes expected to grow at 20%/9%+ YoY.
09 Jun 2025, 01:13 PM IST 
Mahanagar Gas’ currently trades at 11x FY27E SA P/E. (Source: company website)
Over the last eight months, Mahanagar Gas’ share price has corrected ~30%, with the stock now trading at 11x FY27E P/E. Weakness in the stock price was driven by pressure on margins amid higher raw material costs coupled with multiple APM de-allocations and lack of clarity on future APM allocation.
