Indraprastha Gas Ltd., Mahanagar Gas Ltd., and Gujarat Gas Ltd. declined around 5% in trade, as a foreign brokerage – Credit Suisse – downgrade its ratings on the stocks. The brokerage expects the blending of imported gas to increase to more than 50% by FY26 from current levels of 15%. This coupled with higher domestic and imported gas prices will result in margin pressures. The brokerage sees no earnings growth for the next two years and a more than 20% cut to consensus estimates for FY24. The pressure is on CNG and residential PNG segments which account for 85-90% of EBITDA for IGL, 85% for MGL, and 45% for Gujarat Gas.
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