In the alternatives playbook; Nat. Gas will remain for a long time.
Mahanagar Gas Limited (MGL) is well positioned for growth as India shifts to cleaner energy. Its expanding CGD network, rising CNG and PNG demand, and strategic acquisitions strengthen its market hold. The push for CNG vehicles boosts MGL’s role in sustainable mobility, while its CBG venture aligns with national renewable fuel policies. With infrastructure expansion, fuel diversification, and sustainability focus, MGL remains key to India’s clean energy transition. Buy with a price target at ₹2,052.
Initiate Buy with Price Target at ₹2,052
MGL, a key player in western India, stands to benefit from these tailwinds, including its expansion into Compressed Biogas. We value MGL at 15x itsFY27 EPS to derive our target price. A key risk remains further APM gas cuts, which could pressure margins.
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