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Investing.com - CLSA has raised its price target on Indraprastha Gas Ltd. (NSE:IGL) to INR240.00 from INR210.00, while maintaining an Outperform rating on the stock.
The revised valuation comes despite Indraprastha Gas reporting second-quarter FY26 standalone profit after tax that was 16% below CLSA’s estimates, attributed to weaker unit EBITDA margins and slower volume growth than anticipated.
CLSA highlighted Indraprastha Gas’s recently announced joint venture to expand city gas distribution operations into Saudi Arabia, noting the new market offers significant volume potential for the company.
The research firm acknowledged management’s guidance for substantial improvements in both volumes and margins over the next two quarters, with medium-term volume growth projected at 8-10% and unit EBITDA of INR7-8 per standard cubic meter.
While CLSA’s estimates remain below the company’s guidance figures, the firm has nonetheless increased its target price, reflecting continued confidence in Indraprastha Gas’s growth trajectory.
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