ICICI Direct has given Buy recommendation for Gujarat Gas with a target price of Rs. 625 in its research report issued on May 12, 2022

ICICI Direct’s research report on Gujarat Gas

Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers. Sales volume grew at 15% CAGR in FY17-22 driven by industrial PNG • The company benefitted from NGT order for Morbi industrial area.

Outlook

We upgrade our rating on the stock from HOLD to BUY. We value GGL at Rs 625 i.e. 26x P/E on FY24E EPS.

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