ICICI Direct has given Buy recommendation for Mahanagar Gas with a target price of Rs. 1340 in its research report issued on Aug 02, 2021

ICICI Direct’s research report on Mahanagar Gas

Mahanagar Gas (MGL) is a city gas distribution company and operates in Mumbai, its adjoining areas and Raigad district, Maharashtra. CNG sales contribute more than 70% of its total sales volume It has consistently reported high gross margins and return ratios


We remain positive and maintain our BUY rating on the stock We value MGL at Rs 1340 i.e. 12.5x P/E on FY23E EPS


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