Nomura on IGL ; Neutral, TP cut to Rs 140

Near-term margin risk on high gas costs Volume growth recovered to 2yr highs; spot gas sourcing hurts margins 2Q big miss on margins as higher spot LNG purchases raises gas costs 3Q profitability may remain under pressure as gas costs have increased further Stock trades at 15.4x FY28F EPS vs its historical one-year-forward average of 18.2x

INDRAPRASTHA GAS LTD

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