Nomura on MGL ; Buy, TP Rs 1465

2QFY27 results miss estimates on higher gas costs; volume in line Unit EBITDA of INR6.8/scm was down 14% q-q, 20% below estimate. Adjusted net income at INR1.5bn declined 20% q-q, 29% below estimate Lower other income (23% below estimate) & higher interest cost (32% above estimate) added to EBITDA miss Stock currently trades at an FY28F P/E of 11.4x compared with average one-year forward multiple of 12x Stock offers a dividend yield of 2.9%

MAHANAGAR GAS LTD.

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