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MGL: Superior margin, but limited growth opportunities

The government announcing the 11th round of city gas distribution bidding may turn out to be a good opportunity for MGL

July 02, 2021 / 12:23 PM IST
MGL: Superior margin, but limited growth opportunities

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Mahanagar Gas Ltd (MGL; CMP: Rs 1,139.50; Market Capitalisation: Rs 11,256 crore) is a city gas distribution (CGD) company, and it operates 271 CNG stations, catering to 0.8 million customers. It supplies PNG to 1.6 million household customers in Mumbai, Thane and Raigad district.  Volume trends: MGL lags The major players in India's CGD sector include Indraprastha Gas, Gujarat Gas, Adani Total Gas and Mahanagar Gas. Mahanagr Gas is relatively smaller than IGL and Gujarat Gas, in terms of volumes and station...

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