Hold Gujarat State Petronet; target of Rs 250: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Gujarat State Petronet

Gujarat State Petronet’s (GSPL operating revenue for Q4FY20 increased sharply by 37.2% YoY to Rs 595.2 crore on account of growth in transmission volumes. Transmission volumes increased 13.5% YoY to 36.8 mmscmd. EBITDA came in at Rs 355.7 crore, up 8% YoY. Subsequently, PAT was at Rs 225.6 crore, up 47.1% YoY, aided by a lower tax rate.

Outlook

We value GSPL on an SOTP basis with investments at ~Rs 127/share and standalone business at ~Rs 123/share to arrive at a target price of Rs 250. We downgrade the stock from BUY to HOLD recommendation.

For all recommendations report, click here

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