India Gas Companies - Growth Expectation Is Priced In: Nirmal Bang

Nirmal Bang Report

During the group investor meeting at our Investor Conference, GAIL India Ltd. management was positive about volume growth in the core Gas Transmission and Gas Marketing businesses – based on visibility on gas sourcing, benign gas prices and healthy end-use demand, including gas-based power.

Petronet LNG Ltd. management was sanguine about the increase in Dahej utilization to 100% plus, driven by healthy growth in LNG consumption along with higher utilisation of 50-60% in Kochi (once the final stretch of the linked pipeline (Kochi-Koottanad-Bangalore-Mangalore Gas Pipeline) is completed during Q3 FY25-Q4 FY25).

We maintain Accumulate on both GAIL as well as Petronet LNG post the 29%/36% rally year-to-date.

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