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MGL rides PNG adoption wave, analysts see further upside

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MGL rides PNG adoption wave, analysts see further upside
ET Intelligence Group: Shares of Mahanagar Gas (MGL) have rallied 23% over the past three months, driven by expectations of higher sales volume and increased customer acquisition helped by the government’s push to accelerate the adoption of piped natural gas (PNG) amid global supply chain disruptions. The company aims to increase the PNG customer base by 20% from the current 20 lakh users in the near term. This will likely boost PNG consumption by 12%. Despite the sharp run-up, the stock trades at a P/E multiple of 13.7, a modest premium to its historical valuation of 12.5.

In late March, the central government mandated that households with access to piped gas infrastructure must transition from LPG (liquefied petroleum gas) to PNG within three months. This is expected to accelerate MGL’s volume growth to double digits from the current single-digit pace. It reported 8.3% volume growth for FY26. While its core compressed natural gas (CNG) business, which accounted for 72% of revenue in FY26, will continue to grow at a steady pace, MGL management expects overall volume growth to be driven by the PNG segment. The company aims to add between four-five lakh PNG customers in the near term.

MGL may have Enough Gas in Pipeline for Further RiseAgencies

Govt push to promote piped gas to lift sales; co could sacrifice near-term profits to accelerate infrastructure deployment

The company is willing to sacrifice near-term profits to fast-track infrastructure deployment and drive volume growth. The strategy is intended to maximise market penetration while prices of alternative fuels like petrol, diesel, and LPG remain volatile. MGL has provided a capex guidance of ₹1,200 crores for FY27 to expand the network. However, it faces execution risk as pipeline laying on public roads is expected to experience a temporary slowdown during the monsoon months. Additionally, a shortage of labour, plumbers, contractors and material may also affect execution. With all city gas distribution companies in expansion mode, MGL is competing with peers for the same pool of skilled workers.
According to brokerages, MGL’s stock valuation looks attractive given future earnings growth. Motilal Oswal Financial Services expects 9% overall annual volume growth over FY26-28. “At around 10.8x FY28E P/E, valuations appear attractive offering scope for re-rating as margin pressures ease,” the broking firm said in a report.

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Prince William, Kate Held “Crisis Talks” After Harry and Meghan’s Highgrove Meeting With King, Report Says

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Prince Charles, Kate Middleton and Prince William

Prince William and Catherine, Princess of Wales, reportedly held private “crisis talks” after learning that King Charles III had met with Prince Harry and Meghan Markle at Highgrove House earlier this summer, according to a report published in Woman magazine citing unnamed palace sources.

Royal correspondent Emily Andrews, writing in the magazine, said sources close to the palace described William and Kate as feeling “betrayed and possibly even humiliated” by the king’s decision to meet privately with the Duke and Duchess of Sussex. According to Andrews, the reaction stemmed in part from what the couple views as a long pattern of public criticism directed at the royal family by Harry and Meghan in the years since their 2020 departure from official duties. “They have been humiliated on more than one occasion by both Prince Harry and Meghan Markle, and seeing them swan back to the UK must, I’m sure, sting,” Andrews wrote.

The Highgrove meeting, which took place at the king’s private Gloucestershire residence and Harry’s childhood home, reportedly lasted only a couple of hours, according to the report, potentially just long enough for Harry and Meghan’s children, Archie, 7, and Lilibet, 5, to play in a treehouse King Charles had originally built for William when he was a child. Buckingham Palace confirmed the visit within hours after it occurred, though the palace did not release additional details or a photograph from the gathering, according to the report.

Andrews characterized the palace’s swift, if limited, public confirmation of the meeting as signaling a broader shift in approach toward the Sussexes. “It appeared to announce a policy of appeasement to the Sussexes,” Andrews wrote, adding that despite criticism the couple has directed at British institutions, including the judiciary, the government and the monarchy itself, “they will not be cast out.”

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According to the report, William is believed to have urged his father not to meet with Harry and Meghan, reflecting the future king’s continued frustration over his brother’s public criticism of the family through a series of high-profile media appearances, including an interview with Oprah Winfrey, the Netflix documentary series “Harry & Meghan,” and Harry’s 2023 memoir, “Spare.” Andrews wrote that William believes the couple should not have been rewarded with a family meeting with the king, however private, given that history. “His father has gone ahead, while William is the one carrying an ever-growing share of the actual work and popularity of the monarchy,” Andrews wrote, framing the dynamic as one in which William feels he has shouldered institutional responsibilities that Harry stepped away from.

Andrews argued that the king’s willingness to meet with the Sussexes represents a departure from the approach taken by his mother, Queen Elizabeth II, who died in 2022. “Charles’ first duty is not to the spare. It is to the heir and his wife. That is the deal Queen Elizabeth II understood and honoured for 70 years: the institution comes first, sentiment a distant second,” Andrews wrote, characterizing the Highgrove meeting overall as “a triumph for Harry and Meghan.”

The report also suggested the meeting may represent the culmination of an 18-month effort by Harry and Meghan to re-establish themselves within both Britain and the royal family, a strategy Andrews suggested could ultimately benefit the couple’s public profile and business ventures if it leads to more frequent visits to the UK going forward. Andrews wrote that a pattern of regular return visits would effectively unravel the terms of the couple’s 2020 departure from royal duties, often referred to as “Megxit,” describing any such arrangement as “the half-in/half-out that the late Queen explicitly forbade.”

Despite their reported frustration, Andrews wrote that William and Kate have limited options for influencing the situation directly. “What can William and Kate do? Not much, if we’re honest, until William is King,” Andrews wrote, adding that William rarely discusses Harry within royal circles but that the king’s decision to meet with the Sussexes “is sure to sting.”

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The report also highlighted an apparent shift in the palace’s public messaging around the visit. According to Andrews, palace officials had described Harry’s earlier refusal to bring his children to the UK without enhanced security arrangements as “emotional blackmail” just three weeks before the Highgrove meeting took place, a characterization Andrews said changed noticeably in tone following the reunion. A source close to the king, cited in the report, said Charles “will never shut the door on the possibility of spending time with his family because, despite all the trouble, blood is blood.”

Andrews wrote that significant mistrust remains between the Sussexes and Buckingham Palace despite the Highgrove meeting, and that while Harry appeared eager to use his recent UK visit to repair family relationships alongside his other engagements, his relationship with William and Kate specifically remains severely strained. “It’s also clear that Kate and William will not forgive him for Spare,” Andrews wrote, concluding that while the couple remains united with each other, “their relationship with Harry and Meghan seems to be broken forever.”

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Amalgamate banks – The Economic Times

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This refers to your edit ‘India needs new banks’ (ET, Mar 4). Financial inclusion and financial literacy will be the paramount objective while implementing reforms along with UID project to protect the interests of poor. Modern banking system has lost apersonal touch. Even citizens from semi-urban areas are reluctant to use ATMs. NextGen banking may fail in rural areas. It’s true we need more banks and innovative way of thinking, competition will drive away inefficient players.

ET has also suggested the perfect solution to the problem in the same edition, ‘Before they compete, let banks consolidate’. Narasimhan panel too has suggested to have less number of banks with more branches at the national level. The author has pointed out that of 9,000 private bank branches, just 1,138 are located in rural areas. This means they are not keen to go rural.

Shishir Sindekar,

Nasik, March 4

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Prysmian S.p.A. (PRYMY) Q2 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript