Mahanagar Gas Shares Surge as Q3 Results Beat Estimates, Analysts Project Up to 35.3% Upside

• Mahanagar Gas Ltd. (MGL) shares gained 2% after Q3 earnings beat estimates, with brokerages JPMorgan and CLSA projecting significant upside.
• JPMorgan maintains a 'neutral' rating with a target price of ₹1,270, citing lower gas costs and 12% volume growth as key drivers for the beat.
• CLSA gives an 'outperform' rating, setting a target price of ₹1,560, driven by a 4% beat in net profit due to strong volumes and margins.
• Q3 net profit rose 4.6% to ₹202 crore, with EBITDA up 4% sequentially to ₹351 crore, and operating margin expanding to 17%.
• Total volumes increased 9% to 4.5 mmscmd, with CNG volumes up 7.2% and PNG volumes up 7.5%.