ICICI Securities Recommends Mahanagar Gas Buy, Sets Rs 1535 Target

• ICICI Securities recommends a "Buy" rating for Mahanagar Gas (MGL) with a revised target price of INR 1,535.
• MGL's EBITDA/scm hit a 13-quarter low in Q2FY26, with margins facing pressure from INR depreciation and rising US Henry Hub prices.
• MGL increased CNG/domestic PNG prices by INR 0.5/scm in Sept'25 to ease margin pressure.
• ICICI Securities remains positive on MGL due to stellar volume growth, improving LNG pricing, and attractive valuations, despite cutting EBITDA margin assumptions.

Why It Matters: ICICI Securities advises buying Mahanagar Gas, setting a Rs 1535 target.