Prabhudas Lilladher Recommends 'Accumulate' Mahanagar Gas; Sets Target at Rs 1305

• Prabhudas Lilladher revises Mahanagar Gas rating to 'Accumulate' with a target price of Rs 1305.
• The revision is influenced by BEST's shift from CNG to EV buses, impacting volumes.
• Q3FY26 volumes were flat at 4.6 mmscmd, supported by PNG domestic growth and stable CNG.
• Adjusted EBITDA/scm rose to Rs 8.3 in Q3FY26 due to price hikes and lower Brent-linked gas costs.
• Upcoming large CNG stations at Wadala, WEH, and EEH are expected to support medium-term volumes.