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Economic Times
11-06-2025
- Business
- Economic Times
Buy Mahanagar Gas, target price Rs 1,705: ICICI Securities
ICICI Securities has a buy call on Mahanagar Gas with a target price of Rs 1,705. The current market price of Mahanagar Gas is Rs 1407.8. Mahanagar Gas, incorporated in 1995, is a Mid Cap company with a market cap of Rs 12947.30 crore, operating in Gas & Petroleum sector. ADVERTISEMENT Mahanagar Gas' key products/revenue segments include Gas Natural, Other Operating Revenue and Pipes & Fittings for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 2006.40 crore, up 6.19 % from last quarter Total Income of Rs 1889.40 crore and up 21.11 % from last year same quarter Total Income of Rs 1656.74 crore. The company has reported net profit after tax of Rs 247.87 crore in the latest quarter. The company's top management includes Kumar Gupta, Shinghal, Shende, Bhaskar Sahi, Sinha, S Hussain, Srinivasan, Kamble. Company has Deloitte Haskins & Sells LLP as its auditors. As on 31-03-2025, the company has a total of 10 crore shares outstanding. Investment Rationale ICICI Securities remains optimistic on MGL?s prospects over the next five years, with clear long-term visibility on volumes, still peer-leading margins, RoE/RoCE of 15%, dividend yield of 3% and very attractive valuation of ~11.4x FY27E PER and EV/EBITDA of 6.0x. Our target price of Rs 1,705 (unchanged) implies a material 28% upside from CMP. The brokerage notes current multiple of 11.4x on FY27E is still well below ~17.6x FY27E PER for IGL, which we believe should narrow, given the parity in earnings performance that we estimate for FY26?28E. Even at our target price, PER for FY27E rises to ~14.6x, at a substantial discount to peers, which leaves sufficient buffer for negative surprises. Downside risks: 1) Higher-than-expected spike in gas cost. 2) Inability to pass on gas cost increases. 3) Sharper fall in alternate fuel prices for CNG (petrol/diesel). Upside risks: 1) Softer LNG prices. 2) Faster execution of new area development and delta from Unison. 3) Aggressive regulatory support in MMR region Promoter/FII Holdings Promoters held 32.5 per cent stake in the company as of 31-Mar-2025, while FIIs owned 23.76 per cent, DIIs 23.82 per cent. (You can now subscribe to our ETMarkets WhatsApp channel) Disclaimer: Views and recommendations given in this section are the analysts' own and do not represent those of Please consult your financial adviser before taking any position in the stock/s mentioned.
Time of India
09-06-2025
- Business
- Time of India
JM Financial maintains Buy on PNC Infratech, lowers target price to Rs 450
JM Financial maintains Buy on PNC Infratech with a revised target price of Rs 450 (Rs 470 earlier). The current market price of PNC Infratech is Rs 300.15. The time period given by the analyst is a year when PNC Infratech price can reach the defined target. PNC Infratech, incorporated in 1999, is a Mid Cap company with a market cap of Rs 7651.28 crore, operating in infrastructure sector. PNC Infratech's key products/revenue segments include Contract Revenue, Material for the year ending 31-Mar-2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo Financials For the quarter ended 31-03-2025, the company has reported Consolidated Total Income of Rs 1766.63 crore, up 16.83% from last quarter Total Income of Rs 1512.19 crore and down -32.68% from last year same quarter Total Income of Rs 2624.15 crore. The company has reported net profit after tax of Rs 75.44 crore in the latest quarter. The company's top management includes Kumar Jain, Kumar Gupta, Mittal, Chander Kalia, Kumar Jalan, Raghupati Rao, Kumar Rao, Kumar Jain, Kumar Jain, Shankar. Company has NSBP & Co. as its auditors. As on 31-03-2025, the company has a total of 26 crore shares outstanding. Live Events Investment Rationale JM Financial likes PNC Infratech for its track record of delivering robust growth while preserving balance sheet. Monetization proceeds in FY26E provide significant growth capital and places PNC as major beneficiary of expected pick-up in ordering activity. Given the delay in receipt of appointed dates, the brokerage has lowered revenue leading to EPS cut of 4%/3% in FY26/27E. Having said that, they expect robust EPS CAGR of 43% over FY25-27E. Valuations at 11x/9.5x FY26/27E EPS remain attractive. JM Financial values EPC business at 13x FY27 EPS and assets at Rs 59/share to arrive at SOTP based revised price target of Rs 450 (earlier Rs 470). Maintain Buy. Promoter/FII Holdings Promoters held 56.07 per cent stake in the company as of 31-Mar-2025, while FIIs owned 7.1 per cent, DIIs 26.26 per cent.
Time of India
02-06-2025
- Business
- Time of India
Ganga Bath Fittings IPO to open on June 4; aims to raise Rs 32.65 crore
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Ganga Bath Fittings, a manufacturer of bathroom accessories and sanitaryware, is set to open its Initial Public Offering (IPO) on June 4, 2025. The company aims to raise Rs 32.65 crore at the upper end of the price band, with shares proposed to be listed on NSE Emerge. The IPO will close on June offering consists of up to 66.63 lakh equity shares with a face value of Rs 10 each. The price band has been fixed at Rs 46 to Rs 49 per share. Investors can bid for a minimum lot size of 3,000 issue comprises a reservation of up to 69,000 shares for qualified institutional buyers (QIBs), at least 31.29 lakh shares each for non-institutional investors (NIIs) and retail investors, and 3.36 lakh shares earmarked for the market proceeds from the IPO will be used for capital expenditure to purchase new machinery and equipment, repayment of certain borrowings, working capital needs, and general corporate purposes. Jawa Capital Services Private Limited is the book-running lead manager to the issue, while KFIN Technologies Limited is the on the IPO launch, Jimmy Tusharkumar Tilva, Managing Director of Ganga Bath Fittings, said, 'This offering is a milestone in our journey from a local manufacturer to a recognized name in India's sanitaryware industry. We're now ready to invest further in automation, expand production capabilities, and enhance our market reach.'The company serves customers through its own brands—Ganga, Glimpse, Stepian, and Tora—as well as through OEM manufacturing and sanitaryware trading. Its product portfolio includes CP taps, showers, ABS and PTMT faucets, bath accessories, vanities, sinks, and drainage Kumar Gupta, Director at Jawa Capital Services, noted, 'Ganga Bath Fittings is well-positioned to benefit from the ongoing growth in India's urban housing and lifestyle upgrade trends. The IPO will help the company fund its expansion and improve operational efficiency.'In FY24, Ganga Bath Fittings reported revenue of Rs 31.89 crore, EBITDA of Rs 4.95 crore, and net profit of Rs 2.47 crore. For the nine months ending December 2024, the company clocked revenue of Rs 32.29 crore, EBITDA of Rs 7.28 crore, and net profit of Rs 4.52 crore.
Economic Times
02-06-2025
- Business
- Economic Times
Ganga Bath Fittings IPO to open on June 4; aims to raise Rs 32.65 crore
Ganga Bath Fittings will open its Rs 32.65 crore IPO on June 4, 2025, with listing planned on NSE Emerge. Funds will support machinery purchases, debt repayment, and expansion. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Ganga Bath Fittings, a manufacturer of bathroom accessories and sanitaryware, is set to open its Initial Public Offering (IPO) on June 4, 2025. The company aims to raise Rs 32.65 crore at the upper end of the price band, with shares proposed to be listed on NSE Emerge. The IPO will close on June offering consists of up to 66.63 lakh equity shares with a face value of Rs 10 each. The price band has been fixed at Rs 46 to Rs 49 per share. Investors can bid for a minimum lot size of 3,000 issue comprises a reservation of up to 69,000 shares for qualified institutional buyers (QIBs), at least 31.29 lakh shares each for non-institutional investors (NIIs) and retail investors, and 3.36 lakh shares earmarked for the market proceeds from the IPO will be used for capital expenditure to purchase new machinery and equipment, repayment of certain borrowings, working capital needs, and general corporate purposes. Jawa Capital Services Private Limited is the book-running lead manager to the issue, while KFIN Technologies Limited is the on the IPO launch, Jimmy Tusharkumar Tilva, Managing Director of Ganga Bath Fittings, said, 'This offering is a milestone in our journey from a local manufacturer to a recognized name in India's sanitaryware industry. We're now ready to invest further in automation, expand production capabilities, and enhance our market reach.'The company serves customers through its own brands—Ganga, Glimpse, Stepian, and Tora—as well as through OEM manufacturing and sanitaryware trading. Its product portfolio includes CP taps, showers, ABS and PTMT faucets, bath accessories, vanities, sinks, and drainage Kumar Gupta, Director at Jawa Capital Services, noted, 'Ganga Bath Fittings is well-positioned to benefit from the ongoing growth in India's urban housing and lifestyle upgrade trends. The IPO will help the company fund its expansion and improve operational efficiency.'In FY24, Ganga Bath Fittings reported revenue of Rs 31.89 crore, EBITDA of Rs 4.95 crore, and net profit of Rs 2.47 crore. For the nine months ending December 2024, the company clocked revenue of Rs 32.29 crore, EBITDA of Rs 7.28 crore, and net profit of Rs 4.52 crore.
Time of India
28-04-2025
- Business
- Time of India
JM Financial maintains Buy on Havells India, target price unchanged at Rs 1,900
JM Financial has maintained a buy call on Havells India with an unchanged target price of Rs 1,900. The current market price of Havells India is Rs 1595. The time period given by the analyst is a year when Havells India price can reach the defined target. Havells India, incorporated in 1983, is a Large Cap company with a market cap of Rs 100599.07 crore, operating in the Consumer Durables sector. Havells India's key products/revenue segments include Cables, Traded Goods, Electrical Consumer Durables, Domestic Switchgears, Light Fittings & Fixture, Others, Export Incentives for the year ending 31-Mar-2024. Financials For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 6612.28 crore, up 33.49% from last quarter Total Income of Rs 4953.31 crore and up 19.84% from last year same quarter Total Income of Rs 5517.77 crore. The company has reported net profit after tax of Rs 517.00 crore in the latest quarter. The company's top management includes Rai Gupta, Ashwin Dani, Kumar Sinha, Mehra, Mr.B Prasada Rao, Kaul, Bharat Ram, Mr.T V Mohandas Pai, Bhatia, Kumar Gupta, Pandit, Kumar Gupta, Kumar Gupta, S Mundra. Company has Price Waterhouse & Co Chartered Accountants LLP as its auditors. As on 31-03-2025, the company has a total of 63 Crore shares outstanding. Live Events Investment Rationale JM Financial values Havells India at P/E of 50x on FY27 EPS based on its strong brand, distribution, in-house manufacturing, fresh investments in team + brand + distribution, opening up of export opportunity, market share gain, strong balance sheet and improved ratios. Lloyd is expected to drive growth with the company focussing on brand building, ramping up distribution and strong R&D efforts and the brokerage expects a strong performance in the Wires and Cables segment led by robust demand momentum and opportunity opening up in exports. Promoter/FII Holdings Promoters held 59.41 per cent stake in the company as of 31-Mar-2025, while FIIs owned 22.31 per cent, DIIs 12.48 per cent.
