Key facts
- ICICI Securities revised its estimates for Gujarat Gas' earnings post-merger.
- The firm factored in a NIL tax scenario for FY27-28E.
- Gujarat Gas' valuations are noted at 9x FY28E EPS and 7.7x.
- ICICI Securities has hiked the target price for Gujarat Gas.
Following a merger and revised earnings estimates, ICICI Securities has adjusted its outlook on Gujarat Gas. While the firm has increased its target price, it also points to current valuations suggesting that significant further gains may be limited.