MS-Gujarat Gas Ltd In line；Refiners Preferred over Natural Gas-20251111
这篇研报讲什么？
摘要原文摘录• Earnings were broadly in-line vs. MSe and consensus, with core earnings at Rs2.8bn, down 8% YoY and 14% QoQ.
机构观点归属摩根士丹利，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
• Earnings were broadly in-line vs. MSe and consensus, with core earnings at Rs2.8bn, down 8% YoY and 14% QoQ.
• Industrial volumes at 4.35mmscmd declined 8% QoQ - the lowest since 2019 (ex-covid), driven by weaker demand due to festival related shutdowns of customer facilities and continued gas uncompetitiveness versus propane.
• EBITDA/scm at Rs5.6/scm, down 13% QoQ, impacted by lower industrial offtake, forex losses and price cuts in Morbi (Aug-25) to defend market share.
• CNG volumes continued to be strong at 13% YoY and grew to 3.3 mmscmd (flat QoQ) with benefits from ongoing network expansion. GGAS has onboarded 74+ FDODO stations to date, with its CNG footprint at 834 stations.
• We prefer HPCL, Reliance, Mahanagar Gas (MGAS.NS) and GAIL (GAIL.NS).For more, see Natural Gas: Fueling The Decade, Powered by AI and India Energy: The Rising Diffusion.
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