At least four brokerages maintained their 'Buy' calls on Indraprastha Gas Ltd (IGL) after the city gas distributor (CGD) declared its March 2026 quarter (Q4 FY26) results.

Motilal Oswal Financial Services Ltd (MOFSL) said IGL's profit after tax (PAT) beat its estimate by 44 per cent at Rs 280 crore, even as it declined 21 per cent year-on-year (YoY).

"IGL Q4 FY26 EBITDA/scm came in 44 per cent above our est. at Rs 4.8. Gas costs and opex increased ~Rs 1/0.8 per scm QoQ in Q4. Total volumes were slightly below our estimate at 9.69mmscmd, rising 6 per cent YoY. Resulting EBITDA beat our estimate by 51 per cent at Rs 420 crore (-15 per cent YoY)," it stated.

"We value IGL at 15x Dec'27E SA P/E and add Rs 43/sh as the value of JVs to arrive at our TP of Rs 220/sh. At 2 per cent FY27E dividend yield and 18 per cent EPS CAGR over FY26-28, we believe the valuation is attractive. Reiterate BUY," MOFSL also said.

PL Capital noted, "We maintain 'Buy' rating, supported by an improving volume growth trajectory. The recent Rs 3/kg CNG price hike in May'26 provides some relief against elevated input costs. However, if West Asia disruptions continue, additional price hikes may be required to offset margin pressures. We value the standalone business at 11x FY28E Adj. EPS and assign Rs 28/share for investments (at a 25 per cent holding company discount), resulting in a revised target price of Rs 181/share (earlier Rs 174/share)."

Systematix Institutional Equities highlighted, "IGL added 65 new CNG stations in FY26 to reach 1,024 stations, while added 3.7L DPNG connections in FY26. IGL has guided for an FY27 exit volume of 10.6mmscmd while guided for an EBITDA/scm of Rs 7-8."

It added, "While elevated gas costs likely to weigh on H1FY27E profitability, but to improve in FY28E hence we raise our FY28E EBITDA/scm by 10.5 per cent to Rs 7/scm. We maintain our BUY rating with a revised TP of Rs 212 (earlier Rs 226) based on PER of 12x on FY28E vs earlier 13x owing to adverse market condition."

YES Securities stated, "We maintain a BUY rating on the stock based on FY28 financials, valuing the stock on a PER basis, assigning a 14x multiple with a revised target of Rs 190 (incl. value from investments in MNGL, at Rs 32/share and, in CUGL, at Rs 5/share)."

In contrast, Nuvama Institutional Equities retained its 'Reduce' call on the stock while trimming the target price.

"CGD multiples shall de-rate as the sector faces uncertainty from ad-hoc government policies (similar to OMCs, trading at a sizable discount) while we are also cautious on IGL's sustainable margin guidance. We are cutting FY27/28E EBITDA by 15 per cent each on near-term margin pressure, cutting TP to Rs 148 (from Rs 173); retain 'REDUCE'," it said.

Meanwhile, IGL shares were last seen trading 1.72 per cent lower at Rs 154.55 in Wednesday's trade.