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GAIL (INDIA)
Strong petrochemical turnaround
India Equity Research| Oil, Gas and Services
GAIL delivered strong Q1FY17 results with PAT at INR8.5bn 12% ahead of
estimates, led by significant turnaround in petchem segment. The strong
performance was broad based: 1) petchem EBITDA turned black after 5
quarters (136% EBITDA beat) due to sharp reduction in LNG cost and
encouraging production ramp-up in the new unit (PATA-II); 2) gas
transmission EBITDA was 10% ahead, driven by operating efficiencies,
while throughput and tariff were in line; and 3) trading EBITDA was 31%
ahead on higher trading margins (24% ahead). We foresee robust earnings
momentum as cyclical segments (petchem, LPG) benefit from gradual oil
recovery, benign feedstock costs and ramp up of petchem units (PATA-II,
BCPL). Maintain BUY with TP of INR448 (INR442 earlier).
EDELWEISS 4D RATINGS
Absolute Rating
BUY
Outperform
Low
Underweight
: INR 389
Target Price
: INR 448
: 408 / 274
: 1,268.5
: 493 / 7,424
Petchem EBITDA was at INR2bn versus Q1FY16 loss of INR2bn and Q4FY16 loss of
INR90mn, with EBITDA margin of 18% versus estimated 7%. Gas transmission EBITDA
was up 31% YoY and 15% QoQ with transmission volumes of 96.4mmscmd (up 10% YoY,
1% QoQ), while tariff was largely flat at INR1.2/scm. Gas trading EBITDA was up 26% YoY
as volumes grew 15% YoY and trading margins rose 10% YoY to INR0.6/scm. LPG/LHC
EBITDA (down 22% YoY, up 28% QoQ), while LPG volumes fell (12% YoY, 6% QoQ),
margins improved to 34% (versus 30% in Q1FY16, 24% in Q4FY16).
Q3FY16
Q2FY16
Promoters *
56.1
56.1
56.1
24.3
24.0
23.8
FII's
16.2
16.3
16.5
Others
3.5
3.5
3.6
NIL
Nifty
EW O & G
Index
1 month
1.8
2.8
1.8
3 months
3.7
8.2
18.5
12 months
31.7
16.4
29.9
(INR mn)
Year to March
Q1FY17
Q1FY16
FY16
FY17E
FY18E
Net revenues
106,866
125,190
(14.6)
116,272
(8.1)
548,877
653,862
783,732
15,732
10,103
55.7
11,185
8,459
3,881
118
40.6
10
50,949
68,155
80,290
7,700
22,516
35,868
43,045
6.7
3.1
118.0
6.1
9.9
17.8
28.3
33.9
21.9
13.7
11.5
ROAE (%)
5.9
9.3
10.5
EBITDA
Adj. Profit
Adj. Dil. EPS
YoY %
Q4FY16
QoQ%
Jal Irani
+91 22 6620 3087
jal.irani@edelweissfin.com
Yusufi Kapadia
+91 22 4063 5407
yusufi.kapadia@edelweissfin.com
Vivek Rajamani
+91 22 4040 7415
vivek.rajamani@edelweissfin.com
September 8, 2016
Edelweiss Securities Limited
Q2FY15
4,930
580
4,620
1,770
9,140
(1,483)
19,557
0
Q3FY15
6,820
690
530
280
2,560
(1,379)
9,501
5,000
Q4FY15
4,840
860
1,960
(1,300)
2,970
(3,248)
6,082
0
Q1FY16
5,700
930
3,450
(2,050)
2,890
(817)
10,103
0
Q2FY16
7,690
710
1,960
(1,430)
870
(2,125)
7,675
0
25.2
3.0
23.6
9.1
(7.6)
100.0
71.8
7.3
5.6
2.9
(14.5)
100.0
79.6
14.1
32.2
(21.4)
(53.4)
100.0
56.4
9.2
34.1
(20.3)
(8.1)
100.0
100.2
9.3
25.5
(18.6)
(27.7)
100.0
Q3FY16
6,290
680
4,870
(660)
2,460
(2,793)
10,847
0
Q4FY16
6,480
820
4,380
(90)
1,760
(2,165)
11,185
0
Q1FY17
7,450
660
4,340
2,010
2,260
(988)
15,732
0
58.0
57.9
47.4
6.3
7.3
4.2
44.9
39.2
27.6
(6.1)
(0.8)
12.8
(25.7)
(19.4)
(6.3)
100.0
100.0
100.0
Source: GAIL, Edelweiss research
Q1FY17
7,450
660
4,340
2,010
2,260
(988)
15,732
0
Q1FY16
5,700
930
3,450
(2,050)
2,890
(817)
10,103
0
47
4
28
13
14
(6)
100
56
9
34
(20)
29
(8)
100
Volumes
Natural Gas Transmission
Natural Gas Trading
LPG Transmission
Petrochem production
LPG & Liq. HC production
96
79
709
127
256
87
69
689
51
278
0.85
0.60
930.9
9.3
18.3
0.72
0.55
1,349.8
10.4
(41.0)
YoY %
30.7
(29.0)
25.8
(198.0)
(21.8)
NM
55.7
Q4FY16
6,480
820
4,380
(90)
1,760
(2,165)
11,185
0
QoQ %
15.0
(19.5)
(0.9)
(2,333.3)
28.4
NM
40.6
58
7
39
(1)
16
(19)
100
10.2
14.8
2.9
149.0
(7.9)
18.6
9.5
(31.0)
(10.9)
(144.6)
95
74
751
111
259
0.75
0.65
1,091.9
6.8
(0.8)
1.2
6.3
(5.6)
14.4
(1.2)
13.6
(6.8)
(14.7)
36.8
(2,455.2)
GAIL (INDIA)
Q1FY17
Q3FY16
Q1FY16
Q3FY15
Q1FY15
Q3FY10
Q3FY14
200
Q1FY14
30
Q3FY13
400
Q1FY13
60
Q3FY12
600
Q1FY12
90
Q3FY11
800
(tmt)
1,000
120
Q1FY11
(mmscmd)
Petrochem production
(tmt)
Q1FY17
Q3FY16
Q1FY16
250
Q3FY15
Q1FY15
280
Q3FY14
30
Q1FY14
310
Q3FY13
60
Q1FY13
340
Q3FY12
90
Q1FY12
370
Q3FY11
120
Q1FY11
(tmt)
(INR/scm)
1.2
0.9
0.6
0.3
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
0.0
Q1FY17
Q3FY16
Q1FY16
Q3FY15
(0.2)
Q1FY15
0.0
Q3FY14
0.1
Q1FY14
5.0
Q3FY13
0.3
Q1FY13
10.0
Q3FY12
0.6
Q1FY12
15.0
Q3FY11
0.8
(INR/scm)
1.1
20.0
Q1FY11
(INR/scm)
(INR/mt)
1,500
1,000
500
0
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
-500
Chart 6: LPG & LHC - EBITDA margin surged 37% QoQ to INR9/kg
65
(INR/kg)
52
39
26
13
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
LPG/LHC EBITDA
LPG/LHC realisation
Source: Company, Edelweiss research
GAIL (INDIA)
100.0
80.0
28.2
60.0
18.8
40.0
9.4
20.0
0.0
0.0
Opex
Q1FY17
Q4FY16
Q3FY16
Q2FY16
Q1FY16
Q4FY15
Q3FY15
Q2FY15
Q1FY15
Q4FY14
Q3FY14
Q2FY14
Q1FY14
Q4FY13
Q3FY13
Q2FY13
(%)
37.6
Q1FY13
(INR/kg)
YoY %
(23.6)
NM
(23.6)
Q4FY16
2.6
0.0
2.6
QoQ %
13.2
NM
13.2
Chart 8: Petchem - EBITDA improved sharply on lower feedstock and higher volumes
140
(INR/kg)
100
60
20
(20)
Q1FY11
Q2FY11
Q3FY11
Q4FY11
Q1FY12
Q2FY12
Q3FY12
Q4FY12
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
(60)
Petchem EBITDA
Petchem realisation
Source: Company, Edelweiss research
90.0
15.0
60.0
-10.0
30.0
-35.0
0.0
-60.0
Opex
Q1FY17
Q4FY16
Q3FY16
Q2FY16
Q1FY16
Q4FY15
Q3FY15
Q2FY15
Q1FY15
Q4FY14
Q3FY14
Q2FY14
Q1FY14
Q4FY13
Q3FY13
Q2FY13
Q1FY13
(%)
40.0
(INR/kg)
120.0
Q4FY16
88.4
89.2
(0.8)
QoQ %
16.5
(5.0)
(2,455.2)
EV of operating assets
E&P assets
Cash and cash equivalents
Investments
Gross debt
Net debt
Equity value
CMP
Upside (%)
Segment
Natural Gas Transmission
LPG Transmission
Natural Gas Trading
Petrochemicals
LPG & Liquid Hydrocarbons
Subsidy for LPG/SKO to OMCs (2/3rd)
Unallocated items
Total EV (INR bn)
Multiple
6.0
6.0
5.5
5.5
6.0
7.0
1.0
EBITDA FY18
31.8
3.4
18.8
12.6
10.4
0.0
(7.4)
INR/share
345
12
16
121
47
(90)
448
389
15.3
EV
191
20
103
69
62
0
(7.4)
438
GAIL (INDIA)
Q1FY17 concall highlights
The asking production rate for rest of FY17 implies 63% YoY production growth for
remaining part of FY17. Therefore, petchem will continue to log robust performance due
to operating leverage. BCPL was commissioned in Jan 16 and is currently operating at
60%.
Natural gas trading: Trading business sectoral breakup: Fertiliser: 32%, power: 30%, CGD:
17% and balance towards industry. Outlook: Trading volumes will increase going forward,
marketing margins will be stable, but trading gains will be volatile depending on market
movement. GAIL generally earns higher margins in LNG versus domestic gas.
Pipeline tariffs: Received 6 orders this far and filed for remaining pipelines, except HVJ.
The company expects to receive the orders by end of FY17. Major orders received: DUPL,
DVPL, Mumbai Regional netrowk, GJ regional and Agartala regional.
PNGRB is yet to determine final capacity of the combined HVJ network, post which GAIL
will file the tariff order. Effects of the orders reflected in Q1FY17. However, GAIL has
contested all 6 tariff orders with APTEL.
US Sabine Pass: Volumes are likely to start in Q1CY18. GAIL has resold 2MMTPA and is
finalising swap arrangements for 2MMT more out of total contracted volume of 5.8MMT.
Transporation cost of USD1.5-2/mmbtu to bring to India. Process is currently underway
for selection of swap partners, but parties are yet to be finalised.
Dabhol LNG: Once the de-merger concludes, there will be 2 companies - power and LNG
unit. Challenge for LNG unit will be the break-water facility. Bids for construction
contracts will be received by month end. If contracts are awarded by January, it will take
3-4 months for the contractor to mobilise resources and actual work will start by SepOct17 and take 3-3.5 years to complete. In absence of the breakwater unit, Dabhol is
available only for 7 months with capacity of 30 cargos per year.
Transmission opex: Domestic gas price has declined and therefore fuel costs are down in
compressor stations (gas used for internal consumption).
LPG production was lower due to shutdown at Gandhar owing to gas availability issues
from ONGC. The C2/C3 processing plant in Vijaypur can be connected by HVJ.
Capex: Below INR20bn in FY17, in FY18 depending on GAILs decision on the JagdishpurHaldia pipeline, otherwise will be INR15-20bn.
GAIL (INDIA)
Financial snapshot
Year to March
Net revenues
Raw material costs
Gross profit
Employee expenses
Other expenses
EBITDA
Depreciation
EBIT
Other income
Interest
Add: Prior period items
Add: Exceptional items
Profit before tax
Provision for taxes
Reported net profit
Adjusted Profit
Diluted shares (mn)
Adjusted Diluted EPS
Diluted P/E (x)
EV/EBITDA (x)
ROAE (%)
As % of net revenues
Gross profit
EBITDA
Adjusted net profit
Tax rate
(INR mn)
Q1FY17
106,866
79,784
27,082
2,694
8,657
15,732
3,354
12,377
6,255
1,774
Q1FY16
125,190
103,382
21,808
2,413
9,292
10,103
3,084
7,018
1,161
2,159
% change
(14.6)
(22.8)
24.2
11.6
(6.8)
55.7
8.8
76.4
438.6
(17.8)
Q4FY16
116,272
91,762
24,510
2,271
11,054
11,185
3,497
7,689
3,256
1,546
% change
(8.1)
(13.1)
10.5
18.6
(21.7)
40.6
(4.1)
61.0
92.1
14.8
FY16
548,877
438,135
110,742
11,043
48,750
50,949
18,509
32,440
8,291
9,809
FY17E
653,862
514,092
139,770
13,752
57,863
68,155
18,461
49,694
14,369
7,747
FY18E
783,732
619,206
164,526
15,328
68,908
80,290
21,019
59,271
9,966
7,328
16,858
3,506
13,352
8,459
1,268
6.7
-
6,021
2,140
3,881
3,881
1,268
3.1
-
180.0
63.8
244.0
118.0
9,399
1,699
7,700
7,700
1,268
6.1
-
79.4
106.4
73.4
9.9
30,922
10,441
22,516
22,516
1,268
17.8
21.9
12.4
5.9
56,317
16,657
40,761
35,868
1,268
28.3
13.7
8.9
9.3
61,909
19,836
43,045
43,045
1,268
33.9
11.5
7.4
10.5
25.3
14.7
12.5
20.8
17.4
8.1
3.1
35.5
20.2
9.3
4.1
33.8
21.4
10.4
6.2
29.6
21.0
10.2
5.5
32.0
118.0
21.1
9.6
6.6
18.1
9.9
Investment Theme
Demand for gas is expected to grow faster due to the inherent advantages of gas as a fuel
over other fossil fuels and infrastructural bottlenecks being eased due to large investments
being made in the gas sector. Earlier, energy-intensive sectors like fertilizers, powergeneration, and refining have been restricted /forced to use liquid fuels (fuel oil and
naphtha) due to paucity of gas. But, with the setting up of the national gas grid and
availability of imported gas, more industries will be able to use gas as fuel.
GAIL has 5 approved (by MoPNG before the PNGRB came into existence), un-built pipelines;
which have been assured 12% post-tax ROCEs with uncapped leverage, while all future
pipelines will have bidding based tariffs. This single-window opportunity to take advantage
of higher tariffs (due to the high, assured returns) during a strong volume growth period,
provide upsides to GAILs earnings.
However, falling domestic gas production and pipeline capacity expansion at the same time
will lead to lower utilisation in the near term.
Reduction in subsidy burden for GAIL will lead to lower earnings uncertainty.
Key Risks
Sourcing of natural gas is a concern, since RILs KG-D6 block was expected to provide a
substantial portion of GAILs incremental volumes.
Tariff reduction in existing pipelines may be higher than estimated.
Rise in crude prices may increase the under-recovery sharing burden on GAIL.
10
GAIL (INDIA)
Financial Statements
Key Assumptions
Year to March
Income statement
FY15
FY16
FY17E
FY18E
Macro
(INR mn)
Year to March
FY15
FY16
FY17E
FY18E
Net revenue
Materials costs
607,040
479,558
548,877
438,135
653,862
514,092
783,732
619,206
Gross profit
GDP(Y-o-Y %)
Inflation (Avg)
7.2
5.9
7.4
4.8
7.9
5.0
8.3
5.2
127,482
110,742
139,770
164,526
7.5
6.8
6.0
6.0
Employee costs
9,854
11,043
13,752
15,328
61.2
65.5
67.5
67.0
Other Expenses
61,123
48,750
57,863
68,908
EBITDA
56,505
50,949
68,155
80,290
USD/INR (Avg)
Sector
Brent Crude (USD/bbl)
85.6
47.6
52.0
55.0
Depreciation
14,326
18,509
18,461
21,019
% sharing by Govt
35.8
90.6
80.0
75.0
EBIT
42,179
32,440
49,694
59,271
% sharing by upstream
56.1
9.4
20.0
25.0
8,634
8,291
14,369
9,966
8.1
6,518
9,809
7,747
7,328
629
% sharing by OMCs
Company
Gas trans vol (mmscmd)
LPG trans vol (mmt)
LPG sales (KT)
Ethylene cons (KT)
105.7
107.1
111.3
44,924
30,922
56,317
61,909
3.4
3.4
3.4
3.4
14,209
10,441
16,657
19,836
1,039
1,073
1,073
1,073
(5)
(951)
(250)
(78)
460
446
608
810
881
1,083
852
894
31,601
22,516
40,761
43,045
Financial assumptions
Reported Profit
10
430
4,893
1.0
1.0
1.1
1.1
Adjusted Profit
31,171
22,516
35,868
43,045
6.9
15.0
10.0
10.0
Shares o /s (mn)
1,268
1,268
1,268
1,268
4.1
5.0
5.0
5.0
24.6
17.8
28.3
33.9
0.5
0.5
0.5
0.5
1,268
1,268
1,268
1,268
2.8
2.9
2.9
2.9
24.6
17.8
28.3
33.9
3.7
4.0
5.0
5.0
42.4
38.4
51.2
60.4
30.0
27.1
30.0
30.0
6.0
5.5
8.2
9.7
28.5
36.2
29.7
33.3
Exceptional Items
18,676
29,055
37,155
42,405
TP as % raw material
2,596.4
2,700.0
2,700.0
2,700.0
Ot LT liabs as %revenues
3.7
1.0
1.0
1.0
Year to March
FY15
FY16
FY17E
FY18E
OCL as % revenues
6.8
8.0
8.0
8.0
63.9
50.0
50.0
50.0
Operating expenses
Materials costs
90.7
79.0
90.7
79.8
89.6
78.6
89.8
79.0
Staff costs
41.8
40.0
40.0
40.0
1,338.7
1,200.0
1,200.0
1,200.0
S G & A expenses
1,990.6
1,900.0
1,900.0
1,900.0
5.6
1.0
1.0
1.0
1.6
2.0
2.1
2.0
10.1
8.9
8.8
8.8
Depreciation
2.4
3.4
2.8
2.7
Interest Expense
1.1
1.8
1.2
0.9
EBITDA margins
9.3
9.3
10.4
10.2
5.1
3.9
5.4
5.5
11
FY15
FY16
FY17E
FY18E
Revenues
EBITDA
(2.0)
(29.4)
(9.6)
(9.8)
19.1
33.8
19.9
17.8
PBT
(35.1)
(31.2)
82.1
9.9
Adjusted Profit
(31.8)
(27.8)
59.3
20.0
EPS
(31.8)
(27.8)
59.3
20.0
(INR mn)
FY15
FY16
FY17E
FY18E
FY15
FY16
FY17E
FY18E
Share capital
Reserves & Surplus
12,685
327,542
12,685
341,278
12,685
367,502
12,685
396,039
36,017
(48,932)
82,402
(12,660)
67,142
(47,245)
72,683
(40,270)
Shareholders' funds
(31,627)
(55,655)
(15,223)
(27,731)
(44,542)
14,088
4,674
4,682
Capex
(28,080)
(18,162)
(62,843)
(49,342)
Dividend paid
(13,319)
(8,974)
(12,287)
(14,509)
Year to March
340,227
353,962
380,187
408,723
Minority Interest
17,583
16,632
16,514
16,436
11,742
19,670
9,634
8,934
147,524
126,699
118,910
113,716
Total Borrowings
159,265
146,369
128,544
122,650
28,518
19,682
19,682
19,682
35,477
43,208
53,523
66,098
Year to March
Sources of funds
581,070
579,853
598,450
633,590
Gross Block
Net Block
488,770
330,539
509,641
509,641
622,251
427,350
693,932
478,013
138,059
85,583
63,243
7,962
1,263
7,960
7,959
476,560
510,904
520,892
549,215
72,024
59,360
59,424
60,318
16,975
25,340
32,782
Inventories
23,546
22,053
22,986
Sundry Debtors
32,099
28,727
41,522
Intangible Assets
Total Fixed Assets
Trade payable
FY15
FY16
FY17E
FY18E
ROAE (%)
ROACE (%)
8.9
9.9
5.9
7.9
9.3
12.3
10.5
12.9
Inventory Days
18
19
16
15
Debtors Days
20
20
16
15
Payable Days
29
27
25
26
12
Current Ratio
1.3
1.1
1.1
1.2
37,466
Gross Debt/EBITDA
2.8
2.9
1.9
1.5
26,971
Gross Debt/Equity
0.4
0.4
0.3
0.3
30,094
34,207
Adjusted Debt/Equity
0.4
0.4
0.3
0.3
39,768
74,228
87,581
Net Debt/Equity
0.4
0.3
0.2
0.2
33,727
23,747
6,617
7,793
6.5
3.3
6.4
8.1
130,894
114,295
133,925
113,048
34,137
30,849
39,904
47,897
Operating ratios
Year to March
81,246
99,197
108,669
78,560
115,383
130,046
148,573
126,457
15,511
(15,751)
(14,647)
581,070
579,853
268.2
279.0
FY15
FY16
FY17E
FY18E
(13,409)
1.1
2.0
0.9
1.3
1.1
1.4
1.3
1.5
598,450
633,590
Equity Turnover
1.7
1.5
1.7
1.9
299.7
322.2
FY15
FY16
FY17E
FY18E
24.6
(31.8)
17.8
(27.8)
28.3
59.3
33.9
20.0
Valuation parameters
Free cash flow
Year to March
(INR mn)
Year to March
FY15
FY16
FY17E
FY18E
31,601
14,326
22,516
18,509
40,761
18,461
43,045
21,019
42.4
38.4
51.2
60.4
4,457
6,497
5,455
4,980
15.8
21.9
13.7
11.5
Others
1,115
3,036
(1,714)
4,880
P/B (x)
1.4
1.4
1.3
1.2
Less: Changes in WC
15,481
(31,844)
(4,179)
1,240
EV / Sales (x)
1.1
1.1
0.9
0.8
36,017
82,402
67,142
72,683
EV / EBITDA (x)
11.6
12.4
8.9
7.4
Less: Capex
28,080
18,162
62,843
49,342
7,937
64,241
4,299
23,341
1.5
652,995
1.4
630,782
2.1
605,398
2.5
594,742
Reported Profit
Add: Depreciation
EV / EBITDA (X)
ROAE (%)
(USD mn)
FY17E
FY18E
FY17E
FY18E
FY17E
FY18E
GAIL (INDIA)
7,424
13.7
11.5
8.9
7.4
9.3
10.5
1,323
16.6
15.5
9.8
9.2
12.7
12.3
Indraprastha Gas
1,649
17.4
16.3
10.0
9.2
23.8
22.0
Petronet LNG
3,963
20.9
15.5
11.7
9.0
18.2
21.0
Median
17.0
15.5
9.9
9.1
15.5
16.6
AVERAGE
17.2
14.7
10.1
8.7
16.0
16.4
12
GAIL (INDIA)
Additional Data
Directors Data
B C Tripathi
Subir Purkayastha
Anant Kumar Singh
S.K. Srivastava
Sanjay Tandon
M. Ravindran
Dr. Ashutosh Karnatak
Ashutosh Jindal
Anupam Kulshreshtha
Holding - Top 10
Perc. Holding
Perc. Holding
1.92
0.96
Gholders
0.94
0.92
0.87
0.74
0.70
0.62
0.62
0.48
Bulk Deals
Data
Acquired / Seller
B/S
Qty Traded
Price
No Data Available
Insider Trades
Reporting Data
Acquired / Seller
B/S
Qty Traded
No Data Available
13
Company
Absolute
Relative
Relative
reco
reco
risk
BUY
SO
GAIL (INDIA)
BUY
SO
BUY
Company
Absolute
Relative
Relative
reco
reco
Risk
Cairn India
HOLD
SP
Gujarat Gas
BUY
SO
SO
HOLD
SP
BUY
SO
Indraprastha Gas
BUY
SO
ONGC
BUY
SO
Petronet LNG
HOLD
SP
Reliance Industries
BUY
SO
ABSOLUTE RATING
Ratings
Buy
Hold
Reduce
Criteria
Sector return is market cap weighted average return for the coverage universe
within the sector
Criteria
Low (L)
Medium (M)
High (H)
SECTOR RATING
Ratings
Criteria
Overweight (OW)
Equalweight (EW)
Underweight (UW)
14
GAIL (INDIA)
Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai 400 098.
Board: (91-22) 4009 4400, Email: research@edelweissfin.com
Manoj Bahety
Deputy Head Research
manoj.bahety@edelweissfin.com
Recent Research
Date
Company
07-Sep-16
Title
ONGC
Price (INR)
Recos
245
Buy
06-Sep-16
356
Hold
01-Sep-16
Bharat
Petroleum
C
ti
Holding steady;
Result Update
587
Buy
Rating Distribution*
* - stocks under review
> 50bn
Hold
158
59
Reduce
Rating
Total
12
229
< 10bn
156
62
11
Expected to
Buy
Hold
Reduce
425
390
355
320
285
Sep-16
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
250
Sep-15
(INR)
Buy
GAIL
15
GAIL (INDIA)
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17