Overview

• Media and brokerage reports indicate that, effective Oct. 1, tax on gas sourced from Gujarat for out-of-state sales has reportedly moved from 15% VAT to 2% CST.
• Motilal Oswal estimates an EBITDA uplift of roughly 16–20% for IGL, or about Rs 0.9 per scm, and maintains a target price of Rs 250.
• IGL shares rose for a second session, gaining over 6% on Tuesday and climbing again on Wednesday intraday.
• IGL earlier guided for an additional Rs 0.7–1.3 per scm benefit from PNGRB’s two-zone tariff regime, which could further support margins.
• Broker analysis suggests a smaller gain for MGL at about Rs 0.3 per scm and limited impact for Gujarat Gas, with softer crude and expected LNG oversupply seen as additional cost tailwinds.