MGL is more focused on PNG, with someone business from CNG and lower business from industrial segment. But they do not have many circles. I guess they have only 3: Mumbai, Thane & Raigad
IGL has similar business as MGL. More of PNG / CNG and less of Industrial. They are largely concentrated around NCR. Recently they announced big capex but not sure where they will use this capex.
Gujarat Gas has more business from industrial area. Gujarat government, few years back, made it mandatory to use CNG as industrial fuel (banning Diesel). This seems to be 1 reason why its margins are low. Also, they buy more from open market. ( not sure how IGL & MGL buy).
Please note, around 70% of industrial sale of Gujarat Gas comes from Morbi reason which is the hub for ceramic manufacturing. Morbi, in turn, sale most of the produce to foreign market. For last 1.5 months, Morbi was shut down due to high inventory at consumer location. Also, because of Russia war, gas prices have shoot through the roof. Since GGL source is from open market, there cost increased and subsequently, there prices also increased. Because of this, 25% of Morbi has switched to Propane, as alternative to PNG. This has impacted there margin. But GGL has wide reach. Gujarat, MP, UP, Haryana, Rajasthan (Don’t remember the 6th state). Among all these negatives, GGL share price is up around 10% in last 1 month.
I hope this background helps. Please correct if, inadvertently, I stated incorrect fact.
Disc.: Invested in GGL / Exited MGL sometime back
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