Motilal Oswal maintained its ‘Buy’ rating on Indraprashta Gas. The brokerage house has a target price of Rs 250 on the stock, which implies an upside of 14% from the current levels. Indraprastha Gas could see a potential EBITDA/scm upside of 16-20% due to a change in the tax rate on gas sourced from Gujarat.

Motilal Oswal on IGL: Operating margins to see moderate increase

IGL could see EBITDA margin benefits of Rs 0.7-1.3 per standard cubic metre (scm) from the Petroleum and Natural Gas Regulatory Board’s (PNGRB) move to a two-zone tariff regime. The earlier value-added tax (VAT) of 15% has been replaced with a 2% central sales tax (CST), which is effective from October 01, 2025. However, the official confirmation is still awaited.

Motilal Oswal on IGL: If tax change materialises, net p

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