GAIL hits 52-week high on long-term LNG deal with Abu Dhabi firm

Broking house Sharekhan maintains Buy rating on GAIL with a revised price target of Rs 200.

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Shares of GAIL (India) hit a 52-week high of Rs 175.15 in early trade on January 30 after the company signed an LNG purchase agreement with an Abu Dhabi-based company.

At 9:20am, GAIL India was quoting Rs 173.85, up Rs 2.15, or 1.25 percent, on the BSE. “The company has successfully concluded a long-term LNG purchase agreement for purchase of around 0.5 MMTPA LNG from ADNOC Gas,” it said.

As per the contract signed on October 30, 2022 between GAIL and Abu Dhabi National Oil Company (ADNOC) PJSC, in potential areas of collaboration both parties shall explore opportunities, including purchase of LNG by GAIL from ADNOC for a tenure ranging from short term to medium and long-term.

Under this agreement, the deliveries will commence from 2026 onwards for a duration of 10 years, across India.

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Broking house Sharekhan expect GAIL to post a strong earnings recovery across its business segments supported by stabilising global LNG supplies and improving price environment for its commodity businesses.

Valuation of 7.7x its FY2026 EV/EBITDA given expectation of a strong earnings growth and a healthy dividend yield of 3-4 percent. Hence, maintain Buy rating on GAIL with a revised price target (PT) of Rs 200.

Earlier in this month, GAIL (India) has signed a deal with global commodity trader Vitol Asia to buy around one million metric tons of liquefied natural gas (LNG) annually for 10 years, starting 2026.

The company reported a multi-fold increase in consolidated net profit at Rs 3,193.34 crore in the third quarter of the financial year 2023-24 against consolidated net profit of Rs 397.59 crore in the same period last year. Sequentially, net profit increased 31 percent from Rs 2,442.18 in the quarter ending September 2023.

Revenue from operations came in at Rs 34,767.84 in the quarter ending December 31, a marginal decline from Rs 35,939.96 in the year-ago period.

GAIL is India’s largest natural gas company, with a diversified interest across natural gas value chain of trading, transmission, LPG production & transmission, LNG re-gasification, petrochemicals, city gas, and E&P.