We expect players across the gas value chain (CGDs, PLNG, GSPL) to report robust earnings growth led by steady volume growth and margin expansion. Key highlights, CGD, margin expansion in CNG/domestic PNG coupled with steady volume growth is likely to drive higher earnings of IGL/MGL. GGL’s robust volume growth is likely to be offset by lower industrial margins (spike in spot LNG), leading to muted earnings growth; we expect PLNG to report robust Ebitda growth (up 25.5% y-o-y) led by higher volumes and regas tariff revision; GSPL will benefit from higher volumes with Q3 run-rate at 38.5mmscmd, leading to 15.4% y-o-y rise in Ebitda.
