“Neutral on Indraprastha Gas (IGL) with a target price of ₹155, implying a modest 2.2% upside. The downgrade follows a Q1 performance below estimates due to weaker margins. Nomura expects the Delhi EV policy to drag on CNG volumes and margins to remain under pressure in Q2, making IGL its least-preferred city gas distributor pick.”

Nomura Analysis’s track record: 3 graded calls · 95% CI 6–79%