“Maintained an 'Outperform' rating on Indraprastha Gas (IGL) but cut its target price to ₹195 from ₹210, implying a 28.5% upside. The Q1 profit after tax missed estimates by 14% due to a 7% miss in unit margins, despite volumes being ahead of forecast. Unit margin fell to a record low and EBITDA to a five-year low, leading to EPS estimate cuts for FY27 and FY28.”