Adani Total Gas: FPIs stayed put on this Adani stock that fell 6% in Q4

Adani group firm Adani Total Gas saw foreign portfolio investors (FPIs) staying largely put despite a 6 per cent fall in its shares in the March quarter. Mutual fund holding in this Adani group firm stayed insignificant.

Data compiled from corporate data AceEquity suggests FPIs held 13.13 per cent stake in Adani Total Gas, up 7 basis points over 13.06 per cent in the December quarter. MF holding in the Adani company came in at 0.09 per cent against 0.12 per cent in the third quarter.

Adani Total Gas shares, which were down 6 per cent in the March quarter, have cut losses and are down 3.89 per cent for 2024 so far. This is against a 25 per cent surge in the BSE Sensex during the same period.

Ventura Securities in a note during the March quarter said it is positive on Adani Total Gas' growth story, as it re-initiated its 'Buy' rating on the stock with a revised price target of Rs 1,340 against Rs 3,475 earlier. Ventura said Adani Total Gas' revenue, Ebitda and PAT could grow at a rate of 25.3 per cent, 39.9 per cent and 42.6 per cent, respectively, compounded annually, over the period FY23 to FY26.

It said that Ebitda and profit margin for Adani Total Gas may expand 780 basis and 570 basis points to 27.7 per cent and 17.8 per cent, respectively, during the period mentioned Return ratios ROE and ROIC are set to expand to 26.1 per cent and 31 per cent, it said.