Mahanagar Gas's (MAHGL) Q1FY19 earnings beat estimates at Rs 1.3bn (+3.2% YoY, +22.5% QoQ), driven by (a) above-expected volumes of 261mmscm and (b) stronger adj. EBITDA margins of Rs 8.6/scm. CNG volume growth (+12.6% YoY) looks unsustainable as management maintained its 6-7% annual growth guidance. Though we raise FY19-FY21E earnings by 7-9% on higher margins and hence increase our DCF-based fair value to...