Mahanagar Gas Limited (MGL)
₹1,054.00 +0.63% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mahanagar Gas' revenue was ₹2,373 Cr (+4.0% year on year, +5.0% on the previous quarter), and net profit ₹193 Cr (-39.4% year on year); the operating margin was 14.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,373 | +4.0% | +5.0% |
| Operating profit | ₹343 | -31.5% | +31.9% |
| Net profit | ₹193 | -39.4% | +48.6% |
| EPS (₹) | 19.54 | -39.3% | +48.6% |
| Operating margin | 14.4% | — | — |
MGL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.97% of the MGL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.46%. That is close to its usual level.
Delivery in the last 5 sessions: 56.4% · 80.1% · 68.6% · 54.3% · 53.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Mahanagar Gas Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Transfer Agent MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed, confirmed or rejected, and mutilated within prescribed timelines. This is a standard quarterly administrative filing confirming depository record maintenance. It has no impact on the company's financial or operational performance.
- Compliance submission under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued by Registrar and Transfer Agent MUFG Intime India Private Limited on October 8, 2026
Mahanagar Gas Limited has informed the exchanges that its management will participate in an investor meeting at the BofA 2026 Asia Pacific Conference. The meeting is scheduled for Monday, September 21, 2026, and will be conducted as in-person group meetings. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the conference.
- Management participating in BofA 2026 Asia Pacific Conference
- Scheduled meeting date is Monday, September 21, 2026
- Mode of meeting: Group Meetings; In-Person
- Company confirmed no unpublished price sensitive information will be shared
Mahanagar Gas Limited (MGL) has informed the exchanges that its management representatives will participate in the UBS India Summit. The conference will take place in person on Friday, September 11, 2026, through group meetings. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed during the interaction.
- Management participating in the UBS India Summit on September 11, 2026
- Meeting format scheduled as in-person group meetings
- No unpublished price sensitive information (UPSI) to be shared
Mahanagar Gas Limited (MGL) concluded its 31st Annual General Meeting held on August 25, 2026, with all six resolutions passed by requisite majorities. Key approvals include the declaration of a final dividend of Rs 18 per share (bringing total FY26 dividend to Rs 30 per share) and approval of material related-party transactions with GAIL (India) Limited. Re-appointment of director Dr. P. Anbalagan also passed with 70.38% overall votes in favour, despite 48.34% institutional dissent on that specific resolution.
- Shareholders approved the final dividend of Rs 18 per equity share, confirming total FY26 dividend of Rs 30 per share (Rs 12 interim paid earlier).
- Material Related Party Transactions with promoter GAIL (India) Limited were approved with 99.99% valid votes cast in favour.
- Director re-appointment of Dr. P. Anbalagan passed with 70.38% overall votes in favour (29.62% against, led by 48.34% institutional opposition).
- A total of 6 resolutions were passed at the AGM with 84.01% of voting capital participating.
Mahanagar Gas Limited (MGL) has informed the exchanges regarding its scheduled participation in an investor conference. The management will attend the 'Ashwamedh Conference - Elara India Dialogue 2026' on Wednesday, September 02, 2026. The engagement will consist of in-person group meetings with institutional investors and analysts. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the sessions.
- Conference: Ashwamedh Conference - Elara India Dialogue 2026
- Scheduled Date: Wednesday, September 02, 2026
- Meeting Format: Group Meetings; In-Person
- Company confirmed that no UPSI will be shared
Mahanagar Gas Limited (MGL) concluded its 31st Annual General Meeting on August 25, 2026. Shareholders considered key ordinary and special business items, including the adoption of FY26 financial statements and approval of a final dividend of Rs 18 per equity share, taking the total FY26 dividend to Rs 30 per share (including Rs 12 interim dividend). Other resolutions included approving material related-party transactions with GAIL (India) Limited and re-appointment of directors. Voting results will be submitted separately within two working days.
- Declared final dividend of Rs 18 per equity share for FY26, alongside confirmation of Rs 12 interim dividend previously paid
- Shareholders approved material related-party transactions with promoter entity GAIL (India) Limited
- Adopted standalone and consolidated audited financial statements for FY ended March 31, 2026
- AGM voting results under Regulation 44(3) to be submitted within 2 working days
Mahanagar Gas Limited (MGL) reported a strong sequential recovery in Q1 FY27, with PAT increasing 46.8% QoQ to ₹194 crore and EBITDA rising 31.7% to ₹343 crore. Total sales volume reached 4.766 mmscmd, a 7.01% YoY increase, primarily led by robust CNG demand which grew 9.74% YoY. However, industrial and commercial volumes faced a 7.15% YoY decline due to a 20% government-mandated gas allocation cut. Management is accelerating capex to tap the 1.2 mmscmd potential of the Unison Enviro (UEPL) acquisition, which currently serves only ~0.3 mmscmd.
- Achieved 97,461 domestic PNG conversions in Q1, reaching a cumulative 2.17 million connections.
- CNG sales volume increased to 3.496 mmscmd, up 9.74% from 3.185 mmscmd in the same quarter last year.
- EBITDA from operations grew to ₹343 crore from ₹260 crore in the previous quarter, a 31.74% increase.
- Industrial and commercial sales volume decreased 7.15% YoY to 0.648 mmscmd due to supply curtailments.
- Added 26,007 CNG vehicles during the quarter, bringing the total registered in MGL geographies to 1.31 million.
Mahanagar Gas Limited (MGL) has announced its participation in two upcoming institutional investor conferences. The company will attend the Goldman Sachs India Energy Security & Grid Resilience Corporate Day on August 11, 2026, and the Emkay Confluence 2026 Investor Conference on August 12, 2026. Both events will be conducted virtually through group meetings. These are routine management interactions, and the company has clarified that no unpublished price sensitive information will be shared.
- Scheduled virtual group meeting with Goldman Sachs on August 11, 2026
- Scheduled virtual group meeting for Emkay Confluence 2026 on August 12, 2026
- Company maintains a TTM revenue of Rs 9,065 Cr and a market capitalization of Rs 11,094 Cr
- Management participation is pursuant to Regulation 30 of SEBI LODR Regulations
Mahanagar Gas Limited (MGL) has scheduled its 31st Annual General Meeting (AGM) for August 25, 2026. The company has confirmed a final dividend of Rs 18 per equity share for the financial year 2025-26. The record date to determine shareholder eligibility for this dividend is set for August 18, 2026. This follows a fiscal year where MGL generated TTM revenue of Rs 9,065 Cr and a PAT of Rs 840 Cr, maintaining a healthy ROCE of 18.0%.
- Final dividend declared at Rs 18 per equity share for FY 2025-26
- Record date for dividend eligibility and e-voting cut-off is August 18, 2026
- 31st Annual General Meeting scheduled for August 25, 2026, at 03:00 p.m. IST
- Remote e-voting period starts on August 22, 2026, and ends on August 24, 2026
- Integrated Annual Report for FY 2025-26 made available electronically via QR code and web-link
Mahanagar Gas Limited (MGL) has scheduled its 31st Annual General Meeting for August 25, 2026. The company has fixed August 18, 2026, as the record date for determining shareholder eligibility for the final dividend and e-voting. The accompanying FY26 annual report highlights a significant infrastructure scale-up, reaching 518 CNG stations and a pipeline network of ~8,320 km. Strategically, MGL is targeting 25% of future revenues from emerging segments like LNG and EV mobility to diversify beyond its core city gas distribution business.
- 31st Annual General Meeting scheduled for August 25, 2026, via video conferencing
- Record date for final dividend and e-voting eligibility fixed as August 18, 2026
- Infrastructure expanded to 518 CNG stations and ~8,320 km of pipeline as of March 31, 2026
- UEPL gas sales volumes grew from ~1.29 lakh SCMD to ~2.63 lakh SCMD within two years of acquisition
- Strategic target set to generate ~25% of future revenues from emerging business segments like LNG and EV mobility
Mahanagar Gas Limited (MGL) has scheduled its 31st Annual General Meeting (AGM) for August 25, 2026. The company has confirmed a final dividend of Rs 18 per equity share for FY 2025-26, with the record date for eligibility set as August 18, 2026. This follows a financial year where MGL generated TTM revenue of Rs 9,065 Cr and a PAT of Rs 840 Cr. The company is currently reaching out to shareholders with unregistered email addresses to provide digital access to the Integrated Annual Report.
- Final dividend of Rs 18 per equity share declared for the financial year 2025-26
- Record date for dividend payment and e-voting eligibility fixed for August 18, 2026
- 31st Annual General Meeting (AGM) scheduled for August 25, 2026, at 03:00 p.m. IST
- Remote e-voting period set from August 22, 2026 (09:00 am) to August 24, 2026 (05:00 pm)
Mahanagar Gas Limited (MGL) has finalized August 18, 2026, as the record date for its final dividend of Rs 18 per equity share for FY 2025-26. This payout represents 180% of the face value and follows a fiscal year where the company generated a TTM PAT of Rs 840 Cr. At the current market price of Rs 1118.8, this specific final dividend offers a yield of approximately 1.6%. The dividend is subject to shareholder approval at the upcoming Annual General Meeting scheduled for August 25, 2026.
- Final dividend recommended at Rs 18 per equity share of Rs 10 face value
- Record date for determining shareholder entitlement is August 18, 2026
- Annual General Meeting (AGM) to be held on August 25, 2026
- Dividend payout represents approximately 21.1% of the FY26 EPS of Rs 85.06
- Payment to be completed within 30 days from the date of the AGM
Mahanagar Gas Limited (MGL) has published the audio recording of its earnings conference call held on July 31, 2026, regarding the Q1 FY27 financial results. The call provides management's perspective on the company's performance for the quarter ended June 30, 2026. With a TTM revenue of ‡9,065 Cr and a market cap of ‡11,062 Cr, the company is currently trading at a P/E of 13.2. This disclosure is a standard regulatory requirement following the release of quarterly financial results.
- Earnings conference call conducted on July 31, 2026, at 04:30 PM IST
- Covers financial and operational performance for the quarter ended June 30, 2026
- Company maintains a network serving ~2.83 million domestic PNG connections
- TTM Operating Profit Margin (OPM) stands at 16.0% as of the latest reporting
- MGL is currently executing a ‡531-562 Cr acquisition strategy via UEPL
Mahanagar Gas Limited (MGL) reported a 13.95% YoY increase in standalone revenue to ₹2,371.71 Cr for Q1 FY27, supported by a 7% growth in sales volumes to 4.766 MMSCMD. However, profitability was severely impacted as EBITDA fell 31.5% YoY to ₹342.98 Cr, with margins contracting from 24.06% to 14.46%. This decline was primarily driven by a 23.7% increase in gas procurement costs, which rose to ₹39.85 per SCM. Consequently, PAT declined 39.4% YoY to ₹193.70 Cr.
- Total sales volume grew 7% YoY to 4.766 MMSCMD, with CNG contributing 73.34% of the mix.
- EBITDA per SCM dropped significantly to ₹7.91 from ₹12.35 in the same quarter last year.
- Gas procurement costs increased to ₹39.85 per SCM compared to ₹32.20 per SCM in Q1 FY26.
- Infrastructure expanded to 519 CNG stations and a pipeline network of 8,477 km.
- Standalone PAT for the quarter stood at ₹193.70 Cr, a 39.39% decline from ₹319.56 Cr YoY.
Mahanagar Gas Limited (MGL) reported a mixed Q1 FY27, with revenue growing 13.9% YoY to ₹2,597.89 Cr. While Profit After Tax (PAT) recovered significantly by 46.8% on a sequential basis (QoQ), it remains 39.4% lower than the same quarter last year due to a sharp 32.3% YoY increase in gas procurement costs. The company is currently managing two major legal disputes involving a ₹331.80 Cr transportation tariff demand and a ₹54.33 Cr GST liability. Strategic diversification continues with an ₹83.99 Cr investment for a 26.13% stake in 3EV Industries (electric vehicles).
- Revenue from operations rose 13.9% YoY to ₹2,597.89 Cr, representing ~28.6% of TTM revenue.
- Net Profit (PAT) stood at ₹193.70 Cr, a 46.8% recovery from Q4 FY26 but a 39.4% drop from Q1 FY26.
- Purchase of Natural Gas costs surged to ₹1,733.38 Cr, up 32.3% from ₹1,310.07 Cr in the year-ago period.
- Total investment in 3EV Industries reached ₹83.99 Cr for a 26.13% equity stake.
- Legal disputes totaling ₹386.13 Cr (GAIL tariff and GST) remain sub-judice with hearings scheduled for August 2026.
Financial Performance
Revenue Growth by Segment
CNG segment volumes grew to represent 71.9% of total sales in FY2025, supported by a 6.82% sequential volume increase in H1 FY2026 to 4.52 mmscmd. PNG-Domestic contributes ~13-16% of volumes, while PNG-Industrial/Commercial accounts for ~16%. Operating income rose 14% YoY in H1 FY2026 to INR 4,133.4 Cr, compared to INR 3,560.2 Cr in FY2022 and INR 6,299.3 Cr in FY2023.
Geographic Revenue Split
Primary revenue is generated from Greater Mumbai (GA1), Expansion Areas (GA2), and Raigad (GA3). Expansion into Ratnagiri, Latur, Osmanabad (Maharashtra) and Chitradurga/Davanagere (Karnataka) via the UEPL acquisition adds ~37,400 Sq Km of operational area to the portfolio.
Profitability Margins
Net Profit Margin (NPM) stood at 12% in H1 FY2026 with a PAT of INR 512.5 Cr. Return on Net Worth declined from 27.80% in FY2024 to 18.94% in FY2025, while Operating Profit Margin fell from 20.64% to 15.09% in the same period due to higher gas procurement costs following reduced APM allocations.
EBITDA Margin
EBITDA margin was 20% in H1 FY2026 (OPBDITA of INR 838.5 Cr). EBITDA per scm fluctuated from INR 9.5 in FY2023 to a peak of INR 16.8 in Q1 FY2024, before settling at INR 10.13 in H1 FY2026 and INR 10.18 for FY2025, reflecting the impact of higher input gas costs.
Capital Expenditure
Planned Capex for FY2026 is INR 1,100 Cr to INR 1,200 Cr, with INR 900-1,000 Cr allocated to MGL's 3 GAs and INR 150-200 Cr for UEPL's 3 GAs. This is an increase from previous annual outlays of INR 600-800 Cr.
Credit Rating & Borrowing
Maintains a robust credit profile with an [ICRA]AAA (Stable) rating. The company is currently debt-free with nil borrowing costs, funding its large-scale expansions entirely through internal accruals and a cash balance of INR 1,298.7 Cr as of September 2025.
Operational Drivers
Raw Materials
Natural Gas (comprising Administrative Price Mechanism (APM) gas, High Pressure High Temperature (HPHT) gas, and Spot LNG) represents the primary cost, with APM gas prices capped at $6.5/mmbtu.
Import Sources
Sourced domestically from nomination fields (APM) and HPHT fields; shortfall is met through imported Spot LNG sourced from global markets via term and spot contracts.
Key Suppliers
GAIL (India) Limited is the primary supplier and promoter (32.5% stake). Other sources include New Well Gas and HPHT field operators.
Capacity Expansion
Current infrastructure serves ~2.83 million domestic PNG connections and ~5,100 I&C customers. Planned expansion includes adding 200 km of pipeline network and developing new CNG stations across various models in FY2026.
Raw Material Costs
Gas costs increased significantly in FY2025 due to a reduction in APM allocation, forcing the company to procure costlier alternative sources. Operating expenses reached INR 6.73/scm in H1 FY2026.
Manufacturing Efficiency
Maintained Zero Loss Time Injury (LTI) for FY2024-25. Operational efficiency is driven by digital interventions and tailor-made marketing campaigns to manage demand effectively.
Logistics & Distribution
Distribution is managed via a vast pipeline network; the contiguity of the Ratnagiri GA to the Raigad GA is expected to result in substantial logistics savings and enhanced last-mile connectivity.
Strategic Growth
Expected Growth Rate
6.82%
Growth Strategy
Growth will be achieved through the acquisition of UEPL (INR 531-562 Cr) to enter Maharashtra and Karnataka markets, a JV with Baidyanath LNG for long-haul truck stations, and an aggressive push to add 200 km of pipeline and new CNG stations.
Products & Services
Compressed Natural Gas (CNG) for vehicles, Piped Natural Gas (PNG) for domestic cooking, and PNG for Industrial and Commercial (I&C) heating and power applications.
Brand Portfolio
Mahanagar Gas Limited (MGL), Unison Enviro Private Limited (UEPL).
New Products/Services
LNG for long-haul heavy-duty trucks via the Baidyanath LNG JV, aiming to capture the cleaner freight transportation market.
Market Expansion
Targeting semi-urban and rural areas in Ratnagiri, Latur, Osmanabad, Chitradurga, and Davanagere following the UEPL acquisition.
Market Share & Ranking
MGL is one of the top-5 City Gas Distribution (CGD) players in India, maintaining a dominant position in the Mumbai Metropolitan Region.
Strategic Alliances
Joint Venture with Baidyanath LNG Private Limited; technology collaboration with Nawgati for digital CNG retail queue management.
External Factors
Industry Trends
The industry is shifting toward cleaner fuels with a national target of 18,000 CNG stations by 2032. MGL is positioning itself by diversifying into LNG for trucking and expanding its geographic footprint beyond Mumbai.
Competitive Landscape
Faces competition from alternative liquid fuels like furnace oil and bulk LPG in the industrial segment, and from petrol/diesel in the transport segment.
Competitive Moat
Moat is based on first-mover advantage and extensive pipeline infrastructure in Mumbai (GA1). While marketing exclusivity has expired, the high cost and operational complexity for new entrants to lay parallel networks provide a durable 'infrastructure exclusivity' moat.
Macro Economic Sensitivity
Highly sensitive to global crude oil prices, as the APM gas price ceiling is linked to crude, and alternative fuels (petrol/diesel) prices dictate CNG demand levels.
Consumer Behavior
Increasing vehicle registrations in CNG passenger and commercial segments due to the cost advantage over petrol/diesel supports long-term demand.
Geopolitical Risks
Global energy supply disruptions impact spot LNG availability and pricing, directly affecting the 28-30% of volumes not covered by APM gas.
Regulatory & Governance
Industry Regulations
Regulated by PNGRB; subject to common carrier regulations where 20% of pipeline capacity must be offered to third parties if marketing exclusivity expires.
Environmental Compliance
Focus on reducing Scope 2 emissions and sustainable water management through STPs; Zero LTI record indicates high safety compliance.
Taxation Policy Impact
Standard corporate tax rates apply; the discontinuation of LPG subsidies by the Government has benefited MGL's PNG-Domestic segment growth.
Legal Contingencies
Legal matter pending before the Delhi High Court challenging PNGRB's Authorisation Regulations regarding the expiry of marketing and infrastructure exclusivity.
Risk Analysis
Key Uncertainties
Regulatory changes regarding exclusivity could impact margins by 5-10% if third-party marketers utilize MGL's infrastructure. Gas allocation cuts remain a primary risk to contribution margins.
Geographic Concentration Risk
High concentration in the Mumbai Metropolitan Region, though the UEPL acquisition is intended to diversify this risk.
Third Party Dependencies
High dependency on GAIL for gas supply and GoI for APM gas price notifications.
Technology Obsolescence Risk
Low risk in the medium term as natural gas is a transition fuel; digital transformation is underway via ANPR and integrated billing to improve retail efficiency.
Credit & Counterparty Risk
Superior liquidity with INR 1,347.4 Cr in free cash and strong cash accruals of INR 1,200-1,300 Cr per annum minimizes counterparty risk.
