Mahanagar Gas Limited has informed the Exchange about Transcript
MGL · price
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Awaiting price reaction for this filing.
Mahanagar Gas reported Q1 FY26 total gas sales of 4.229 mmscmd, up 9.61% year-on-year, with CNG volumes rising 7.54% to 2.981 mmscmd. EBITDA from operations came in at INR 485 crore, up 28% quarter-on-quarter, while net profit rose 29% to INR 324 crore. The company added 16,348 new domestic households, 84 industrial/commercial customers, and 20,332 CNG vehicles during the quarter. NCLT has approved the merger of subsidiary Unison Enviro (UEPL) with MGL, expected to be effective by mid-August. Management guided for high single-digit volume growth in FY26, EBITDA per SCM of around INR 9.5 by year-end, and capex of INR 1,100-1,300 crore over the next two years for the core business, plus investments in a battery JV (INR 350-380 crore for 40% stake) and a CBG plant in Mumbai.
Positive on margin and growth outlook — management's EBITDA per SCM guidance of INR 9.5 (up from earlier INR 7 levels) signals margin expansion, while the UEPL merger and new CBG/battery ventures add growth optionality. However, the slowdown in CNG volume growth to 7.54% YoY and a sharp drop in BEST bus volumes (from 125,000 kg/day to 98,000 kg/day) are mild concerns that may keep a lid on near-term stock momentum.