NSE: MGL · BSE: 539957
MAHANAGAR GAS LTD.
Distributes natural gas through three streams across its licensed geographic areas: automotive CNG, domestic piped natural gas (D-PNG) for households, and industrial/commercial piped gas. CNG volume grew 9.74% and D-PNG 9.09% in Q1 FY27, while I&C fell 7.15% on a 20% government gas allocation cut. Natural gas purchases are the dominant cost at 62.2% of revenue; depreciation is 4.5% and capex 11.9%, reflecting pipeline and station infrastructure. Domestic APM gas covers 100% of PNG and major CNG demand, but the I&C segment is exposed to imported LNG and Brent-linked pricing. FY27 capex is Rs 1,500-1,800 crore to accelerate household conversions under PNG Drive 2.0. GAIL (India) Limited is the promoter. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CNG (automotive), Domestic PNG (D-PNG), Industrial / Commercial (I&C). Asset-heavy city gas distribution; margins exposed to LNG/Brent volatility through the I&C segment.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 6,914 | 7,979 | 9,065 |
| EBITDA (ex other income) | 1,844 | 1,569 | 1,451 |
| margin % | 26.7 | 19.7 | 16.0 |
| Owners' profit | 1,276 | 1,041 | 841 |
| EPS, as reported (₹) | 129.21 | 105.33 | 85.15 |
| ROE % · ROCE % | 24.9 · 30.5 | 17.7 · 21.6 | 13.0 · 16.5 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,461 | 1,814 | 1,162 |
| Capex | (783) | (1,184) | (1,076) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,963 | 2,032 | 2,152 | 2,282 | 2,256 | 2,268 | 2,259 | 2,599 |
| Profit before tax | 372 | 272 | 339 | 432 | 258 | 272 | 178 | 258 |
| Net profit | 284 | 221 | 247 | 318 | 191 | 201 | 130 | 193 |
| EPS (₹) | 28.70 | 22.39 | 25.01 | 32.18 | 19.37 | 20.36 | 13.15 | 19.54 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED | 58,709 | 92.9 | 12.07 | 49.2 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 42,638 | 10.1 | 1.91 | 6.6 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 19,880 | 9.5 | 1.05 | 6.4 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 19,694 | 14.5 | 1.71 | 8.8 | 13.4 | 13.8 | 26.8 | 7.8 |
| MAHANAGAR GAS LTD. ◆ | 10,401 | 14.5 | 1.61 | 6.6 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,277 | 14.7 | 1.48 | 7.2 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED | 1,018 | 13.9 | 1.02 | 7.5 | 5.3 | 7.1 | — | 18.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.5 | 14.5 | 6 of 9 | 38% |
| P/B | 1.6 | 1.6 | 5 of 9 | 50% |
| ROCE | 16.2 | 11.8 | 2 of 9 | 88% |
| ROE | 13.1 | 12.6 | 4 of 9 | 63% |
| Debt / Equity | 0.0 | 0.2 | 1 of 9 | 88% |
| EBITDA margin | 14.4 | 16.1 | 7 of 9 | 25% |
| Revenue growth | 13.9 | 24.3 | 8 of 9 | 13% |
| Profit growth | (39.4) | 96.1 | 8 of 9 | 13% |
| Market cap | 10401 | 19880 | 7 of 9 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Mahanagar Gas sets November 4 earnings call for Q2 FY27 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · PPFAS Mutual Fund crosses 5 percent stake in Mahanagar Gas | ownership changes | medium | — | — |
| 26 Oct 2026 · Board meeting set for November 3 to approve Q2 and H1 results | results | low | — | — |
| 8 Oct 2026 · Quarterly dematerialisation certificate submitted to exchanges | compliance | minimal | — | — |
| 23 Sept 2026 · Mahanagar Gas to attend PL Capital Mid & Small Cap Conference on Sep 29 | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading Window Closes October 1, 2026 Ahead of Q2 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Mahanagar Gas to attend BofA 2026 Asia Pacific Conference on Sept 21 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Schedule of investor meeting at UBS India Summit on Sept 11, 2026 | investor communications | low | — | — |
| 26 Aug 2026 · MGL AGM 2026: 6 resolutions passed; Rs 30 total dividend declared | board shareholder meetings | low | — | — |
| 26 Aug 2026 · MGL to attend Elara India Dialogue 2026 on September 2 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.