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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED | 65,602 | 103.8 | 13.49 | 54.8 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 43,080 | 10.2 | 1.93 | 6.7 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 22,629 | 10.8 | 1.20 | 7.2 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 21,245 | 15.6 | 1.84 | 9.5 | 13.4 | 13.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 25 Aug 2026 · Mahanagar Gas AGM concludes, FY26 final dividend of Rs 18 per share declared | board shareholder meetings | medium | — | — |
| 7 Aug 2026 · MGL Q1 FY27 earnings call: EBITDA INR 343 cr, FY27 capex INR 1,500-1,800 cr | investor communications | medium | — | — |
| 6 Aug 2026 · MGL to attend Goldman Sachs and Emkay investor conferences this week | board shareholder meetings | low | — | — |
| 6 Aug 2026 · MGL schedules investor and analyst meetings on Aug 11 and 12 | board shareholder meetings | low | — | — |
| 4 Aug 2026 · Newspaper notice of 31st AGM, e-voting, and record date | compliance | minimal | — | — |
| 3 Aug 2026 · Mahanagar Gas files BRSR for FY 2025-26 with third party assurance | compliance | low | — | — |
| 3 Aug 2026 · 31st AGM notice and Annual Report FY 2025-26 filed with exchanges | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 26.8 |
| 7.8 |
| MAHANAGAR GAS LTD. ◆ | 10,724 | 15.0 | 1.66 | 6.8 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,964 | 19.1 | 1.92 | 9.0 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED | 1,170 | 16.0 | 1.17 | 8.6 | 5.3 | 7.1 | — | 18.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.0 | 15.6 | 4 of 9 | 63% |
| P/B | 1.7 | 1.8 | 4 of 9 | 63% |
| 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 | 10724 | 22629 | 7 of 9 | 25% |
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| 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 |
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.
