MGL Mahanagar Gas Q2 FY26 results (Jul–Sep 2025) and concall
Mahanagar Gas (MGL) reported a quarter of robust volume growth offset by significant margin compression. While overall volumes grew 9.2% YoY, EBITDA and PAT saw sharp sequential declines due to reduced APM gas allocation, higher sourcing costs (Spot RLNG and HPHT), and unfavorable exchange rate movements. Management remains focused on volume growth, targeting 10%+ for the full year, while guiding for a normalized EBITDA margin of ₹8.5 to ₹9.0 per SCM.
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What they filed
Q2 FY26: revenue up 14.7%, net profit down 32.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|
| Revenue | 1,786 | 1,758 | 1,963 | 2,081 | 2,049 +15% |
| EBITDA | 413 | 314 | 395 | 501 | 338 −18% |
| Net profit | 287 | 225 | 242 | 320 | 193 −33% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
