MGL
Mahanagar Gas share price & financials
- Price
- ₹1,209
- Market cap
- ₹11.3k Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 9
Mahanagar Gas Limited Q1 FY27
What went well
- Overall sales volume increased by 7.01% YoY to 4.766 mmscmd, driven by strong growth in CNG and domestic DPNG.
- CNG sales volume grew by 9.74% YoY to 3.496 mmscmd, reflecting continued adoption.
- EBITDA from operations surged by 31.74% YoY to INR343 crores, indicating improved profitability.
What to watch
- Industrial and commercial sales volume decreased by 7.15% YoY to 0.648 mmscmd, primarily due to a 20% cut in gas allocation as per government directive.
- The ongoing geopolitical conflict in West Asia has led to global energy crisis, supply uncertainty, and price volatility, with pooled gas being discontinued in early July.
What Mahanagar Gas Limited does
Mahanagar Gas is the authorised city gas distribution (CGD) company across Mumbai, Thane Urban, Raigad, and (after its 2024 amalgamation with erstwhile Unison Enviro) additional geographical areas in Ratnagiri, Latur-Osmanabad in Maharashtra and Chitradurga-Davanagere in Karnataka. It sources natural gas through a mix of APM, HPHT and term/spot RLNG contracts, then compresses and pipes it for sale as CNG to vehicles through its own filling stations and as PNG to domestic, commercial and industrial consumers over its own exclusive pipeline network. Beyond core CGD, it has taken minority/JV positions in adjacent clean-energy plays: Mahanagar LNG Private Limited (MLPL), a joint venture building LNG retail stations for long-haul trucking, and 3EV Industries, engaged in EV battery-swapping (Battery-as-a-Service).
Segments
- CNG (Compressed Natural Gas)
- Domestic PNG
- Commercial PNG
- Industrial & Commercial (I&C) PNG
- Geographical Areas (GAs) of operation
- 6 — Mumbai, Thane Urban, Raigad, Ratnagiri, Latur-Osmanabad, Chitradurga-Davanagere
- Area of operation
- 45,691 sq km
- CNG filling stations
- 518
- CNG vehicles served
- ~12.85 lakh (1.28 million)
- PNG household connections
- ~32.14 lakh (3.21 million)
- Industrial & commercial PNG customers
- 5,924
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 4 delivered 2 missed 10 open- Overall Volume Growth FY25 delivered said Q4 FY24 Promised: 6% to 7% Q1 FY27: Promise relates to a past period (FY25) and is considered closed.
- EBITDA per SCM revised down said Q4 FY24 Promised: ₹9 to ₹11 Q1 FY27: Management guided for a long-term EBITDA margin in the range of INR 8 to INR 9 per SCM, a slight firming up from the previous quarter's '>INR 8' guidance.
- DPNG Conversions FY27 open said Q1 FY27 Promised: 8 lakhs to 10 lakhs Q1 FY27: We can do 8 lakhs to 10 lakhs given if there are no bottlenecks in this year itself.
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.0%, net profit down 39.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,786 | 1,758 | 1,963 | 2,081 | 2,049 +15% | 2,058 +17% | 2,051 +4% | 2,372 +14% |
| EBITDA | 413 | 314 | 395 | 501 | 338 −18% | 352 +12% | 260 −34% | 343 −32% |
| Net profit | 287 | 225 | 242 | 320 | 193 −33% | 202 −10% | 132 −45% | 194 −39% |
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.
Performance −15.7% 1Y
1Y: ₹1,287 on 10 Sept 2025 → ₹1,084.3. High ₹1,363.2 (16 Sept 2025), low ₹908.4 (23 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.4%
- 7 Aug
- Q4 FY26
- −0.6%
- 8 May
- Q3 FY26
- +2.5%
- 9 Feb
- Q2 FY26
- −1.8%
- 30 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 9.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.3k Cr | ₹6.2k Cr | ₹7.1k Cr | ₹8.2k Cr |
| Operating profit | ₹1.2k Cr | ₹1.8k Cr | ₹1.5k Cr | ₹1.5k Cr |
| Operating margin | 18.8% | 29.5% | 21.7% | 17.6% |
| Interest | ₹8 Cr | ₹12 Cr | ₹13 Cr | ₹20 Cr |
| Depreciation | ₹232 Cr | ₹274 Cr | ₹330 Cr | ₹409 Cr |
| Net profit | ₹790 Cr | ₹1.3k Cr | ₹1.0k Cr | ₹847 Cr |
| Net margin | 12.5% | 20.6% | 14.6% | 10.3% |
| Cash from operations | ₹969 Cr | ₹1.6k Cr | ₹1.4k Cr | ₹1.1k Cr |
| Free cash flow | ₹257 Cr | ₹793 Cr | ₹249 Cr | ₹87 Cr |
| ROCE | 27.0% | 34.0% | 23.0% | 17.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹99 Cr | ₹99 Cr | ₹99 Cr | ₹99 Cr | ₹99 Cr | ₹99 Cr |
| Reserves | ₹3.1k Cr | ₹3.5k Cr | ₹4.0k Cr | ₹5.0k Cr | ₹6.1k Cr | ₹6.3k Cr |
| Borrowings | ₹74 Cr | ₹103 Cr | ₹115 Cr | ₹139 Cr | ₹216 Cr | ₹219 Cr |
| Other liabilities | ₹1.3k Cr | ₹1.5k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹2.3k Cr |
| Total liabilities | ₹4.6k Cr | ₹5.2k Cr | ₹6.0k Cr | ₹7.2k Cr | ₹8.6k Cr | ₹9.0k Cr |
| Fixed assets | ₹2.2k Cr | ₹2.6k Cr | ₹3.0k Cr | ₹3.5k Cr | ₹5.0k Cr | ₹5.4k Cr |
| Capital work in progress | ₹560 Cr | ₹616 Cr | ₹709 Cr | ₹774 Cr | ₹1.2k Cr | ₹1.3k Cr |
| Investments | ₹1.0k Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Other assets | ₹847 Cr | ₹916 Cr | ₹988 Cr | ₹1.3k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Total assets | ₹4.6k Cr | ₹5.2k Cr | ₹6.0k Cr | ₹7.2k Cr | ₹8.6k Cr | ₹9.0k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.27 pp while the public added +2.25 pp. The shareholder count grew 7% to 1,78,033.
- Promoters
- 32.5%
- FIIs
- 23.2%
- DIIs
- 22.5%
- Government
- 10.0%
- Public
- 11.8%
Since Jun 2025
- FIIs −2.27 pp
- Public +2.25 pp
- DIIs +0.01 pp
How it drifted, 12 quarters
Over this window FIIs fell from 30.5% to 23.2% — −7.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 32.5%, FIIs 30.5%, DIIs 16.1%, Government 10.0%, Public 10.9%.Dec '23: Promoters 32.5%, FIIs 30.9%, DIIs 17.2%, Government 10.0%, Public 9.4%.Mar '24: Promoters 32.5%, FIIs 30.5%, DIIs 17.4%, Government 10.0%, Public 9.6%.Jun '24: Promoters 32.5%, FIIs 31.5%, DIIs 16.7%, Government 10.0%, Public 9.3%.Sep '24: Promoters 32.5%, FIIs 34.2%, DIIs 15.5%, Government 10.0%, Public 7.8%.Dec '24: Promoters 32.5%, FIIs 25.8%, DIIs 21.1%, Government 10.0%, Public 10.6%.Mar '25: Promoters 32.5%, FIIs 23.8%, DIIs 23.8%, Government 10.0%, Public 9.9%.Jun '25: Promoters 32.5%, FIIs 25.5%, DIIs 22.5%, Government 10.0%, Public 9.5%.Sep '25: Promoters 32.5%, FIIs 23.6%, DIIs 22.9%, Government 10.0%, Public 11.0%.Dec '25: Promoters 32.5%, FIIs 24.9%, DIIs 20.8%, Government 10.0%, Public 11.8%.Mar '26: Promoters 32.5%, FIIs 24.1%, DIIs 21.0%, Government 10.0%, Public 12.3%.Jun '26: Promoters 32.5%, FIIs 23.2%, DIIs 22.5%, Government 10.0%, Public 11.8%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Parag Parikh Flexi Cap Fund Mutual fund newly disclosed 1.68% held
- Washington State Investment Board Managed By Brandes Investment Partners, L.P. FPI fund newly disclosed 1.49% held
- ICICI Prudential Energy Opportunities Fund Mutual fund newly disclosed 1.46% held
- Eastspring Investments - Asian Dynamic Fund Global fund house newly disclosed 1.05% held
- Robeco Capital Growth Funds - Robeco Asia-Pacific Equities Global fund house +0.29 pp 1.49% held
- UTI Value Fund Mutual fund +0.05 pp 1.85% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Mahanagar Gas Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gail (India) Limited | 32.50% | unchanged |
| Governor Of Maharashtra | 10.00% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.75% | unchanged |
| UTI Value Fund Mutual fund | 1.85% | +0.05 pp |
| HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund | 1.74% | unchanged |
| Parag Parikh Flexi Cap Fund Mutual fund | 1.68% | newly disclosed |
| Cape Ann Global Developing Markets Fund Global fund house | 1.53% | unchanged |
| Robeco Capital Growth Funds - Robeco Asia-Pacific Equities Global fund house | 1.49% | +0.29 pp |
| Washington State Investment Board Managed By Brandes Investment Partners, L.P. FPI fund | 1.49% | newly disclosed |
| ICICI Prudential Energy Opportunities Fund Mutual fund | 1.46% | newly disclosed |
| Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Frontline Equity Fund Mutual fund | 1.33% | unchanged |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 1.17% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MGL
Filings to Aug 2026
0 new, 4 added, 1 trimmed, 0 sold out — net +0.02 L shares (+0.1%).
- Held by funds
- ₹198 Cr
- 6 schemes
- Biggest holder
- HDFC Multi Cap Fund
- ₹182 Cr · 0.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹182 Cr | held | Dec '22 |
| Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund | ₹10 Cr | +0.01 L | Mar '22 |
| SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund | ₹5 Cr | +0.01 L | Oct '22 |
| Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund | ₹1 Cr | +0.00 L | Sep '24 |
| SBI Nifty 500 Index Fund SBI Mutual Fund | ₹0 Cr | −0.00 L | Sep '24 |
| SBI Nifty Small Cap 250 ETF SBI Mutual Fund | ₹0 Cr | +0.00 L | May '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
4 added, 1 trimmed — net +1,630 shares (+0.1%)
- Funds are sitting on
- +12%
- vs est. average cost
- Held by funds
- ₹198 Cr
- 6 schemes · ≈ 1.9% of the company
- Biggest holder
- HDFC Multi Cap Fund
- ₹182 Cr · 0.9% of that fund
- Longest holder
- Nippon India Nifty Smallcap 250 Index Fund
- 4y 6m · since Mar '22
Shares held by these funds +362%
Aug '23 17.72 L shares Jul '26
All earnings calls (8)
Read the Q1 FY27 call →Learn to analyse Mahanagar Gas Limited
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