Inve India ▾

Mahanagar Gas share price & results

Mahanagar Gas Limited· Oil, Gas & Consumable Fuels· Energy

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Sole city gas distributor for Mumbai, Thane, Raigad and adjoining GAs, supplying CNG to vehicles and PNG to homes/industry.

Company research is public. Sign in to keep your own companies, notes and cases.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue2,372 ₹ crore+14.0% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin14.0 %−10.0 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit194 ₹ crore−39.4% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity11.62 %−4.6 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin1.06 %−2.1 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)11.13 %−2.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

4 of 6 judged targets kept · 10 open · verdicts reflect calls analysed to Q1 FY27.

Mahanagar Gas Limited management guidance track record on Inve: 16 targets tracked across analysed earnings calls (4 achieved, 2 missed, 10 open).

TargetOriginal wordingSaidLatest callVerdict
Overall Volume Growth FY256% to 7%Q4 FY24Q1 FY27:Promise relates to a past period (FY25) and is considered closed.
Call transcript, Q1 FY27 · 7 Aug 2026		Achieved
EBITDA per SCM₹9 to ₹11Q4 FY24Q1 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.
Call transcript, Q1 FY27 · 7 Aug 2026		Revised Down
DPNG Conversions FY278 lakhs to 10 lakhs
Call transcript, Q1 FY27 · 7 Aug 2026		Q1 FY27Q1 FY27:We can do 8 lakhs to 10 lakhs given if there are no bottlenecks in this year itself.
Call transcript, Q1 FY27 · 7 Aug 2026		New

Source: Inve Guidance Tracker for Mahanagar Gas Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Mahanagar Gas Limited's 16 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 13 more targets are in the full ledger.

Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
See the full record

Price

₹1,036.2 +1.28% · +₹13.1

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −20.6% 1Y

₹0.9k₹1.0k₹1.1k₹1.2k₹1.3kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 30 Oct 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹1,305.1 on 24 Oct 2025 → ₹1,036.2. High ₹1,305.1 (24 Oct 2025), low ₹908.4 (23 Mar 2026).

Previous close
₹1,023.1
Market cap
₹10.2k Cr
52-week range
₹908.4 – ₹1,295.6
One year
−19.17%
Price to earnings (TTM to Jun 2026)
14.31×
Return on equity (TTM to Jun 2026)
11.62%

Overview

Symbol
NSE:MGL
Industry
Energy
Exchange
NSE
Currency
INR

What Mahanagar Gas Limited does

Based on the company's own presentations, annual report and earnings calls.

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
Founded 1995Headquarters MGL House, G-33, Bandra Kurla Complex, Bandra (East), Mumbai 400051Employees 582 (31 March 2025 (permanent) Company website

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.

Your own record

Start an Inve Case for Mahanagar Gas Limited

Free account: one company. Everything above stays public.

Write why you follow Mahanagar Gas Limited and the condition you want checked. Inve compares your numeric conditions with available results and management guidance; your own conditions remain yours to review.

What an account adds

Keep reading

Other Oil, Gas & Consumable Fuels companies

All Oil, Gas & Consumable Fuels companies → · Oil, Gas & Consumable Fuels earnings growth →

Learn to analyse Mahanagar Gas Limited

Guides on how to read this kind of business and the numbers that matter.