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Mahanagar Gas Ltd.
NSE: MGLUtilitiesUtilities - Regulated Gas
- Last close
- ₹1,023.10
- Day change
- −₹11.20 (−1.08%)vs
- Market cap
- ₹10,411 crIndian rupees
- Research updated
- 1 report
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About Mahanagar Gas
Mahanagar Gas Ltd. is a leading player in the distribution of natural gas in India. Established to promote the use of natural gas as an affordable and environmentally friendly energy source, the company supplies compressed natural gas (CNG) for vehicles and piped natural gas (PNG) for domestic and industrial users. Operating primarily in Mumbai and the surrounding areas, Mahanagar Gas Ltd. facilitates a significant portion of India’s transition toward cleaner energy solutions. The company is instrumental in reducing vehicular emissions and decreasing reliance on conventional fossil fuels. Its robust infrastructure and extensive network ensure reliable delivery and service, catering to a diverse customer base, including public transportation, commercial establishments, and residential complexes. As one of the largest city gas distribution companies in India, Mahanagar Gas Ltd. plays a crucial role in shaping the country's energy landscape by supporting governmental policies aimed at increasing the share of natural gas in the energy mix. The company's operational efficiencies and strategic market presence underscore its importance in the broader energy sector.
- Sector
- Utilities
- Industry
- Utilities - Regulated Gas
- Listing
- NSE: MGL
- Employees
- 729
- Headquarters
- Mumbai, India
- ISIN
- INE002S01010
- Website
- mahanagargas.com
Public research · Report of
Business model & financial foundation
Mahanagar Gas (NSE: MGL), City gas distribution: revenue of ₹8,246 crore in FY26 (+13.5% on FY25), an EBITDA margin of 17.6%, net profit of ₹841.1 crore and net cash of ₹927.0 crore.
- Revenue, FY26 (₹ crore)
- 8,246
- consolidated
- Revenue growth, FY26
- +13.5%
- on FY25
- EBITDA margin, FY26
- 17.6%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 841.1
- to owners
- Return on equity, FY26
- 13.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -927.0
- Derived lease-inclusive net debt, negative for net cash
- Market capitalisation (₹ crore)
- 10,669
- at the close of 17 Oct 2026
Company profile
MGL sells CNG to vehicles and piped natural gas to households and industrial/commercial customers in Mumbai, Thane, Raigad and former UEPL areas. Profit depends on volume multiplied by the spread between retail/alternate-fuel-linked pricing and a mixed APM, new-well, HPHT and LNG procurement basket. Domestic gas allocation and the ability to pass through cost inflation matter more than headline revenue. Network build-out is accelerating while non-CGD initiatives are small and uncertain.
| Item | Value |
|---|---|
| Legal name | Mahanagar Gas Limited |
| Exchange and ticker | NSE: MGL; BSE: 539957 |
| ISIN | INE002S01010 |
| CIN | L40200MH1995PLC088133 |
| Sector | Utilities |
| Industry | City gas distribution |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022-08-24) |
| Market capitalisation | ₹10,669 crore (17 Oct 2026) |
| Shares outstanding | 9.88 crore shares (FY26) |
| Price | ₹1,054 (close, 17 Oct 2026) |
| 52-week range | ₹900.0 - ₹1,314 (to 17 Oct 2026) |
| Website | https://www.mahanagargas.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Mahanagar LNG Private Limited | 51% | Long-haul LNG dispensing |
| International Battery Company India Private Limited | 44% | Associate: battery cells; project on hold/restructuring |
| 3EV Industries Private Limited | 25.9% | Associate: electric three wheelers |
GAIL is promoter at 32.5%; Maharashtra government holds 10%. UEPL merged effective 16 Aug 2025, appointed 1 Feb 2024. Associates shown alongside subsidiaries for group context.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 32.50% | 32.50% | 32.50% | 32.50% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 24.89% | 24.13% | 23.21% | 23.46% |
| Domestic institutions | 20.83% | 21.01% | 22.53% | 22.26% |
| of which mutual funds | 9.35% | 8.82% | 11.18% | |
| Retail | 10.43% | 9.98% | ||
| Other | 11.91% | 11.77% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Mahanagar Gas (NSE: MGL) distributes natural gas in Mumbai, Thane, Raigad and the former UEPL areas (Ratnagiri, Latur-Osmanabad, Chitradurga-Davanagere; UEPL merged effective 16 Aug 2025). Q1FY27 volume mix: CNG 73.3%, domestic PNG 13.1%, industrial 10.3%, commercial 3.3%. Earnings are volume times a spread between retail/alternate-fuel-linked prices and a sourcing basket of APM (about 30% in Q1FY27), new-well and pooled gas (21-22%), HPHT (14-15%) and term/spot LNG. Domestic PNG receives APM; CNG partly; I&C buys at market prices. GAIL is promoter (32.5%) and the main supplier (FY26 purchases 4,139.42 cr). MGL controls retail pricing and network build; it does not control allocation of domestic gas or LNG prices. Single reporting segment, sale of natural gas.
| Peer | Why the dossier compares them |
|---|---|
| Indraprastha Gas (IGL) | CNG-led metro CGD; closest sourcing and demand comparator |
| Gujarat Gas successor Gujarat Energy (GUJENERGY) | Industrial PNG exposure; corporate restructuring limits direct comparability |
| Adani Total Gas (ATGL) | CGD expansion, gas cost mix and network ramp |
| GAIL (India) (GAIL) | |
| Petronet LNG (PETRONET) | Gas infrastructure and LNG procurement economics; not direct CGD peer |
| GSPL Transmission (GSPLTRANS) | Gas transmission successor; regulated tariff comparator, not direct spread business |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations, net of excise | 3,536 | 6,277 | 6,290 | 7,264 | 8,246 |
| Cost of revenue (vendor classification) * | 2,246 | 4,636 | 3,867 | 4,680 | 5,985 |
| Other operating costs (vendor classification) * | 281.8 | 342.9 | 429.1 | 874.8 | 585.0 |
| EBITDA (vendor classification) * | 997.1 | 1,261 | 1,926 | 1,736 | 1,503 |
| EBIT * | 813.8 | 1,065 | 1,735 | 1,384 | 1,156 |
| Finance costs | 7.53 | 9.39 | 13.3 | 14.1 | 21.0 |
| Profit before tax including associates | 806.3 | 1,056 | 1,728 | 1,370 | 1,135 |
| Total tax expense | 209.3 | 265.5 | 443.4 | 329.4 | 294.0 |
| Total consolidated profit after tax | 597.0 | 790.1 | 1,285 | 1,040 | 840.6 |
| Diluted EPS (₹) | 60.43 | 79.98 | 130.1 | 105.3 | 85.15 |
| Excise duty | 624.3 | 715.2 | 819.6 | ||
| Gas and traded goods cost including inventory change | 3,646 | 4,680 | 5,636 | ||
| Employee benefits expense | 119.4 | 146.8 | 176.7 | ||
| Other operating expenses | 681.2 | 867.3 | 982.4 | ||
| Operating EBITDA excluding other income | 1,844 | 1,570 | 1,451 | ||
| Other income | 174.9 | 166.6 | 119.9 | ||
| Depreciation and amortisation | 277.4 | 352.1 | 409.9 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Signed PAT attributable to non-controlling interests | 0.00 | -0.12 | -0.61 | ||
| Signed share of associates profit or loss | 0.00 | -0.86 | -5.03 | ||
| PAT attributable to owners of the parent | 1,285 | 1,040 | 841.1 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 3,597 | 4,134 | 5,143 | 5,892 | 6,442 |
| Borrowings excluding lease liabilities | 103.0 | 114.6 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 82.5 | 117.9 | 129.4 | 151.8 | 57.2 |
| Trade receivables | 184.0 | 294.0 | 296.5 | 364.1 | 458.7 |
| Inventories | 27.5 | 33.8 | 42.1 | 52.3 | 62.6 |
| Trade payables, micro and other combined | 271.9 | 322.2 | 347.9 | 431.3 | 479.5 |
| Net property, plant and equipment * | 3,308 | 3,916 | 4,872 | 5,719 | 6,602 |
| Capital work in progress excluding capital advances | 642.6 | 734.7 | 823.4 | 1,068 | 1,270 |
| Total assets | 5,234 | 6,032 | 7,253 | 8,302 | 8,981 |
| Bank balances other than cash equivalents | 296.8 | 181.2 | 57.1 | ||
| Current investments | 1,019 | 1,054 | 1,036 | ||
| Non-current investments, excluded from liquid net debt | 50.0 | 107.5 | 112.5 | ||
| Non-current lease liabilities | 117.8 | 165.5 | 141.4 | ||
| Current lease liabilities | 23.6 | 35.6 | 81.6 | ||
| Derived lease-inclusive net debt, negative for net cash | -1,303 | -1,186 | -927.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 811.5 | 972.4 | 1,568 | 1,407 | 1,162 |
| Free cash flow (vendor definition) * | 254.7 | 256.2 | 784.5 | 221.8 | 86.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | -281.0 | -251.8 | -276.6 | -296.4 | -296.5 |
| Purchase PPE, CWIP and intangibles including capital advances | -647.3 | -712.7 | -783.4 | -1,184 | -1,076 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 9.88 | 9.88 | 9.88 | 9.88 | 9.88 |
| Effective consolidated revenue per operational scm (INR per scm) | 45.96 | 46.99 | 49.28 | ||
| Effective consolidated gas cost per operational scm (INR per scm) | 26.64 | 30.27 | 33.69 | ||
| Other expenses per operational scm (INR per scm) | 4.98 | 5.61 | 5.87 | ||
| Effective tax fraction | 0.26 | 0.24 | 0.26 | ||
| Receivables days | 17 | 18 | 20 | ||
| Inventory days | 4 | 4 | 4 | ||
| Payables days | 35 | 34 | 31 | ||
| Calendar days in period | 366 | 365 | 365 | ||
| Economic receivable days | 17 | 18 | 20 | ||
| Economic inventory days | 4 | 4 | 4 | ||
| Economic payable days | 35 | 34 | 31 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations, net of excise | 1,786 | 1,847 | 1,964 | 2,083 | 2,050 | 2,060 | 2,052 | 2,373 |
| Cost of revenue (vendor classification) * | 1,126 | 1,268 | 1,281 | 1,311 | 1,417 | 1,482 | 1,733 | |
| Other operating costs (vendor classification) * | 203.2 | 219.1 | 253.2 | 234.1 | 243.1 | 267.3 | 250.1 | |
| EBITDA (vendor classification) * | 460.4 | 366.8 | 436.2 | 532.1 | 380.9 | 287.5 | 372.9 | |
| EBIT * | 376.1 | 276.6 | 340.9 | 436.0 | 277.4 | 181.2 | 263.9 | |
| Finance costs | 3.20 | 3.49 | 4.17 | 4.57 | 5.12 | 6.40 | 4.87 | 5.93 |
| Profit before tax including associates | 372.9 | 273.1 | 336.8 | 431.4 | 255.9 | 271.0 | 176.3 | 258.0 |
| Total tax expense | 86.1 | 50.3 | 95.4 | 112.8 | 64.7 | 69.9 | 46.7 | 65.4 |
| Total consolidated profit after tax | 286.8 | 222.8 | 241.4 | 318.6 | 191.3 | 201.1 | 129.6 | 192.6 |
| Diluted EPS, not annualised (₹) | 29.03 | 22.57 | 24.44 | 32.26 | 19.37 | 20.36 | 13.15 | 19.54 |
| Excise duty | 176.6 | 184.1 | 188.1 | 199.1 | 206.0 | 207.7 | 206.9 | 226.2 |
| Gas and traded goods cost including inventory change | 1,126 | 1,268 | 1,281 | 1,311 | 1,426 | 1,417 | 1,482 | 1,733 |
| Employee benefits expense | 44.0 | 35.5 | 35.3 | 37.1 | 48.9 | 47.6 | 43.1 | 46.4 |
| Other operating expenses | 203.2 | 219.1 | 253.2 | 234.1 | 237.9 | 243.1 | 267.3 | 250.1 |
| Operating EBITDA excluding other income | 413.4 | 324.8 | 395.0 | 500.7 | 337.9 | 352.1 | 260.0 | 342.8 |
| Other income | 46.9 | 42.0 | 42.0 | 32.2 | 29.0 | 29.6 | 29.1 | 30.4 |
| Depreciation and amortisation | 84.3 | 90.2 | 95.2 | 96.1 | 104.0 | 103.6 | 106.3 | 109.0 |
| Signed PAT attributable to non-controlling interests | -0.01 | -0.07 | -0.03 | -0.10 | -0.12 | -0.05 | -0.34 | -0.36 |
| Signed share of associates profit or loss | 0.00 | 0.00 | -0.86 | -0.78 | -1.87 | -0.77 | -1.61 | -0.31 |
| PAT attributable to owners of the parent | 286.8 | 222.9 | 241.4 | 318.7 | 191.4 | 201.2 | 129.9 | 193.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 65.6% | 77.5% | 0.2% | 15.5% | 13.5% |
| EBITDA margin | 29.3% | 21.6% | 17.6% | ||
| Net margin | 20.4% | 14.3% | 10.2% | ||
| Return on equity | 27.7% | 18.9% | 13.6% | ||
| Return on capital employed | 23.2% | 26.8% | 36.9% | 25.1% | 18.7% |
| Return on assets | 19.3% | 13.4% | 9.7% | ||
| Net debt (₹ crore) | -1,303 | -1,186 | -927.0 | ||
| Net debt / EBITDA | -0.71x | -0.76x | -0.64x | ||
| Interest cover | 108.1x | 113.4x | 130.4x | 98.4x | 55.1x |
| Asset turnover | 0.72x | 1.11x | 0.95x | 0.93x | 0.95x |
| Receivable days | 19 | 17 | 17 | 18 | 20 |
| Inventory days (on revenue) | 3 | 2 | 2 | 3 | 3 |
| Payable days (on revenue) | 28 | 19 | 20 | 22 | 21 |
| Cash conversion | 1.22x | 1.35x | 1.38x | ||
| Capex intensity | 18.3% | 11.4% | 12.5% | 16.3% | 13.0% |
| Free cash flow (₹ crore) | 164.2 | 259.8 | 784.5 | 222.7 | 86.7 |
| Dividend payout | 21.5% | 28.5% | 35.2% | ||
| EPS, diluted (₹) | 60.43 | 79.98 | 130.1 | 105.3 | 85.15 |
| Book value per share (₹) | 364.2 | 418.5 | 520.7 | 596.5 | 652.1 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Derived lease-inclusive net debt, negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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