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Mahanagar Gas

MGL NSE
₹1,059.20 No trade today
P/E
14.51
View as Markdown
MCP
Close 4 Nov 2026 ₹1,059.20 −173.50 −14.1% 1Y
Start ₹1,232.70

Key Fundamentals

MicrocapOil & GasEnergy

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
17.10%
Debt to Equity
0.03
EPS (TTM)
₹73.00
Book Value
₹650.71
Market Cap
—
P/E (TTM)
14.51
P/B
1.63
ROE
12.30%
Dividend Yield
2.84%
EBITDA
₹1,571 Cr
52W High
₹1,267.00
52W Low
₹900.00
Volume
0

Peer Comparison

Energy › Oil & Gas › Gas Supplier › LPG/CNG/PNG/LNG Supplier

Mahanagar Gas peer comparison
Adani Total Gas
₹570.60102.26₹61,655 Cr12.120.05%14.10%15.10%₹6,728 Cr₹613 Cr
Petronet LNG
₹311.0011.08₹46,470 Cr1.932.31%18.30%22.60%₹37,173 Cr₹4,208 Cr
Gujarat Gas
₹221.1914.84₹21,204 Cr1.134.06%13.20%18.50%₹23,304 Cr₹1,027 Cr
Indraprastha Gas
₹136.8414.08₹18,822 Cr1.663.56%13.30%17.50%₹16,840 Cr₹1,354 Cr
Mahanagar Gas (this company)
₹1,059.2014.51₹10,386 Cr1.632.84%12.30%17.10%₹8,531 Cr₹721 Cr
GSPL Transmission
₹112.97—₹3,493 Cr0.520.00%−66.70%———
Confidence Petroleum
₹63.2915.67₹1,865 Cr1.490.18%6.89%9.12%₹6,001 Cr₹138 Cr
Median 7 companies₹221.1914.68₹18,822 Cr1.632.31%13.20%17.30%₹12,686 Cr₹874 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
62
Good
Returns, margins, earnings quality 22% weight
Valuation
58
Good
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
71
Strong
Solvency, leverage, coverage 9% weight
Momentum
34
Poor
Trend strength, vol-adjusted 12% weight
Ownership
43
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 28.8%

No weaknesses listed

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish766
OscillatorsBullish162
Moving AveragesStrong Bearish604

Key readings

RSI (14)
53.23
Neutral
MACD (12,26,9)
−3.00
Bullish
SMA (50)
1,064.00
Bearish
SMA (200)
1,089.15
Bearish

As of

Analyst Rating

Based on 30 analysts
BUY80%

24 of 30 analysts rate Buy, 3 Hold, 3 Sell.

As of

BUY
24
80%
HOLD
3
10%
SELL
3
10%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+14.77%
5Y+30.79%
3Y+9.37%
1Y+13.48%
TTM+12.41%

Net profit

Net profit growth by window
10Y+10.54%
5Y+6.44%
3Y+2.35%
1Y−18.64%
TTM−32.87%

Operating cash flow

Operating cash flow growth by window
10Y+10.59%
5Y+7.31%
3Y+5.78%
1Y−19.23%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−6.88 pp
5Y−25.77 pp
3Y−1.19 pp
1Y−4.01 pp
TTM−6.23 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,034 Cr
Mar 2018₹2,233 Cr
Mar 2019₹2,791 Cr
Mar 2020₹2,972 Cr
Mar 2021₹2,153 Cr
Mar 2022₹3,560 Cr
Mar 2023₹6,299 Cr
Mar 2024₹6,245 Cr
Mar 2025₹7,261 Cr
Mar 2026₹8,240 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹393 Cr
Mar 2018₹478 Cr
Mar 2019₹546 Cr
Mar 2020₹794 Cr
Mar 2021₹620 Cr
Mar 2022₹597 Cr
Mar 2023₹790 Cr
Mar 2024₹1,289 Cr
Mar 2025₹1,041 Cr
Mar 2026₹847 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹1,404 Cr −10.6% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Generated 2 Jul 2026
AI opinion · based on fundamentals
Risk medium

Mahanagar Gas Ltd trades at a PE of 13.6x with a market cap of ~₹11,397 crore, delivering 19% ROE over three and five years but seeing last-year ROE compress to 14% amid rising input costs from APM gas allocation cuts. The company is virtually debt-free and grew volumes ~12-13% in FY25, but TTM profit declined 13% and the stock has fallen 23% over the past year as margin headwinds intensified.

Bull Case 7
  • Virtually debt-free balance sheet provides financial flexibility and insulation from rising interest rate environments
  • Consistent ROE of 19% over 3-year and 5-year periods demonstrates durable capital efficiency
  • Strong volume growth of ~12-13% in FY25 driven by CNG vehicle additions (1.25 million vehicles served) and expansion to 485 CNG stations and 8,062 km pipeline network
  • Aggressive infrastructure expansion — connected 342,157 new households in FY25 and added 52 CNG stations, expanding total connectivity to over 3 million PNG households
  • Healthy dividend payout of 28.8% with 1.03% yield provides income support while stock trades near multi-year lows
  • Compounded sales CAGR of 15% over 10 years and 19% TTM revenue growth indicate continued top-line momentum
  • EV penetration headwinds in mass-market segment remain limited — CNG adoption continues to surge particularly in autorickshaws, taxis, and commercial vehicles where EV alternatives are less viable
Bear Case 8
  • APM gas allocation cut by 18% in April 2025 (from 51% to 40%), replaced by costlier New Well Gas priced at 12.5% of crude basket vs APM at 10%, directly compressing margins
  • TTM profit declined 13% and Q3 FY25 net profit fell 30% YoY to ₹221 crore as higher gas procurement costs eroded profitability
  • Management projects 7-10% of APM gas to shift to costlier NWG each year, creating a structural and recurring margin headwind
  • Stock has delivered -23% returns over 1 year and 0% CAGR over 5 years, signaling sustained investor de-rating despite volume growth
  • EBITDA margin compressed to 25.1% in Q4 FY24 from 28.6% YoY, and further to 20.3% in Q4 FY25, showing accelerating margin erosion
  • Last-year ROE dropped to 14% from 19% historical average, indicating declining return profile under current cost structure
  • Growing long-term EV competition threat particularly from electric autorickshaws and buses in Mumbai, MGL's core CNG demand segments
  • Single-pipeline supply vulnerability exposed in November 2025 when GAIL pipeline damage shut 164 of 389 CNG stations across Mumbai, Thane, and Navi Mumbai

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: MGL faces near-term margin pressure from surging crude/LNG prices and rupee depreciation, which has driven a significant stock correction. However, volume growth remains robust at ~9% CAGR with CNG price hikes and improving D-PNG conversions providing earnings support. Valuations at ~10.8x FY28E P/E are historically attractive. The trend appears to be bottoming out, with margin recovery contingent on input cost stabilisation and further price hikes flowing through.

Headwinds 3
  • Brent crude surge hurts margins Jun 12

    Brent crude jumped to USD 102/bbl in 1QFY27 from USD 69/bbl in FY26, while spot LNG rose to USD 18/mmbtu from USD 12/mmbtu, significantly contracting margins.

  • Rupee depreciation adds cost pressure Jun 12

    Rupee depreciated 11% YoY in 1QFY27, compounding input cost pressures from elevated gas prices.

  • Stock down 25% over two years Jun 12

    MGL has declined 24.67% over 1 year and 25.19% over 2 years, with a 13% correction in the last 3.5 months due to margin headwinds.

Positives 4
  • 9% volume CAGR expected FY26-28 Jun 12

    Brokerage expects ~9% volume CAGR over FY26-28, supported by high single-digit CNG demand growth, vehicle additions, and bus recovery.

  • CNG price hikes to cushion margins Jun 12

    Rs 5/kg CNG price hikes already taken post-war with further Rs 2-3/kg hikes expected, along with stronger I&C PNG realisations to support earnings.

  • Valuations near -1 SD, re-rating scope Jun 12

    At ~10.8x FY28E P/E (near mean minus 1 standard deviation), valuations appear attractive with scope for re-rating as margin pressures ease.

Neutral 2
  • Two new VPs appointed July 1 Jun 30

    Mahanagar Gas appointed Sanket Dhotre and Mukesh Panhotra as Vice Presidents effective July 1, 2026, replacing superannuated Chakrapani Atmakur.

  • JM Financial conference attendance Jun 9

    MGL management to attend a virtual JM Financial conference on June 15, 2026; no unpublished price sensitive information to be shared.

Quarterly Results

₹ Cr
MGL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,538
1,571
1,569
1,567
1,590
1,786
1,758
1,963
2,081
2,049
2,058
2,051
2,372
Expenses
1,017
1,092
1,120
1,173
1,171
1,373
1,443
1,568
1,581
1,711
1,706
1,791
2,029
Operating Profit
521
479
449
394
418
413
314
395
501
338
352
260
343
OPM %
34%
30%
29%
25%
26%
23%
18%
20%
24%
16%
17%
13%
14%
Other Income
39
44
48
45
40
47
46
42
32
29
29
29
30
Interest
3
2
3
4
3
3
3
4
4
5
6
5
6
Depreciation
62
66
68
78
72
84
79
95
96
104
103
106
109
PBT
496
454
426
357
384
373
278
339
432
258
272
178
259
Tax %
26%
25%
26%
26%
26%
23%
19%
28%
26%
25%
26%
26%
25%
Net Profit
368
338
317
265
285
287
225
242
320
193
202
132
194
EPS (₹)
37.3
34.27
32.11
26.83
28.81
29.03
22.82
24.53
32.35
19.58
20.45
13.36
19.61

Profit & Loss

₹ Cr
MGL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,095
2,078
2,034
2,233
2,791
2,972
2,153
3,560
6,299
6,245
7,261
8,240
8,531
Expenses
1,605
1,569
1,390
1,453
1,906
1,919
1,219
2,636
5,115
4,402
5,691
6,789
7,237
Operating Profit
490
509
644
780
885
1,053
934
924
1,184
1,843
1,570
1,451
1,293
OPM %
23%
24%
32%
35%
32%
35%
43%
26%
19%
30%
22%
18%
15%
Other Income
41
47
53
58
78
99
81
86
112
175
166
119
118
Interest
1
2
1
0
0
7
7
8
9
12
13.43
21
22
Depreciation
80
83
95
111
126
162
174
196
231
274
352
409
422
PBT
449
472
601
727
837
984
834
806
1,056
1,733
1,371
1,141
967
Tax %
33%
34%
34%
34%
35%
19%
26%
26%
25%
26%
24%
26%
—
Net Profit
301
311
393
478
546
794
620
597
790
1,289
1,045
847
721
EPS (₹)
33.69
34.8
39.83
48.38
55.32
80.33
62.72
60.43
79.98
131
105
85.73
73
Div. Payout %
52%
50%
48%
39%
36%
44%
37%
41%
20%
23%
28%
35%
—

Balance Sheet

₹ Cr
MGL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
89
89
99
99
99
99
99
99
99
99
99
99
Reserves
1,318
1,639
1,741
1,997
2,300
2,854
3,134
3,499
4,035
5,044
5,780
6,335
Borrowings
16
5
3
1
0
67
74
103
115
139
198
219
Other Liabilities
743
637
782
914
1,042
1,109
1,295
1,534
1,783
1,944
2,208
2,312
Total Liabilities
2,166
2,370
2,624
3,010
3,441
4,128
4,601
5,234
6,032
7,226
8,284
8,965
Fixed Assets
1,064
1,129
1,305
1,532
1,763
2,049
2,169
2,614
3,026
3,543
4,844
5,373
CWIP
380
429
412
357
370
487
560
616
709
774
1,062
1,259
Investments
371
393
467
688
654
1,121
1,025
1,088
1,310
1,636
1,178
1,169
Other Assets
350
419
441
434
654
471
847
916
988
1,273
1,200
1,163
Total Assets
2,166
2,370
2,624
3,010
3,441
4,128
4,601
5,234
6,032
7,226
8,284
8,965

Cash Flow

₹ Cr
MGL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
427
419
532
652
685
985
806
904
969
1,563
1,420
1,147
Investing
−261
−222
−263
−419
−439
−755
−444
−539
−649
−1,267
−1,056
−874
Financing
−176
−191
−284
−226
−235
−242
−349
−310
−285
−312
−341
−368
Net Cash Flow
−10
5
−15
8
12
−11
13
54
35
−15
22
−95
Free Cash Flow
229
204
278
383
322
559
466
256
257
793
249
87
CFO/OP
116
112
112
113
108
116
108
121
104
108
108
97

Ratios

MGL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
16
17
14
13
8
22
19
17
16
18
20
Inventory Days
5
5
8
8
5
5
11
5
3
4
4
4
Days Payable
32
33
43
39
40
35
76
48
26
34
34
31
Cash Conversion Cycle
−10
−12
−18
−16
−22
−21
−44
−24
−7
−13
−11
−6
Working Capital Days
−80
−59
−79
−86
−78
−97
−152
−106
−63
−72
−67
−56
ROCE %
33%
30%
34%
37%
37%
37%
27%
23%
27%
34%
23%
17%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Mahanagar Gas insights

63 extracted metrics across FY13–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 32.50%
  • FIIs 23.46%
  • DIIs 22.26%
  • Government 10.00%
  • Public 9.95%
  • Others 1.83%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Mahanagar Gas

What does Mahanagar Gas Ltd do?
Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD), presently supplying natural gas in the city of Mumbai including adjoining areas and the Raigad District in the state of Maharashtra.
Where is Mahanagar Gas Ltd (MGL) listed?
Mahanagar Gas Ltd trades as MGL on the NSE and under code 539957 on the BSE.
Which sector does Mahanagar Gas Ltd belong to?
Mahanagar Gas Ltd is classified under the Oil & Gas sector, in the Gas Supplier industry.
What is the PE ratio of Mahanagar Gas Ltd?
Mahanagar Gas Ltd trades at a PE ratio of 14.51 as of 4 Nov 2026, on earnings per share of ₹73, against a book value of ₹650.71 per share.
What is the 52-week high and low of Mahanagar Gas Ltd?
Over the last 52 weeks Mahanagar Gas Ltd has traded between ₹900 and ₹1,267 as of 4 Nov 2026.
Does Mahanagar Gas Ltd pay dividends?
Mahanagar Gas Ltd has a dividend yield of 2.84%.
What is the Return on Equity (ROE) of Mahanagar Gas Ltd?
Mahanagar Gas Ltd reported a return on equity of 12.30%. Its debt-to-equity ratio is 0.03.

Company Information

Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD), presently supplying natural gas in the city of Mumbai including adjoining areas and the Raigad District in the state of Maharashtra.

Website mahanagargas.com
CEO Mr. Ashu Shinghal
Employees 579
Listed 1 Jul 2016
Face Value ₹10

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