Mahanagar Gas Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 27.2%
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.1%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.31x)
- Company has been maintaining a healthy dividend payout of 35.2%
CONS
- Recent results are weak - TTM profit is down 36.5% versus prior year
- Expensive relative to growth - PEG of 7.2
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GAIL | 175.00 | 11.65 | 115064.24 | 3.14 | 4670.99 | 96.08 | 41350.18 | 16.71 | 10.16 | 17.99 |
| ATGL | 612.05 | 106.48 | 67313.88 | 0.04 | 1417.20 | 757.66 | 19067.90 | 1172.62 | 16.96 | 14.67 |
| GUJENERGY | 259.00 | 12.81 | 24300.18 | 3.44 | 1007.40 | 207.47 | 9771.38 | 140.35 | 11.32 | 14.41 |
| IGL | 152.40 | 15.68 | 21336.02 | 3.12 | 237.92 | -44.39 | 5043.44 | 16.56 | 18.23 | 6.95 |
| MGL | 1084.45 | 14.97 | 10711.96 | 2.77 | 192.64 | -39.38 | 2598.90 | 13.88 | 18.78 | 13.18 |
| CFEL | 39.06 | 13.58 | 97.73 | 0.64 | 1.17 | 409.57 | 35.84 | -12.54 | 8.59 | 11.04 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,690 | 1,729 | 1,724 | 1,771 | 1,832 | 1,963 | 2,032 | 2,152 | 2,282 | 2,256 | 2,268 | 2,259 | 2,599 | |
| 1,169 | 1,250 | 1,275 | 1,376 | 1,395 | 1,549 | 1,707 | 1,757 | 1,781 | 1,918 | 1,916 | 1,999 | 2,371 | |
| Operating Profit | 521 | 479 | 449 | 395 | 437 | 413 | 325 | 395 | 501 | 338 | 352 | 260 | 228 |
| OPM % | 30.84% | 27.70% | 26.03% | 22.30% | 23.84% | 21.06% | 15.99% | 18.35% | 21.94% | 14.97% | 15.52% | 11.51% | 8.77% |
| 39 | 44 | 48 | 44 | 36 | 47 | 42 | 42 | 32 | 29 | 30 | 29 | 30 | |
| Interest | 3 | 2 | 3 | 6 | 3 | 3 | 3 | 4 | 5 | 5 | 6 | 5 | 6 |
| Depreciation | 62 | 66 | 68 | 81 | 83 | 84 | 90 | 95 | 96 | 104 | 104 | 106 | 109 |
| Profit before Tax | 496 | 454 | 426 | 352 | 386 | 373 | 273 | 338 | 432 | 258 | 272 | 178 | 258 |
| Tax % | 25.68% | 25.49% | 25.50% | 26.04% | 25.17% | 23.09% | 18.41% | 28.25% | 26.29% | 25.08% | 25.71% | 26.25% | 25.34% |
| Net Profit | 0 | 0 | 0 | 0 | 289 | 284 | 221 | 247 | 318 | 191 | 201 | 130 | 193 |
| 37.30 | 34.27 | 32.11 | 26.38 | 29.23 | 29.03 | 22.57 | 24.44 | 32.18 | 19.37 | 20.36 | 13.15 | 19.54 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 6,299 | 6,290 | 7,264 | 8,246 | 9,382 | |
| 5,115 | 4,446 | 5,697 | 6,795 | 8,204 | |
| Operating Profit | 1,184 | 1,844 | 1,567 | 1,451 | 1,178 |
| OPM % | 18.80% | 29.31% | 21.57% | 17.59% | 12.55% |
| 112 | 175 | 170 | 120 | 118 | |
| Interest | 9 | 13 | 14 | 21 | 22 |
| Depreciation | 231 | 277 | 352 | 410 | 423 |
| Profit before Tax | 1,056 | 1,728 | 1,370 | 1,135 | 965 |
| Tax % | 25.15% | 25.66% | 24.05% | 25.92% | 25.54% |
| Net Profit | 790 | 1,285 | 1,040 | 841 | 719 |
| EPS | 79.98 | 130.06 | 105.31 | 85.15 | — |
| Dividend Payout % | 32.51% | 23.07% | 28.49% | 35.23% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 2%
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- -1%
- 3 Years:
- 2%
- 1 Year:
- -14%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 20%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 99 | 99 | 99 | 99 |
| Minority Interest | 0 | 5 | 15 | 14 |
| 4,035 | 5,040 | 5,779 | 6,329 | |
| 95 | 120 | 168 | 144 | |
| Trade Payables | 322 | 348 | 431 | 479 |
| 1,481 | 1,642 | 1,810 | 1,916 | |
| Total Liabilities | 6,032 | 7,253 | 8,302 | 8,981 |
| 3,026 | 4,235 | 4,854 | 5,392 | |
| Capital Work in Progress | 709 | 823 | 1,068 | 1,270 |
| 1,310 | 1,069 | 1,162 | 1,148 | |
| 34 | 42 | 52 | 63 | |
| 0 | 296 | 364 | 459 | |
| Cash & Bank | 228 | 426 | 333 | 114 |
| 726 | 362 | 468 | 536 | |
| Total Assets | 6,032 | 7,253 | 8,302 | 8,981 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 1,233 | 1,568 | 1,407 | 1,162 | |
| Cash from Investing | -649 | -1,082 | -1,053 | -888 |
| Cash from Financing | -285 | -499 | -332 | -369 |
| 35 | -13 | 22 | -95 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Mahanagar Gas Limited has informed the Exchange about Schedule of meet
2026-08-26 - Mahanagar Gas Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 25, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-26 - Mahanagar Gas Limited has informed the Exchange about Schedule of meet
2026-08-25 - Mahanagar Gas Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 25, 2026
2026-08-07 - Mahanagar Gas Limited has informed the Exchange about Transcript
2026-08-06 - Mahanagar Gas Limited has informed the Exchange about Schedule of meet
2026-08-06 - Mahanagar Gas Limited has informed the Exchange about Schedule of meet
2026-08-04 - Mahanagar Gas Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-03 - Mahanagar Gas Limited has informed the Exchange about Business Responsibility and Sustainability Report for the financial year 2025-26
News
Recent coverage and analyst commentary for MGL
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Mahanagar Gas Ltd.
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