Mahanagar Gas Ltd.

•

₹ 1,114.2-2.07%

2026-08-21

mahanagargas.comBSE: 539957NSE: MGL

Market Cap₹ 11,150 Cr.

Current Price₹ 1,138

High / Low₹ 1,378 / 900

Stock P/E15.6

Book Value₹ 670

Price to Book1.42

Dividend Yield2.66 %

ROCE18.8 %

ROE13.7 %

Face Value₹ 10

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ABOUT

KEY POINTS

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 7.5

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

EDIT COLUMNS

Oil Gas & Consumable FuelsGas TransmissionGas Transmission/Marketing

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	GAIL	172.10	11.45	113157.46	3.20	4670.99	96.08	41350.18	16.71	10.16	17.99
2.	ATGL	663.85	115.49	73010.89	0.04	1417.20	757.66	19067.90	1172.62	16.96	14.67
3.	GUJENERGY	265.90	18.38	34862.28	3.35	1007.40	207.47	9771.38	140.35	19.75	14.41
4.	IGL	153.05	15.74	21427.02	3.10	237.92	-44.39	5043.44	16.56	21.81	6.95
5.	MGL	1128.80	15.58	11150.04	2.66	192.64	-39.38	2598.90	13.88	18.78	13.18
6.	CFEL	30.81	10.71	77.09	0.81	1.17	409.57	35.84	-12.54	8.59	11.04

Detailed Comparison with:

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	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	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
	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	34	32	26	29	29	23	24	32	19	20	13	2
Equity Capital	99	99	99	99	99	99	99	99	99	99	99	99	99
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	99	99	99	99	99	99	99	99	99	99	99	99	99
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 1,690
: 1,169
Operating Profit: —
OPM %: —
Other Income: 39
Interest: 3
Depreciation: 62
: 496
Tax %: 25.68%
Net Profit: 0
: 37
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 1,729
: 1,250
Operating Profit: —
OPM %: —
Other Income: 44
Interest: 2
Depreciation: 66
: 454
Tax %: 25.49%
Net Profit: 0
: 34
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 1,724
: 1,275
Operating Profit: —
OPM %: —
Other Income: 48
Interest: 3
Depreciation: 68
: 426
Tax %: 25.50%
Net Profit: 0
: 32
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 1,771
: 1,376
Operating Profit: —
OPM %: —
Other Income: 44
Interest: 6
Depreciation: 81
: 352
Tax %: 26.04%
Net Profit: 0
: 26
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 1,832
: 1,395
Operating Profit: —
OPM %: —
Other Income: 36
Interest: 3
Depreciation: 83
: 386
Tax %: 25.17%
Net Profit: 289
: 29
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 1,963
: 1,549
Operating Profit: —
OPM %: —
Other Income: 47
Interest: 3
Depreciation: 84
: 373
Tax %: 23.09%
Net Profit: 284
: 29
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 2,032
: 1,707
Operating Profit: —
OPM %: —
Other Income: 42
Interest: 3
Depreciation: 90
: 273
Tax %: 18.41%
Net Profit: 221
: 23
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 2,152
: 1,757
Operating Profit: —
OPM %: —
Other Income: 42
Interest: 4
Depreciation: 95
: 338
Tax %: 28.25%
Net Profit: 247
: 24
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 2,282
: 1,781
Operating Profit: —
OPM %: —
Other Income: 32
Interest: 5
Depreciation: 96
: 432
Tax %: 26.29%
Net Profit: 318
: 32
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 2,256
: 1,918
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 5
Depreciation: 104
: 258
Tax %: 25.08%
Net Profit: 191
: 19
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 2,268
: 1,916
Operating Profit: —
OPM %: —
Other Income: 30
Interest: 6
Depreciation: 104
: 272
Tax %: 25.71%
Net Profit: 201
: 20
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 2,259
: 1,999
Operating Profit: —
OPM %: —
Other Income: 29
Interest: 5
Depreciation: 106
: 178
Tax %: 26.25%
Net Profit: 130
: 13
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 2,599
: 2,371
Operating Profit: —
OPM %: —
Other Income: 30
Interest: 6
Depreciation: 109
: 258
Tax %: 25.34%
Net Profit: 193
: 2
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 99
Reserves: 0
Promoter Pledge %: 0.00%

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	1,296	2,019	1,737	1,570	—
OPM %	21	32	24	19	—
Other Income	112	175	170	120	118
Interest	9	13	14	21	22
Depreciation	231	277	352	410	423
	1,056	1,728	1,370	1,135	965
Tax %	25	26	24	26	26
Net Profit	790	1,285	1,040	841	719
EPS	80	130	105	85	—
Dividend Payout %	33	23	28	35	—
Minority Interest	0	0	0	1	-0
Share of Associates	0	0	0	0	-5
Adjusted EPS	80	130	105	85	—
Minority Interest	0	0	0	1	-0
Share of Associates	0	0	0	0	-5
Adjusted EPS	80	130	105	85	—

Mar 2023

: 6,299
: 5,115
Operating Profit: 1,296
OPM %: 21
Other Income: 112
Interest: 9
Depreciation: 231
: 1,056
Tax %: 25
Net Profit: 790
EPS: 80
Dividend Payout %: 33
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 80
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 80

Mar 2024

: 6,290
: 4,446
Operating Profit: 2,019
OPM %: 32
Other Income: 175
Interest: 13
Depreciation: 277
: 1,728
Tax %: 26
Net Profit: 1,285
EPS: 130
Dividend Payout %: 23
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 130
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 130

Mar 2025

: 7,264
: 5,697
Operating Profit: 1,737
OPM %: 24
Other Income: 170
Interest: 14
Depreciation: 352
: 1,370
Tax %: 24
Net Profit: 1,040
EPS: 105
Dividend Payout %: 28
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 105
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 105

Mar 2026

: 8,246
: 6,795
Operating Profit: 1,570
OPM %: 19
Other Income: 120
Interest: 21
Depreciation: 410
: 1,135
Tax %: 26
Net Profit: 841
EPS: 85
Dividend Payout %: 35
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 85
Minority Interest: 1
Share of Associates: 0
Adjusted EPS: 85

TTM

: 9,382
: 8,204
Operating Profit: —
OPM %: —
Other Income: 118
Interest: 22
Depreciation: 423
: 965
Tax %: 26
Net Profit: 719
EPS: —
Dividend Payout %: —
Minority Interest: -0
Share of Associates: -5
Adjusted EPS: —
Minority Interest: -0
Share of Associates: -5
Adjusted EPS: —

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:: 7%
5 Years:: 1%
3 Years:: 5%
1 Year:: -15%

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
LIABILITIES	-	-	-	-
Equity Capital	99	99	99	99
	4,035	5,040	5,779	6,329
Trade Payables	322	348	431	479
	1,576	1,767	1,993	2,074
Total Liabilities	6,032	7,253	8,302	8,981
ASSETS	-	-	-	-
	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
Total Debt	0	0	0	0
Net Working Capital	445	208	71	-122
Contingent Liabilities	40	314	441	551
Book Value per Share	418.53	520.19	595.01	650.70
Face Value	10.00	10.00	10.00	10.00
Total Debt	0	0	0	0
Net Working Capital	445	208	71	-122
Contingent Liabilities	40	314	441	551
Book Value per Share	418.53	520.19	595.01	650.70
Face Value	10.00	10.00	10.00	10.00

Mar 2023

Equity Capital: 99
: 4,035
Trade Payables: 322
: 1,576
Total Liabilities: 6,032
: 3,026
Capital Work in Progress: 709
: 1,310
: 34
: 0
Cash & Bank: 228
: 726
Total Assets: 6,032
Total Debt: 0
Net Working Capital: 445
Contingent Liabilities: 40
Book Value per Share: 418.53
Face Value: 10.00
Total Debt: 0
Net Working Capital: 445
Contingent Liabilities: 40
Book Value per Share: 418.53
Face Value: 10.00

Mar 2024

Equity Capital: 99
: 5,040
Trade Payables: 348
: 1,767
Total Liabilities: 7,253
: 4,235
Capital Work in Progress: 823
: 1,069
: 42
: 296
Cash & Bank: 426
: 362
Total Assets: 7,253
Total Debt: 0
Net Working Capital: 208
Contingent Liabilities: 314
Book Value per Share: 520.19
Face Value: 10.00
Total Debt: 0
Net Working Capital: 208
Contingent Liabilities: 314
Book Value per Share: 520.19
Face Value: 10.00

Mar 2025

Equity Capital: 99
: 5,779
Trade Payables: 431
: 1,993
Total Liabilities: 8,302
: 4,854
Capital Work in Progress: 1,068
: 1,162
: 52
: 364
Cash & Bank: 333
: 468
Total Assets: 8,302
Total Debt: 0
Net Working Capital: 71
Contingent Liabilities: 441
Book Value per Share: 595.01
Face Value: 10.00
Total Debt: 0
Net Working Capital: 71
Contingent Liabilities: 441
Book Value per Share: 595.01
Face Value: 10.00

Mar 2026

Equity Capital: 99
: 6,329
Trade Payables: 479
: 2,074
Total Liabilities: 8,981
: 5,392
Capital Work in Progress: 1,270
: 1,148
: 63
: 459
Cash & Bank: 114
: 536
Total Assets: 8,981
Total Debt: 0
Net Working Capital: -122
Contingent Liabilities: 551
Book Value per Share: 650.70
Face Value: 10.00
Total Debt: 0
Net Working Capital: -122
Contingent Liabilities: 551
Book Value per Share: 650.70
Face Value: 10.00

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	969	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
Free Cash Flow	969	-6	259	32
OCF / Net Profit	1.23	1.22	1.35	1.38
Cumulative 5-Year FCF	0	0	0	0
OCF / Net Profit	1.23	1.22	1.35	1.38
Cumulative 5-Year FCF	0	0	0	0

Mar 2023

: 969
Cash from Investing: -649
Cash from Financing: -285
: 35
Free Cash Flow: 969
OCF / Net Profit: 1.23
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.23
Cumulative 5-Year FCF: 0

Mar 2024

: 1,568
Cash from Investing: -1,082
Cash from Financing: -499
: -13
Free Cash Flow: -6
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 0

Mar 2025

: 1,407
Cash from Investing: -1,053
Cash from Financing: -332
: 22
Free Cash Flow: 259
OCF / Net Profit: 1.35
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.35
Cumulative 5-Year FCF: 0

Mar 2026

: 1,162
Cash from Investing: -888
Cash from Financing: -369
: -95
Free Cash Flow: 32
OCF / Net Profit: 1.38
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.38
Cumulative 5-Year FCF: 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE	-	-	-	-
EPS (₹)	79.98	130.06	105.31	85.15
Book Value (₹)	418.53	520.19	595.01	650.70
Dividend per Share (₹)	26.00	30.00	30.00	30.00
Cash EPS (₹)	103.38	158.13	140.94	126.59
PROFITABILITY	-	-	-	-
Operating Margin %	18.73%	26.67%	19.64%	16.00%
Net Margin %	11.42%	18.58%	13.04%	9.27%
ROE %	19.11%	27.71%	18.88%	13.66%
ROCE %	25.76%	37.56%	25.12%	18.78%
	13.10%	19.34%	13.37%	9.73%
EFFICIENCY	-	-	-	-
Debtor Days	16	16	15	17
Inventory Days	2	2	2	2
Payable Days	27	34	30	29
	-9	-16	-13	-11
FINANCIAL HEALTH	-	-	-	-
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	113.41x	130.93x	98.41x	55.13x
	1.29x	1.12x	1.04x	0.94x
GROWTH	-	-	-	-
Revenue Growth %	0.00%	-0.15%	15.48%	13.52%
Operating Profit Growth %	0.00%	55.76%	-13.98%	-9.56%
Net Profit Growth %	0.00%	62.61%	-19.03%	-19.19%
	0.00%	62.61%	-19.03%	-19.14%
VALUATION	-	-	-	-
P/E (x)	0.00x	10.48x	13.17x	10.89x
P/B (x)	0.00x	2.62x	2.33x	1.42x
Dividend Yield %	0.00%	2.20%	2.16%	3.24%
	0.00x	6.46x	7.70x	5.76x

Mar 2023

EPS (₹): 79.98
Book Value (₹): 418.53
Dividend per Share (₹): 26.00
Cash EPS (₹): 103.38
Operating Margin %: 18.73%
Net Margin %: 11.42%
ROE %: 19.11%
ROCE %: 25.76%
: 13.10%
Debtor Days: 16
Inventory Days: 2
Payable Days: 27
: -9
Debt to Equity (x): 0.00x
Interest Coverage (x): 113.41x
: 1.29x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 130.06
Book Value (₹): 520.19
Dividend per Share (₹): 30.00
Cash EPS (₹): 158.13
Operating Margin %: 26.67%
Net Margin %: 18.58%
ROE %: 27.71%
ROCE %: 37.56%
: 19.34%
Debtor Days: 16
Inventory Days: 2
Payable Days: 34
: -16
Debt to Equity (x): 0.00x
Interest Coverage (x): 130.93x
: 1.12x
Revenue Growth %: -0.15%
Operating Profit Growth %: 55.76%
Net Profit Growth %: 62.61%
: 62.61%
P/E (x): 10.48x
P/B (x): 2.62x
Dividend Yield %: 2.20%
: 6.46x

Mar 2025

EPS (₹): 105.31
Book Value (₹): 595.01
Dividend per Share (₹): 30.00
Cash EPS (₹): 140.94
Operating Margin %: 19.64%
Net Margin %: 13.04%
ROE %: 18.88%
ROCE %: 25.12%
: 13.37%
Debtor Days: 15
Inventory Days: 2
Payable Days: 30
: -13
Debt to Equity (x): 0.00x
Interest Coverage (x): 98.41x
: 1.04x
Revenue Growth %: 15.48%
Operating Profit Growth %: -13.98%
Net Profit Growth %: -19.03%
: -19.03%
P/E (x): 13.17x
P/B (x): 2.33x
Dividend Yield %: 2.16%
: 7.70x

Mar 2026

EPS (₹): 85.15
Book Value (₹): 650.70
Dividend per Share (₹): 30.00
Cash EPS (₹): 126.59
Operating Margin %: 16.00%
Net Margin %: 9.27%
ROE %: 13.66%
ROCE %: 18.78%
: 9.73%
Debtor Days: 17
Inventory Days: 2
Payable Days: 29
: -11
Debt to Equity (x): 0.00x
Interest Coverage (x): 55.13x
: 0.94x
Revenue Growth %: 13.52%
Operating Profit Growth %: -9.56%
Net Profit Growth %: -19.19%
: -19.14%
P/E (x): 10.89x
P/B (x): 1.42x
Dividend Yield %: 3.24%
: 5.76x

Shareholding Pattern

Numbers in percentages

TRADES

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
32.50	32.50	32.50	32.50	32.50	32.50	32.50	32.50	32.51
31.49	34.20	25.75	23.76	25.48	23.59	24.89	24.13	23.22
16.67	15.46	21.10	23.82	22.52	22.89	20.83	21.01	22.53
10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
9.34	7.84	10.65	9.92	9.50	11.02	11.78	12.35	11.73

Jun 2024

: 32.50
: 31.49
: 16.67
: 10.00
: 9.34

Sep 2024

: 32.50
: 34.20
: 15.46
: 10.00
: 7.84

Dec 2024

: 32.50
: 25.75
: 21.10
: 10.00
: 10.65

Mar 2025

: 32.50
: 23.76
: 23.82
: 10.00
: 9.92

Jun 2025

: 32.50
: 25.48
: 22.52
: 10.00
: 9.50

Sep 2025

: 32.50
: 23.59
: 22.89
: 10.00
: 11.02

Dec 2025

: 32.50
: 24.89
: 20.83
: 10.00
: 11.78

Mar 2026

: 32.50
: 24.13
: 21.01
: 10.00
: 12.35

Jun 2026

: 32.51
: 23.22
: 22.53
: 10.00
: 11.73

Documents

Announcements

Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-07 - Mahanagar Gas Limited has informed the Exchange about Transcript
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-06 - Mahanagar Gas Limited has informed the Exchange about Schedule of meet

Annual Reports

Credit Ratings

Credit Rating
2025-11-28 - Mahanagar Gas Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
TranscriptPPTREC
Jul 2026
TranscriptPPTREC
May 2026
Transcript PPTREC