Mahanagar Gas Limited (MGL) has released its financial results for the quarter and half-year ended September 30, 2026. The company reported a significant 18.84% year-on-year increase in Net Revenues for H1 FY27, reaching ₹4,908.79 crore. This presentation details the operational performance and financial highlights, including EBITDA, PAT, and EPS, alongside key volume metrics and an overview of the company’s infrastructure and market position.
Mahanagar Gas Announces Q2 and H1 FY27 Results
Mahanagar Gas Limited (MGL) has submitted its investor presentation detailing the financial results and operational performance for the quarter and half-year ended September 30, 2026. This announcement follows their previous communication dated October 28, 2026, and is in compliance with SEBI regulations.
Key Financial Highlights – Standalone
The standalone financial performance for the period shows a notable increase in revenues. For the first half (H1) of FY27, MGL reported Net Revenues of ₹4,908.79 crore, marking an 18.84% growth compared to ₹4,130.71 crore in H1 FY26. However, EBITDA saw a decrease of 22.77%, falling to ₹647.73 crore in H1 FY27 from ₹838.66 crore in H1 FY26. Profit Before Tax (PBT) declined by 35.36% to ₹446.14 crore, and Profit After Tax (PAT) decreased by 35.52% to ₹330.73 crore. Correspondingly, Earnings Per Share (EPS) fell to ₹33.48 from ₹51.93.
In the second quarter (Q2 FY27), Net Revenues increased by 23.80% to ₹2,537.08 crore from ₹2,049.33 crore in Q2 FY26. EBITDA for the quarter decreased by 9.82% to ₹304.76 crore. PBT and PAT also saw significant declines of 27.49% and 29.13% respectively, with PAT at ₹137.04 crore and EPS at ₹13.87.
Balance Sheet Overview
As of September 30, 2026, MGL’s total assets stood at ₹9,514 crore, an increase from ₹8,965 crore as of March 31, 2026. Non-current assets amounted to ₹7,664 crore, driven by Property, Plant and Equipment at ₹4,953 crore. Current assets were ₹1,850 crore. Total Equity and Liabilities were ₹9,514 crore, with Equity at ₹6,588 crore and Total Liabilities at ₹2,926 crore.
Operational Metrics and Volumes
In terms of operational metrics for Q2 FY27, Gas Sales Revenues (Net) were ₹54.35 INR/SCM, with Gas Cost at ₹42.34 INR/SCM. Gross Profit was ₹13.77 INR/SCM, and EBITDA stood at ₹6.77 INR/SCM.
Volume data for Q2 FY27 indicates CNG volumes of 3.552 MMSCMD, DPNG volumes of 0.639 MMSCMD, and Industrial & Commercial volumes of 0.700 MMSCMD, contributing to a total volume of 4.892 MMSCMD.
Strategic Overview and Market Position
MGL is highlighted as one of the largest CGD Companies in India with a consistent track record of over 30 years. The company boasts a strong customer base, serving 1.34 million CNG vehicles and 3.27 million+ PNG households. Its infrastructure includes over 8,542 Kms of Pipeline and 528 CNG filling stations. MGL also maintains a commitment to Health, Safety, and Environment (HSE) and presents robust financials, with a 3-year Revenue CAGR of 9.39% and RoE (FY26) of 13.76%.
The presentation also covers the company’s diversified sourcing strategy, with the priority segments (CNG and D-PNG) forming the majority of sales. Attractive fuel economics are highlighted, showcasing CNG’s price competitiveness and PNG’s favourable pricing against alternatives. Shareholding patterns and dividend history are also provided, showing a consistent dividend per share of ₹30 for FY24, FY25, and FY26.
Source: BSE
