Mahanagar Gas Limited (MGL) reported robust year-on-year financial performance for Q3 FY26 and the nine months ended December 31, 2025. Net Revenues saw a 16.80% YoY growth for the nine months. While standalone EBITDA saw marginal growth of 1.33% for the nine months, Q3 standalone EBITDA grew by 8.39% YoY. Volume metrics indicate a recovery, with CNG volume for the nine months ending FY26 reaching 3.241 MMSCMD.
Q3 FY26 Financial Performance Highlights
Mahanagar Gas Limited (MGL) has announced its financial results for the quarter ended December 31, 2025 (Q3 FY26), demonstrating positive momentum compared to the previous year.
Standalone P&L Summary (₹ Crore)
- Revenues (Net): Grew 11.46% YoY in Q3 to ₹2,058.27 Crore, with nine-month revenues rising 16.80% to ₹6,188.99 Crore. (Note: Nine-month revenue includes a reversal of OMC Trade Margin).
- Gross Profit: Increased 10.93% YoY in Q3 to ₹642.52 Crore.
- EBITDA: Increased 8.39% YoY in Q3 to ₹352.07 Crore. The nine-month EBITDA stood at ₹1,190.73 Crore, showing a modest 1.33% YoY growth.
- PAT: Reported ₹201.97 Crore in Q3, a decrease of 9.43% YoY. Nine-month PAT was ₹714.90 Crore, down 10.52% YoY.
Operational Metrics Review (INR/SCM)
The operational efficiency metrics show fluctuations across the quarters, though revenues per unit have remained relatively stable.
- Net Revenue (INR/SCM): For Q3 FY26, net revenue was ₹48.42 / SCM, compared to ₹46.57 / SCM in Q3 FY25.
- Gas Cost (INR/SCM): Gas cost for Q3 FY26 was ₹33.22 / SCM, significantly lower than ₹33.65 / SCM in Q2 FY26, but higher than ₹31.84 / SCM in Q3 FY25.
- Gross Profit (INR/SCM): Gross profit per unit improved in Q3 FY26 to ₹14.96 / SCM, up from ₹14.43 / SCM in Q3 FY25.
Volume Analysis (MMSCMD)
Volume performance across key segments highlights the importance of CNG sales.
- CNG Volume: Increased in Q3 FY26 to 3.281 MMSCMD. Nine-month volume reached 3.241 MMSCMD for FY26, compared to 3.022 MMSCMD in FY25.
- DPNG Volume: Stood at 0.604 MMSCMD in Q3 FY26 and 0.586 MMSCMD for the nine months ended FY26.
- Total Volume: Total gas volume for Q3 FY26 was 4.620 MMSCMD.
Infrastructure Footprint and Reach
MGL continues to expand its network across its Geographical Areas (GAs), which cover Maharashtra and Karnataka.
- The network includes over 8,182 Kms of Pipeline and 491 CNG filling stations.
- MGL serves approximately 3.07 million PNG household connections and 1.25 million CNG vehicles.
- The total Industrial & Commercial customer base stands at 5,618 connections.
Fuel Economics Advantage
The presentation re-emphasized the strong fuel economics supporting MGL’s product offerings.
- CNG remains highly competitive, saving consumers significant amounts compared to Petrol and Diesel. For a CNG car in January 2026, savings reached 46.23% compared to Petrol.
- Commercial PNG is also favorably priced against Commercial LPG, showing savings of approximately 28% in January 2026 based on INR/SCM comparison.
Shareholding Overview
MGL maintains a diversified shareholding structure, with GAIL holding the largest stake at 32.50%, followed by FPIs/NRIs at 25.51%, and the Government of Maharashtra at 10.00%.
Source: BSE
