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Mahanagar Gas Limited (MGL) investor relations material
Mahanagar Gas Limited Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary30 Oct, 2025
Executive summary
Amalgamation of Unison Enviro Private Limited (UEPL) was completed effective February 1, 2024, expanding operational reach and customer base, with financials restated accordingly.
Infrastructure expanded to 8,062 km of pipeline, 485 CNG stations, and over 1.22 million CNG vehicle registrations.
53,566 new domestic household connections and 87.4 km of pipeline were added, with 14 new CNG stations and 116 new industrial/commercial customers onboarded.
Over 30 years of consistent growth with a strong customer base and robust infrastructure.
Financial highlights
Q2 FY26 revenue rose 14.73% year-over-year to ₹2,049.33 crore, but declined 1.54% sequentially; H1 FY26 revenue increased 19.66% year-over-year to ₹4,130.71 crore.
Q2 EBITDA from operations was ₹338 crore, down from ₹501 crore in Q1, due to a one-time reversal of OMC trade margins in Q1.
Q2 net profit after tax was ₹193 crore, down 32.58% year-over-year and 39.49% sequentially; H1 net profit was ₹513 crore, down 10.94% year-over-year.
EBITDA margin dropped to 16.49% in Q2 FY26 from 23.15% a year ago; H1 EBITDA margin at 20.3%, down from 24.63% year-over-year.
EPS for Q2 FY26 was ₹19.58, down 32.59% year-over-year; H1 FY26 EPS at ₹51.93.
Outlook and guidance
EBITDA per SCM guidance for Q3 is around ₹8.5, with potential improvement in Q4 as new term contracts come into effect.
Full-year margin guidance revised to ₹8.5–₹9 per SCM, reflecting higher gas procurement costs and exchange rate impacts.
Volume growth for FY26 is expected to be at least 10%, in line with H1 performance.
CAPEX guidance for FY26 is ₹1,100–1,200 crore across all six GAs.
No expected outflow of resources from ongoing legal and regulatory matters.
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Next Mahanagar Gas Limited earnings date
Q3 25/2628 Jan, 2026
Next Mahanagar Gas Limited earnings date
Q3 25/2628 Jan, 2026
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