Mahanagar Gas
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Mahanagar Gas (MGL) investor relations material

Mahanagar Gas Q4 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 25/26 earnings summary8 May, 2026

Executive summary

  • Faced supply disruptions due to the West Asia crisis, impacting LNG imports and curtailing industrial/commercial gas supply to 80%, but ensured 100% supply to domestic PNG and CNG customers using domestic gas sources.

  • Achieved over 30 years of consistent growth, with a strong customer base and robust infrastructure across multiple regions.

  • Focused on health, safety, and environment, with a diversified sourcing strategy and attractive fuel economics for CNG and PNG.

  • Registered 34,854 new CNG vehicles in Q4, totaling 1,284,828 vehicles as of March 31, 2026.

  • Continued infrastructure expansion: connected 143,997 households in Q4 and 342,157 for the year, added 28 CNG stations in Q4 (52 for the year), and laid 138.48 km of pipeline in Q4 (499 km for the year).

Financial highlights

  • Standalone revenue from operations for FY 2025-26 was ₹9,059.77 crore, up 13.58% year-over-year; consolidated revenue was ₹9,065.26 crore, up 13.62%.

  • FY 2025-26 PAT declined 18.67% year-over-year to ₹846.82 crore; consolidated net profit was ₹840.55 crore, down 19.18%.

  • Q4 FY26 net profit after tax was INR 132 crore, down from INR 202 crore in the previous quarter.

  • EBITDA for FY 2025-26 fell 7.58% year-over-year to ₹1,451.07 crore; Q4 EBITDA down 34.09% year-over-year and 26.05% sequentially.

  • EPS for FY 2025-26 was ₹85.73, down 18.67% year-over-year.

Outlook and guidance

  • Management expects double-digit volume growth if infrastructure rollout accelerates, supported by regulatory easing and increased demand due to LPG supply issues.

  • Margin guidance is uncertain due to volatile gas prices and supply, but aim to maintain EBITDA per SCM above INR 8.

  • CapEx guidance for FY27 is around INR 1,200 crore, with potential for a slight increase depending on labor and material availability.

  • Dividend payout for FY 2025-26 proposed at ₹30 per share, subject to shareholder approval.

  • Management continues to monitor regulatory and legal developments impacting operations.

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Q1 26/2722 Jul, 2026
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