Mahanagar Gas (MGL) Q3 25/26 earnings summary

Executive summary

• Connected 124,908 new domestic households, reaching over 3.07 million total connections as of Dec 31, 2025, and operates 8,182 km of pipeline with 491 CNG stations.

• Serves 1.25 million CNG vehicles and over 5,618 industrial/commercial customers; over 1.25 million CNG vehicles registered.

• Achieved average sales volume of 4.62 MMSCMD in Q3, up 7.19% year-over-year.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and Audit Committee.

• Interim dividend of INR 12 per share (120%) declared for FY26.

Financial highlights

• Q3 FY26 revenue was INR 2,058.27 crore, up 11.46% year-over-year; nine-month standalone revenue was INR 6,801.70 crore, up 16.75% year-over-year.

• Q3 EBITDA from operations: INR 352 crore, up from INR 338 crore sequentially; nine-month EBITDA: INR 1,191 crore.

• Q3 net profit after tax: INR 202 crore, up from INR 193 crore in previous quarter; nine-month PAT: INR 715 crore, down 10.52% year-over-year.

• Standalone EBITDA margin for nine months was 19.24%, down from 22.18% year-over-year.

• Standalone EPS for nine months was INR 72.37, down from INR 80.88 year-over-year.

Outlook and guidance

• Volume growth guidance maintained at double digits for FY26, expecting Q4 to be slightly better.

• Margin guidance for FY26 in the range of INR 8–9 per SCM, down from INR 9.5 for nine months FY26.

• CapEx guidance for FY27 around INR 1,200 crore, mainly for GA2, GA3, and Unison acquired areas.

• CNG and PNG remain price competitive, supporting continued demand and operational expansion.

• The company continues to monitor regulatory and legal developments, including GST and labor code changes, and expects no material outflow from ongoing disputes.