Mahanagar Gas (MGL) Q4 24/25 earnings summary

Executive summary

• Expanded CGD infrastructure to 2.83 million households and 385 CNG stations, with over 11 million CNG vehicles in operation and a pipeline network of 7,460 km as of March 2025.

• Achieved audited standalone and consolidated financial results for FY25, with unmodified audit opinions and over 30 years of consistent growth.

• Focused on health, safety, and environment, with a 3-year revenue CAGR of 14.33% and ROE of 18.90% for FY24.

Financial highlights

• FY25 standalone revenue was ₹7,589.99 crore, up 10.61% year-over-year; consolidated revenue was ₹7,978.97 crore.

• FY25 standalone EBITDA was ₹1,509.78 crore, down 18.06% year-over-year; net profit was ₹1,044.89 crore, down 18.94% year-over-year.

• Q4 FY25 EBITDA from operations was ₹378 crore, up 20% year-over-year; Q4 net profit after tax was ₹252 crore, up 12% year-over-year.

• EPS for FY25 was ₹105.78, down 18.94% year-over-year.

• Total dividend for FY25 is ₹30 per share, including a final dividend of ₹18 per share.

Outlook and guidance

• FY26 EBITDA margin guidance is INR 9-11 per unit, with volume growth expected at 10% plus or minus 1%.

• CNG and PNG remain price competitive, supporting continued demand and market share.

• Board expects continued focus on core natural gas business and ongoing diversification through strategic investments.

• CapEx guidance for FY26 is INR 1,300 crore, with major allocations to CNG, PNG, pipelines, and operational/replacement CapEx.