MGL
Mahanagar Gas Limited
City gas distribution company supplying CNG and PNG to domestic, commercial and industrial customers
Energy›Oil, Gas & Consumable Fuels›Gas›LPG/CNG/PNG/LNG Supplier
mahanagargas.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
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Price & valuation
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What you need to know
MGL (Mahanagar Gas) is a city gas distribution company that sells compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to households, commercial and industrial customers in the Mumbai region and nearby licensed areas.
Company snapshot
5thBy market cap
Ranked among 7 companies in LPG/CNG/PNG/LNG Supplier.
What we see
- ✓91% of operating profit came in as cash over the last three years — profits are backed by real cash.
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,724 Cr | 1,771 Cr | 1,832 Cr | 1,963 Cr | 2,032 Cr | 2,152 Cr | 2,282 Cr | 2,256 Cr | 2,268 Cr | 2,259 Cr | 2,599 Cr |
| Operating expenses (approx.) | 1,275 Cr | 1,376 Cr | 1,395 Cr | 1,549 Cr | 1,707 Cr | 1,757 Cr | 1,781 Cr | 1,919 Cr | 1,916 Cr | 1,999 Cr | 2,256 Cr |
| EBITDA | 449 Cr | 395 Cr | 437 Cr | 413 Cr | 325 Cr | 395 Cr | 501 Cr | 338 Cr | 352 Cr | 260 Cr | 343 Cr |
| OPM % | 26.0% | 22.3% | 23.8% | 21.1% | 16.0% | 18.4% | 21.9% | 15.0% | 15.5% | 11.5% | 13.2% |
| Other income | 48 Cr | 44 Cr | 36 Cr | 47 Cr | 42 Cr | 42 Cr | 32 Cr | 29 Cr | 30 Cr | 29 Cr | 30 Cr |
| Interest | 3 Cr | 6 Cr | 3 Cr | 3 Cr | 3 Cr | 4 Cr | 5 Cr | 5 Cr | 6 Cr | 5 Cr | 6 Cr |
| Depreciation | 68 Cr | 88 Cr | 83 Cr | 85 Cr | 91 Cr | 93 Cr | 96 Cr | 104 Cr | 104 Cr | 106 Cr | 109 Cr |
| Profit before tax | 426 Cr | 346 Cr | 386 Cr | 372 Cr | 272 Cr | 339 Cr | 431 Cr | 256 Cr | 271 Cr | 176 Cr | 258 Cr |
| Tax % | 25.5% | 27.1% | 25.2% | 23.8% | 18.8% | 27.2% | 26.3% | 25.3% | 25.8% | 26.5% | 25.3% |
| Net profit | 317 Cr | 252 Cr | 289 Cr | 284 Cr | 221 Cr | 247 Cr | 318 Cr | 191 Cr | 201 Cr | 130 Cr | 193 Cr |
| EPS (₹) | ₹32.11 | ₹25.54 | ₹29.23 | ₹28.70 | ₹22.39 | ₹25.01 | ₹32.18 | ₹19.37 | ₹20.36 | ₹13.15 | ₹19.54 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|
| Sales | 6,914 Cr | 7,979 Cr | 9,065 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 5,070 Cr | 6,409 Cr | 7,615 Cr | Sign in free for the trailing twelve months |
| EBITDA | 1,844 Cr | 1,570 Cr | 1,451 Cr | Sign in free for the trailing twelve months |
| OPM % | 26.7% | 19.7% | 16.0% | Sign in free for the trailing twelve months |
| Other income | 175 Cr | 167 Cr | 120 Cr | Sign in free for the trailing twelve months |
| Interest | 13 Cr | 14 Cr | 21 Cr | Sign in free for the trailing twelve months |
| Depreciation | 284 Cr | 352 Cr | 410 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 1,722 Cr | 1,370 Cr | 1,135 Cr | Sign in free for the trailing twelve months |
| Tax % | 25.9% | 24.0% | 25.9% | Sign in free for the trailing twelve months |
| Net profit | 1,276 Cr | 1,040 Cr | 841 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹129.21 | ₹105.33 | ₹85.15 | Sign in free for the trailing twelve months |
| Dividend payout % | 21.7% | 28.5% | 35.3% | Sign in free for the trailing twelve months |
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity capital | 99 Cr | 99 Cr | 99 Cr |
| Reserves | 5,031 Cr | 5,781 Cr | 6,329 Cr |
| Borrowings | — | — | — |
| Other liabilities | 2,246 Cr | 2,375 Cr | 2,540 Cr |
| Total liabilities | 7,381 Cr | 8,270 Cr | 8,981 Cr |
| Fixed assets (net) | 3,777 Cr | 4,422 Cr | 4,985 Cr |
| CWIP | 823 Cr | 1,068 Cr | 1,270 Cr |
| Investments | 1,069 Cr | 1,162 Cr | 1,148 Cr |
| Inventories | 42 Cr | 52 Cr | 63 Cr |
| Trade receivables | 296 Cr | 364 Cr | 459 Cr |
| Cash & bank | 129 Cr | 152 Cr | 57 Cr |
| Other assets | 1,244 Cr | 1,050 Cr | 1,000 Cr |
| Total assets | 7,381 Cr | 8,270 Cr | 8,981 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Cash from operating activity | 1,461 Cr | 1,814 Cr | 1,162 Cr |
| Cash from investing | -358 Cr | -1,462 Cr | -888 Cr |
| Cash from financing | -1,116 Cr | -330 Cr | -369 Cr |
| Net cash flow | -13 Cr | 22 Cr | -95 Cr |
| Free cash flow (OCF − Capex) | 678 Cr | 631 Cr | 87 Cr |
Ratios
| Metric | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| ROCE % | 33.8% | 23.5% | 17.9% |
| ROE % | 24.9% | 17.7% | 13.1% |
| Debtor days | 16 | 17 | 18 |
| Inventory days | 4 | 4 | 4 |
| Days payable | 35 | 34 | 31 |
| Cash conversion cycle | -15 | -13 | -9 |
| OCF / EBITDA % | 79.2% | 115.6% | 80.1% |
| OCF / EBITDA % (3 years) | — | — | 91.2% |
| Debt / equity | — | — | — |
| Current ratio | 1.18 | 1.04 | 0.94 |
| Net debt / EBITDA | -0.07 | -0.10 | -0.04 |