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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mahanagar Gas
Mahanagar Gas (MGL) investor relations material
Mahanagar Gas Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary4 Nov, 2026
Executive summary
Q2 sales volume rose 6.49% YoY to 4.89 MMSCMD, led by CNG and domestic PNG; industrial and commercial sales declined amid supply restrictions and higher gas costs.
Q2 FY27 net revenue rose 23.80% YoY to ₹2,537.08 crore, while EBITDA fell 9.82% to ₹304.76 crore and PAT fell 29.13% to ₹137.04 crore.
H1 FY27 revenue rose YoY, but EBITDA and PAT declined; management expects stronger volume growth if gas availability and pricing normalize.
Financial highlights
Q2 standalone revenue from operations was ₹2,776.74 crore; PAT was ₹137.03 crore, including a ₹17.33 crore exceptional impairment charge.
Q2 standalone EBITDA before exceptional items was ₹304.76 crore, 12.01% of net revenue, versus ₹342.98 crore and 14.46% QoQ.
H1 standalone revenue from operations rose 18.50% YoY to ₹5,374.63 crore; PAT declined 35.52% to ₹330.73 crore.
H1 standalone EBITDA before exceptional items fell to ₹647.73 crore from ₹838.66 crore YoY; margin declined to 13.20% from 20.30%.
H1 FY26 net revenue included a ₹112.87 crore reversal of prior-period trade margin, affecting the YoY comparison.
Outlook and guidance
With normalized gas availability and pricing, volume growth is expected to exceed 8%-9% in FY27 and FY28; current sales growth was cited at 9%-10%.
FY27 unit EBITDA was ₹6.77/SCM; ₹7/SCM was described as achievable with ₹1-₹1.5 price increases if other factors remain unchanged.
FY27 CapEx guidance remains ₹1,500-₹1,800 crore; execution faces labor and material constraints, while EBITDA margin guidance remains difficult amid volatile supply and prices.
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Latest events from Mahanagar Gas
- Higher volumes and margins lifted FY18 profit; Raigad expansion anchors the next growth phase.MGL
Q4 17/18 - Revenue rose 24% as gas volumes grew, while PAT remained broadly stable.MGLQ4 13/14
- Profit rose as gas sales grew, with listing and network expansion shaping the year.MGLQ4 15/16
- Revenue grew 11%, with expanding gas volumes and Raigad opening a new growth frontier.MGLQ4 14/15
- FY17 PAT rose 26.5% as volumes grew 5.7%, with Raigad expansion underway.MGLQ4 16/17
- Revenue and profits grew strongly as network expansion advanced, with regulatory disputes outstanding.MGLQ4 18/19
- Record FY20 profit growth met a COVID-driven volume slowdown.MGLQ4 19/20
- Pandemic cut FY21 revenue and profit, but margins improved and network growth continued.MGLQ4 20/21
- Record FY23 revenue and EBITDA amid gas-cost pressure and expansion plans.MGLQ4 22/23
Next Mahanagar Gas earnings date
Q3 26/278 Feb, 2027
Mahanagar Gas
Next Mahanagar Gas earnings date
Q3 26/278 Feb, 2027
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