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Mahanagar Gas Limited (MGL) investor relations material
Mahanagar Gas Limited Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Amalgamation of Unison Enviro Private Limited (UEPL) effective February 1, 2024, expanded operational reach and customer base, with financials restated accordingly.
Infrastructure expansion included 53,566 new domestic connections, 87.4 km of pipeline, and 14 new CNG stations in the quarter, with a total of 8,062 km pipeline and 485 CNG stations.
Industrial and commercial customer base grew by 116, and 27,150 CNG vehicles were added, bringing the total to over 1.22 million vehicles.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were reviewed and approved by the Board.
Results prepared in accordance with Indian Accounting Standards and reviewed by independent auditors, with no material misstatements.
Financial highlights
Q2 FY26 revenues rose 14.73% year-over-year to ₹2,049.33 crore, but declined 1.54% sequentially; H1 FY26 revenues increased 19.66% year-over-year to ₹4,130.71 crore.
Q2 EBITDA from operations was INR 338 crore, down from INR 501 crore in Q1, due to a one-time reversal of OMC trade margins in Q1.
Q2 net profit after tax was INR 193 crore, compared to INR 320 crore in Q1; H1 net profit was INR 513 crore, down from INR 576 crore year-over-year.
EBITDA margin dropped to 16.49% in Q2 FY26 from 23.15% a year ago; H1 EBITDA margin at 20.3%, down from 24.63% year-over-year.
EPS for Q2 FY26 was ₹19.58, down 32.59% year-over-year; H1 FY26 EPS at ₹51.93, down from ₹58.31 year-over-year.
Outlook and guidance
EBITDA per SCM guidance for Q3 is around INR 8.5, with potential improvement in Q4 as new term contracts come into effect.
Full-year margin guidance revised to INR 8.5–9 per SCM, reflecting higher gas costs and exchange rate impacts.
Volume growth expected to remain strong, with a 10% year-over-year increase targeted.
No explicit forward-looking guidance provided, but management notes ongoing legal and regulatory matters with no expected outflow of resources.
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