Mahanagar Gas (MGL) investor relations material

Executive summary

• Geopolitical conflict in West Asia has caused volatility in global LNG markets, impacting gas supply and pricing in India, but domestic sourcing has ensured uninterrupted supply for key segments.

• Achieved over 30 years of consistent growth as one of India's largest city gas distribution companies, operating across multiple regions with a strong infrastructure network and customer base, including 519 CNG stations and over 3.24 million PNG household connections.

• PNG Drive 2.0 initiative accelerated domestic PNG conversions and infrastructure expansion, supporting sustained growth and safety standards.

• Maintains a robust focus on health, safety, and environment.

• Unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, were reviewed and approved by the Board on July 30, 2026.

Financial highlights

• Standalone revenue from operations rose to ₹2,597.89 crore, up 13.92% year-over-year and 15.05% sequentially; consolidated revenue was ₹2,598.90 crore.

• EBITDA for the quarter was ₹342.98 crore, down 31.50% year-over-year but up 31.74% sequentially; EBITDA margin at 14.46%.

• Net profit after tax was ₹193.70 crore, down 39.39% year-over-year but up 46.83% sequentially; consolidated net profit at ₹192.64 crore.

• Overall average sales volume rose 7.01% year-over-year to 4.766 MMSCMD; CNG sales volume grew 9.74% and domestic DPNG sales increased 9.09%.

• PAT margin was 8.17%, down from 15.35% year-over-year but up from 6.43% sequentially.

Outlook and guidance

• CNG volume growth is expected in the 8%-9% range for FY27 and FY28, contingent on price stability and supply normalization.

• Domestic PNG volume growth potential remains, with focus on converting connected but non-consuming households.

• CNG and PNG remain price competitive, supporting continued demand and favorable fuel economics.

• Management aims to maintain EBITDA margin in the INR 8–9 per SCM range over the long term, though short-term volatility is expected.

• Majority of sales volume is from priority segments (CNG and domestic PNG), ensuring stable demand.