Mahanagar Gas (MGL) Q3 25/26 earnings summary

Executive summary

• Connected 124,908 new domestic households, expanding total connectivity to over 3.07 million PNG households as of December 2025, and serving 1.25 million CNG vehicles across multiple regions.

• Added 120.3 km of pipeline, reaching 8,182 km in total, and six new CNG stations, totaling 491 stations.

• Registered 32,315 new CNG vehicles, with over 1.25 million CNG vehicles in the region.

• Added 337 industrial and commercial customers, totaling 5,618 as of December 2025.

• Over 30 years of consistent growth with robust infrastructure and operations spanning multiple regions.

Financial highlights

• Q3 FY26 revenue was ₹2,058.27 crore, up 11.46% year-over-year; nine-month revenue rose 16.8% to ₹6,188.99 crore.

• Q3 EBITDA was ₹352.07 crore, up 8.39% year-over-year; nine-month EBITDA was ₹1,190.73 crore.

• Q3 PAT was ₹201.97 crore, down 9.43% year-over-year; nine-month PAT declined 10.52% to ₹714.90 crore.

• Interim dividend of ₹12 per share (120% of face value) declared for FY26.

• EPS for Q3 FY26 stood at ₹20.45, down 9.43% year-over-year.

Outlook and guidance

• Volume growth guidance maintained at double digits for the coming year, with Q4 expected to be slightly better.

• Margin guidance for FY2026 is INR 8–9 per SCM, with Q3 at INR 8.3 and nine-month average at INR 9.5.

• CapEx guidance for FY2027 is around INR 1,200 crore, mainly for GA2, GA3, and Unison-acquired areas.

• CNG and PNG remain price competitive, supporting continued demand and operational expansion.

• The company continues to monitor regulatory and legal developments, including GST and labor code changes, and expects no material outflow from ongoing disputes.