Mahanagar Gas (MGL) Q4 24/25 earnings summary

Executive summary

• Expanded CGD infrastructure to 2.83 million households and 385 CNG stations, with operations spanning Maharashtra and Karnataka and over 7,460 km of pipeline.

• Added 98,215 CNG vehicles in FY25, the highest ever, with over 11 million CNG vehicles now in operation.

• Audited standalone and consolidated financial results for FY25 were approved, with unmodified audit opinions.

Financial highlights

• Q4 FY25 revenues rose 19% year-over-year to ₹1,864.85 crore; full-year FY25 revenues up 10.88% to ₹6,923.68 crore.

• Q4 EBITDA from operations rose 20% year-over-year to INR 378 crore; Q4 net profit after tax increased 12% to INR 252 crore.

• FY25 EBITDA was INR 1,510 crore, down from INR 1,843 crore last year due to reduced APM allocation and higher gas costs.

• FY25 net profit after tax was INR 1,045 crore, compared to INR 1,289 crore in FY24.

• EPS for FY25 was ₹105.78, down from ₹130.50 in FY24.

Outlook and guidance

• EBITDA margin guidance for FY26 is INR 9-11 per unit, with volume growth expected at 10% plus or minus 1%.

• Focus remains on expanding infrastructure and customer base, leveraging cost-effective and environmentally friendly CNG and PNG solutions.

• Board expects continued focus on core natural gas business and ongoing diversification through strategic investments.