Mahanagar Gas (MGL) Q4 24/25 earnings summary

Executive summary

• Expanded CGD infrastructure to over 7,460 km of pipelines and 385 CNG stations by March 2025, serving 2.83 million PNG households and over 1.14 million CNG vehicles.

• Connected 343,000 new households and added 98,215 CNG vehicles in FY25, marking the highest annual addition.

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

• Board recommended a total dividend of ₹30 per share for FY25, subject to shareholder approval.

Financial highlights

• FY25 consolidated revenue was ₹7,978.97 crore; standalone revenue was ₹7,589.99 crore, up 10.61% year-over-year.

• FY25 standalone EBITDA was ₹1,509.78 crore, down 18.06% year-over-year; EBITDA margin declined to 21.81%.

• FY25 standalone net profit after tax was ₹1,044.89 crore, down 18.94% year-over-year.

• Q4 FY25 revenue rose 19% year-over-year to ₹1,864.85 crore; Q4 EBITDA was ₹378 crore, up 20% year-over-year.

• OPEX rose 22% year-over-year to ₹8.1 billion, driven by higher volume-linked expenses and increased CSR and marketing spend.

Outlook and guidance

• Volume growth guidance for FY26 is 10% ±1%, with expected EBITDA margin of ₹9–11 per unit.

• CapEx guidance for FY26 is ₹1,300 crore, with major allocations to CNG, PNG, pipelines, and operational upgrades.

• 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.