NSE: MGL · BSE: 539957 · ISIN INE002S01010
Mahanagar Gas Limited stock analysis
Mahanagar Gas Limited ranks #2044 in the TickerSutra evidence-ranked universe with a score of 49/100 and 95% data confidence. The latest captured fundamentals show ROCE of 17.1%, quarterly sales growth of 13.9% and quarterly profit growth of -39.4%.Avoid / exit review
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.03×
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Operating margin has compressed materially
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹3,560cr | ₹924cr | ₹597cr | 26.0% |
| 2023 | ₹6,299cr | ₹1,184cr | ₹790cr | 19.0% |
| 2024 | ₹6,245cr | ₹1,843cr | ₹1,289cr | 30.0% |
| 2025 | ₹7,261cr | ₹1,570cr | ₹1,041cr | 22.0% |
| 2026 | ₹8,240cr | ₹1,451cr | ₹847cr | 18.0% |
| TTM | ₹8,531cr | ₹1,293cr | ₹721cr | 15.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
MANAGEMENT COMMENTARY
Signals from filed documents
The impact of the crisis was more visible in Q4 FY 2025–26, when the company procured higher-cost spot RLNG to meet demand, increasing procurement costs. Despite margin pressures, the company maintained strong volume growth across segments through sustained demand and efficient operations. Emerging Regulatory Tailwinds While the operating environment remains challenging, recent policy and regulatory initiatives have
Additionally, the Company evaluates opportunities under Market Determined Pricing mechanisms to enhance sourcing flexibility and cost efficiency. MGL is focused on strengthening supply security and aligning procurement strategies with infrastructure expansion plans and demand growth. The Company continues to explore partnerships and emerging opportunities in the broader gas ecosystem to enhance long-term resilience.
Equally important will be the development of reliable supply chains, improved cost competitiveness and the creation of sustainable long-term demand for green hydrogen applications. Core Competencies Adoption of New Technologies Safety and Efficiency Customer Service Strong Partnerships Environmental Sustainability Mahanagar Gas Limited Annual Report 2025-26 Corporate Overview Statutory Reports Financial Statements 14
The incident, while challenging, reaffirmed the strength of MGL’s network design, the agility of its operations team and its unwavering focus on consumer welfare. Geographic Expansion and LNG Integration Expansion is progressing on two fronts. Through the SBU, infrastructure is being scaled across our geographies with trunk pipelines, CGS development and station upgrades, creating a high pressure backbone and extendi
Navigating Headwinds: Operational Resilience and Financial Performance in FY 2025–26 The LNG supply disruptions arising from the geopolitical developments in West Asia began to affect operations during the second fortnight of March 2026, impacting our gas sourcing mix in the closing weeks of the financial year. In accordance with regulatory provisions, gas supply to industrial and commercial customers was curtailed t
Rajesh Patel: Price and volumes are related, okay? So as earlier question, I answered, there could be some need to do a price increase also. Assuming that things come to a reasonable level and we are able to maintain the prices, then we do expect that growth should be i n the range of 8% to 9% only for CNG.
Vikash Jain: And just to -- from whatever which has already been discussed, the Q -o-Q up move in margin, that largely comes from the fact that industrial and commercial did not see that quick a pass - through and a bigger impact in the March quarter. But is that one of t he main reasons for the delta that we have seen the Q-o-Q improvement in margins? Generally, we don't do any pass-through.
Further, the Board of Directors, at its meeting held on May 07, 2026, has recommended a Final Dividend of H 18/- per equity share for the financial year 2025–26. The Final Dividend, if approved by the shareholders at the ensuing 31st Annual General Meeting, will be paid in accordance with applicable laws. Y our Company remains committed to delivering consistent value to its shareholders through regular dividend payou
Further, a balanced portfolio of long-term and short-term gas supply agreements enables MGL to secure reliable and cost- effective gas supplies. This approach supports competitive pricing across customer segments while driving sustainable growth, operational resilience and profitability. Manas Das Senior Vice President – Business Development & Commercial “Growth is ultimately determined by customer choice.
Our operations are fully integrated, encompassing network planning, pipeline installation, customer service and asset management, all supported by an enterprise- wide SAP S/4 HANA system. Over the years we have developed an extensive ~1.28 Mn CNG Vehicles 5,924 Industrial & Commercial Customers ~8,320 Km Pipeline Network ~3.21 Mn Domestic Connections 518 CNG Stations Our Consumer Base Customer Segments and Infrastruc
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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