Mahanagar Gas Ltd
Mahanagar Gas Ltd Q1 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q1 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
GA-3 volumes are expected to grow at 15% to 20% in FY'26 and FY'27; possibly up to 30% similar to UEPL. GA-3 volume growth expected at 15%-20% in FY'26 and FY'27, potentially up to 30% similar to UEPL.
From Mahanagar Gas Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- GA-3 volumes are expected to grow at 15% to 20% in FY'26 and FY'27; possibly up to 30% similar to UEPL.
- UEPL volumes expected to grow around 30% annually for the next 2-3 years.
- Overall volume growth guidance for MGL is near double-digit or high single-digit for FY'26.
- Q1 volume growth was 7.5% YoY, slightly slower than earlier quarters but expected to improve in the coming quarters.
- Domestic CNG sales and industrial/commercial sales showed increases of 3.88% and 26.09% YoY respectively in Q1 FY'26.
- Total gas sales volume for the quarter was 4.455 mmscmd, up 9.61% YoY.
- New CNG stations addition target is around 80 stations in the current fiscal to support growth.
- Long-term volume growth focus is directional with some quarterly variation expected.
Profitability & Margins
See what Mahanagar Gas Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- MGL Core Business and UEPL combined CAPEX for next 2 years: INR 1,100 to 1,300 crores annually.
- GA-3 CAPEX focused on steel trunk lines, city gate stations, and pipelines; additional INR 250-300 crores mainly for trunk lines including UEPL and GA-3.
- Adding 80-85 new CNG stations this year, costing INR 300-350 crores, covering both MGL and UEPL.
- Daughter booster stations are being gradually converted to online stations; three new city gate stations planned within a year.
- IBC Joint Venture first phase cost ~INR 850 crores; MGL's share ~INR 350-380 crores; phased completion by April-June next year.
- CBG project total cost INR 600-650 crores; MGL’s equity contribution about INR 130 crores.
- CAPEX cycle for MGL existing business expected to taper down within 4-5 years; UEPL CAPEX cycle minimum 6-7 years.
- Some maintenance/replacement CAPEX anticipated in 15-18 years; bulk of assets have a 25+ year life.
Top-ranked in Gas
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Mahanagar Gas Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
Mahanagar Gas Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹2.1K Cr, net profit ₹132 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Mahanagar Gas Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Mahanagar Gas Ltd Q1 FY26 results?
GA-3 volumes are expected to grow at 15% to 20% in FY'26 and FY'27; possibly up to 30% similar to UEPL. GA-3 volume growth expected at 15%-20% in FY'26 and FY'27, potentially up to 30% similar to UEPL.
What is Mahanagar Gas Ltd share price analysis?
Mahanagar Gas Ltd currently shows a neutral. The stock trades at a P/E of 15.6 with a market cap of ₹11,248 Cr. Investors should review the full earnings analysis for detailed insights.
Is Mahanagar Gas Ltd planning capital expenditure?
MGL Core Business and UEPL combined CAPEX for next 2 years: INR 1,100 to 1,300 crores annually.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.