Mahanagar Gas Ltd
Mahanagar Gas Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #9 of 10 in Gas
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The short version
Mahanagar Gas expects volume growth of around 10% or more for the full financial year, consistent with the 9.9% growth achieved in H1 compared to the previous year. Mahanagar Gas expects volume growth of around 10% or more for FY 2026 compared to the previous year, supported by various fleet and consumer schemes launched throughout the year.
From Mahanagar Gas Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Mahanagar Gas expects volume growth of around 10% or more for the full financial year, consistent with the 9.9% growth achieved in H1 compared to the previous year.
- Q3 is expected to see slightly better volume growth compared to Q1 and Q2, supported by upcoming schemes and seasonal factors.
- October alone saw about 10,000 new vehicles added, indicating strong monthly traction post GST-related purchase delays in September.
- Fleet programs and ongoing incentives targeting transporters and bulk consumers are expected to drive sustained volume growth throughout the year.
2 more points from Mahanagar Gas Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Capex guidance for FY '26:
- MGL 3 Gas Areas (GAs): INR 900 to 1,000 crores
- UEPL 3 GAs: INR 150 to 200 crores
- Total planned capex: INR 1,100 to 1,200 crores (Page 12)
- New plant investment for International Battery Company (IBC):
- Capex around INR 800 crores
- Plant expected to be operational in ~1.5 to 2 years
- Anticipated top line of INR 1,000 crores post plant setup
- No immediate plan for listing until plant operations and balance sheet strengthening (Page 18-19)
- Infrastructure buildout focusing on commercial vehicles and vehicle transport hubs, including:
- Large outlet at Wadala with ~55-56 dispensing arms expected commissioning in March-April FY26
2 more points from Mahanagar Gas Ltd's call on capex
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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
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Order Book & Pipeline
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Mahanagar Gas Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹2.1K Cr, net profit ₹132 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What Mahanagar Gas Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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- Petronet LNG Ltd (Q2 FY26)
Petchem expansion capex around INR5,000 crores for FY '26, with major contracts awarded and work in full steam. Key concall takeaways from Petronet LNG's Q2…
- GAIL (India) Ltd (Q2 FY26)
4,500 crores for FY '26 and a similar level for FY '27, with potential to exceed Rs. Key concall takeaways from GAIL (India) Ltd's Q2 FY26 earnings call — and…
- Aegis Logistics Ltd (Q2 FY26)
Distribution volumes grew 49% in Q2 FY '26 and 31% in H1 FY '26, signaling strong momentum. Key concall takeaways from Aegis Logistics Ltd's Q2 FY26 earnings…
Potential multibaggers · Q2 FY27
Potential multibaggers in Gas
on management's own guidance
- IRM EnergyGood growth2
- Aegis Logistics LtdGood growth1
- GAIL (India)Moderate growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Mahanagar Gas Ltd Q2 FY26 results?
Mahanagar Gas expects volume growth of around 10% or more for the full financial year, consistent with the 9.9% growth achieved in H1 compared to the previous year. Mahanagar Gas expects volume growth of around 10% or more for FY 2026 compared to the previous year, supported by various fleet and consumer schemes launched throughout the year.
What is Mahanagar Gas Ltd share price analysis?
Mahanagar Gas Ltd currently shows a neutral. The stock trades at a P/E of 14.4 with a market cap of ₹10,408 Cr. Investors should review the full earnings analysis for detailed insights.
Is Mahanagar Gas Ltd planning capital expenditure?
Capex guidance for FY '26: - MGL 3 Gas Areas (GAs): INR 900 to 1,000 crores - UEPL 3 GAs: INR 150 to 200 crores - Total planned capex: INR 1,100 to 1,200 crores (Page 12) - New plant in
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.