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Mahanagar Gas Ltd

Q3 FY26Gas

Mahanagar Gas Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

Price₹1,114
Market cap₹11.2K Cr
P/E15.6
Updated23 Aug 2026
Read4 min read

The short version

Mahanagar Gas Limited expects overall volume growth around double-digit numbers for FY '26 and beyond. Mahanagar Gas Limited expects volume growth to be around double-digit in the near future, improving from current ~9% (9 months FY26) to approximately 10% in Q4 and beyond.

From Mahanagar Gas Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • Mahanagar Gas Limited expects overall volume growth around double-digit numbers for FY '26 and beyond.
  • Year-on-year 9 months volume growth was around 9%, with Q4 expected to be stronger.
  • Long-term medium to long-term volume growth guidance is maintained at approximately 8%-9% annually.
  • Growth in CNG volumes outside Mumbai is targeted through focused efforts on large fleet owners and transporters, with new large capacity CNG stations planned in key areas like South Mumbai and express highways.
  • Despite muted CNG growth in Mumbai due to BEST fleet reduction and land constraints for stations, new large stations (e.g., biggest in India in Wadala) will support future growth.

2 more points from Mahanagar Gas Ltd's call on revenue

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Profitability & Margins

See what Mahanagar Gas Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Approved capex of roughly INR 380 crores for the battery cell manufacturing project over 2 phases; next 12-18 months outlook may be slightly lower if equity partners join (Page 16-17).
  • Overall company capex guidance for FY '27 is around INR 1,200 crores (Page 16).
  • Capex mainly allocated to GA-2, GA-3 (larger portion), and about INR 200 crores earmarked for three Unison acquired areas; lesser amount for CNG in GA-1 (Page 16).

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

Guidance-ranked
1Aegis Logistics
Rev 2Mar 3
2GAIL (India)
Rev 3Mar 3
3
Rev 3Mar 3
4
Rev 3Mar 3
5
Rev 3Mar 3
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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

If you require details on the order book or pending orders, you may need to refer to other company disclosures, investor presentations, or management reports not included in this transcript.

Mahanagar Gas Ltd — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

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 →

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What Mahanagar Gas's management said in earlier quarters

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Frequently Asked Questions

What were Mahanagar Gas Ltd Q3 FY26 results?

Mahanagar Gas Limited expects overall volume growth around double-digit numbers for FY '26 and beyond. Mahanagar Gas Limited expects volume growth to be around double-digit in the near future, improving from current ~9% (9 months FY26) to approximately 10% in Q4 and beyond.

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?

Approved capex of roughly INR 380 crores for the battery cell manufacturing project over 2 phases; next 12-18 months outlook may be slightly lower if equity partners join (Page 16-17).

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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.