Mahanagar Gas Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹10,358 Cr
- P/E
- 14.37
- ROE
- 12.32%
- PEG
- -10.57
- Price to sales
- 1.22
- Debt to equity
- 0.03
- 52W high / low
- ₹1,277 / ₹908
- Sales growth (5Y)
- 30.80%
- EBITDA margin
- 15.16%
- Net profit margin
- 9.20%
- Promoter holding
- 32.50%
- Sales (last year)
- ₹8,531 Cr
Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD), presently supplying natural gas in the city of Mumbai including adjoining areas and the Raigad District in the state of Maharashtra.[1]
Guidance scorecard · Q1 FY27 call
What Mahanagar Gas Ltd's management guided
and where it ranks in Gas
Gas
RevenueQ1 FY27 call
0–10%- Volume growth guidance for FY27 and FY28 is expected in the range of 8% to 9%, particularly for CNG segment.
- Domestic PNG volume growth may increase to 7%-8% in next 2-3 years by converting connected but non-consuming households, with overall potential tied to population and household limits.
- Industrial and commercial volume growth is demand-driven but currently restricted by gas supply curtailments and force majeure on RLNG supplies.
- Long term EBITDA margin target remains INR8 to INR9 per SCM, assuming stable external factors.
- Capex of INR1,500-1,800 crores planned, with no impact on dividend payout; potential for debt raise to fund capex and new initiatives.
2 more points from Mahanagar Gas Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
FlatSee what Mahanagar Gas Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Mahanagar Gas is preponing capex to seize current opportunities in CGD due to LPG pressure and industry prospects, spending more now to reduce future capex.
- FY27 capex guidance is INR 1,500 to 1,800 crores, with INR 350 crores already spent in Q1.
- Capex focus on pipeline expansion and infrastructure development across existing GAs and UEPL.
- Prepared to raise debt if required; currently, the company has a strong, almost debt-free balance sheet.
- Non-CGD initiatives include a 350-ton municipal solid waste-based compressed biogas plant in collaboration with MCGM.
2 more points from Mahanagar Gas Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
PlannedSee what Mahanagar Gas Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
RisingAsk what Mahanagar Gas Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Gas
on management's own guidance
- IRM EnergyGood growth2
- Aegis Logistics LtdGood growth1
- GAIL (India)Moderate growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Gas companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Aegis Logistics Ltd | 20–40% | Flat | ₹47,972 Cr | 38.3 |
| 2 | IRM Energy | 20–40% | Flat | ₹1,060 Cr | 14.5 |
| 3 | GAIL (India) | 10–20% | Flat | ₹1.11L Cr | 11.2 |
| 4 | 10–20% | Flat | ₹63,718 Cr | 104.8 | |
| 5 | 10–20% | Flat | ₹43,950 Cr | 10.4 | |
| 6 | 10–20% | Flat | ₹20,887 Cr | 10.7 |
Sign up free to see every company in the sector ranking and track Mahanagar Gas Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Gas rankingFinancials of Mahanagar Gas Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Mahanagar Gas Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,610 | 1,538 | 1,571 | 1,569 | 1,567 | 1,590 | 1,786 | 1,758 | 1,963 | 2,081 | 2,049 | 2,058 | 2,051 |
| Expenses + | 1,221 | 1,017 | 1,092 | 1,120 | 1,173 | 1,171 | 1,373 | 1,443 | 1,568 | 1,581 | 1,711 | 1,706 | 1,791 |
| Operating Profit | 390 | 521 | 479 | 449 | 394 | 418 | 413 | 314 | 395 | 501 | 338 | 352 | 260 |
| OPM % | 24% | 34% | 30% | 29% | 25% | 26% | 23% | 18% | 20% | 24% | 16% | 17% | 13% |
| Other Income + | 34 | 39 | 44 | 48 | 45 | 40 | 47 | 46 | 42 | 32 | 29 | 29 | 29 |
| Interest | 2 | 3 | 2 | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 5 | 6 | 5 |
| Depreciation | 64 | 62 | 66 | 68 | 78 | 72 | 84 | 79 | 95 | 96 | 104 | 103 | 106 |
| Profit before tax | 357 | 496 | 454 | 426 | 357 | 384 | 373 | 278 | 338 | 432 | 258 | 272 | 178 |
| Tax % | 25% | 26% | 25% | 26% | 26% | 26% | 23% | 19% | 28% | 26% | 25% | 26% | 26% |
| Net Profit + | 269 | 368 | 338 | 317 | 265 | 285 | 287 | 225 | 242 | 320 | 193 | 202 | 132 |
| EPS in Rs | 27.21 | 37.30 | 34.27 | 32.11 | 26.83 | 28.81 | 29.03 | 22.82 | 24.53 | 32.35 | 19.58 | 20.45 | 13.36 |
Financials of Mahanagar Gas Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 2,095 | 2,078 | 2,034 | 2,233 | 2,791 | 2,972 | 2,153 | 3,560 | 6,299 | 6,245 | 6,924 | 8,240 |
| Expenses + | 1,605 | 1,569 | 1,390 | 1,453 | 1,906 | 1,919 | 1,219 | 2,636 | 5,115 | 4,402 | 5,414 | 6,789 |
| Operating Profit | 490 | 509 | 644 | 780 | 885 | 1,053 | 934 | 924 | 1,184 | 1,843 | 1,510 | 1,451 |
| OPM % | 23% | 24% | 32% | 35% | 32% | 35% | 43% | 26% | 19% | 30% | 22% | 18% |
| Other Income + | 41 | 47 | 53 | 58 | 78 | 99 | 81 | 86 | 112 | 175 | 184 | 119 |
| Interest | 1 | 2 | 1 | 0 | 0 | 7 | 7 | 8 | 9 | 12 | 13 | 21 |
| Depreciation | 80 | 83 | 95 | 111 | 126 | 162 | 174 | 196 | 231 | 274 | 306 | 409 |
| Profit before tax | 449 | 472 | 601 | 727 | 837 | 984 | 834 | 806 | 1,056 | 1,733 | 1,374 | 1,141 |
| Tax % | 33% | 34% | 34% | 34% | 35% | 19% | 26% | 26% | 25% | 26% | 24% | 26% |
| Net Profit + | 301 | 311 | 393 | 478 | 546 | 794 | 620 | 597 | 790 | 1,289 | 1,045 | 847 |
| EPS in Rs | 33.69 | 34.80 | 39.83 | 48.38 | 55.32 | 80.33 | 62.72 | 60.43 | 79.98 | 130.50 | 105.78 | 85.73 |
| Dividend Payout % | 52% | 50% | 48% | 39% | 36% | 44% | 37% | 41% | 20% | 23% | 28% | 0% |
Financials of Mahanagar Gas Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 89 | 89 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 | 99 |
| Reserves | 1,318 | 1,639 | 1,741 | 1,997 | 2,300 | 2,854 | 3,134 | 3,499 | 4,035 | 5,044 | 5,791 | 6,335 |
| Borrowings + | 16 | 5 | 3 | 1 | 0 | 67 | 74 | 103 | 115 | 139 | 164 | 219 |
| Other Liabilities + | 743 | 637 | 782 | 914 | 1,042 | 1,109 | 1,295 | 1,534 | 1,783 | 1,944 | 2,150 | 2,312 |
| Total Liabilities | 2,166 | 2,370 | 2,624 | 3,010 | 3,441 | 4,128 | 4,601 | 5,234 | 6,032 | 7,226 | 8,204 | 8,965 |
| Fixed Assets + | 1,064 | 1,129 | 1,305 | 1,532 | 1,763 | 2,049 | 2,169 | 2,614 | 3,026 | 3,543 | 4,104 | 5,373 |
| CWIP | 380 | 429 | 412 | 357 | 370 | 487 | 560 | 616 | 709 | 774 | 974 | 1,259 |
| Investments | 371 | 393 | 467 | 688 | 654 | 1,121 | 1,025 | 1,088 | 1,310 | 1,636 | 1,740 | 1,169 |
| Other Assets + | 350 | 419 | 441 | 434 | 654 | 471 | 847 | 916 | 988 | 1,273 | 1,385 | 1,163 |
| Total Assets | 2,166 | 2,370 | 2,624 | 3,010 | 3,441 | 4,128 | 4,601 | 5,234 | 6,032 | 7,226 | 8,204 | 8,965 |
Financials of Mahanagar Gas Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 427 | 419 | 532 | 652 | 685 | 985 | 806 | 904 | 969 | 1,563 | 1,368 | 1,147 |
| Cash from Investing Activity + | -261 | -222 | -263 | -419 | -439 | -755 | -444 | -539 | -649 | -1,267 | -1,001 | -874 |
| Cash from Financing Activity + | -176 | -191 | -284 | -226 | -235 | -242 | -349 | -310 | -285 | -312 | -336 | -368 |
| Net Cash Flow | -10 | 5 | -15 | 8 | 12 | -11 | 13 | 54 | 35 | -15 | 32 | -95 |
| Free Cash Flow | 229 | 204 | 278 | 383 | 322 | 559 | 466 | 256 | 257 | 793 | 300 | 87 |
| CFO/OP | 116% | 112% | 112% | 113% | 108% | 116% | 108% | 121% | 104% | 108% | 108% | 97% |
Financials of Mahanagar Gas Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 17 | 16 | 17 | 14 | 13 | 8 | 22 | 19 | 17 | 16 | 18 | 20 |
| Inventory Days | 5 | 5 | 8 | 8 | 5 | 5 | 11 | 5 | 3 | 4 | 4 | 4 |
| Days Payable | 32 | 33 | 43 | 39 | 40 | 35 | 76 | 48 | 26 | 34 | 34 | 31 |
| Cash Conversion Cycle | -10 | -12 | -18 | -16 | -22 | -21 | -44 | -24 | -7 | -13 | -12 | -6 |
| Working Capital Days | -80 | -59 | -79 | -86 | -78 | -97 | -152 | -106 | -63 | -72 | -70 | -11 |
| ROCE % | 33% | 30% | 34% | 37% | 37% | 37% | 27% | 23% | 27% | 34% | 23% | 18% |
Guidance history
How Mahanagar Gas Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 0–10% | Flat | Planned | Planned | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
22 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −17.6% | 41% |
| Last 6 months | −7.7% | 43% |
| Last 3 months | −6.4% | 54% |
The price is 46.1% below its all-time high of ₹1,946.6 (27 Sept 2024). Stocks more than 20% below their peak have their score halved, so 44 became 22.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mahanagar Gas Ltd: 0.4 × 41 + 0.4 × 43 + 0.2 × 54 = 44, halved to 22 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
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 →
- Q2 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 →
Others in Gas this season
- Indraprastha Gas Ltd (Q2 FY27)
CNG: 696.63 million scm (up 9%) . Key results statement takeaways from Indraprastha Gas Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
- GAIL (India) Ltd (Q2 FY27)
88,521 crore . Key investor presentation takeaways from GAIL (India) Ltd's Q2 FY27 investor presentation — and how it ranks against sector peers.
- Gujarat State Petronet Ltd (Q2 FY26)
Quarterly EBITDA:** ₹486 crore, up 3% year-on-year . Key investor presentation takeaways from Gujarat State Petronet Ltd's Q2 FY26 investor presentation — and h
- 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…