Mahanagar Gas Ltd

- MGL’s core business CAPEX, including Unison Engineering Private Limited (UEPL), is planned at around INR 1,100 to INR 1,300 crores annually for the next two years. - The Investment in Infrastructure Business Company (IBC) first phase cost is around INR 850 crores, with MGL’s contribution at INR 350-380 crores for a 40% stake; INR 35-36 crores already paid, balance to be paid over next 18 months. - CBG project cost estimated at INR 600-650 crores, with MGL’s equity investment expected around INR 130 crores; the funding will be from a mix of debt and equity. - No explicit mention of fresh fundraising via new debt or equity for other purposes in the transcript. - The phased investment suggests possible incremental fund requirements, but details on new fundraising rounds or borrowing are not specifically disclosed.

- 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.

- 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.

- GA-3 volume growth expected at 15%-20% in FY'26 and FY'27, potentially up to 30% similar to UEPL. - UEPL volumes projected to grow around 30% annually over the next 2-3 years, with profitability after tax already achieved. - Overall volume growth guidance is around 7.5%-10% in near term, with a longer-term directional CAGR expected. - EBITDA for UEPL currently INR16 crores with marginal QoQ decrease; MGL's EBITDA for Q1 FY'26 increased 28% QoQ. - Normalized ROCE on incremental CAPEX expected to materialize in 3-4 years (post FY'28). - CAPEX of INR1,100-1,300 crores planned over next two years, with growth CAPEX tapering to maintenance CAPEX in 4-5 years for MGL; UEPL CAPEX cycle to last 6-7 years. - Industrial & commercial average realization stable around INR50 per SCM with slight 5% QoQ reduction in Q1 FY'26. - Net profit increased 29% QoQ in Q1 FY'26 indicating strong earnings growth momentum.

The transcript provided does not specifically mention Mahanagar Gas Limited's current or expected order book or pending orders. The discussion primarily focuses on: - Operational performance, volume growth, and CAPEX plans - The amalgamation with UEPL and associated timelines - Gas sourcing and tariffs - Expansion of CNG and PNG infrastructure including new stations - Investments in joint ventures and new business segments such as CBG and LNG - Performance metrics like EBITDA, net profit, vehicle additions, and volumes in different segments No explicit details on order book or pending orders are disclosed in the transcript. If more information is required on this, it may be available in other disclosures or reports outside this transcript.