Mahanagar Gas Ltd

- The company currently holds approval for a battery project capex of approximately INR 380 crores for 2 phases. - There is consideration to bring in strategic equity partners for the battery project to mitigate risks. - Discussions with potential equity partners are at a very preliminary stage; no definitive declarations have been made yet. - Any new equity fundraising related to this will be intimated to the exchange as and when it happens. - Overall capex guidance for FY '27 is around INR 1,200 crores, including investment in GA-2, GA-3, CNG in GA-1, and Unison acquired areas. - No explicit mention of debt fundraising was made during the call. In summary, equity fundraising for the battery project is under consideration in the near future, but no finalized plans or amounts have been announced yet.

- 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). - Land for the battery cell project is in possession; project under reassessment due to recent battery price declines; discussions with strategic partners ongoing to mitigate risks (Page 16). - INR 760 crores capex spent in first 9 months of the year, likely to reach INR 1,100-1,200 crores by year-end (Page 12).

- 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. - Expansion in Domestic PNG customers and Industrial and Commercial segments continues with steady increases observed. - Government policies supporting CBG (Compressed Biogas) could positively impact volumes over 5 years.

- 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. - Long-term volume growth guidance is maintained at around 8-9% annually. - Margin guidance for FY26 is stable around INR 8 to INR 9 per SCM, despite volatility in gas prices. - EBITDA per SCM is expected to gradually benefit from optimized gas sourcing, blending of Brent-linked contracts, and operational efficiencies. - Capex for FY26 is anticipated around INR 1,100-1,200 crores, supporting infrastructure expansion. - Increasing CNG stations and household connections support volumes. - Strategic initiatives, such as targeting large fleet conversions and setting up high-capacity CNG stations, aim to drive volume and earnings growth. - The company expects positive long-term impact from government incentives (e.g., excise duty exemption on CBG) supporting green energy transition and overall profitability.

The provided transcript from Mahanagar Gas Limited's earnings call does not contain any specific information regarding the current or expected order book or pending orders of the company. The discussion primarily covers topics like CBG blending volumes, gas pricing contracts, CNG volume growth, regulatory updates, tariff changes, and operational performance, but no mention of order book or pending orders is made. 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.