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Mahanagar Gas Limited (MGL) investor relations material
Mahanagar Gas Limited Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Amalgamation of Unison Enviro Private Limited (UEPL) expanded operational reach, customer base, and brought tax benefits; financials restated accordingly.
Over 30 years of consistent growth, with robust infrastructure including 8,062 km of pipeline and 485 CNG stations as of September 2025.
Infrastructure expansion included 3,566 new household connections, 87.4 km of pipeline, and 14 new CNG stations in the quarter.
116 new industrial/commercial customers and 27,150 CNG vehicles were added in the quarter, with over 1.22 million CNG vehicles now registered.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were reviewed and approved by the Board.
Financial highlights
Q2 FY26 revenues rose 14.73% year-over-year to ₹2,049.33 crore; H1 FY26 revenues increased 19.66% year-over-year to ₹4,130.71 crore.
Q2 average sales volume rose 3.11% sequentially to 4.593 MMScMD; H1 average sales volume increased 9.91% year-over-year to 4.524 MMScMD.
Q2 EBITDA was INR 338 crore, down from INR 501 crore in Q1; Q2 net profit after tax was INR 193 crore, down from INR 320 crore in Q1.
H1 EBITDA was INR 839 crore (vs. INR 850 crore prior year); H1 net profit after tax was INR 513 crore (vs. INR 576 crore prior year).
EBITDA margin dropped to 16.49% in Q2 FY26 from 23.15% a year ago; standalone EBITDA for H1 FY26 was ₹838.66 crore, down 1.37% year-over-year.
Outlook and guidance
EBITDA per SCM guidance for Q3 is INR 8.5, with a full-year range expected between INR 8.5 and INR 9.5, revised down from previous guidance.
Volume growth is prioritized over margin expansion, with a targeted 10%+ annual growth rate.
Price increases will be considered cautiously, especially for CNG, to maintain volume growth.
Long-term HPHT gas contracts expected to provide cost relief from January 2026.
No explicit forward-looking guidance provided, but management notes ongoing legal and regulatory matters with no expected outflow of resources.
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