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Mahanagar Gas (MGL) investor relations material
Mahanagar Gas Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Connected 124,908 new domestic households, reaching over 3.07 million total connections as of Dec 31, 2025, and operates 8,182 km of pipeline with 491 CNG stations.
Serves 1.25 million CNG vehicles and over 5,618 industrial/commercial customers; over 1.25 million CNG vehicles registered.
Achieved average sales volume of 4.62 MMSCMD in Q3, up 7.19% year-over-year.
Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and Audit Committee.
Interim dividend of INR 12 per share (120%) declared for FY26.
Financial highlights
Q3 FY26 revenue was INR 2,058.27 crore, up 11.46% year-over-year; nine-month standalone revenue was INR 6,801.70 crore, up 16.75% year-over-year.
Q3 EBITDA from operations: INR 352 crore, up from INR 338 crore sequentially; nine-month EBITDA: INR 1,191 crore.
Q3 net profit after tax: INR 202 crore, up from INR 193 crore in previous quarter; nine-month PAT: INR 715 crore, down 10.52% year-over-year.
Standalone EBITDA margin for nine months was 19.24%, down from 22.18% year-over-year.
Standalone EPS for nine months was INR 72.37, down from INR 80.88 year-over-year.
Outlook and guidance
Volume growth guidance maintained at double digits for FY26, expecting Q4 to be slightly better.
Margin guidance for FY26 in the range of INR 8–9 per SCM, down from INR 9.5 for nine months FY26.
CapEx guidance for FY27 around INR 1,200 crore, mainly for GA2, GA3, and Unison acquired areas.
CNG and PNG remain price competitive, supporting continued demand and operational expansion.
The company continues to monitor regulatory and legal developments, including GST and labor code changes, and expects no material outflow from ongoing disputes.
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