Mahanagar Gas
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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.
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Q3 25/26 earnings summary9 Feb, 2026

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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