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    Regulated Gas
Mahanagar Gas Limited

Mahanagar Gas Limited

MGL.BO
Mahanagar Gas LimitedIN flagBombay Stock Exchange
1,126.10
INR
-3.15
- -
111.41BMarket Cap
Mahanagar Gas Limited
MGL.BO
(Bombay Stock Exchange)

Recent

price

1,126.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
131.51
151.71
189.3
210.4
209.18
204.48
224.51
280.51
298.75
216.24
358.02
635.49
634.45
735.34
834.73
777.6
Revenue per Share
31.16
30.22
30.09
30.47
31.47
39.83
48.38
55.31
80.33
62.72
60.43
79.98
130.06
105.31
85.15
108.22
Basic EPS, GAAP
21.71
21.49
22.35
23.2
20.61
28.12
38.78
32.59
55.45
47.16
25.78
25.94
79.42
22.46
8.78
- -
Free Cash Flow per Basic Share
7.87
13.57
15.83
15.83
19.05
28.51
22.64
23.59
22.1
32.61
28.44
25.49
28
30
30.01
- -
Dividend per Share
92.63
101.3
109.85
140.14
152.73
164.83
190.68
221.41
277.47
305.79
342.74
397.09
497.92
574.47
10
- -
Book Value per Share
107.47
119.26
130.86
161.92
174.51
185.83
211.73
242.38
298.45
326.66
363.65
418.02
473.66
553
610.88
- -
Tangible Book Value per Share
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
99
Basic Weighted Avg Shares
12,990
14,985
18,699
20,783
20,662
20,198
22,177
27,708
29,510
21,360
35,365
62,773
62,669
72,638
82,457
76,810
Sales/Revenue/Turnover
33.7
27.61
21.9
19.75
20.68
27.36
30.29
27.61
30.32
36.03
20.92
15.33
25.17
16.77
12.62
16.51
Operating Margin (%)
638
711
807
799
826
951
1,112
1,259
1,617
1,737
1,963
2,311
2,774
3,520
4,099
3,658
Depreciation Expense
3,077
2,985
2,972
3,010
3,109
3,934
4,779
5,464
7,935
6,196
5,970
7,900
12,847
10,403
8,411
10,690
Net Income, GAAP
32.21
32.52
32.72
33.01
34.08
34.5
34.22
34.71
19.32
25.67
25.96
25.15
25.66
24.05
25.92
24.42
Effective Tax Rate (%)
23.69
19.92
15.9
14.48
15.05
19.48
21.55
19.72
26.89
29.01
16.88
12.59
20.5
14.32
10.2
13.92
Profit Margin (%)
293
47
363
2,390
2,329
1,649
2,522
3,529
5,585
6,434
5,185
4,450
2,078
714
-1,220
- -
Working Capital
105
98
80
68
44
27
12
- -
490
573
824
938
1,178
1,655
1,414
- -
LT Debt
10,670
11,826
12,970
16,040
17,284
18,400
20,953
23,989
29,527
32,324
35,973
41,342
51,351
58,948
64,416
- -
Total Equity
- -
24.36
21.85
18.77
16.84
20.25
22.45
22.23
26.66
18.09
15.64
18.13
24.62
16.27
12.08
- -
Return on Invested Capital (%)
- -
30.91
28.28
24.29
21.5
25.07
27.19
26.85
31.99
21.18
18.31
21.18
28.45
19.19
27.54
501.11
Return on Capital (%)
- -
31.17
28.5
24.38
21.49
25.08
27.22
26.85
32.21
21.51
18.64
21.62
29.06
19.64
29.14
- -
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
ST Debt
- -
356
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
1,655
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
- -
99
- -
Market Capitalization
126,922
136,961
146,563

Working Capital

FRC

•

in mil. unless spec.
Dec'25
Mar'25
Jun'26
Total Current Assets
- -
19,464
- -
Cash, Cash Equivalents & STI
- -
13,998
- -
Accounts Receivable, Net
- -
3,641
- -
Inventories
- -
523
- -
Total Current Liabilities
- -
18,750
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
356
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
14.19%
14.9%
9.28%
Free Cash Flow
14.24%
5.77%
-60.92%
Net Income, GAAP
13.88%
10.63%
-19.14%
Sales/Revenue/Turnover
18.37%
34.47%
13.52%
Total Cash Common Dividend
6.84%
-1.22%
0.03%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
15,378
15,709
15,688
15,894
62,669
2025
16,658
17,862
18,474
19,644
72,638
2026
20,830
20,602
20,520
- -
82,457

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
37.3
34.27
32.11
- -
130.06
2025
29.23
29.03
22.57
24.44
105.31
2026
32.18
20.36
13.15
- -
85.15

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
28
2025
- -
- -
- -
- -
30
2026
- -
- -
- -
- -
30.01
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Business
Mahanagar Gas Limited (MGL), founded in 1995 and headquartered in Mumbai, India, operates as a leading city gas distribution company, primarily engaged in supplying compressed natural gas (CNG) for automotive use and piped natural gas (PNG) for domestic, commercial, and industrial customers across Mumbai, Thane, and Raigad districts in Maharashtra. The company distributes PNG to over 2.95 million domestic households for cooking and water heating, as well as to approximately 4,500 commercial and industrial clients in sectors including metals, pharmaceuticals, food and beverages, printing, power generation, and air conditioning; on the mobility front, it provides CNG to more than 1.22 million vehicles, including buses from BEST, TMT, MSRTC, and NMMT operators, light commercial vehicles, trucks, and private buses, supported by a network exceeding 8,000 kilometers of steel and polyethylene pipelines and 485 CNG stations. MGL maintains extensive infrastructure for natural gas distribution, including safety management, customer support services via 24/7 helplines, and value-added offerings such as gas appliance recommendations and PNG connection installations; it also pursues sustainability through cleaner energy promotion and community awareness programs targeting reduced emissions. Geographically focused on Maharashtra, the company serves diverse customer segments from residential users to heavy industries and transport fleets, positioning itself as India's premier urban gas provider with promoters including GAIL (India) Limited. Recent strategic developments include the full acquisition of Unison Enviro Private Limited in February 2024 for Rs 562 crore to bolster city gas distribution and enable cost synergies, followed by its merger in August 2025; in October 2025, MGL signed a Memorandum of Understanding with Oil India Limited to explore LNG value chain opportunities and clean energy solutions for heavy transport. The company announced plans for a major CNG station expansion with 55-56 dispensing arms by March-April 2026 to prioritize volume growth amid margin pressures, alongside investments of Rs 1,325 crore in battery manufacturing and compressed biogas ventures, establishment of Mahanagar LNG Private Limited, and collaboration with Brihanmumbai Municipal Corporation on a large-scale biogas plant from municipal solid waste. Further diversification targets hydrogen, electric vehicles, renewables, and a 26% increase in domestic gas allocation effective January 2025, enhancing CNG supply capacity.