About
Mahanagar Gas Limited operates as a natural gas distribution company in India. The company supplies piped natural gas (PNG) to domestic households, domestic households, and commercial establishments and industries used for cooking and water heating, as well as by hospitals, nursing homes, hotels, flight kitchens, restaurants, and places of worship. It also supplies compressed natural gas (CNG) and liquefied natural gas (LNG) to vehicles; and sells pipes and fittings required for construction of pipeline infrastructure. The company operates 518 CNG stations connected to 32.14 lakh households; and 5,924 industrial and commercial customers through a pipeline network of 8320 kilometers comprising of carbon steel and polyethylene pipelines. Mahanagar Gas Limited was incorporated in 1995 and is based in Mumbai, India.
Key Metrics
as of Sep 2026Market Cap10,833 Cr
P/E15.10
Div Yield2.74 %
Book Value₹651.00
52w High₹1,378.00
52w Low₹900.00
Face Value₹10.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,372.00 | 2,051.00 | 2,058.00 | 2,049.00 | 2,081.00 | 1,963.00 | 1,758.00 | 1,786.00 | 1,590.00 | 1,567.00 | 1,569.00 | 1,571.00 | 1,538.00 |
| Expenses | 2,029.00 | 1,791.00 | 1,706.00 | 1,711.00 | 1,581.00 | 1,568.00 | 1,443.00 | 1,373.00 | 1,171.00 | 1,173.00 | 1,120.00 | 1,092.00 | 1,017.00 |
| Operating Profit | 343.00 | 260.00 | 352.00 | 338.00 | 501.00 | 395.00 | 314.00 | 413.00 | 418.00 | 394.00 | 449.00 | 479.00 | 521.00 |
| OPM % | 14.00 | 13.00 | 17.00 | 16.00 | 24.00 | 20.00 | 18.00 | 23.00 | 26.00 | 25.00 | 29.00 | 30.00 | 34.00 |
| Other Income | 30.00 | 29.00 | 29.00 | 29.00 | 32.00 | 42.00 | 46.00 | 47.00 | 40.00 | 45.00 | 48.00 | 44.00 | 39.00 |
| Depreciation | 109.00 | 106.00 | 103.00 | 104.00 | 96.00 | 95.00 | 79.00 | 84.00 | 72.00 | 78.00 | 68.00 | 66.00 | 62.00 |
| Interest | 6.00 | 5.00 | 6.00 | 5.00 | 4.00 | 4.00 | 3.00 | 3.00 | 3.00 | 4.00 | 3.00 | 2.00 | 3.00 |
| Profit before tax | 259.00 | 178.00 | 272.00 | 258.00 | 432.00 | 338.00 | 278.00 | 373.00 | 384.00 | 357.00 | 426.00 | 454.00 | 496.00 |
| Tax % | 25.00 | 26.00 | 26.00 | 25.00 | 26.00 | 28.00 | 19.00 | 23.00 | 26.00 | 26.00 | 26.00 | 25.00 | 26.00 |
| Net Profit | 194.00 | 132.00 | 202.00 | 193.00 | 320.00 | 242.00 | 225.00 | 287.00 | 285.00 | 265.00 | 317.00 | 338.00 | 368.00 |
| EPS in Rs | 19.61 | 13.36 | 20.45 | 19.58 | 32.35 | 24.53 | 22.82 | 29.03 | 28.81 | 26.83 | 32.11 | 34.27 | 37.30 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 8,240.00 | 7,261.00 | 6,245.00 | 6,299.00 | 3,560.00 | 2,153.00 | 2,972.00 | 2,791.00 | 2,233.00 | 2,034.00 | 2,078.00 | 2,095.00 |
| Expenses | 6,789.00 | 5,691.00 | 4,402.00 | 5,115.00 | 2,636.00 | 1,219.00 | 1,919.00 | 1,906.00 | 1,453.00 | 1,390.00 | 1,569.00 | 1,605.00 |
| Operating Profit | 1,451.00 | 1,570.00 | 1,843.00 | 1,184.00 | 924.00 | 934.00 | 1,053.00 | 885.00 | 780.00 | 644.00 | 509.00 | 490.00 |
| OPM % | 18.00 | 22.00 | 30.00 | 19.00 | 26.00 | 43.00 | 35.00 | 32.00 | 35.00 | 32.00 | 24.00 | 23.00 |
| Other Income | 119.00 | 166.00 | 175.00 | 112.00 | 86.00 | 81.00 | 99.00 | 78.00 | 58.00 | 53.00 | 47.00 | 41.00 |
| Interest | 21.00 | 14.00 | 12.00 | 9.00 | 8.00 | 7.00 | 7.00 | 0.00 | 0.00 | 1.00 | 2.00 | 1.00 |
| Depreciation | 409.00 | 352.00 | 274.00 | 231.00 | 196.00 | 174.00 | 162.00 | 126.00 | 111.00 | 95.00 | 83.00 | 80.00 |
| Profit before tax | 1,141.00 | 1,371.00 | 1,733.00 | 1,056.00 | 806.00 | 834.00 | 984.00 | 837.00 | 727.00 | 601.00 | 472.00 | 449.00 |
| Tax % | 26.00 | 24.00 | 26.00 | 25.00 | 26.00 | 26.00 | 19.00 | 35.00 | 34.00 | 34.00 | 34.00 | 33.00 |
| Net Profit | 847.00 | 1,041.00 | 1,289.00 | 790.00 | 597.00 | 620.00 | 794.00 | 546.00 | 478.00 | 393.00 | 311.00 | 301.00 |
| EPS in Rs | 85.73 | 105.41 | 130.50 | 79.98 | 60.43 | 62.72 | 80.33 | 55.32 | 48.38 | 39.83 | 34.80 | 33.69 |
| Dividend Payout % | 35.00 | 28.00 | 23.00 | 20.00 | 41.00 | 37.00 | 44.00 | 36.00 | 39.00 | 48.00 | 50.00 | 52.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 99.00 | 99.00 | 99.00 | 99.00 | 99.00 | 99.00 | 99.00 | 99.00 | 99.00 | 99.00 | 89.00 | 89.00 |
| Reserves | 6,335.00 | 5,780.00 | 5,044.00 | 4,035.00 | 3,499.00 | 3,134.00 | 2,854.00 | 2,300.00 | 1,997.00 | 1,741.00 | 1,639.00 | 1,318.00 |
| Borrowings | 219.00 | 198.00 | 139.00 | 115.00 | 103.00 | 74.00 | 67.00 | 0.00 | 1.00 | 3.00 | 5.00 | 16.00 |
| Other Liabilities | 2,312.00 | 2,208.00 | 1,944.00 | 1,783.00 | 1,534.00 | 1,295.00 | 1,109.00 | 1,042.00 | 914.00 | 782.00 | 637.00 | 743.00 |
| Total Liabilities | 8,965.00 | 8,284.00 | 7,226.00 | 6,032.00 | 5,234.00 | 4,601.00 | 4,128.00 | 3,441.00 | 3,010.00 | 2,624.00 | 2,370.00 | 2,166.00 |
| Fixed Assets | 5,373.00 | 4,844.00 | 3,543.00 | 3,026.00 | 2,614.00 | 2,169.00 | 2,049.00 | 1,763.00 | 1,532.00 | 1,305.00 | 1,129.00 | 1,064.00 |
| CWIP | 1,259.00 | 1,062.00 | 774.00 | 709.00 | 616.00 | 560.00 | 487.00 | 370.00 | 357.00 | 412.00 | 429.00 | 380.00 |
| Investments | 1,169.00 | 1,178.00 | 1,636.00 | 1,310.00 | 1,088.00 | 1,025.00 | 1,121.00 | 654.00 | 688.00 | 467.00 | 393.00 | 371.00 |
| Other Assets | 1,163.00 | 1,200.00 | 1,273.00 | 988.00 | 916.00 | 847.00 | 471.00 | 654.00 | 434.00 | 441.00 | 419.00 | 350.00 |
| Total Assets | 8,965.00 | 8,284.00 | 7,226.00 | 6,032.00 | 5,234.00 | 4,601.00 | 4,128.00 | 3,441.00 | 3,010.00 | 2,624.00 | 2,370.00 | 2,166.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 1,147.00 | 1,420.00 | 1,563.00 | 969.00 | 904.00 | 806.00 | 985.00 | 685.00 | 652.00 | 532.00 | 419.00 | 427.00 |
| Cash from Investing Activity | -874.00 | -1,056.00 | -1,267.00 | -649.00 | -539.00 | -444.00 | -755.00 | -439.00 | -419.00 | -263.00 | -222.00 | -261.00 |
| Cash from Financing Activity | -368.00 | -341.00 | -312.00 | -285.00 | -310.00 | -349.00 | -242.00 | -235.00 | -226.00 | -284.00 | -191.00 | -176.00 |
| Net Cash Flow | -95.00 | 22.00 | -15.00 | 35.00 | 54.00 | 13.00 | -11.00 | 12.00 | 8.00 | -15.00 | 5.00 | -10.00 |
| Free Cash Flow | 87.00 | 249.00 | 793.00 | 257.00 | 256.00 | 466.00 | 559.00 | 322.00 | 383.00 | 278.00 | 204.00 | 229.00 |
| CFO/OP % | 97.00 | 108.00 | 108.00 | 104.00 | 121.00 | 108.00 | 116.00 | 108.00 | 113.00 | 112.00 | 112.00 | 116.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 20.00 | 18.00 | 16.00 | 17.00 | 19.00 | 22.00 | 8.00 | 13.00 | 14.00 | 17.00 | 16.00 | 17.00 |
| Inventory Days | 4.00 | 4.00 | 4.00 | 3.00 | 5.00 | 11.00 | 5.00 | 5.00 | 8.00 | 8.00 | 5.00 | 5.00 |
| Days Payable | 31.00 | 34.00 | 34.00 | 26.00 | 48.00 | 76.00 | 35.00 | 40.00 | 39.00 | 43.00 | 33.00 | 32.00 |
| Cash Conversion Cycle | -6.00 | -11.00 | -13.00 | -7.00 | -24.00 | -44.00 | -21.00 | -22.00 | -16.00 | -18.00 | -12.00 | -10.00 |
| Working Capital Days | -56.00 | -67.00 | -72.00 | -63.00 | -106.00 | -152.00 | -97.00 | -78.00 | -86.00 | -79.00 | -59.00 | -80.00 |
| ROCE % | 17.00 | 23.00 | 34.00 | 27.00 | 23.00 | 27.00 | 37.00 | 37.00 | 37.00 | 34.00 | 30.00 | 33.00 |
Corporate Actions
24 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Dividend | 18 Aug 2026 | 18 Aug 2026 | — | 18.00 | |
| Dividend | 13 Feb 2026 | 13 Feb 2026 | — | 12.00 | |
| Dividend | 14 Aug 2025 | 14 Aug 2025 | — | 18.00 | |
| Dividend | 03 Feb 2025 | 03 Feb 2025 | — | 12.00 | |
| Dividend | 14 Aug 2024 | — | — | 18.00 | |
| Dividend | 05 Feb 2024 | 05 Feb 2024 | — | 12.00 | |
| Dividend | 14 Aug 2023 | — | — | 16.00 | |
| Dividend | 14 Feb 2023 | 14 Feb 2023 | — | 10.00 | |
| Dividend | 11 Aug 2022 | — | — | 15.50 | |
| Dividend | 17 Feb 2022 | 18 Feb 2022 | — | 9.50 | |
| Dividend | 17 Sep 2021 | — | — | 14.00 | |
| Dividend | 18 Feb 2021 | 22 Feb 2021 | — | 9.00 | |
| Dividend | 16 Sep 2020 | — | — | 15.00 | NSE/BSE dividend mismatch: BSE/NSE=10.5; BSE/NSE=15.0 |
| Dividend | 16 Sep 2020 | — | — | 10.50 | NSE/BSE dividend mismatch: BSE/NSE=10.5; BSE/NSE=15.0 |
| Dividend | 06 Mar 2020 | 09 Mar 2020 | — | 9.50 | |
| Dividend | 29 Aug 2019 | — | — | 10.50 | |
| Dividend | 07 Feb 2019 | 08 Feb 2019 | — | 9.50 | |
| Dividend | 07 Sep 2018 | — | — | 11.00 | |
| Dividend | 20 Feb 2018 | 21 Feb 2018 | — | 8.00 | |
| Dividend | 14 Sep 2017 | — | — | 11.00 | |
| Dividend | 17 Feb 2017 | 20 Feb 2017 | — | 8.00 | |
| Dividend | 15 Sep 2016 | — | — | 17.50 | NSE/BSE dividend mismatch: NSE=10.0; NSE=7.5; BSE=17.5 |
| Dividend | 15 Sep 2016 | — | — | 7.50 | NSE/BSE dividend mismatch: NSE=10.0; NSE=7.5; BSE=17.5 |
| Dividend | 15 Sep 2016 | — | — | 10.00 | NSE/BSE dividend mismatch: NSE=10.0; NSE=7.5; BSE=17.5 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
Credit Ratings
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Rating update27 Mar from icra
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Rating update27 Nov 2025 from icra
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Rating update3 Oct 2024 from icra
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Rating update1 Sep 2023 from icra
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Rating update14 Mar 2023 from icra
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Rating update23 Sep 2022 from icra
Conference Calls
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