Mahanagar Gas Q2 FY26 Earnings Results

Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD), presently supplying natural gas in the city of Mumbai including adjoining areas and the Raigad District in the state of Maharashtra.

 

Q2 FY26 Earnings Results:

• Revenue from Operations: ₹2,050 crore, up 14.8% YoY, down 1.6% QoQ.

• Profit After Tax (PAT): ₹193 crore, down 33.3% YoY from ₹287 crore, down 40% QoQ from ₹318 crore.

• EBITDA: ₹338 crore, down 18.2% YoY from ₹413 crore.

• EBITDA Margin: 14.97%, contracted from 21.06% in Q2 FY25.

• Earnings Per Share (EPS): ₹19.58.

• Total gas sales volume: 422.59 SCM million; volumes grew 4.27% QoQ.

• CNG volumes increased 3.31%, PNG volumes increased 6.68%.

• Key expenses: Cost of materials consumed ₹1,455 crore; employee benefits ₹48.88 crore; depreciation ₹103.98 crore.

• MGL completed amalgamation of Unison Enviro Private Limited (subsidiary).

• Legal update: Deposited ₹50 crore with GAIL in a transportation tariff dispute.

• Focus on infrastructure expansion and operational efficiency.

 

Q1 FY26 Earnings Results:

• Revenue: ₹2,115 crore, up 5.4% QoQ.

• PAT: ₹324 crore, up 28.6% QoQ.

• EBITDA: ₹485 crore, up 28.3% QoQ.

• CNG and PNG sales volume growth sustained.

• New customer additions: 16,348 domestic households and 84 industrial/commercial customers.

• Pipeline network expanded to over 7,538 km.

 

 

Management Commentary for Q2 FY26:

• The decline in Q2 PAT attributed to changes in trade discounts passed to Oil Marketing Companies and margin pressure.

• Company remains focused on expanding natural gas infrastructure and increasing volumes.

• Ongoing investments in capacity and operational excellence.

• Legal and regulatory compliance actively managed with focus on resolution.

 

To view the company’s previous earnings and latest concall transcripts, click here  to visit the Alphastreet India news channel.