Mahanagar Gas Ltd.

NSE: MGL · Oil Gas & Consumable Fuels

₹1,129.60+2.13%06 Nov 2026

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Instant answers about Mahanagar Gas Ltd. — computed from its filings, no language model

Market cap₹11,158 cr

Current price₹1,129.60

High / Low₹1,277 / ₹908

P/E16.9

P/B1.70

Book value₹666.0

ROE10.0%

ROCE14.0%

Debt / equity0.00

Dividend yield2.66%

EPS (TTM)₹66.79

Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY24	FY25	FY26
Revenue	6,914	7,979	9,065
EBITDA	1,844	1,570	1,451
Operating margin	26.7%	19.7%	16.0%
Interest	13	14	21
Depreciation	284	352	410
Profit before tax	1,722	1,370	1,140
Tax	445	329	294
Net profit	1,276	1,041	841
EPS ₹	129.21	105.33	85.15
Operating cash flow	1,461	1,814	1,162
Capex	783	1,184	1,076
Dividend paid	277	296	296
Total assets	7,381	8,270	8,981
Equity	5,130	5,880	6,428

Quarterly performance

last 12 quarters · ₹ crore

showing latest 8 of 12 periods

	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	1,724	1,771	1,832	1,963	2,032	2,152	2,282	2,256	2,268	2,259	2,599	2,778
Operating profit	449	395	437	413	325	395	501	338	352	260	343	305
Operating margin	26.0%	22.3%	23.8%	21.1%	16.0%	18.4%	21.9%	15.0%	15.5%	11.5%	13.2%	11.0%
Other income	48	44	36	47	42	42	32	29	30	29	30	24
Interest	3	6	3	3	3	4	5	5	6	5	6	8
Depreciation	68	88	83	85	91	93	96	104	104	106	109	117
Profit before tax	426	346	386	372	272	339	432	258	272	178	258	187
Tax	109	94	97	88	51	92	114	65	70	47	65	50
Net profit	317	252	289	284	221	247	318	191	201	130	193	136
EPS ₹	32.11	25.54	29.23	28.70	22.39	25.01	32.18	19.37	20.36	13.15	19.54	13.73
Revenue YoY	—	—	—	—	17.9%	21.5%	24.6%	15.0%	11.6%	4.9%	13.9%	23.1%
Profit YoY	—	—	—	—	-30.2%	-2.1%	10.1%	-32.5%	-9.1%	-47.4%	-39.3%	-29.1%

Earlier results (standalone, Jun '16 – Sep '23)

₹ crore · from BSE, before the NSE XBRL filings begin

Mahanagar Gas Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

	FY17†	FY18†	FY19†	FY20†	FY21†	FY22†	FY23†
Revenue	2,239	2,453	3,057	3,264	2,338	3,885	6,921
Operating profit	644	781	885	1,053	934	924	1,184
Operating margin	28.8%	31.8%	29.0%	32.3%	40.0%	23.8%	17.1%
Other income	53	57	78	99	81	86	112
Interest	1	—	0	7	7	8	9
Depreciation	95	111	126	162	174	196	231
Profit before tax	601	727	837	984	834	806	1,056
Tax	207	249	291	190	214	209	265
Net profit	393	478	546	794	620	597	790

Quarters

showing latest 8 of 30 periods

	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†	MAR '19†	JUN '19†	SEP '19†	DEC '19†	MAR '20†	JUN '20†	SEP '20†	DEC '20†	MAR '21†	JUN '21†	SEP '21†	DEC '21†	MAR '22†	JUN '22†	SEP '22†	DEC '22†	MAR '23†	JUN '23†	SEP '23†
Revenue	534	574	554	576	583	588	638	644	676	763	824	793	831	862	819	753	277	549	727	784	667	908	1,123	1,188	1,593	1,718	1,838	1,772	1,690	1,729
Operating profit	152	162	167	163	203	200	201	176	211	221	239	214	277	273	259	244	80	221	317	316	304	302	103	215	286	253	256	390	521	479
Operating margin	28.5%	28.1%	30.2%	28.3%	34.9%	34.1%	31.5%	27.4%	31.2%	29.0%	29.0%	27.0%	33.3%	31.7%	31.6%	32.4%	28.8%	40.3%	43.5%	40.3%	45.6%	33.2%	9.2%	18.1%	17.9%	14.7%	13.9%	22.0%	30.8%	27.7%
Other income	12	15	12	13	12	14	14	17	15	18	20	24	20	23	29	27	25	18	20	17	19	23	22	23	20	26	32	34	39	44
Interest	1	0	0	0	0	—	—	0	0	0	0	0	1	1	2	2	2	2	2	2	2	2	2	2	2	2	2	2	3	2
Depreciation	22	23	25	26	25	26	27	34	30	31	33	33	37	39	41	44	42	42	44	45	45	47	48	56	54	55	59	64	62	66
Profit before tax	143	153	154	150	190	188	188	160	197	209	227	205	259	256	244	225	61	195	291	287	276	275	75	180	250	221	227	357	496	454
Tax	50	51	55	51	66	64	64	55	68	72	78	71	88	-15	58	58	15	51	74	74	72	71	18	49	64	57	55	88	127	116
Net profit	93	102	99	99	124	125	124	105	128	136	148	133	170	271	186	167	45	144	217	213	204	204	57	132	185	164	172	269	368	338
EPS ₹	9.39	10.35	10.02	10.07	12.59	12.63	12.55	10.61	12.99	13.80	15.02	13.51	17.23	27.40	18.84	16.87	4.58	14.61	21.99	21.54	20.66	20.68	5.75	13.34	18.75	16.60	17.42	27.21	37.30	34.27
Revenue YoY	—	—	—	—	9.1%	2.4%	15.1%	11.7%	16.0%	29.7%	29.2%	23.2%	22.9%	12.9%	-0.6%	-5.1%	-66.6%	-36.3%	-11.2%	4.2%	140.3%	65.3%	54.4%	51.5%	138.9%	89.2%	63.7%	49.2%	6.1%	0.7%
Profit YoY	—	—	—	—	34.1%	22.1%	25.2%	5.3%	3.2%	9.2%	19.6%	27.4%	32.7%	98.6%	25.4%	24.8%	-73.4%	-46.7%	16.7%	27.7%	351.0%	41.5%	-73.9%	-38.1%	-9.3%	-19.7%	203.0%	103.9%	98.9%	106.4%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 9 periods

	SEP '24	DEC '24	MAR '25	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
ROE	20.6%	18.9%	17.7%	18.2%	15.7%	15.4%	13.1%	11.1%	10.0%
ROCE	27.9%	25.1%	23.5%	24.3%	21.2%	21.3%	18.1%	15.4%	14.0%
Net margin	15.7%	13.8%	13.0%	12.7%	11.2%	10.7%	9.3%	7.6%	6.7%
EBITDA margin	23.2%	20.7%	19.7%	19.4%	17.9%	17.7%	16.0%	13.8%	12.7%
Debt / equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Interest coverage	104.90	89.83	98.41	92.76	76.02	65.22	55.37	44.27	36.74
Asset turnover	0.92	0.96	0.96	1.02	1.01	1.03	1.01	1.04	1.04

Balance sheet

equity vs borrowings over time · ₹ crore

	MAR '24	SEP '24	MAR '25	SEP '25	MAR '26	SEP '26
Share capital	99	99	99	99	99	99
Other equity / reserves	5,031	5,440	5,781	6,110	6,329	6,480
Total equity	5,130	5,539	5,880	6,209	6,428	6,579
Borrowings	0	0	0	0	0	0
Current liabilities	1,700	1,846	1,875	1,858	1,959	2,181
Non-current liabilities	546	571	500	583	581	758
Total assets	7,381	7,956	8,270	8,665	8,981	9,536
Property, plant & equipment	3,777	3,967	4,422	4,614	4,985	5,376
Capital work-in-progress	823	898	1,068	1,172	1,270	1,453
Investments	1,069	1,266	1,162	1,218	1,148	991
Inventories	42	50	52	61	63	71
Receivables	296	298	364	487	459	570
Cash & equivalents	129	94	152	34	57	42

Cash flow

annual · ₹ crore · line = free cash flow

	FY24	FY25	FY26
Cash from operations	1,461	1,814	1,162
Cash from investing	-358	-1,462	-888
Cash from financing	-1,116	-330	-369
Capex	783	1,184	1,076
Free cash flow	678	631	87
Dividends paid	277	296	296

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹5,376 cr56%

CWIP

₹1,453 cr15%

Investments

₹991 cr10%

Inventories

₹71 cr1%

Receivables

₹570 cr6%

Cash & equivalents

₹42 cr0%

Other assets

₹1,031 cr11%

Peer comparison

largest in Oil Gas & Consumable Fuels · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Reliance Industries Ltd.	17,86,356	1,320.00	21.8	1.89	8.7%
Oil & Natural Gas Corporation Ltd.	2,91,561	231.76	5.9	0.73	12.4%
Coal India Ltd.	2,46,509	400.00	7.4	1.93	26.2%
Indian Oil Corporation Ltd.	2,06,523	146.25	4.4	0.89	20.3%
Bharat Petroleum Corporation Ltd.	1,36,680	319.90	8.6	1.35	15.6%
GAIL (India) Ltd.	1,22,159	185.79	9.7	1.26	13.1%
Hindustan Petroleum Corporation Ltd.	82,379	387.15	—	1.56	-4.9%
Oil India Ltd.	72,205	443.90	8.6	1.24	14.4%
Adani Total Gas Ltd.	63,282	575.40	98.6	12.22	12.4%
Petronet LNG Ltd.	47,550	317.00	19.9	1.96	9.9%
Mahanagar Gas Ltd.	11,158	1,129.60	16.9	1.70	10.0%

StoxGud checklist: Neutral setup · 4/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month+8.4%

6 months-4.3%

1 year-12.8%

3Y CAGR+2.3%

5Y CAGR+2.3%

10Y CAGR+4.8%

50-day avg₹1,064.13

200-day avg₹1,089.77

RSI (14)71

Compare Mahanagar Gas Ltd. with

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FAQs

What is the share price of Mahanagar Gas Ltd.?

Mahanagar Gas Ltd. (MGL) closed at ₹1,129.60 on NSE on 06 Nov 2026.

What is the market cap of Mahanagar Gas Ltd.?

₹11,158 crore at the latest close.

What is the P/E ratio of Mahanagar Gas Ltd.?

16.9, on trailing-twelve-month earnings from its filings.

How fast is Mahanagar Gas Ltd. growing?

Mahanagar Gas Ltd.: Latest-quarter revenue is up 23.1% year on year, profit down 29.1%.

How profitable is Mahanagar Gas Ltd.?

On a trailing-twelve-month basis return on equity is 10.0%, return on capital employed 14.0%, operating margin 12.7%, net margin 6.7%.

How much debt does Mahanagar Gas Ltd. have?

Mahanagar Gas Ltd. is debt-free: debt to equity is 0.00 with borrowings of ₹0 cr against cash of ₹42 cr (balance sheet of 2026-09-30). Operating profit covers interest 36.7 times.

Financials parsed from Mahanagar Gas Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from DEC '23, annual from FY24, balance sheet from Mar '24. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.