Mahanagar Gas LimitedQ1 FY27 Results & Financial Update
Mahanagar Gas Limited: Q1 FY27 consolidated results and company financials – revenue ₹2,598.90 Cr, PAT ₹192.64 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceCurrent reported figures.Change figures appear when a comparable reported period is available.
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Quarterly Results AnalysisExplore Mahanagar Gas Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Mahanagar Gas Limited reported consolidated total income of INR 2,629.33 crore for the quarter ended June 30, 2026, alongside consolidated revenue from operations of INR 2,598.90 crore.
Profit before tax (PBT) for the quarter stood at INR 258.32 crore after total expenses of INR 2,371.01 crore and share of loss of associates amounting to INR 0.31 crore.
Total income tax expense for the period was recorded at INR 65.37 crore, leaving a consolidated profit after tax (PAT) of INR 192.64 crore for the quarter.
Basic and diluted earnings per share (EPS) for the quarter stood at INR 19.54, not annualized.
On a standalone basis, total sales volumes reached 433.71 million standard cubic metres (SCM) or an average of 4.766 MMSCMD during the quarter, supported by growth in CNG and domestic PNG segments.
Standalone CNG sales volumes reached 318.09 SCM million, while domestic PNG accounted for 56.67 SCM million and industry/commercial PNG contributed 58.94 SCM million.
Profit after tax was ₹192.64 Cr for the reported quarter. EPS was ₹19.54 for the reported quarter.
01 · Business model
What does Mahanagar Gas do?
Mahanagar Gas Limited is primarily engaged in the business of selling and distributing natural gas in Mumbai and its adjoining areas. The company supplies Compressed Natural Gas (CNG) to vehicles and Piped Natural Gas (PNG) to domestic households, commercial establishments, and industrial units.
The company operates an extensive network of underground pipelines and gas stations to deliver fuel across its authorized geographical areas, serving urban transport and residential energy needs.
MGL's economic model relies on natural gas sourcing, pipeline infrastructure maintenance, volume throughput across user categories, and regulated distribution margins.
02 · Historical context
What shaped the business before this quarter
Pursuant to a scheme of amalgamation sanctioned by the NCLT Mumbai bench in July 2025 with an appointed date of February 01, 2024, wholly owned subsidiary Unison Enviro Private Limited was amalgamated with the company.
The company entered into a Share Subscription Agreement in February 2024 and an amendment in May 2026 to invest up to INR 96.00 crore in 3EV Industries Private Limited, engaged in electric three-wheeler manufacturing and retro-fitment.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹2,598.90 Cr |
| Total income | ₹2,629.33 Cr |
| Profit before tax | ₹258.32 Cr |
| Profit after tax | ₹192.64 Cr |
| EPS | ₹19.54 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 7.4% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 9.9% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹30.43 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Standalone net sales from CNG (net of excise duty) stood at INR 1,618.51 crore, PNG contributed INR 738.56 crore, LNG contributed INR 0.90 crore, and traded items brought in INR 3.82 crore.
Standalone other operating income added INR 9.92 crore to take total net revenue from operations to INR 2,371.71 crore.
What drove margins
Standalone purchase of natural gas and traded items amounted to INR 1,733.38 crore during the quarter.
Excise duty for the quarter was reported at INR 226.18 crore, while employee benefits expense stood at INR 46.34 crore and other expenses were INR 249.92 crore.
Standalone EBITDA reached INR 342.98 crore, representing 14.46% of net revenue from operations.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates primarily in a single reportable operating segment: the selling and distribution of natural gas, in accordance with Ind AS 108.
06 · Strategy & new businesses
How the company is trying to change its growth mix
As of the current period, MGL has invested a total of INR 83.99 crore in 3EV Industries Private Limited, acquiring a 26.13% equity stake comprising Compulsorily Convertible Preference Shares and Optionally Convertible Debentures.
The company invested INR 3.89 crore during the quarter in FPEL Reliant Energy Private Limited to acquire a 26% equity stake as a captive user under electricity laws.
07 · Pressure points & risks
What is not going smoothly
The company faces ongoing legal and tax disputes, including a demand of INR 54.33 crore plus penalty and interest under GST for road re-instatement charges and a long-standing pipeline transportation tariff dispute involving GAIL and ONGC amounting to Rs. 331.80 crore, against which a INR 50 crore deposit was made previously.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Review
The standalone and consolidated financial results for the quarter ended June 30, 2026, were subjected to a limited review by statutory auditors Deloitte Haskins & Sells LLP.
09 · Key Q&A
The quarter, answered directly
What does Mahanagar Gas do?
Mahanagar Gas Limited is primarily engaged in the business of selling and distributing natural gas in Mumbai and its adjoining areas. The company supplies Compressed Natural Gas (CNG) to vehicles and Piped Natural Gas (PNG) to domestic households, commercial establishments, and industrial units.
What is the clearest takeaway from Q1 FY27?
Mahanagar Gas Limited reported consolidated total income of INR 2,629.33 crore for the quarter ended June 30, 2026, alongside consolidated revenue from operations of INR 2,598.90 crore.
What drove revenue or demand?
Standalone net sales from CNG (net of excise duty) stood at INR 1,618.51 crore, PNG contributed INR 738.56 crore, LNG contributed INR 0.90 crore, and traded items brought in INR 3.82 crore.
What mattered most for margins or profitability?
Standalone purchase of natural gas and traded items amounted to INR 1,733.38 crore during the quarter.
What changed operationally beyond the headline numbers?
As of the current period, MGL has invested a total of INR 83.99 crore in 3EV Industries Private Limited, acquiring a 26.13% equity stake comprising Compulsorily Convertible Preference Shares and Optionally Convertible Debentures.
What are the main pressure points disclosed for the quarter?
The company faces ongoing legal and tax disputes, including a demand of INR 54.33 crore plus penalty and interest under GST for road re-instatement charges and a long-standing pipeline transportation tariff dispute involving GAIL and ONGC amounting to Rs. 331.80 crore, against which a INR 50 crore deposit was made previously.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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11 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Legal Proceedings: Upcoming High Court hearings scheduled for August 2026 regarding the GST reverse charge demand on road re-instatement charges and the GAIL transportation tariff dispute.
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