Mahanagar Gas AGM 2026: ₹30 Dividend, FY26 Results

AGM date, time, and format

Mahanagar Gas Limited (MGL) has announced the schedule for its 31st Annual General Meeting (AGM), alongside the release of its Integrated Annual Report for FY 2025-26. The AGM is scheduled for Tuesday, August 25, 2026 at 3:00 p.m. IST. The meeting will be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). MGL also submitted its fourth Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of the Integrated Annual Report package.

The AGM notice was filed on August 03, 2026 under reference MGL/CS/SE/2026/716. It was signed by Atul Prabhu, Company Secretary and Compliance Officer. The announcement sets out the calendar for record date, e-voting cut-off date, and the remote e-voting window. For shareholders, the dates matter because they determine dividend eligibility and voting rights.

Key shareholder dates: record date and e-voting window

MGL’s notice provides a clear set of dates linked to dividend entitlement and voting participation. The company has kept the record date and e-voting cut-off date aligned, which simplifies the schedule for investors holding shares around that period. Remote e-voting will open a few days before the AGM and close the day before the meeting.

Dividend for FY 2025-26: interim plus proposed final

For FY 2025-26, MGL’s Board declared an interim dividend of ₹12 per equity share (face value ₹10), which was paid in February 2026. Separately, the Board has recommended a final dividend of ₹18 per equity share for FY 2025-26. The final dividend is subject to shareholder approval at the AGM.

If approved, the total dividend for FY 2025-26 will be ₹30 per equity share. The company described this as continuing its consistent dividend track record. The record date for the final dividend is Tuesday, August 18, 2026, as specified in the AGM schedule.

FY 2025-26 performance: revenue growth, EBITDA and PAT

MGL reported revenue from operations of ₹9,059.77 crore for FY 2025-26, an increase of 13.58% from ₹7,976.42 crore in the previous year. The company reported EBITDA of ₹1,451.07 crore for FY 2025-26. While EBITDA remained strong, it was lower than the previous year’s ₹1,570.05 crore.

Profit After Tax (PAT) for FY 2025-26 stood at ₹846.82 crore, compared with ₹1,041.26 crore in the prior year. In its narrative, MGL linked the year’s performance to expansion of its CGD network, strategic initiatives, and digital transformation efforts. The Integrated Annual Report covers financial and operational performance across business segments for the year ended March 31, 2026.

Q1 FY 2027 update: sequential lift in earnings, mixed market reaction

MGL also reported a sharp rise in quarterly profit and operating earnings for Q1 FY 2027, with the update pointing to stronger pricing in its industrial and commercial business and continued growth in CNG and domestic PNG volumes. EBITDA from operations climbed 31.74% sequentially to ₹343 crore from ₹260 crore. Net profit after tax increased 46.83% sequentially to ₹194 crore from ₹132 crore.

The same update noted that the stock fell 6.98% to $1.20, placing it near the lower end of its 52-week range, as described. Separately, other price snapshots in the provided information include 1,117.70 (+13.00, +1.18%) and -21.60 (-1.95%), without additional context. These moves were presented alongside commentary that investors were weighing execution against gas-supply uncertainty and margin pressure.

Volumes and customer additions: CNG, domestic PNG, and curtailment impact

Operationally, the Q1 FY 2027 update reported overall sales volume of 4.766 million metric standard cubic meters a day, up 7.01% year over year. CNG volume rose 9.74% year over year to 3.496 million metric standard cubic meters a day. Domestic PNG volume increased 9.09% to 0.623 million metric standard cubic meters a day.

Industrial and commercial volume fell 7.15% year over year to 0.648 million metric standard cubic meters a day. The decline was attributed mainly to a 20% government-mandated curtailment, as stated in the update. On the customer side, domestic PNG connections hit a quarterly record of 97,461, supported by the PNG Drive 2.0 program.

Financial snapshot: FY 2025-26, Q3FY26, and Q1 results

MGL’s earlier quarterly disclosures for Q3 FY26 showed revenue growth but lower profit. Revenue from operations for Q3 FY26 was ₹2,265.97 crore versus ₹2,030.82 crore in Q3 FY25, a rise of 11.58%. Net profit after tax for Q3 FY26 was ₹201.97 crore versus ₹223.00 crore, a decline of 9.43%. For the nine months ended December 31, 2025, revenue from operations was ₹6,801.70 crore versus ₹5,825.84 crore, a growth of 16.75%, while net profit after tax was ₹714.90 crore versus ₹798.96 crore.

The first quarter ended June 30, 2026 results also include revenue and profit numbers presented in million rupees, which convert to ₹ crore for consistency. Sales were ₹2,598.90 crore compared to ₹2,282.07 crore a year ago, and revenue was ₹2,629.33 crore compared to ₹2,314.22 crore. Net income was ₹193.00 crore compared to ₹318.68 crore a year ago, with basic and diluted EPS at ₹19.54 versus ₹32.26.

Capex plans and near-term operating priorities

The Q1 FY 2027 update also outlined a higher investment plan. CapEx is expected to reach ₹1,500 to ₹1,800 crore in FY 2027, compared with ₹350 crore in the quarter, as stated. The disclosure ties the operating narrative to continued volume growth in CNG and domestic PNG, while acknowledging the role of pricing and supply conditions.

For CNG, MGL stated it still expects annual volume growth of 8% to 9% in FY 2027 and FY 2028, assuming gas prices and supply conditions normalize. This guidance, as framed in the provided information, is conditional and linked to external inputs rather than a standalone forecast. Investors typically track these assumptions because they influence margins and throughput in city gas distribution businesses.

Sustainability reporting: fourth BRSR filed for FY 2025-26

As part of the Integrated Annual Report, MGL submitted its fourth Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The filing indicates that the company is continuing with the BRSR disclosure framework alongside its annual reporting cycle. The Integrated Annual Report was released simultaneously with the AGM schedule and is positioned as a consolidated view of financial and operational performance.

Why the AGM package matters for investors

The AGM notice, dividend recommendation, and annual report release together create a single decision window for shareholders. The final dividend of ₹18 per share requires shareholder approval, and the August 18, 2026 record date defines eligibility. The remote e-voting window from August 22 to August 24, 2026 gives shareholders time to participate even though the meeting is online.

From a performance standpoint, FY 2025-26 numbers show revenue growth with lower EBITDA and PAT compared to the previous year. The more recent quarterly update points to stronger sequential earnings, higher volumes, and a higher capex plan, while also noting gas-supply uncertainty and margin pressure in the market narrative provided. This mix explains why the AGM disclosures and quarterly trends are likely to be read together.

Conclusion

Mahanagar Gas will hold its 31st AGM on August 25, 2026 through VC/OAVM, with the record date and e-voting cut-off date set for August 18, 2026. Shareholders will vote on the proposed final dividend of ₹18 per share, taking the FY 2025-26 total dividend to ₹30 per share including the interim dividend already paid. Alongside these governance updates, the company has released its FY 2025-26 Integrated Annual Report and filed its fourth BRSR, while recent quarterly disclosures highlight sequential improvement in earnings, ongoing volume growth, and a higher capex plan for FY 2027.