Mahanagar Gas FY26: Revenue grows, margins tighten as gas costs rise

Standalone net revenue was INR 8,240.21 crore, EBITDA was INR 1,451.07 crore and PAT was INR 846.82 crore for FY 2025-26.

Average total sales volume increased to 4.585 mmscmd in FY 2025-26 from 4.235 mmscmd in FY 2024-25. CNG averaged 3.267 mmscmd, domestic PNG 0.590 mmscmd and industrial and commercial 0.727 mmscmd.

The presentation showed Q4 FY26 sales volume distribution as CNG 71.67%, Domestic 12.94%, Commercial 3.44% and Industrial 11.95%.

MGL reported over 8,320 km of pipeline and 518 CNG stations, with about 3.21 million PNG household connections and about 1.28 million CNG vehicles in its operating geographies.

Management said LNG supply disruptions affected industrial and commercial customers, with supplies partly curtailed to around 80%. Domestic PNG and major parts of CNG were supported by domestically produced gas, ensuring full supply to those customers.

Management indicated capex would be in the INR 1,200 crore range and could be a little higher depending on execution capacity and availability of labor and materials.

Management said the Board approved a final dividend of INR 18 per share subject to shareholder approval, taking total dividend for FY 2025-26 to INR 30 per share including interim dividend already paid.