AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 23 Sep - MGL will attend PL Capital Mid & Small Cap Conference 2026 on September 29, 2026, in-person.
Source: Bse
Mahanagar Gas Limited (MGL)
Large CapEnergy stocks · Large cap · NSE
Mahanagar Gas Limited (MGL) is one of India's largest City Gas Distribution (CGD) companies, operating over 8,320 Kms of pipeline and 518 CNG stations. It serves 1.28mn CNG vehicles and 3.21mn+ PNG households across Mumbai, Thane, Raigarh, Ratnagiri, Latur, Osmanabad, Chitradurga & Davanagere.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result30 Jul, 07:32 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Energy P/E 11.4 (n=18)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -3.5% / mo · MACD + · sector -3.5pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 31
Sector 3M: -9.1% vs Nifty 500 -5.6%
Energy FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MGLD candles · FIT view-7.8%Latest close ₹1041.80 on 2026-10-19
Bar
-1.1%
RSI
44
MACD hist
1.76
52W pos
34%
2026-10-19O ₹1053.00H ₹1053.90L ₹1034.20C ₹1041.80Vol 54,238 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MGLNifty EnergyNifty 500
- MGL
- -4.5%
- Nifty 500
- -5.6%
- Nifty Energy
- -9.3%
- Vs Nifty 500
- +1.1 pp
Chart stats
19 Oct 2026- From 52W high
- -21.6%
- 52W range position
- 33%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.37x
- Avg traded value
- ₹14.5 Cr
- 20D price channel
- ₹1,012.2 - ₹1,112
₹1,329
₹900 - ₹1,329
₹23.1
Latest completed session
20-session average
17.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED30
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +13.9% · PAT -39.5% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model-111.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence70
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -40% YoY · margin compression · Rev +14% YoY · +16% QoQ
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,373 Cr | +13.9% | +15.6% |
| EBITDA | ₹342 Cr | -31.6% | +32.6% |
| Operating margin | 14.0% | -1000 bps | +100 bps |
| PAT | ₹193 Cr | -39.5% | +48.5% |
| PAT margin | 8.1% | -718 bps | +179 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.30
- P/B
- 1.59
- EV/EBITDA
- 6.12
- Market Cap
- 10253.00Cr
Profitability
- ROE
- 12.20%
- ROCE
- 17.00%
- ROA
- 7.96%
- Dividend Y
- 2.89%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -1.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- 58.55×
- Altman Z
- 5.08
- Book Value
- 651.00
Cash Flow
- FCF Yield
- 2.67%
- FCF Positive Y
- 4/5
- OCF
- 1162.00 Cr
- EPS TTM
- 72.42
Shareholding
- Promoter Hold
- 32.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 8,246+13.5% vs prev
Net Profit
₹ CrLatest: 841-19.1% vs prev
Return on Equity
%Latest: 13.1-26.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 44. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.6% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 21% off 52W high · 16% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 4 Downtrend
1M return
-3.7%
3M return
-4.5%
6M return
-9.2%
1Y return
-19.3%
RS 1D
-2
RS 20D
-1
Sector rank
#6
Industry rank
-
Stage evidence
- Price is 4.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 86.74-0.13%
RS vs Nifty 50087
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 30 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation5/30
Growth2/25
Quality2/20
Balance Sheet10/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
30
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
30/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 10/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -111.0%.
- Growth is weaker at 2/25; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
14.3
PB
1.6
EV/EBITDA
6.1
ROE
12.2%
ROCE
17.0%
FCF Yield
2.7%
Debt/Equity
0.0
MoS
-111.0%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
30
Previous: 30
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-111.0%
Previous: -111.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
30
30
30
31
31
31
31
31
30
30
30
30
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,029.94
-1.2% MoS
Growth-justified P/E
6.8
Growth-justified Value
₹493.9
-111.0% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Energy — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PETRONET
Large
Petronet LNG Limited
Gas Distribution
match 82
56
10.5
18.3%
+26%
FAIR VALUE
OIL
Mid
Oil India Limited
Gas Distribution
match 75
61
8.7
12.2%
+58%
UNDERVALUED
PIGL
Small
Power & Instrumentation (Gujarat) Limited
Gas Distribution
match 71
49
13.7
10.8%
+47%
FAIR VALUE
SANDUMA
Micro
Sandur Manganese & Iron Ores Limited
Power Generation
match 17
74
11.7
23.0%
+31%
UNDERVALUED
CHENNPETRO
Large
Chennai Petroleum Corporation Limited
Oil Refining & Marketing
match 16
97
5.0
31.8%
+70%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-13T07:25:17.531Z
Management commentary snapshot
MGL reported a significant decline in Q4 FY26 profitability with PAT down 45.56% YoY and 34.68% QoQ, and EBITDA down 34.09% YoY and 26.05% QoQ. Full-year FY26 PAT fell 18.67% YoY despite a 13.48% increase in net revenue, impacted by higher gas costs.
While MGL achieved revenue growth for FY26, the substantial decline in Q4 and full-year PAT and EBITDA, driven by rising gas costs and potentially stagnant realizations, puts the profitability thesis under stress. The company's ability to pass on costs and maintain margins will be key.
Current business mix
Sales Volume Composition – Q4 FY 26
Latest issuer-disclosed distribution across 4 reported categories.
CNG71.7%
Domestic12.9%
Commercial3.4%
Industrial11.9%
Growth engines
Infrastructure Exclusivity/Reach
Over 8,320 Kms Pipeline with 518 CNG filing stations provides a strong network advantage.
Strong Customer Base
Serving 1.28mn CNG vehicles and 3.21mn+ PNG households provides a large, captive market.
Consistent Track Record
The company has demonstrated >30 years of consistent growth.
Capacity and execution
Pipeline Length
Cumulative pipeline length includes 737 Km of Steel and 7,584 Km of PE pipeline.
CNG Stations
The company operates a cumulative total of 518 CNG stations.
PNG Household Connections
MGL has 3,213,904 cumulative PNG household connections.
Industrial & Commercial Customers
The company serves 5,924 cumulative industrial and commercial customers.
Tailwinds
Attractive Fuel Economics
CNG and Commercial PNG are price competitive compared to alternative liquid fuels like petrol, diesel, and commercial LPG.
Secured Gas Availability
MGL has a diversified sourcing strategy including APM, HPHT, and Term RLNG.
Priority Segment Focus
Majority of sales are from CNG and D-PNG, with 100% APM allocation available for D-PNG.
Risk radar
General Economic Conditions
Management identifies general economic conditions as a potential risk that could cause actual results to differ materially.
Competitive Product and Pricing Pressures
Management identifies competitive product and pricing pressures as a potential risk.
Regulatory Developments
Management identifies regulatory developments as a potential risk.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The presentation provides both full-year (FY25 vs FY26) and quarterly (Q4 FY25, Q3 FY26, Q4 FY26) data. Full-year provides an annual overview of growth, while quarterly data highlights recent momentum and the sharp decline in Q4 profitability.
Sector KPIs management disclosed
Total Sales Volume
Total sales volume for FY26 was 4.585 MMSCMD, up from 4.235 MMSCMD in FY25.
CNG Sales Volume
CNG sales volume for FY26 was 3.267 MMSCMD, up from 3.047 MMSCMD in FY25.
DPNG Sales Volume
DPNG sales volume for FY26 was 0.590 MMSCMD, up from 0.556 MMSCMD in FY25.
Industrial & Commercial Sales Volume
Industrial & Commercial sales volume for FY26 was 0.727 MMSCMD, up from 0.632 MMSCMD in FY25.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margins | 17.61% (FY26), 12.69% (Q4 FY26) | Stabilization or improvement in margins, indicating effective cost pass-through or lower gas costs. |
| Total Sales Volume Growth | 4.585 MMSCMD (FY26) | Sustained growth across CNG, DPNG, and Industrial & Commercial segments. |
| Customer Additions | 3.21mn+ PNG households, 1.28mn CNG vehicles | Continued expansion in new PNG connections and CNG vehicle conversions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookcontradictedquantified
EBITDA per SCM for Q3 FY26 can be considered around INR8.5.
Timeframe: Q3 FY26Confidence: medium
"My guess is at least for Q3, you can hold on or you can consider INR8.5"
Outcome check: OPM moved from 16.0% to average 15.0% (-1.0 pp).
order inflownot yet verifiablequantified
A long-term HPHT contract of almost 12 million is likely to be available in January 2026.
Timeframe: January 2026Direction: increaseConfidence: medium
"likely availability of HPHT, almost 12 million, I think, long-term contract is likely to come up in the month of January 2026."
margin outlookcontradicted
MGL will certainly have margin improvement in Q4 FY26 once long-term HPHT contracts come.
Timeframe: Q4 FY26Direction: improvementConfidence: high
"long-term contracts, once it comes, Q4, certainly, we will have improvement."
Outcome check: OPM moved from 16.0% to average 15.0% (-1.0 pp).
operational efficiencynot yet verifiable
MGL will soon convert spot HPHT/RLNG purchases into term contracts.
Timeframe: soonConfidence: high
"we will be soon converting into term contract."
Trust Score
70Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 0% delivered/partly-delivered outcomes on 2 checked claims, with 2 adverse claim outcomes. It ranks around the 63rd percentile of the scored universe and 32nd percentile within Energy. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
113 docs text-extracted · 72 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
63rd percentile
overall median 67 · Energy: 32nd pctile, median 73 · Large: 40th pctile, median 73
Evidence depth
Financial-only
113 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
0% delivered or partly delivered
2/4 claims checked · 2 contradicted/failed claims
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.7%.
- ▸4 years of positive FCF.
- ▸Debt/equity is 0.03.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -7.7%.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mahanagar Gas Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Analyst / Investor Meeting is scheduled to be held on Monday, September 21, 2026
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Sep - MGL will attend UBS India Summit investor meetings in-person on September 11, 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 26 Aug - MGL to attend Ashwamedh Conference by Elara India on September 2, 2026.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug - Analyst / Investor Meeting is scheduled to be held on Tuesday, August 11, 2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 6 Aug - Mahanagar Gas to attend Goldman Sachs and Emkay investor meetings on August 11-12, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Aug - Newspaper Advertisement - Notice of 31st Annual General Meeting, Information on E-voting and Record Date
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Jun - MGL announces senior management changes effective July 1, 2026; one retirement and two appointments.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Jul - Newspaper Publication of notice to the shareholders for transfer of Equity Shares of the Company and Unpaid/Unclaimed Final Dividend for FY 2018-19 to Invertor Education …
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jun - MGL will participate in JM Financial Virtual PSU Conference on June 15, 2026.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.