Mahanagar Gas
- Market cap
- ₹ 10,169 Cr.
- P/E
- 14.5x
- P/B
- 1.59x
- 52-week range
- 900 – 1,301
- ROE
- 12%
- ROCE
- 17%
- Dividend yield
- 2.9%
- Debt / equity
- 0.03
- Sector
- Gas
- Industry
- LPG/CNG/PNG/LNG Supplier
- Listed on
- NSE, BSE
About
Mahanagar Gas Limited is an India-based natural gas distribution company. The Company is engaged in the distribution of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, Thane and Raigad districts of Maharashtra. It operates through the selling of the natural gas segment. It offers PNG for domestic, commercial and industrial purposes. Its domestic PNG is used for various purposes, like cooking and water heating. It is also used by hospitals, nursing homes, hotels, flight kitchens, restaurants, places of worship and others. It offers PNG for various industries, including metal, pharmaceuticals, food and beverages, printing and dyeing, oil mills, power generation and air conditioning. It supplies CNG to Brihanmumbai Electricity Supply and Transport/Thane Municipal Transport/Maharashtra State Road Transport Corporation/Navi Mumbai Municipal Transport (BEST/TMT/MSRTC/NMMT) buses, light commercial vehicles (LCVs)/ tempos/ trucks/private buses. It also installs gas geysers.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
LPG/CNG/PNG/LNG Supplier: 7 companies →Mahanagar Gas against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)14.5 against a typical 14.5: in line than most peers (1st = cheapest).4th of 7
- Sales growth+14% against a typical +24.4% from a year earlier.6th of 7
- Profit growth−39.4% against a typical +35% from a year earlier.6th of 7
- Share price, 3 months−4.7% against a typical −8%.3rd of 7
- Size₹ 10,169 Cr. market value against a typical ₹ 19,893.1 Cr. (1st = largest).4th of 5
Credit ratings
Every rating action on file, newest first, including reaffirmations. Open a row for the agency's reasoning. All credit rating updates
Highest safety
Rated AAA by ICRA- No warnings from the agency.
| Agency | Current rating | Outlook | As of |
|---|---|---|---|
| ICRA | [ICRA]AAA | Stable | 23 Oct 2026 |
| Rating | Details | |||||
|---|---|---|---|---|---|---|
| 23 Oct 2026 | Reaffirmed | [ICRA]AAA | — | ICRA | ₹ 2,281 Cr. | |
| 27 Nov 2025 | Reaffirmed | [ICRA]AAA | — | ICRA | ₹ 2,106 Cr. |
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 3 Nov 2026Upcoming | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 30 Jul 2026 | Financial Results | To consider and approve the financial results for the period ended Jun 30, 2026 |
| 7 May 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2026 and Final dividend |
| 7 Feb 2026 | Financial Results/Dividend | To consider and approve the financial results for the period ended December 31, 2025 and interim dividend |
| 29 Oct 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
| 22 Jul 2025 | Financial Results | To consider and approve the unaudited financial results for the quarter ended Jun 30, 2025 |
| 6 May 2025 | Financial Results/Dividend | To consider and approve the financial results for the period ended March 31, 2025 and dividend |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,571 | 1,569 | 1,567 | 1,590 | 1,786 | 1,758 | 1,963 | 2,081 | 2,049 | 2,058 | 2,051 | 2,372 |
| Expenses | 1,092 | 1,120 | 1,173 | 1,171 | 1,373 | 1,443 | 1,568 | 1,581 | 1,711 | 1,706 | 1,791 | 2,029 |
| Operating Profit | 479 | 449 | 394 | 418 | 413 | 314 | 395 | 501 | 338 | 352 | 260 | 343 |
| OPM % | 30% | 29% | 25% | 26% | 23% | 18% | 20% | 24% | 16% | 17% | 13% | 14% |
| Other Income | 44 | 48 | 45 | 40 | 47 | 46 | 42 | 32 | 29 | 29 | 29 | 30 |
| Interest | 2 | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 5 | 6 | 5 | 6 |
| Depreciation | 66 | 68 | 78 | 72 | 84 | 79 | 95 | 96 | 104 | 103 | 106 | 109 |
| Profit before tax | 454 | 426 | 357 | 384 | 373 | 278 | 338 | 432 | 258 | 272 | 178 | 259 |
| Tax % | 25% | 26% | 26% | 26% | 23% | 19% | 28% | 26% | 25% | 26% | 26% | 25% |
| Net Profit | 338 | 317 | 265 | 285 | 287 | 225 | 242 | 320 | 193 | 202 | 132 | 194 |
| EPS in Rs | 34.27 | 32.11 | 26.83 | 28.81 | 29.03 | 22.82 | 24.53 | 32.35 | 19.58 | 20.45 | 13.36 | 19.61 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 15%
- 5 Years
- 31%
- 3 Years
- 9%
- TTM
- 12%
- 10 Years
- 9%
- 5 Years
- 4%
- 3 Years
- −1%
- TTM
- −33%
- 10 Years
- 7%
- 5 Years
- 1%
- 3 Years
- 5%
- TTM
- —
- 10 Years
- 20%
- 5 Years
- 18%
- 3 Years
- 18%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Mahanagar Gas | ₹ 1,052.90 | ₹ 10,169 Cr. | 14.5x | 1.6x | 12% | — |
| Gail (India) | ₹ 163.30 | ₹ 1,07,371 Cr. | 14.9x | 1.3x | 8.7% | 5.3% |
| Adani Total Gas | ₹ 529.45 | ₹ 58,376 Cr. | 118.5x | 16x | 14.5% | 9.9% |
| Gujarat Energy Ltd | ₹ 214.20 | ₹ 20,097 Cr. | 12.3x | 1.4x | 4.9% | 5.7% |
| Indraprastha Gas | ₹ 141.95 | ₹ 19,873 Cr. | 13.8x | 1.9x | 14% | 8.7% |
| Confidence Petroleum India | ₹ 70.50 | ₹ 2,478 Cr. | 26.1x | 1.7x | 6.8% | 2% |
Management
- Rajesh D. Patel
- Chief Financial Officer, Vice President - Finance and R&T
- Atul Trimbak Prabhu
- Company Secretary and Compliance Officer
- Praveer Kumar Srivastava
- Managing Director, Additional Director
- Ajay Sinha
- Deputy Managing Director, Additional Director
Prices are delayed and for information only. Nothing on this page is investment advice.