Mahanagar Gas Limited
₹1,045.20-₹8.15 (-0.8%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹10,511 Cr
- P/E
- 10.6x
- EV / EBITDA
- 5.2x
- Revenue
- ₹6,924 Cr
- Net margin
- 20.6%
- ROCE
- 34.9%
Price chart
Technical chartScreen technicals →-17.8% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -1.2%
- 3M
- -6.5%
- 6M
- -8.0%
- 1Y
- -17.8%
- 5Y
- +3.2%
52-week range
Day change -₹8.15 (-0.8%) from ₹1,053 to ₹1,045 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in MGL, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 16.0%
Concerns1
- Net profit declined 18.9% year-over-year
Rule-based from financial data. Not advice.
About the company
Mahanagar Gas Limited operates as a natural gas distribution company in India.
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Mahanagar Gas Limited operates as a natural gas distribution company in India. The company supplies piped natural gas (PNG) to domestic households for cooking and water heating, as well as for nursing homes, flight kitchens, and places of worship; commercial establishments, including hospitals, hotels, restaurants, and charitable trusts; and industries, such as metals, pharmaceuticals, printing and dyeing, food and beverages, oil mills, FMCG product manufacturers, power generation, and air-conditioning. It also provides compressed natural gas to transport sector. In addition, it engages in sale of pipes and fittings required for construction of pipeline infrastructure. Further, the company supplies liquefied natural gas to heavy motor vehicles. The company operates 385 CNG filling stations with 2,399 dispensing points; 652 kilometers of steel pipeline; and 6887 kilometers of poly-ethylene pipeline. Mahanagar Gas Limited was incorporated in 1995 and is based in Mumbai, India.
- Sector
- Energy
- Shares outstanding
- 9.9 Cr shares
- ISIN
- INE002S01010
- BSE code
- 539957
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹10,511 Cr
- P/E
- 10.6x
- P/B
- 1.7x
- EV / EBITDA
- 5.2x
- EV / Sales
- 1.7x
- P/S
- 1.7x
- Earnings yield
- 9.4%
- 52-week high
- ₹1,305.25
- 52-week low
- ₹908.75
Profitability
- Operating margin
- 29.5%
- Net margin
- 20.6%
- EBITDA margin
- 32.3%
- ROE
- 25.1%
- ROCE
- 34.9%
- ROA
- 17.8%
- Dividend payout
- 23.0%
- Tax rate
- 26.0%
- Other income, % of PBT
- 10.1%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹6,924 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 10.9%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 16.0%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹2,018 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 55.7%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -18.9%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 10.2%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹1,563 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 61.3%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹32.0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 19.8%
Solvency and efficiency
- Current ratio
- 1.50
- Debt / Equity
- 0.03
- Debt / Assets
- 0.02
- Debt / EBITDA
- 0.07
- Interest coverage
- 153.58
- Financial leverage
- 1.41
- CFO / Net profit
- 1.21
- Cash / Market cap
- 12.1%
- Cash per share
- ₹128.86
- Asset turnover
- 0.86
- Fixed asset turnover
- 1.76
- Capital intensity
- 0.57
- Debtor days
- 16 days
- Inventory turnover
- 91.25
- Cash conversion cycle
- -13 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹15 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹5,414 Cr |
| Sales | Operating profit | ₹1,510 Cr |
| Operating profit | Interest | ₹13 Cr |
| Operating profit | Depreciation | ₹306 Cr |
| Operating profit | Profit before tax | ₹1,191 Cr |
| Other income | Profit before tax | ₹184 Cr |
| Profit before tax | Tax and other | ₹329 Cr |
| Profit before tax | Net profit | ₹1,045 Cr |
Revenue and net profit
Revenue grew 10.9% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹2,153 Cr | ₹620 Cr |
| FY2022 | ₹3,560 Cr | ₹597 Cr |
| FY2023 | ₹6,299 Cr | ₹790 Cr |
| FY2024 | ₹6,245 Cr | ₹1,289 Cr |
| FY2025 | ₹6,924 Cr | ₹1,045 Cr |
Cash flows
FY2025: ₹1,368 Cr from operations, ₹367 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹806 Cr | ₹362 Cr |
| FY2022 | ₹904 Cr | ₹365 Cr |
| FY2023 | ₹969 Cr | ₹320 Cr |
| FY2024 | ₹1,563 Cr | ₹296 Cr |
| FY2025 | ₹1,368 Cr | ₹367 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹6,924 Cr+10.9%1Y
- Net profit
- ₹1,045 Cr-18.9%1Y
- Cash from operations
- ₹1,368 Cr
- Free cash flow
- ₹367 Cr+24.0%1Y
- Revenue CAGR, 5Y
- 16.0%
- EBITDA CAGR, 5Y
- 11.9%
- Net profit CAGR, 5Y
- 10.2%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹6,924 Cr | ₹1,510 Cr | — | ₹1,045 Cr | ₹1,368 Cr | ₹367 Cr | 17.7% | +10.9% | -18.9% |
Monthly returns
Month-by-month returns of MGL across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹8,204 Cr |
| Equity capital | ₹99 Cr |
| Reserves | ₹5,791 Cr |
| Borrowings | ₹164 Cr |
| Other liabilities | ₹2,150 Cr |
| Assets | ₹8,204 Cr |
| Fixed assets | ₹4,104 Cr |
| Capital work in progress | ₹974 Cr |
| Investments | ₹1,740 Cr |
| Other assets | ₹1,385 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
MGL trades at 10.6x earnings against a peer median of 24.8x (a 57% discount).
Not shown (no positive earnings and no EV / Sales): Reliance Power Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Mahanagar Gas LimitedMGLthis companyP/E ↓ discount | ₹10,511 Cr | 10.6x | 1.7x | 25.1% | 5.2x |
| Emmvee Photovoltaic Power LimitedEMMVEE | ₹14,711 Cr | 129.0x | — | 33.3% | 76.5x |
| Reliance Power LimitedRPOWER | ₹13,822 Cr | — | 1.4x | 0.5% | 119.5x |
| ACME Solar Holdings LimitedACMESOLAR | ₹13,620 Cr | 634.0x | 2.9x | 15.5% | 21.5x |
| Chennai Petroleum Corporation Ltd.CHENNPETRO | ₹12,244 Cr | 10.8x | 1.4x | 31.5% | 2.9x |
| Jaiprakash Power Ventures LimitedJPPOWER | ₹11,397 Cr | 15.4x | 0.9x | 6.0% | 8.2x |
| Sandur Manganese & Iron Ores Ltd.SANDUMA | ₹11,074 Cr | 21.9x | 4.0x | 11.0% | 27.3x |
| KPI Green Energy LimitedKPIGREEN | ₹8,822 Cr | 26.7x | 4.1x | 13.9% | 38.0x |
| Vikram Solar LimitedVIKRAMSOLR | ₹8,316 Cr | 32.4x | 2.8x | 14.5% | 22.1x |
| Peer median | — | 24.8x | 3.1x | 12.8% | 15.7x |
Year-to-date ROI
MGL since 1 January, against earlier years.
Historical volatility
MGL's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 43.0% |
| FY2022 | 26.0% |
| FY2023 | 19.0% |
| FY2024 | 30.0% |
| FY2025 | 22.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹6,924 Cr |
| Costs | |
| Interest | ₹13 Cr |
| Expenses | ₹5,414 Cr |
| Operating profitOperating Profit | ₹1,510 Cr |
| Other income and charges | |
| Profit before tax | ₹1,374 Cr |
| Tax | |
| Net profitNet Profit | ₹1,045 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹8,204 Cr |
| Equity capitalEquity Capital | ₹99 Cr |
| Reserves | ₹5,791 Cr |
| Borrowings | ₹164 Cr |
| Other liabilitiesOther Liabilities | ₹2,150 Cr |
| AssetsTotal Assets | ₹8,204 Cr |
| Fixed assetsFixed Assets | ₹4,104 Cr |
| Capital work in progressCWIP | ₹974 Cr |
| Investments | ₹1,740 Cr |
| Other assetsOther Assets | ₹1,385 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹1,368 Cr |
| Investing cash flowCash from Investing Activity | -₹1,001 Cr |
| Financing cash flowCash from Financing Activity | -₹336 Cr |
| Change in cashNet Cash Flow | ₹32 Cr |
Learn while you research
Academy chapters picked for Mahanagar Gas Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Value InvestingA P/E of 10.6 could be a value opportunity, or a value trap. Know the difference.7 min read
- 04 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 05 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 06 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read