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Mahanagar Gas Overview

Mahanagar Gas Ltd is a city gas distribution organization. The Company is engaged within the distribution of CNG and PNG in Mumbai and its adjacent areas and inside the Raigad district of Maharashtra, India. It additionally substances CNG for motors, consisting of rickshaws, taxis and cars in Mumbai, Thane, Mira-Bhayander, Navi Mumbai. It substances 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 commerc...Read More

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Mahanagar Gas Key Financials

Market Cap ₹11196 Cr.

Stock P/E 10.8

P/B 1.7

Current Price ₹1133.5

Book Value ₹ 649

Face Value 10

52W High ₹1586

Dividend Yield 2.65%

52W Low ₹ 902

Mahanagar Gas Share Price

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Volume
Price

Mahanagar Gas Quarterly Price

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Mahanagar Gas Peer Comparison

Mahanagar Gas Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 1729 1724 1771 1832 1963 2032 2152 2282 2256 2268
Other Income 44 48 44 36 47 42 42 32 29 30
Total Income 1773 1772 1816 1868 2010 2073 2194 2314 2285 2298
Total Expenditure 1250 1275 1376 1395 1549 1707 1757 1781 1919 1916
Operating Profit 523 497 439 472 460 367 437 533 367 382
Interest 2 3 6 3 3 3 4 5 5 6
Depreciation 66 68 81 83 84 90 93 96 104 104
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 454 426 352 386 373 273 340 432 258 272
Provision for Tax 116 109 92 97 86 50 92 114 65 70
Profit After Tax 339 317 261 289 287 223 248 319 193 202
Adjustments 0 0 0 0 0 0 -1 -1 -2 -1
Profit After Adjustments 339 317 261 289 287 223 247 318 191 201
Adjusted Earnings Per Share 34.3 32.1 26.4 29.2 29 22.6 25 32.2 19.4 20.4

Mahanagar Gas Profit & Loss

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 6299 6290 7264 8958
Other Income 112 175 170 133
Total Income 6411 6465 7434 9091
Total Expenditure 5115 4446 5697 7373
Operating Profit 1296 2019 1737 1719
Interest 9 13 14 20
Depreciation 231 277 352 397
Exceptional Income / Expenses 0 0 0 0
Profit Before Tax 1056 1728 1370 1302
Provision for Tax 265 443 329 341
Profit After Tax 790 1285 1040 962
Adjustments 0 0 0 -5
Profit After Adjustments 790 1285 1041 957
Adjusted Earnings Per Share 80 130.1 105.3 97

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 15% 0% 0% 0%
Operating Profit CAGR -14% 0% 0% 0%
PAT CAGR -19% 0% 0% 0%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -19% 5% -0% NA%
ROE Average 19% 22% 22% 22%
ROCE Average 25% 29% 29% 29%

Mahanagar Gas Balance Sheet

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 4134 5138 5880
Minority's Interest 0 5 15
Borrowings 0 0 0
Other Non-Current Liabilities 337 410 500
Total Current Liabilities 1561 1700 1875
Total Liabilities 6032 7253 8270
Fixed Assets 3026 4235 4854
Other Non-Current Assets 1000 1111 1470
Total Current Assets 2006 1908 1946
Total Assets 6032 7253 8270

Mahanagar Gas Cash Flow

#(Fig in Cr.) Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 82 118 129
Cash Flow from Operating Activities 969 1568 1406
Cash Flow from Investing Activities -649 -1082 -1052
Cash Flow from Financing Activities -285 -499 -332
Net Cash Inflow / Outflow 35 -13 22
Closing Cash & Cash Equivalent 118 129 152

Mahanagar Gas Ratios

# Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 79.98 130.06 105.34
CEPS(Rs) 103.38 158.13 140.97
DPS(Rs) 26 30 30
Book NAV/Share(Rs) 418.53 520.19 595.28
Core EBITDA Margin(%) 17.11 26.67 19.64
EBIT Margin(%) 15.39 25.18 17.34
Pre Tax Margin(%) 15.25 24.99 17.16
PAT Margin (%) 11.42 18.58 13.04
Cash Profit Margin (%) 14.75 22.59 17.45
ROA(%) 13.1 19.34 13.4
ROE(%) 19.11 27.71 18.89
ROCE(%) 25.76 37.56 25.11
Receivable days 15.51 15.59 15.11
Inventory Days 1.78 2 2.16
Payable days 26.52 33.54 30.38
PER(x) 12.31 10.48 13.16
Price/Book(x) 2.35 2.62 2.33
Dividend Yield(%) 2.64 2.2 2.16
EV/Net Sales(x) 1.51 2.07 1.84
EV/Core EBITDA(x) 7.33 6.46 7.7
Net Sales Growth(%) 0 -0.15 15.48
EBIT Growth(%) 0 63.52 -20.54
PAT Growth(%) 0 62.61 -19.01
EPS Growth(%) 0 62.61 -19
Debt/Equity(x) 0 0 0
Current Ratio(x) 1.29 1.12 1.04
Quick Ratio(x) 1.26 1.1 1.01
Interest Cover(x) 113.41 130.93 98.41
Total Debt/Mcap(x) 0 0 0

Mahanagar Gas Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5
FII 30.85 30.55 31.49 34.2 25.75 23.76 25.48 23.6 24.89 24.14
DII 27.23 27.4 26.67 25.46 31.1 33.82 32.52 32.89 30.83 31.01
Public 9.42 9.55 9.34 7.84 10.64 9.92 9.5 11.02 11.78 12.35
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Mahanagar Gas News

Mahanagar Gas Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 22%
  • Debtor days have improved from 33.54 to 30.38days.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 32.5%.
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