Mahanagar Gas Ltd · NSE:MGL
Mahanagar Gas — Q2 FY26 Earnings Presentation
18 slides from Mahanagar Gas's earnings presentation, Oct 30, 2025
Slide 1: Stock exchange cover letter for investor presentation
Ref: MGL/CS/SE/2025/661 Date: October 30, 2025 To, Head, Listing Compliance Department Head, Listing Compliance Department BSE Limited National Stock Exchange of India Limited P. J. Towers, Exchange Plaza, Bandra – Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip C
Slide 2: Investor Presentation October 2025
INVESTOR PRESENTATION October - 2025
Slide 3: Safe Harbor
Safe Harbor This presentation may contain statements which reflect the management’s current views and estimates and could be construed as forward-looking statements. The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being
Slide 4: MGL: An Introduction
MGL : An Introduction
Slide 5: One of the largest CGD Companies in India
One of the largest CGD Companies in India Consistent Track Record Secured Gas Availability Strong Customer Base > 30 years of consistent growth APM, HPHT, Term RLNG CNG 1.22mn + Vehicles PNG 2.95mn + households Infrastructure Exclusivity/Reach Commitment to HSE Robust Financials Over 8,062 Kms Pipel
Slide 6: Areas of Operation
Areas of Operation 45,691 47,96,180 Area (sq Km) Urban Households 485 701 7,361 CNG Stations Steel Pipeline PE Pipeline (No) Length (Km) Length (Km) 12,18,088 29,44,999 5,340 CNG Vehicles PNG Household Industrial Commercial (No) Connections Customers Existing MGL’s Geographical Area (GA) GA’s of ers
Slide 7: Infrastructure – MGL (Excluding Erstwhile UEPL)
Infrastructure – MGL (Excluding Erstwhile UEPL) Domestic Household Connections in ‘000 CNG Vehicles (‘000) & Stations (Nos.) 593 1,422 534 1,375 Cumulative Cumulative CNG Vehicles – 2,895 171 1,156 152 29 67 CNG Stations - 98 CNG Vehicles CNG Stations 390 GA 1 GA 2 GA 3 GA 1 GA 2 GA 3 Pipeline (Stee
Slide 8: Infrastructure – Erstwhile UEPL
Infrastructure – Erstwhile UEPL Domestic Household Connections in ‘000 CNG Vehicles (‘000) & Stations (Nos.) 25 41 20 Cumulative 29 Cumulative 27 25 22 50 CNG Vehicles - 62 12 CNG Stations - 95 5 CNG Vehicles CNG Stations Ratnagiri Latur & Osmanabad Chitradurga & Davanagere Ratnagiri Latur & Osmanab
Slide 9: Operational & Financial Performance
Operational & Financial Performance
Slide 10: P/L Highlights - Standalone
P/L Highlights - Standalone ₹ Crore Q2 Q2 Q1 H1 H1 Particulars YoY QoQ YoY FY25-26 FY24-25 FY25-26 FY25-26 FY24-25 Revenues 2,049.33 1,786.25 14.73% 2,081.38 -1.54% 4,130.71 3,452.01 19.66% Gross Profit 624.59 660.57 -5.45% 771.67 -19.06% 1,396.26 1,321.24 5.68% EBITDA 337.95 413.47 -18.27% 500.71 -
Slide 11: Balance Sheet - Standalone
Balance Sheet - Standalone ₹ Crore As at As at As at As at 30th September 2025 31st March 2025 30th September 2025 31st March 2025 ASSETS EQUITY AND LIABILITIES Equity 6,213 5,878 Non-current Assets 6,647 6,355 Equity Share Capital 99 99 Property, Plant and Equipment 5,011 4,833 Other Equity 6,114 5
Slide 12: Financial Performance
Financial Performance ₹ Crore Revenues (Net) Gross Profit (Gas Sales Less Gas Cost) 4131 1306 1380 3452 2081 763 1786 2049 653 616 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 EBIDTA & Margins PAT 24.63% 20.30% 850 839 576 24.06% 513 23.15% 501 16.49% 320 413 287 3
Slide 13: Operational Metrics
Operational Metrics INR/SCM Revenues (Net) Gas Cost 51.36 32.12 33.59 32.87 48.49 49.90 28.96 46.17 45.83 28.16 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q1 FY26 Q2 FY26 H1 FY25 H1 FY26 Gross Profit (Gas Sales Less Gas Cost) EBIDTA 19.04 12.35 17.07 17.54 16.87 11.29 14.78 10.69 10.13 8.00 Q2
Slide 14: Volumes - MMSCMD
Volumes - MMSCMD MGL Esrtwhile UEPL 0.248 4.346 4.288 0.236 4.042 4.276 3.951 0.224 0.026 0.022 0.687 0.731 0.705 0.019 0.628 0.584 0.165 0.528 0.575 0.579 0.574 0.163 0.538 0.009 0.009 0.204 0.218 0.211 2.886 3.015 3.037 2.829 3.009 0.152 0.154 Q2 FY 25 Q1 FY 26 Q2 FY 26 H1 FY 25 H1 FY 26 Q2 FY 25
Slide 15: Attractive Fuel Economics - MGL
Attractive Fuel Economics - MGL CNG is price competitive compared Commercial PNG is favourably to alternatives priced vs. alternate fuels 46.56% 46.56% Benefits of CNG / PNG 83.29 80.61 10.59% 10.59% 103.50 103.50 90.03 90.03 56.75 80.50 80.50 Price Advantage 54.92 • • Natural gas provides economic
Slide 16: Diversified Sourcing Strategy
Diversified Sourcing Strategy Sales Volume Composition - Q2 FY 26 Priority Segment Forms Majority • Distribution - Majority of MGL’s sales are from CNG and D-PNG • Gas for D-PNG - 100% APM allocation is available • Gas for CNG – Partially from APM allocation and balance from Market determined price
Slide 17: Shareholding, Dividend and Market Capitalisation
Shareholding, Dividend and Market Capitalisation Dividend Per Share (Rs) 15 26 30 30 23 25 20 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Normal Special Market Capitalisation (Rs cr.) 19,167 32.5% 10.0% 24.20% 15,774 13,700 14,651 GAIL Government of FPIs/NRIs 13,474 12,687 Maharashtra 22.89% 10.41% Domestic
Slide 18: Thank You!
Thank You! MGL House, G-33, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 T +91 22 6678 5000 https://www.mahanagargas.com CIN : L40200MH1995PLC088133 Contact to : Runjhun Jain | Runjhun.jain1@in.ey.com Avantika Mishra | Avantika.mishra@in.ey.com