The call ran from 4:01 PM to 4:45 PM IST (44 min).
Key takeaways
Q2 EBITDA fell to ₹287 Cr from ₹343 Cr QoQ; PAT ₹137 Cr vs ₹194 Cr. Volumes rose 2.6% QoQ despite industrial supply curtailment. Management called results better than market expectations, but gave no margin guidance.
| Revenue growth | Revenue not stated; volumes up 2.6% QoQ; EBITDA down 16% QoQ. |
|---|---|
| Margins | Margins contracted QoQ; about ₹6.77/SCM versus ₹7 target. |
| Demand visibility | Industrial demand curtailed; CNG, domestic, small commercial growing 9–12%. |
| Management confidence | Defensive on margins; claims results beat market expectations. |
Growth
Total volume 4.892 MMSCMD, up 2.6% QoQ. CNG +1.6%, domestic PNG +2.6%, industrial/commercial +8.1% QoQ. H1 EBITDA ₹630 Cr vs ₹839 Cr YoY.
Outlook
Volume growth guided above 8–9% for FY27 and FY28, conditional on gas normalising. Capex ₹1,500–1,800 Cr maintained; operating cash flow ₹1,000–1,200 Cr.
Risks
Industrial supply curtailed around 70%, Brent-linked pricing, and unit margin of about ₹6.77/SCM versus a ₹7 target. Management declined to guide FY27 margins.
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Mahanagar Gas Q2 FY27 Results: Net Profit ₹135.4 Cr, Down 29.2% YoY
Mahanagar Gas Ltd reported revenue from operations of ₹2,778 Cr (+23.1% YoY) and net profit of ₹135.4 Cr (-29.2% YoY) for Q2 FY27.
- Key figure
- Net profit ₹135.4 Cr · -29.2% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management expects 8-9% CNG volume growth for FY27 and plans FY27 Capex of ₹1500-1800 crore.
Growth they described
CNG volumes grew 9.7% YoY; domestic PNG conversions hit 95,000 for the quarter, an all-time high.
Call details
| Company | Mahanagar Gas Ltd |
|---|---|
| NSE symbol | MGL |
| ISIN | INE002S01010 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 4:00 PM IST |
| Length | 44 min |
| Audio | Our stream on YouTube ↗ |
Mahanagar Gas Ltd: key numbers
- Share price
- ₹1,059.70
- Market cap
- ₹10,467 Cr
- Revenue (annual)
- ₹8,246 Cr
- Net profit (annual)
- ₹841.2 Cr
- P/E (TTM)
- 15.9×Sector 21.3×
- Promoter holding
- 32.50%+0.00% QoQ
- FII holding
- 23.46%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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