Mahanagar Gas Limited Releases Q1 FY27 Results; Highlights Investments and Operational Performance
Mahanagar Gas Limited (MGL) has released its Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026. The financial results reflect the company's performance across various segments, alongside updates regarding ongoing investments and legal matters.The standalone financial results showed a robust increase in net revenue from operations compared to the previous quarter. Net Revenue for the quarter ending June 30, 2026, stood at Rs. 2,371.71 Crore, marking a 15.62% growth from the Q1 performance of March 31, 2026 (Rs. 2,051.22 Crore). The company's total revenue from operations for the quarter reached Rs. 2,597.89 Crore.
Standalone Financial Highlights (Q ended June 30, 2026)
The financial performance of Mahanagar Gas Limited in Q1 FY27 is summarized below:| Particulars | Q Ended June 30, 2026 (Rs. Crore) | Q Ended March 31, 2026 (Rs. Crore) | % Change (YoY/QoQ) |
|---|---|---|---|
| Revenue from Operations | 2,597.89 | 2,258.07 | 15.05% |
| Total Income | 2,628.26 | 2,287.06 | - |
| Total Expenses | 2,369.19 | 2,108.58 | - |
| Profit Before Tax | 259.07 | 178.48 | - |
| Net Profit After Tax | 193.70 | 131.92 | 46.83% |
| Earnings per share (EPS) | 19.61 | 13.35 | 46.83% |
In terms of volumes, the company recorded a total sales volume of 433.71 SCM Million in June 2026, up from 420.50 SCM Million in March 2026, reflecting a 3.14% increase. PNG revenue increased substantially to Rs. 738.56 Crore from Rs. 558.07 Crore during the previous quarter.
Consolidated Financial Highlights (Q ended June 30, 2026)
The Group’s consolidated results demonstrated a similar upward trend in overall income. Total Income for the three months ending June 30, 2026, stood at Rs. 2,629.33 Crore, up from Rs. 2,288.00 Crore recorded in March 2026.| Particulars | Q Ended June 30, 2026 (Rs. Crore) | Q Ended March 31, 2026 (Rs. Crore) | % Change (YoY/QoQ) |
|---|---|---|---|
| Revenue from Operations | 2,598.90 | 2,258.90 | 15.03% |
| Total Income | 2,629.33 | 2,288.00 | - |
| Total Expenses | 2,371.01 | 2,110.06 | - |
| Profit Before Tax | 258.01 | 176.33 | - |
| Net Profit After Tax | 192.64 | 129.62 | 46.77% |
| Earnings per share (EPS) | 19.54 | 13.37 | 46.27% |
The consolidated performance saw revenue from operations reach Rs. 2,598.90 Crore, showing an increase of approximately 15%.
Key Business Updates and Strategic Investments
Investments in Associates:Mahanagar Gas Limited (MGL) provided updates regarding its strategic investments:
- 3EV Industries Private Limited (3EV): Following a Share Subscription Agreement executed on February 12, 2024, MGL has invested Rs. 83.99 Crore in 3EV, acquiring an equity stake of 26.13% based on a fully diluted basis. This investment comprises Compulsorily Convertible Preference Shares (CCPS) amounting to Rs. 83.00 Crore and Optionally Convertible Debentures (OCD) worth Rs. 0.99 Crore invested in the current quarter.
- FPEL Reliant Energy Private Limited: On March 09, 2026, MGL signed an agreement with FPEL Reliant and its holding company, FPEL Saur Vidyut Private Limited, to acquire a 26% equity stake as a captive user. The investment made in FPEL Reliant during the current quarter was Rs. 3.89 Crore.
Litigation and Regulatory Matters:
Both the Standalone and Consolidated reports included details on ongoing legal disputes:
- UTNGPL Dispute: Regarding the demand by GAIL (India) Limited for transportation tariff related to ONGC's Uran Trombay Natural Gas Pipeline (UTNGPL), MGL confirmed that it has a strong case based on legal opinions and does not anticipate any outflow of resources, thus no provision was recognized.
- GST Liability: Pertaining to GST liability under Reverse Charge Mechanism concerning "Rasta Nuksan Bharpai" charges paid while laying underground pipelines, the company is currently contesting the demand in the High Court. A further hearing for this matter is scheduled for August 17, 2026.
The financial results were reviewed by Deloitte Haskins & Sells LLP and subsequently approved by the Board of Directors.
MGL Stock Price Movement
Shares of Mahanagar Gas Limited are edging higher to ₹1119.5 as of 2:00 PM today, rallying after posting a 1.31% gain. The stock is currently seeing high interest in the live market, with 357,903 shares trading hands.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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