Mumbai: Mahanagar Gas Limited (MGL) reported revenue from operations of Rs 2,776.74 crore in the second quarter of financial year 2026-27 (Q2 FY27), registering a year-on-year growth of approximately 23% compared with Rs 2,255.29 crore in the corresponding quarter of the previous financial year.
However, the city gas distribution company’s net profit declined to Rs 137.03 crore from Rs 193.37 crore in Q2 FY26, reflecting continued pressure on profitability despite higher revenue and improved gas sales volumes.
The company’s financial results for the quarter ended September 30, 2026, were approved by its Board of Directors on November 3, 2026.
MGL also recognised an exceptional impairment loss of Rs 17.33 crore on its investment in 3EV Industries Private Limited during the quarter.
Mahanagar Gas Q2 FY27: Profitability Remains Under Pressure
Mahanagar Gas reported a standalone profit before tax (PBT) of Rs 187.07 crore during the September quarter. Earnings per share (EPS) stood at Rs 13.87.
The company’s EBITDA before exceptional items stood at Rs 304.76 crore, compared with Rs 342.98 crore in the preceding quarter (Q1 FY27).
Its EBITDA margin also declined to 12.01% in Q2 FY27 from 14.48% in the previous quarter, indicating pressure on operating profitability.
The exceptional impairment loss of Rs 17.33 crore on the company’s investment in 3EV Industries Private Limited further affected its reported earnings.
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Mahanagar Gas Q2 Sales Volume Rises 3.76% to 450.02 Million SCM
Mahanagar Gas recorded an improvement in overall gas sales volumes during the September quarter.
Total sales volume increased 3.76% to 450.02 million standard cubic metres (SCM) in Q2 FY27, compared with 433.71 million SCM in Q1 FY27.
Average daily sales volume also increased to 4.892 million metric standard cubic metres per day (MMSCMD) from 4.766 MMSCMD in the preceding quarter.
Segment-wise performance showed growth in both compressed natural gas (CNG) and piped natural gas (PNG) sales.
- CNG Sales: CNG volumes increased 2.74% to 326.82 million SCM during Q2 FY27.
- PNG Sales: Piped natural gas volumes rose 6.56% to 123.20 million SCM.
Within the PNG segment, domestic volumes increased 3.75% to 58.80 million SCM, while industrial and commercial volumes grew 9.26% to 64.40 million SCM.
The increase in sales volumes reflects continued demand across MGL’s CNG and PNG distribution segments.
Mahanagar Gas H1 FY27 Financial Performance
For the six months ended September 30, 2026, Mahanagar Gas reported standalone revenue from operations of Rs 5,374.63 crore, compared with Rs 4,535.73 crore in the corresponding period of the previous financial year.
However, the company’s profitability declined during the first half of FY27.
Net profit fell to Rs 330.73 crore from Rs 512.93 crore in the corresponding period last year. Similarly, EBITDA before exceptional items declined to Rs 647.73 crore from Rs 838.66 crore.
The half-year performance indicates that despite revenue growth, the company continues to face pressure on operating earnings and overall profitability.
Mahanagar Gas Share Price on November 3
Shares of Mahanagar Gas Limited were trading at Rs 1,068.70 on the National Stock Exchange (NSE), up 2.97%, at 3:26 pm on November 3, 2026.
The stock was trading higher despite the company’s year-on-year decline in quarterly net profit.
About Mahanagar Gas Limited (MGL)
Mahanagar Gas Limited is one of India’s leading city gas distribution companies. It supplies compressed natural gas (CNG) primarily for vehicles and piped natural gas (PNG) for domestic, industrial and commercial consumers. The company plays an important role in expanding natural gas access and supporting cleaner fuel adoption across its operating areas.
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