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Revenue
₹2,052 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹451 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mahanagar Gas reported FY26 PAT of ₹847 crore, down 18.6% YoY from ₹1,041 crore, and EBITDA of ₹451 crore, sharply lower from ₹1,570 crore, reflecting severe margin compression from the West Asia crisis. Q4 volumes grew 6.15% YoY to 4.672 mmscmd, driven by CNG (+7.12%) and industrial/commercial (+4.87%), but supply disruptions curtailed industrial volumes to ~80% from mid-March. Management expects FY27 volume growth to exceed 10% aided by eased infrastructure norms and mandatory PNG conversion, but margins face near-term pressure from incomplete cost pass-through. Key risk: sustained high spot LNG prices and supply uncertainty could delay margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects overall volume growth to exceed 10% in FY27, driven by faster infrastructure rollout and mandatory PNG conversion.
- Management aims to maintain EBITDA margin above ₹8 per scm for FY27, though near-term uncertainty remains.
- Capex expected to be around ₹1,200 crore, potentially slightly higher if infrastructure rollout accelerates.
Risks flagged
- Ongoing geopolitical tensions could prolong LNG supply curtailments, impacting industrial volumes and margins.
- Management has not fully passed on higher gas costs to CNG consumers, risking margin compression if high costs persist.
- Rapid infrastructure expansion may be hindered by limited availability of plumbers, contractors, and materials across the CGD sector.
Key quotes
- Our endeavor is if there is a room compared to the alternate fuels we will be certainly trying to take required price increase to pass through the gas cost impact.
- This margins can be changed pretty quickly but these kind of opportunities to grow infrastructure volume they don't come pretty rarely.
- We have already taken a price increase on 22nd of April 1 rupee.
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