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Sustained supply disruption from West Asia crisis
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Mahanagar Gas Ltd — Q4 FY26
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.
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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.
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CNG vehicle additions (FY26)
118,590
+42% YoY
Total CNG vehicles reached 1.28 million as of March 2026.
Domestic PNG connections added (Q4)
143,997
+8% YoY
Total households connected reached 3.21 million.
Industrial/commercial volume growth (FY26)
15.04%
+15.04% YoY
Industrial/commercial volumes grew to 727 mmscmd for the full year.
Henry Hub contracted volume received (Q4)
0.78 mmscmd
-48% vs contracted
Received only 0.78 mmscmd against contracted 1.5 mmscmd due to force majeure.
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Guidance and risk preview
Management expects overall volume growth to exceed 10% in FY27, driven by faster infrastructure rollout and mandatory PNG conversion.
Ongoing geopolitical tensions could prolong LNG supply curtailments, impacting industrial volumes and margins.
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