CNG vehicle additions (FY26)
118,590
+42% YoY
Total CNG vehicles reached 1.28 million as of March 2026.
MAHANAGARGAS
Energy
30 Apr 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
FY27 volume growth >10%
Management expects overall volume growth to exceed 10% in FY27, driven by faster infrastructure rollout and mandatory PNG conversion.
Management guidance growthEBITDA margin >₹8/scm for FY27
Management aims to maintain EBITDA margin above ₹8 per scm for FY27, though near-term uncertainty remains.
Management guidance marginsCapex guidance ~₹1,200 crore for FY27
Capex expected to be around ₹1,200 crore, potentially slightly higher if infrastructure rollout accelerates.
Management guidance capexKey Risks
Sustained supply disruption from West Asia crisis
Ongoing geopolitical tensions could prolong LNG supply curtailments, impacting industrial volumes and margins.
high · management_commentaryIncomplete cost pass-through on CNG
Management has not fully passed on higher gas costs to CNG consumers, risking margin compression if high costs persist.
medium · analyst_questionLabor and material availability constraints
Rapid infrastructure expansion may be hindered by limited availability of plumbers, contractors, and materials across the CGD sector.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Mahanagar Gas's revenue in Q4 FY26?
Mahanagar Gas reported revenue of ₹2,052 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Mahanagar Gas management give for FY27?
FY27 volume growth >10%: Management expects overall volume growth to exceed 10% in FY27, driven by faster infrastructure rollout and mandatory PNG conversion. EBITDA margin >₹8/scm for FY27: Management aims to maintain EBITDA margin above ₹8 per scm for FY27, though near-term uncertainty remains. Capex guidance ~₹1,200 crore for FY27: Capex expected to be around ₹1,200 crore, potentially slightly higher if infrastructure rollout accelerates.
What are the key risks for Mahanagar Gas in FY27?
Key risks include Sustained supply disruption from West Asia crisis — Ongoing geopolitical tensions could prolong LNG supply curtailments, impacting industrial volumes and margins.; Incomplete cost pass-through on CNG — Management has not fully passed on higher gas costs to CNG consumers, risking margin compression if high costs persist.; Labor and material availability constraints — Rapid infrastructure expansion may be hindered by limited availability of plumbers, contractors, and materials across the CGD sector..
Did Mahanagar Gas meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Mahanagar Gas Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.