Mahanagar Gas Q2 FY27: revenue up 23.8% to ₹2,538 Cr, net profit down 29.1% to ₹136 Cr
Results · Finvezto · 4 Nov 2026 · Mahanagar Gas (MGL)
Results Q2 FY27, ₹ Cr
| Q2 FY27 | ₹ Cr | QoQ | YoY |
|---|---|---|---|
| Revenue | 2,538 | - | +23.8% |
| Operating profit | 305 | - | -9.8% |
| Net profit | 136 | - | -29.1% |
| Operating margin | 12.0% | - | -4.5 pp |
| Net margin | 5.3% | - | -4.0 pp |
YoY is the company's own figure. QoQ shows where our quarterly series matches the filing.
Key points
- Overall sales volumes rose 6.49% year-on-year to 4.89 million standard cubic meter per day, with CNG up 9.14%, domestic PNG up 9.84% and industrial and commercial down 7.48% on supply curtailment. Earnings call
- Q2 EBITDA from operations was INR287 crores and net profit after tax INR137 crores, down from INR343 crores and INR194 crores respectively in the previous quarter. Earnings call
- The company achieved 70,501 DPNG conversions in the quarter for a cumulative 2.24 million, and reached over 8,500 km of pipeline and 528 CNG stations as of 30 September 2026. Earnings call
What to watch
- Management on volume growth: So, the sign contract and normal level consumption during normal if -- restores, our growth will be definitely more than 8% to 9% for both the years.
- Management on hpht gas allocation: Now, with the change of the formula, if the full order is implemented, if the flow of monthly HPHT through IGX remains at similar level, I should get at 3.5 times, around 16,000 to 18,000 MMBtu, most likely.
Links
Company page · Results tracker
Anand Ganapathy K | SEBI Registered Research Analyst | INH000016630.