Mahanagar Gas Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Mahanagar Gas Ltd filed with BSE on 07 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Mahanagar Gas reported Q1 FY27 EBITDA of Rs 343 crore, up 31.74% from the previous quarter, and net profit after tax of Rs 194 crore, up 46.83% quarter-on-quarter. Management attributed the improvement to higher realizations in the industrial and commercial segment linked to elevated Brent prices, even as overall sales volume grew 7.01% year-on-year to 4.766 mmscmd amid gas supply curtailments tied to the West Asia conflict. The company also highlighted continued network expansion, including 97,461 DPNG conversions and 156.57 km of pipeline laid during the quarter.
Numbers mentioned
EBITDA: INR343 crores (Q1 FY27)
p. 4
“EBITDA from operation for the quarter is INR343 crores as compared to the previous quarter EBITDA of INR260 crores, an increase of 31.74%.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Net profit after tax: INR194 crores (Q1 FY27)
p. 4
“Net profit after tax for the quarter is INR194 crores as compared to previous quarter net profit after tax of INR132 crores, an increase of 46.83%.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Overall average sales volume: 4.766 mmscmd (Q1 FY27)
p. 4
“average overall sales volume has increased from 4.456 to 4.766 mmscmd, which is an increase of 7.01% sales volume”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
CNG sales volume growth: 9.74% (Q1 FY27 vs Q1 FY26)
p. 4
“Sales volume of the CNG has increased from 3.185 mmscmd to 3.496 mmscmd, which is an increase of 9.74%.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Domestic DPNG sales volume growth: 9.09% (Q1 FY27 vs Q1 FY26)
p. 4
“Sales for domestic DPNG has increased from 0.571 mmscmd to 0.623 mmscmd, which is an increase of 9.09%.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Industrial and commercial sales volume decline: 7.15% (Q1 FY27 vs Q1 FY26)
p. 4
“In case of industrial and commercial, sales volume has decreased from 0.698 mmscmd to 0.648 mmscmd, a decrease of 7.15%.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Cumulative DPNG conversions: 2.17 million (as on 30th June 2026)
p. 3
“During the quarter, 97,461 DPNG conversions were achieved, taking the cumulative DPNG conversions to 2.17 million as on 30th June 2026.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
Total pipeline length: over 8,477.01 kilometres (as on 30th June 2026)
p. 3
“We have laid 156.57 kilometers of steel and PE pipeline, taking the total length to over 8,477.01 kilometres.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
CNG stations: 519 stations (as on 30th June 2026)
p. 4
“We added 1 CNG station during this quarter. And with this, we have 519 stations as on 30th June 2026.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
CNG vehicles registered: more than 1.31 million (as on 30th June 2026)
p. 4
“During the quarter, there is an addition of 26,007 CNG vehicles, and now we have more than 1.31 million CNG vehicles registered in our geographies as of 30th June 2026.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Q1 capex spend: INR350 crores (Q1 FY27)
p. 9
“For Q1, we have already spent INR350 crores.”
Rajesh Patel, page 9 of the filed PDF · View the filing
Domestic connections added: almost 95,000 (Q1 FY27)
p. 9
“my number of domestic connections added is almost 95,000 for first quarter, which was never the case in the history.”
Rajesh Patel, page 9 of the filed PDF · View the filing
Unison Enviro Gas average volume: 0.322 mmscmd (Q1 FY27)
p. 5
“around 3 lakh 22 (thousand) or 0.322 mmscmd average for the quarter is towards Unison Enviro GAs”
Rajesh Patel, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
FY27 capex — INR1,800 crores · FY26-27
stated conditionally by Rajesh Patel
p. 9
“we are ready to spend almost in the range of INR1,800 crores for FY26-27”
Rajesh Patel, page 9 of the filed PDF · View the filing
CNG volume growth — 8% to 9% · FY27
stated conditionally by Rajesh Patel
p. 7
“we do expect that growth should be in the range of 8% to 9% only for CNG”
Rajesh Patel, page 7 of the filed PDF · View the filing
EBITDA per SCM — INR8 to INR9 per SCM
stated as an aspiration by Rajesh Patel
p. 8
“our endeavor is to maintain EBITDA margin in the level range of INR8 to INR9 per SCM”
Rajesh Patel, page 8 of the filed PDF · View the filing
Domestic PNG connections — 8 lakhs to 10 lakhs · FY27
stated conditionally by Rajesh Patel
p. 10
“We can do 8 lakhs to 10 lakhs given if there are no bottlenecks in this year itself.”
Rajesh Patel, page 10 of the filed PDF · View the filing
Volume growth — 8% to 9% · sustainable, FY28-29
stated as an aspiration by Rajesh Patel
p. 15
“It should be in the range of 8% to 9%.”
Rajesh Patel, page 15 of the filed PDF · View the filing
Dividend payout — current level of dividend
stated firmly by Rajesh Patel
p. 15
“we will maintain the dividend and gradually increase it, okay? So, the current level of dividend will be maintained despite higher capex, okay?”
Rajesh Patel, page 15 of the filed PDF · View the filing
UEPL SBU volume potential — 1.2 mmscmd
stated as an aspiration by Rajesh Patel
p. 17
“we have been saying that it has a potential of almost 1.2 mmscmd. We are currently serving a little more than 0.3.”
Rajesh Patel, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Rajesh Patel broke down the sourcing mix across APM, NWG/pooled, HPHT, Henry Hub and spot/Brent, with pricing details.
Answered by Rajesh Patel
Asked by Probal Sen: What is the current gas sourcing mix by source and cost?
p. 5
“At a company level, roughly 30% is available through APM and maybe around 21%, 22% is available through NWG and pooled gas put together.”
Rajesh Patel, page 5 of the filed PDF · View the filing
Rajesh Patel said margins would remain under pressure for at least 1-2 months and it was difficult to give a definitive number.
Answered by Rajesh Patel
Asked by Probal Sen: What margin guidance can be given if the West Asia conflict persists for 3 months?
p. 6
“Definitely, it will be under pressure for at least 1 or 2 months until this crisis gets resolved or some settlement happens.”
Rajesh Patel, page 6 of the filed PDF · View the filing
Rajesh Patel attributed growth to the cumulative vehicle base and new stations, and guided to 8-9% CNG growth.
Answered by Rajesh Patel
Asked by Yogesh Patil: What is driving CNG volume growth and what is the guidance for FY27/28?
p. 6
“the dependence on the quarter's addition of vehicle is not so high. It is the cumulative base of vehicle, which actually makes the difference.”
Rajesh Patel, page 6 of the filed PDF · View the filing
Rajesh Patel detailed capex plans and explained HPHT and APM/NWG/pooled allocation mechanisms.
Answered by Rajesh Patel
Asked by Vivekanand Subbaraman: What is the capex plan and APM allocation mechanism post emergency measures?
p. 9
“our capex could see an increase of almost INR1,500 crores to INR1,800 crores, subject to availability of the manpower who does the ground level job.”
Rajesh Patel, page 9 of the filed PDF · View the filing
Rajesh Patel explained pooled gas was discontinued and Henry Hub supplies were impacted by renewed force majeure.
Answered by Rajesh Patel
Asked by Bineet Banka: Will pooled gas mechanism and Henry Hub contracted volumes continue as before?
p. 13
“Pooled gas has been discontinued from around second week of July because government came with a notification that now Hormuz things are come to an end”
Rajesh Patel, page 13 of the filed PDF · View the filing
Rajesh Patel confirmed the endeavor continues but noted quarterly volatility from external factors.
Answered by Rajesh Patel
Asked by Vikash Jain: Does the INR8-9 EBITDA per SCM target still hold?
p. 14
“So, our endeavor remains and you will have to appreciate that...”
Rajesh Patel, page 14 of the filed PDF · View the filing
Rajesh Patel said the outlook depends on gas supply normalization and reiterated the EBITDA target is a longer-term figure.
Answered by Rajesh Patel
Asked by Indrakumar Gupta: Does the earlier double-digit volume growth and INR8 EBITDA guidance still hold given Q1 performance?
p. 15
“when I say INR8, INR9 EBITDA, it is over a longer period of time and most of these factors remaining under the normal circumstances.”
Rajesh Patel, page 15 of the filed PDF · View the filing
Rajesh Patel said dividend outflow would not be impacted and the company would maintain and gradually increase dividends.
Answered by Rajesh Patel
Asked by Jay Shah: Will higher capex affect the dividend payout?
p. 15
“Dividend outflow certainly will not have any impact.”
Rajesh Patel, page 15 of the filed PDF · View the filing
Risks flagged
Global LNG supply and pricing volatility due to the West Asia conflict
p. 3
“The ongoing geopolitical conflict in West Asia has triggered a global energy crisis, significantly affecting the availability and pricing of natural gas in India.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
Curtailment of gas supplies to industrial and commercial customers
p. 3
“Gas supplies to industrial and commercial customers are partly curtailed.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
Force majeure impacting Henry Hub contracted gas imports
p. 13
“supplies are impacting and force majeure is applicable as far as import is concerned”
Rajesh Patel, page 13 of the filed PDF · View the filing
Uncertainty over pooled gas mechanism restoration by government
p. 13
“it may take some time at the end of government to rethink and do, or that's actually not in our hand, but we can only represent”
Rajesh Patel, page 13 of the filed PDF · View the filing
Bottlenecks in manpower and materials for capex execution
p. 9
“There is a demand of material by all CGDs and across India. So, there could be some bottlenecks.”
Rajesh Patel, page 9 of the filed PDF · View the filing
Reduced volume growth if CNG discount to diesel falls below a threshold
p. 14
“Volume growth may get impacted. Volume as such may not get impacted because you have a base on which you are operating, okay?”
Rajesh Patel, page 14 of the filed PDF · View the filing
EV threat to CNG-consuming vehicle segments
p. 8
“keeping in view the looming threat of EV, which might, over a period of time, disturb some of our major consuming segments, which are taxis, cars and 3-wheelers”
Mukesh Panhotra, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.