Mahanagar Gas Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Mahanagar Gas Ltd filed with BSE on 14 May 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 Q4 FY26 net profit after tax of Rs 132 crore, down from Rs 202 crore in the previous quarter, with full-year FY26 EBITDA of Rs 1,451 crore and net profit of Rs 847 crore versus Rs 1,570 crore and Rs 1,041 crore respectively in FY25. Management described supply disruptions from the Iran and Gulf region geopolitical crisis that curtailed gas to industrial and commercial customers by around 20%, while domestic PNG and most CNG requirements remained supported by domestically produced gas. The company added CNG stations, industrial and commercial customers, and domestic household connections during the quarter and year, and the Board approved a final dividend of Rs 18 per share, taking total FY26 dividend to Rs 30 per share.
Numbers mentioned
Net profit after tax: INR132 crores (Q4 FY26)
p. 4
“Net profit after tax for this quarter is INR132 crores as compared to the previous quarter net profit after tax of INR202 crores.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
EBITDA from operations: INR1,451 crores (FY26)
p. 4
“EBITDA from operations for the financial year 2025-'26 is INR1,451 crores compared to previous financial year EBITDA of INR1,570 crores.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Net profit after tax: INR847 crores (FY26)
p. 4
“Net profit after tax for FY 2025-'26 is INR847 crores compared to net profit after tax for the previous financial year of INR1,041 crores.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Final dividend: INR18 per equity share (FY26)
p. 4
“Board has approved a final dividend subject to the approval of shareholders at the AGM at the rate of 180%, that is INR18 per equity share for the current financial year.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Total dividend: INR30 per share (FY26)
p. 4
“Thus, including interim dividend already paid at the rate of INR12, total dividend is INR30 per share for the financial year 2025-'26.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Average overall sales volume: 4.672 mmscmd (Q4 FY26)
p. 4
“we achieved overall average sales volume of 4.672 mmscmd as against 4.620 mmscmd in the previous quarter, which is an increase of 1.12%.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
CNG vehicles added: 1,18,590 (FY26)
p. 4
“We have added 1,18,590 vehicles during the year and the total vehicle, as on 31st March 2026, is 12,84,828.”
Praveer K. Srivastava, page 4 of the filed PDF · View the filing
Domestic households connected: 3,42,157 (FY26)
p. 3
“During the year, 3,42,157 domestic households were connected and thus, the company has established connectivity for nearly 3.21 million households.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
Steel and PE pipeline laid: 499 kilometers (FY26)
p. 3
“We have laid 499 kilometers of steel and PE pipeline, taking the total length to over 8,320 kilometers.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
CNG price increase: INR1 (22nd April 2026)
p. 6
“we have already taken a price increase on 22nd of April, INR1, okay.”
Rajesh Patel, page 6 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.
Overall volume growth — more than 8.25% growth, possibly double digit · FY27
stated conditionally by Rajesh Patel
p. 10
“our guess is if I have clocked 8.25 overall volume growth this year, it should be certainly more than that. We should be able to cross double digit if this remains for a longer time, and we are able to see.”
Rajesh Patel, page 10 of the filed PDF · View the filing
EBITDA per SCM — more than INR8 · FY27
stated as an aspiration by Rajesh Patel
p. 10
“our wish and endeavor could be we will maintain more than INR8 EBITDA per SCM, but we'll have to consider multiple factors before we decide to do any price changes.”
Rajesh Patel, page 10 of the filed PDF · View the filing
Capex — INR1,200 crores range · FY27
stated conditionally by Rajesh Patel
p. 13
“Certainly, it will be whatever we have been giving, INR1,200 crores range. It can be a little more than that if we are able to do”
Rajesh Patel, page 13 of the filed PDF · View the filing
CNG/domestic PNG pricing — appropriate price rise
stated conditionally by Rajesh Patel
p. 6
“if it is slightly longer or it sustains for a longer time, we will be considering appropriate price rise in CNG as well as in domestic PNG if required.”
Rajesh Patel, page 6 of the filed PDF · View the filing
HPHT gas availability — this quarter or Q2
stated conditionally by Rajesh Patel
p. 14
“Definitely there will be some availability of HPHT in this quarter or Q2.”
Rajesh Patel, page 14 of the filed PDF · View the filing
DPNG volume growth — more than 10%
stated as an aspiration by Rajesh Wagle
p. 14
“But definitely, the volume contribution we expect to be more than 10%.”
Rajesh Wagle, page 14 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.
Management said industrial and commercial supply was curtailed to about 80%, with domestic PNG and CNG largely maintained through domestic sources.
Answered by Rajesh Wagle
Asked by Probal Sen: Did the company see significant volume volatility in March due to LNG supply disruption, similar to Petronet's Dahej utilization drop?
p. 5
“Overall, in the month of March, we lost about 1.25 lakh, 1.3 lakh scmd out of, let's say, Feb average of 5.75. About 20%, 22% volume we lost.”
Rajesh Wagle, page 5 of the filed PDF · View the filing
Management said the DPNG hike largely covered the cost increase, but the CNG price hike had not fully passed through the higher gas costs.
Answered by Rajesh Patel
Asked by Yogesh Patil: How much of the recent gas cost increase has been passed on to CNG and DPNG customers?
p. 7
“CNG, yes, since we have taken only INR1 increase and prior to that, probably in February, we took some increase. It's certainly not fully passed on.”
Rajesh Patel, page 7 of the filed PDF · View the filing
Management said volume growth could exceed the prior year's 8.25% and potentially reach double digits, while margin guidance was difficult to specify given uncertainty over the supply situation.
Answered by Rajesh Patel
Asked by Vikas Jain: What is the volume and margin guidance for FY27 given the current disruptions?
p. 10
“So maybe our wish and endeavor could be we will maintain more than INR8 EBITDA per SCM, but we'll have to consider multiple factors before we decide to do any price changes.”
Rajesh Patel, page 10 of the filed PDF · View the filing
Management indicated capex could rise modestly but savings from lower right-of-way charges would offset some of the increase.
Answered by Rajesh Patel
Asked by Amit Murarka: Is capex expected to increase given the focus on faster pipeline laying?
p. 13
“there is a reduction in the RI cost substantially. So that will get saved. So overall, there could be an increase, but not very substantial because RI has almost come down by more than half.”
Rajesh Patel, page 13 of the filed PDF · View the filing
Management said higher Brent generally benefits the company because industrial and commercial realizations are Brent-linked while much of their gas sourcing is capped or Henry Hub-linked.
Answered by Rajesh Patel
Asked by Shreyas Divan: Does a rise in Brent crude from 60 to 95 benefit or hurt the company on a net basis?
p. 17
“under this scenario, it should benefit us in terms of net margin.”
Rajesh Patel, page 17 of the filed PDF · View the filing
Management said the curtailed Henry Hub supply may be going into the pooled gas mechanism managed by GAIL, but they lack visibility into the exact allocation.
Answered by Rajesh Patel
Asked by Bineet Banka: Why was Henry Hub volume cut to 50% in March, and is it going to pooled gas?
p. 13
“Yes. May be going to the pool gas, we don't get any, but our supply is curtailed.”
Rajesh Patel, page 13 of the filed PDF · View the filing
Risks flagged
LNG supply disruption from the Iran and Gulf region crisis affecting industrial and commercial gas supply
p. 3
“Due to the supply disruptions arising from the recent ongoing geopolitical crisis in Iran and wider Gulf region, which has adversely impacted LNG facilities and created significant challenges in the global LNG supply chain, particularly cargoes routed through the Strait of Hormuz”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
Curtailment of industrial and commercial gas supply to about 80%
p. 3
“Gas supplies to industrial and commercial customers is partly curtailed.”
Praveer K. Srivastava, page 3 of the filed PDF · View the filing
Incomplete pass-through of higher gas costs to CNG pricing
p. 7
“Cost increase, considering mixing of pooled gas and current Brent level, other gas prices have gone up. So, it is not fully passed on.”
Rajesh Patel, page 7 of the filed PDF · View the filing
Uncertainty over duration and mechanism of pooled gas allocation
p. 14
“I think all depends on how fast and when West Asia crisis is over, which nobody can tell today.”
Rajesh Patel, page 14 of the filed PDF · View the filing
Labor and contractor constraints for pipeline laying due to industry-wide competition for resources
p. 10
“there are constraints in terms of how do you get the required amount of labor, plumbers, contractors to execute that work, okay?”
Rajesh Patel, page 10 of the filed PDF · View the filing
Monsoon expected to slow infrastructure laying on public roads
p. 12
“there would be some slowing in growth in June-July once the rains start.”
Rajesh Wagle, page 12 of the filed PDF · View the filing
Possible impact of the crisis on availability of materials for pipeline infrastructure
p. 13
“There could be some impact of this crisis on the availability of material also.”
Rajesh Patel, page 13 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.