Mahanagar Gas share price
NSE: MGLBSE: 539957GasSmall Cap
Mahanagar Gas Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Jul 2016 · Issue price ₹421
Last close ₹1,051.20up ₹15.00 (1.45%)BSE ₹1,051.80
Share price at the NSE close on 27 Oct 2026. Previous close ₹1,036.20.
27 Oct: open ₹1,030.80, high ₹1,056.40, low ₹1,030.80
52-week range of traded prices to 27 Oct 2026
₹900.00Low, 23 Mar 2026₹1,314.00High, 27 Oct 2025
- Next results date: the board meets on 3 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹10,384 Cr530th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 14.51
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 1.62
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 2.85%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 11.6%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 13.5%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.00
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 1,09,16361.2% delivered
About Mahanagar Gas
Mahanagar Gas Limited is a city gas distribution company. It supplies compressed natural gas (CNG) to vehicles and piped natural gas (PNG) to homes, businesses and industries, through pipelines and filling stations that it builds and runs itself.
The business has three main segments. CNG is sold to vehicles through filling stations, and the company had 518 of them at March 2026. Domestic PNG is delivered to households through underground pipelines for cooking and water heating. Industrial and commercial PNG is supplied to hotels, hospitals, manufacturers and process industries. Through its subsidiary Mahanagar LNG Private Limited, the company is building liquefied natural gas infrastructure for long-haul road transport. It also holds 25.90% of 3ev Industries Private Limited and 44.00% of International Battery Company India, both ventures outside its gas distribution business. The company employs 731 people.
It operates in the Mumbai Metropolitan Region and in Ratnagiri, Latur and Dharashiv in Maharashtra, and Chitradurga and Davanagere in Karnataka. The CNG network in the areas that came from its acquisition of Unison Enviro Private Limited has 109 stations.
It was incorporated in 1995. In February 2024 it acquired Unison Enviro Private Limited, which then became a wholly owned subsidiary. That subsidiary merged into the company with effect from August 2025, and the merger brought the Ratnagiri, Latur, Dharashiv, Chitradurga and Davanagere areas into the company.
GAIL (India) Limited is the promoter of the company and held 32.50% of its shares at March 2026. A promoter is the person or group that set up a company or controls it. The Governor of Maharashtra held 10.00%.
Written from the annual report for the year to Mar 2026, filed 5 Oct 2026 and the investor presentation.
Sources for 23 statements, each with its page
- MGL is a city gas distribution company. Annual report, page 4
- It supplies compressed natural gas to vehicles. Annual report, page 17
- It has a CNG segment (compressed natural gas). Annual report, page 17
- It has a domestic piped natural gas segment. Annual report, page 17
- Domestic PNG goes to households through underground pipelines for cooking and water heating. Annual report, page 17
- Industrial and commercial PNG goes to hotels, hospitals, manufacturers and process industries. Annual report, page 17
- The company has 518 CNG stations. Annual report, page 10
- Mahanagar LNG Private Limited is a subsidiary building LNG infrastructure for long-haul transport. Annual report, page 17
- Mahanagar LNG Private Limited is a subsidiary. Annual report, page 11
- It holds 25.90% of 3ev Industries Private Limited. Annual report, page 27
- It holds 44.00% of International Battery Company India. Annual report, page 27
- The company has 731 employees. Annual report, page 11
- It operates in the Mumbai Metropolitan Region. Annual report, page 5
- Areas in Ratnagiri, Latur and Dharashiv in Maharashtra and Chitradurga and Davanagere in Karnataka. Annual report, page 4
- The CNG network in the Unison Enviro areas has 109 stations. Annual report, page 11
- It was incorporated in 1995 (CIN characters 9 to 12). Annual report, page 14
- It acquired Unison Enviro Private Limited in February 2024. Annual report, page 5
- Unison Enviro was a wholly owned subsidiary that merged with the company. Annual report, page 2
- The merger took effect in August 2025. Annual report, page 11
- The merger brought three additional geographical areas (Ratnagiri, Latur and Dharashiv; Chitradurga and Davanagere). Annual report, page 11
- GAIL (India) Limited is a promoter holding 32.50% at March 2026. Annual report, page 4
- Figures are as on March 31, 2026. Annual report, page 4
- The Governor of Maharashtra holds 10.00%. Annual report, page 4
Results
Standalone, as consolidated accounts are on record for only 3 of the last ten years; ₹ crore.Mahanagar Gas quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +11.3%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- −33.1%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹2,598 Crup 15.05%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹194 Crup 46.83%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 7.5%
Revenue by quarter
Peak revenue ₹2,598 Cr, quarter to Jun 2026; lowest ₹1,877 Cr, quarter to Sep 2024
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,877what Revenue, Sep 2024, includes. This period's revenue includes excise duty of ₹166 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,929what Revenue, Dec 2024, includes. This period's revenue includes excise duty of ₹171 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,039what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹174 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,280what Revenue, Jun 2025, includes. This period's revenue includes excise duty of ₹199 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,255what Revenue, Sep 2025, includes. This period's revenue includes excise duty of ₹206 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,266what Revenue, Dec 2025, includes. This period's revenue includes excise duty of ₹208 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,258what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹207 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,598what Revenue, Jun 2026, includes. This period's revenue includes excise duty of ₹226 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | 283 | 225 | 252 | 320 | 193 | 202 | 132 | 194 |
| Net margin | 15.1% | 11.7% | 12.4% | 14.0% | 8.6% | 8.9% | 5.8% | 7.5% |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹9,060 Crup 19.36%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹847 Crdown 18.96%
- Net margin
- 9.3%
Revenue by year
Peak revenue ₹9,060 Cr, year to Mar 2026; lowest ₹2,239 Cr, year to Mar 2017
Net profit by year, a loss in red
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,239 | 2,453what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹220 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,057what Revenue, Mar 2019, includes. This period's revenue includes excise duty of ₹266 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,264what Revenue, Mar 2020, includes. This period's revenue includes excise duty of ₹292 crore, a tax on the goods the company makes that it collects and pays to the government. | 2,338what Revenue, Mar 2021, includes. This period's revenue includes excise duty of ₹185 crore, a tax on the goods the company makes that it collects and pays to the government. | 3,885what Revenue, Mar 2022, includes. This period's revenue includes excise duty of ₹325 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,921what Revenue, Mar 2023, includes. This period's revenue includes excise duty of ₹622 crore, a tax on the goods the company makes that it collects and pays to the government. | 6,862what Revenue, Mar 2024, includes. This period's revenue includes excise duty of ₹617 crore, a tax on the goods the company makes that it collects and pays to the government. | 7,590what Revenue, Mar 2025, includes. This period's revenue includes excise duty of ₹666 crore, a tax on the goods the company makes that it collects and pays to the government. | 9,060what Revenue, Mar 2026, includes. This period's revenue includes excise duty of ₹820 crore, a tax on the goods the company makes that it collects and pays to the government. |
| Net profit | 393 | 478 | 546 | 794 | 620 | 597 | 790 | 1,289 | 1,045 | 847 |
| Net margin | 17.6% | 19.5% | 17.9% | 24.3% | 26.5% | 15.4% | 11.4% | 18.8% | 13.8% | 9.3% |
Standalone. Years to March. The latest is shaded.
Business segments
In the year to Mar 2026 the company reports one business segment, Sale of Natural Gas, which carries all its revenue.
Valuation
Today, against the company's own history.Mahanagar Gas PE ratio and valuation
Price to earnings
At or below today's level on 56% of 2,320 trading days since Jun 2017.
LowestHighest
Its median14.00Industry median14.38
Price to book
At or below today's level on 2% of 1,971 trading days since Nov 2018.
LowestHighest
Its median2.58Industry median1.70
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 79% of 2,478 trading days over the last 10 years.
LowestHighest
Its median2.36%Industry median2.00%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −29.9% | −19.0% | −17.5% | 3.2% |
| 3 years | +0.6% | +2.3% | −4.2% | 2.5% |
| 5 years | −1.8% | +6.4% | −10.3% | 2.7% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
85 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 56 of the 61 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 85 funds holding Mahanagar Gas
- AddedAdded. Funds that held more shares than at the end of the month before.
- 21
- CutCut. Funds that held fewer shares than at the end of the month before.
- 40
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 24
| Fund | |||
|---|---|---|---|
 Parag Parikh Flexi Cap FundPPFAS Mutual Fund | 39,65,479 | 0.29% | ₹419.5 Cr |
 HDFC Multi Cap FundHDFC Mutual Fund | 16,24,641 | 0.88% | ₹171.9 Cr |
 UTI Value FundUTI Mutual Fund | 8,19,878 | 0.96% | ₹86.7 Cr |
 ICICI Prudential Energy Opportunities FundICICI Prudential Mutual Fund | 7,98,342 | 1.05% | ₹84.5 Cr |
 Aditya Birla Sun Life PSU Equity FundAditya Birla Sun Life Mutual Fund | 7,07,043 | 1.30% | ₹74.8 Cr |
 Bandhan Flexi Cap FundBandhan Mutual Fund | 4,60,000 | 0.68% | ₹48.7 Cr |
| UTI Dividend Yield FundUTI Mutual Fund | 4,36,602 | 1.29% | ₹46.2 Cr |
| UTI ELSS Tax Saver FundUTI Mutual Fund | 4,08,504 | 1.33% | ₹43.2 Cr |
| Aditya Birla Sun Life Value FundAditya Birla Sun Life Mutual Fund | 3,83,692 | 0.61% | ₹40.6 Cr |
 Franklin India Dividend Yield FundFranklin Templeton Mutual Fund | 2,75,000 | 1.34% | ₹29.1 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Mahanagar Gas competitors and peers
LPG/CNG/PNG/LNG Supplier, 8 listed companies, priced on 27 Oct 2026. The table lists the 7 companies closest to Mahanagar Gas in market cap.Oil and gas companies
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Adani Total GasATGL | 59,142 | 92.12 | 11.42 | +24.0% | +2.6% | 13.3% | 12.5% | 0.05% |
 Petronet LNGPETRONET | 44,400 | 10.55 | 1.99 | −24.8% | +13.4% | 20.0% | 21.9% | 3.38% |
 Gujarat EnergyGUJENERGY | 19,954 | – | – | +42.0% | – | – | – | 4.18% |
 Indraprastha GasIGL | 19,533 | 14.38 | 1.70 | +9.8% | −18.5% | 12.3% | 9.5% | 3.40% |
 Confidence Petroleum IndiaCONFIPET | 2,303 | 17.15 | 1.62 | +72.5% | – | 9.8% | 11.5% | 0.14% |
 IRM EnergyIRMENERGY | 1,000 | 13.67 | 1.00 | +12.0% | +80.9% | 7.5% | 9.4% | 0.62% |
| Axiom Gas EngineeringAXIOMGAS | 126 | – | – | – | – | – | – | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Mahanagar Gas dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹35.00 a share, year to Mar 2020.
| Ex-date | Type | Per share |
|---|---|---|
| 18 Aug 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹18.00 |
| 13 Feb 2026 | Interim | ₹12.00 |
| 14 Aug 2025 | Final | ₹18.00 |
| 3 Feb 2025 | Interim | ₹12.00 |
| 14 Aug 2024 | Final | ₹18.00 |
| 5 Feb 2024 | Interim | ₹12.00 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Mahanagar Gas announcements
Oct 2026
26 Oct · Board meeting
Sep 2026
23 Sep · Analysts
16 Sep · Analysts
7 Sep · Analysts
Aug 2026
26 Aug · Analysts
Mahanagar Gas share price by year
Each calendar year to 2025.Mahanagar Gas share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,136.10 | −11.5% | 1,542.70 | 1,105.60 |
| 2024 | 1,284.40 | +7.0% | 1,964.95 | 1,125.35 |
| 2023 | 1,200.50 | +43.2% | 1,200.50 | 845.20 |
| 2022 | 838.25 | −2.9% | 921.65 | 677.50 |
| 2021 | 862.95 | −18.7% | 1,265.80 | 844.05 |
| 2020 | 1,061.20 | −0.4% | 1,236.90 | 699.55 |
| 2019 | 1,065.20 | +17.8% | 1,071.75 | 764.25 |
| 2018 | 904.40 | −17.4% | 1,117.05 | 779.55 |
| 2017 | 1,094.50 | +38.9% | 1,279.40 | 803.95 |
| 2016 | 787.85 | – | 791.15 | 496.75 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2016 is from its first session, 1 Jul 2016.
Recent sessions
The 9 trading days to 26 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 26 Oct 2026 | 1,016.20 | 1,042.00 | 1,012.60 | 1,036.20 | 1,031.35 | 1,48,791 | 72.5% |
| 23 Oct 2026 | 1,026.00 | 1,043.60 | 1,004.00 | 1,023.10 | 1,020.59 | 5,90,802 | 64.2% |
| 22 Oct 2026 | 1,040.00 | 1,046.60 | 1,028.50 | 1,034.30 | 1,036.23 | 73,808 | 45.1% |
| 21 Oct 2026 | 1,040.40 | 1,057.40 | 1,040.40 | 1,048.50 | 1,048.13 | 1,62,966 | 69.3% |
| 19 Oct 2026 | 1,053.00 | 1,053.90 | 1,034.20 | 1,041.80 | 1,041.62 | 54,238 | 58.5% |
| 16 Oct 2026 | 1,045.40 | 1,057.90 | 1,040.50 | 1,054.00 | 1,051.85 | 75,709 | 53.0% |
| 15 Oct 2026 | 1,035.70 | 1,053.70 | 1,035.70 | 1,047.40 | 1,048.77 | 1,06,697 | 54.3% |
| 14 Oct 2026 | 1,019.00 | 1,042.40 | 1,019.00 | 1,035.70 | 1,029.98 | 2,80,090 | 68.6% |
| 13 Oct 2026 | 1,025.20 | 1,030.00 | 1,012.20 | 1,022.20 | 1,021.13 | 2,44,848 | 80.1% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- MGL
- BSE code
- 539957
- ISIN
- INE002S01010
- Industry
- Gas
- Website
- www.mahanagargas.com
- CIN
- L40200MH1995PLC088133
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1995
- Registered office
- MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400051, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
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