Mahanagar Gas financials and balance sheet

NSE: MGLBSE: 539957GasSmall Cap

₹1,023.10₹11.20 (1.08%)BSE ₹1,021.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,034.30.

52-week range of traded prices to 23 Oct 2026

₹900.00Low, 23 Mar 2026₹1,314.00High, 27 Oct 2025

Market cap: ₹10,106 Cr530th largest listed
P/E: 14.1
P/B: 1.6
Dividend yield: 2.93%
ROE: 11.6%
ROCE: 13.5%
Debt to equity: 0.00
Volume, NSE: 5,90,80264.2% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Mahanagar Gas annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹9,060 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.8% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue9,060
Materials and goods−5,631
Employee costs−176
Other expenses−1,801
Operating profit1,451
Depreciation−409
Other income+119
One-off items0.0
Finance costs−21
Profit before tax1,141
Tax−294
Net profit847

What the company owns

Plant, investments and other assets₹7,295 Cr
Current investments₹1,036 Cr
Receivables₹458 Cr
Cash and bank₹114 Cr
Inventory₹63 Cr

What pays for it: net worth and liabilities

Net worth₹6,434 Cr
Other liabilities₹2,055 Cr
Owed to suppliers₹476 Cr

Profit and loss

Standalone, ₹ crore, years to March.Mahanagar Gas quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 11 Jun	Mar 2021Filed 25 May	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue from operations	2,239	2,453	3,057	3,264	2,338	3,885	6,921	6,862	7,590	9,060
	1,595	1,673	2,171	2,212	1,404	2,961	5,737	5,019	6,080	7,609
Materials and goods bought	–	1,029	1,399	1,380	747	2,045	4,435	3,618	4,458	5,631
Employee costs	–	–	71	81	88	83	108	118	138	176
Other expenses	–	–	701	751	569	832	1,194	1,283	1,485	1,801
Operating profit before depreciation	644	780	885	1,053	934	924	1,184	1,843	1,510	1,451
Operating margin	28.8%	31.8%	29.0%	32.3%	40.0%	23.8%	17.1%	26.9%	19.9%	16.0%
Materials, % of revenue	–	–	45.8%	42.3%	32.0%	52.7%	64.1%	52.7%	58.7%	62.2%
Employee costs, % of revenue	–	–	2.3%	2.5%	3.7%	2.1%	1.6%	1.7%	1.8%	1.9%
Other expenses, % of revenue	–	–	22.9%	23.0%	24.3%	21.4%	17.3%	18.7%	19.6%	19.9%
Depreciation and amortisation	95	111	126	162	174	196	231	274	306	409
Operating profit after depreciation	549	669	760	891	760	728	953	1,569	1,204	1,042
Other income	53	58	78	99	81	86	112	175	184	119
Finance costs	1	0	0	7	7	8	9	12	13	21
One-off items	–	–	0	0	0	0	0	0	0	0
Profit before tax	601	727	837	984	834	806	1,056	1,733	1,374	1,141
	207	249	291	190	214	209	265	444	329	294
Current tax	189	212	261	233	198	186	257	407	296	233
Deferred tax	18	37	29	−43	16	24	8	37	34	61
Net profit	393	478	546	794	620	597	790	1,289	1,045	847
Other comprehensive income	–	–	1	−2	1	0	−1	−4	−2	5
Total comprehensive income	–	–	548	792	620	597	789	1,285	1,043	852
Net margin	17.6%	19.5%	17.9%	24.3%	26.5%	15.4%	11.4%	18.8%	13.8%	9.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 May	Mar 2020Filed 11 Jun	Mar 2021Filed 25 May	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	2,399	2,953	3,232	3,597	4,134	5,143	5,889	6,434
Share capital	99	99	99	99	99	99	99	99
Reserves	2,300	2,854	3,134	3,499	4,035	5,044	5,791	6,335
Borrowings	0	0	0	0	0	0	0	0
	821	947	1,111	1,327	1,561	1,670	1,840	1,955
Trade payables	152	132	156	272	322	334	415	476
Other financial liabilities	617	758	879	981	1,117	1,265	1,339	1,393
Other liabilities	44	46	61	61	103	54	64	63
Provisions	7	8	13	10	16	14	19	23
Tax owed	1	3	3	3	3	3	3	1
	221	229	258	310	337	413	474	576
Other financial liabilities	2	50	58	83	95	119	138	140
Other liabilities	0	0	0	0	0	5	5	–
Provisions	14	18	22	26	33	45	55	63
Deferred tax	205	161	177	201	209	244	277	374
Total assets	3,441	4,129	4,601	5,234	6,032	7,226	8,204	8,965
	2,265	2,623	2,847	3,312	3,943	5,265	6,313	7,135
Plant in use, after depreciation	1,759	2,045	2,164	2,609	3,021	3,536	4,098	4,966
Plant being built	370	487	560	616	709	774	974	1,259
Intangible assets	5	5	6	5	5	7	6	396
Goodwill	0	0	0	0	0	0	0	11
Investments	0	0	0	0	0	617	686	134
Loans given	0	0	0	0	0	201	257	0
Other financial assets	20	28	83	45	171	97	127	109
Trade receivables	0	0	0	0	0	0	0	0
Other assets	112	59	34	38	38	32	165	260
	1,176	1,506	1,754	1,921	2,089	1,961	1,891	1,831
Inventories	19	19	22	27	34	40	49	63
Trade receivables	100	68	128	184	294	281	346	458
Cash and cash equivalents	27	15	28	82	118	103	134	57
Other bank balances	272	214	484	383	110	296	181	57
Current investments	654	1,121	1,025	1,088	1,310	1,019	1,054	1,036
Other financial assets	86	55	55	68	107	102	105	132
Tax paid in advance	0	0	0	76	83	100	–	–
Other assets	18	13	13	13	33	21	22	28
Net debt	−953	−1,351	−1,537	−1,553	−1,538	−1,417	−1,369	−1,149

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 25 May	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
	806	904	969	1,563	1,368	1,147
	1,012	1,116	1,233	1,987	1,637	1,413
	60	165	13	91	83	−79
Receivables	−60	−57	−111	12	−66	−96
Inventories	−4	−5	−6	−6	−9	−10
Payables	24	116	50	12	81	45
Other working capital	99	112	80	72	77	−18
Tax paid	−207	−212	−264	−424	−269	−266
Capital spending	337	649	713	771	1,075	1,062
Free cash flow	468	255	256	792	293	86
	−444	−539	−649	−1,267	−1,113	−874
Plant and property sold	0	2	0	1	7	0
Companies bought	0	0	0	0	−69	0
Interest received	35	42	46	51	39	16
Dividends received	1	0	0	0	0	0
	−349	−310	−285	−312	−224	−368
Interest paid	0	0	0	0	0	0
Lease payments	−26	−29	−33	−35	−39	−72
Dividends paid	322	281	252	277	296	296
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	13	54	35	−15	32	−95

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Standalone, ₹ per share, years to March.Mahanagar Gas dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 11 Jun	Mar 2021Filed 25 May	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Earnings per share	₹39.83	₹48.38	₹55.31	₹80.33	₹62.72	₹60.43	₹79.98	₹130.50	₹105.78	₹85.73
Diluted earnings per share	₹39.83	₹48.38	₹55.31	₹80.33	₹62.72	₹60.43	₹79.98	₹130.50	₹105.78	₹85.73
Dividend per share	₹19.00	₹19.00	₹20.00	₹35.00	₹23.00	₹25.00	₹26.00	₹30.00	₹30.00	₹30.00
Book value per share	–	–	₹242.85	₹298.91	₹327.23	₹364.18	₹418.53	₹520.64	₹596.20	₹651.37
Dividend payout	47.7%	39.3%	36.2%	43.6%	36.7%	41.4%	32.5%	23.0%	28.4%	35.0%
Shareholder yield	–	–	–	–	2.8%	3.7%	2.6%	2.1%	2.2%	3.2%
Market cap at the year end (₹ crore)	8,845	9,463	10,422	8,084	11,547	7,695	9,714	13,474	13,700	9,164

Ratios

Standalone, years to March.Mahanagar Gas PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 May	Mar 2020Filed 11 Jun	Mar 2021Filed 25 May	Mar 2022Filed 11 May	Mar 2023Filed 9 May	Mar 2024Filed 11 May	Mar 2025Filed 10 Jun	Mar 2026Filed 7 May
Revenue growth	–	9.6%	24.6%	6.8%	−28.4%	66.2%	78.2%	−0.9%	10.6%	19.4%
Operating profit growth	–	21.1%	13.5%	18.9%	−11.3%	−1.0%	28.1%	55.6%	−18.1%	−3.9%
Net profit growth	–	21.5%	14.3%	45.2%	−21.9%	−3.7%	32.3%	63.2%	−18.9%	−19.0%
Earnings per share growth	–	21.5%	14.3%	45.2%	−21.9%	−3.6%	32.3%	63.2%	−18.9%	−19.0%
	–	–	22.8%	29.7%	20.0%	17.5%	20.4%	27.8%	18.9%	13.7%
	–	–	–	6.9 pts	−9.6 pts	−2.6 pts	3.0 pts	7.4 pts	−8.8 pts	−5.2 pts
From the net margin	–	–	–	8.2 pts	2.7 pts	−8.4 pts	−4.5 pts	13.2 pts	−7.4 pts	−6.1 pts
From asset turnover	–	–	–	−0.9 pts	−12.3 pts	5.5 pts	7.2 pts	−5.3 pts	−1.0 pts	0.9 pts
From borrowing	–	–	–	−0.4 pts	0.0 pts	0.3 pts	0.2 pts	−0.5 pts	−0.4 pts	−0.1 pts
Return on capital employed	–	–	31.7%	30.2%	23.5%	20.2%	23.1%	30.5%	20.4%	16.2%
Cash conversion	–	–	–	–	130.0%	151.4%	122.7%	121.3%	131.0%	135.5%
Interest cover	538.2	7,432.4	2,373.5	136.5	105.7	96.7	101.5	136.1	89.6	50.7
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	12	8	20	17	16	15	17	18
Inventory days	–	–	5	5	11	5	3	4	4	4
Payable days	–	–	40	35	76	49	27	34	34	31
Cash conversion cycle, days	–	–	−23	−22	−45	−26	−8	−15	−13	−8
Working capital days	–	–	−71	−89	−140	−90	−53	−60	−63	−51
Asset turnover	–	–	0.89	0.86	0.54	0.79	1.23	1.04	0.98	1.06
Assets per rupee of net worth	–	–	1.43	1.41	1.41	1.44	1.46	1.43	1.40	1.39
Sales per rupee of plant	–	–	1.74	1.60	1.08	1.49	2.29	1.94	1.85	1.82
Capital spending to depreciation	–	–	–	–	1.94	3.31	3.09	2.82	3.51	2.59
Plant being built, % of plant in use	–	–	21.0%	23.8%	25.9%	23.6%	23.5%	21.9%	23.8%	25.4%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.9%
Cash from operations against operating profit: 79.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	31.1%	9.4%
Profit growth, yearly rate	–	6.4%	2.3%
Return on equity, average	–	19.7%	20.2%
Return on capital employed, average	–	22.1%	22.4%
Operating margin, average	26.5%	20.7%	20.9%
Net margin, average	17.4%	13.7%	14.0%
Asset turnover, average	–	1.02	1.02
Cash conversion cycle, days, average	–	−14	−12
Interest cover, average	1,106.1	94.9	92.1
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	5,952	4,079	1,147
Cash from investing	−4,443	−3,255	−874
Cash from financing	−1,498	−903	−368
Capital spending	4,270	2,908	1,062
Dividends paid	1,402	869	296
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	6	6	4	–
Altman Z-scorePublished threshold 1.81	–	–	8.75	6.84	7.29	5.15	5.84	–	–	–
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.54	−2.07	−1.77	−2.80	–	–
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	5.91	4.72	8.34	14.98	–	–
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.33	1.28	1.25	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−38.04	114.74	−21.86	−18.39	−3.71	–	–
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−1.47	65.16	−149.65	−93.71	36.14	–	–
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.12	0.00	2.28	0.97	0.00	–	–
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.09	1.91	0.96	1.10	0.98	–	–
Effective tax ratePublished threshold 17.16 per cent	34.50	34.22	34.71	19.32	25.68	25.96	25.15	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−0.35	0.16	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		17.70
23 Oct 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		80
23 Oct 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		1,128.75
23 Oct 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limitsLong and short-term scales	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	3.55
23 Oct 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersLong-term scale	[ICRA]AAAReview, Re-affirmReaffirmed and assigned for Enhancements in limits	Stable	970
23 Oct 2026	ICRA Limited (opens in a new tab)	Fund-based-OthersLong-term scale	[ICRA]AAAReview, Re-affirm	Stable	80

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.