Mahanagar Gas Limited (MGL) is a major natural gas distribution company in India. Formed in 1995, Mahanagar Gas has GAIL Limited and the Government of Maharashtra as its promotors. The company is known for pioneering the natural gas distribution network in Mumbai and its adjoining regions. It is the only distributor of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Mumbai, Thane and Raigad district in Maharashtra.
The market capitalisation of Mahanagar Gas Limited is over ₹12,400 crore as of January 12, 2024. Mahanagar Gas share price has gained over 12% in the last three years.
Business operations
Mahanagar Gas caters to a diverse customer base through its CNG and PNG services. With a substantial CNG customer base of 9.2 lakh and an active PNG customer base of 15.1 lakh, Mahanagar Gas plays a crucial role in providing clean and efficient energy solutions.
The company has an extensive gas pipeline network, spanning over 6,500 kilometers, utilising both steel and polyethylene materials. This infrastructure facilitates domestic connectivity for a staggering 2.17 million households. Mahanagar Gas also operates 1,909 CNG dispensing points, enhancing its accessibility to eco-friendly fueling solutions.
It manages five city gate stations strategically situated in Sion (Mumbai), Mahape (Navi Mumbai), Ambernath (Thane), Taloja (Raigad) and Savroli (Raigad). In total, Mahanagar Gas maintains 31 offices to facilitate its business operations.
Mahanagar Gas’ extensive network in Mumbai, its adjoining areas and Raigad district spans 6,742 kilometres and consists of both carbon steel and polyethene pipelines, connecting over 23.72 lakh domestic customers. The domestic PNG provided through this network serves various purposes including cooking and water heating.
The PNG and CNG business segments are the core of Mahanagar Gas’ business. In FY23, the company commissioned a medium-density polyethylene line to Maharashtra's Raj Bhavan premises. The company reached an unprecedented connectivity milestone by servicing 3,05,030 domestic households. There were the highest-ever domestic PNG conversions totalling 1,38,000, illustrating a strong customer preference for sustainable energy solutions.
A strategic Memorandum of Understanding (MoU) was established with the Indian Navy to provide PNG connections, enriching the lives of approximately 8000 armed forces households and other defence establishments. Mahanagar Gas has plans to add 200 CNG stations within the next five years.
When it comes to the CNG segment, in December 2022, Mahanagar Gas Limited inaugurated the 300th CNG station, contributing to a total of 313 CNG stations by the conclusion of FY 23. To enhance infrastructure further, it has undertaken lease agreements with City and Industrial Development Corporation, Maharashtra Industrial Development Corporation, Maharashtra State Road Transport Corporation and the Government of Maharashtra for the development of additional Mahanagar Gas-owned CNG stations in the future.
Mahanagar Gas had ׁ509 employees of which 49 (around 10%) were women employees as of March 31, 2023.
Mahanagar Gas Financial Highlights
- Revenue: Mahanagar Gas reported revenue of ₹8,365.57 crore in FY26 vs ₹7,430.39 crore in FY25. It showed an increase of 12.59% on a yearly basis.
- Operating Profit: Mahanagar Gas reported an operating profit of ₹1,134.59 crore in FY26 vs ₹1,369.59 crore in FY25. It showed a decrease of 17.16% on a year-on-year basis.
- Net Profit: Mahanagar Gas reported a net profit of ₹840.56 crore in FY26 vs ₹1,040.15 crore in FY25. It showed a decrease of 19.19% on a yearly basis.
Mahanagar Gas Quarterly Result Highlights
- Mahanagar Gas reported revenue of ₹2,081.15 crore in Mar 2026, compared with ₹2,089.84 crore in Dec 2025, representing a decrease of 0.42% on a quarter-on-quarter (QoQ) basis.
- Mahanagar Gas reported an operating profit of ₹176.33 crore in Mar 2026, compared with ₹270.96 crore in Dec 2025, representing a decrease of 34.92% on a quarter-on-quarter (QoQ) basis.
- Mahanagar Gas reported a profit of ₹129.63 crore in Mar 2026, compared with ₹201.10 crore in Dec 2025, reflecting a decrease of 35.54% on a QoQ basis.
- The earnings per share (EPS) of Mahanagar Gas stood at ₹105.33 during Mar 2026.
