Mahanagar Gas Ltd Share Price – NSE  / BSE

Gas Distribution, Small Cap

The development has raised concerns over the company's near-term profitability.

In a regulatory filing, MGL informed the exchanges that its allocation of APM natural gas ? used primarily for the supply of piped natural gas (PNG) to households and compressed natural gas (CNG) for transport ? has been reduced by approximately 18% from 16 April 2025, compared to the previous fortnight's allocation.

This reallocation comes in line with policy guidelines issued by the Ministry of Petroleum and Natural Gas on 10 August 2022. The policy prioritizes APM gas supply for the city gas distribution (CGD) sector, routed through GAIL (India), based on availability. Due to supply constraints, MGL's shortfall in APM gas is being substituted with costlier New Well/Well Intervention Gas (NWG).

This will have an adverse impact on the profitability, MGL said in the filing, while adding that it is in the process of exploring all measures to mitigate the impact.

MGL is one of India's leading city gas distribution company providing Compressed Natural Gas (CNG) for mobility and Piped Natural Gas (PNG) to residential, commercial, and industrial customers, serving Mumbai, Urban thane, and Raigad district of Maharashtra.

The company reported 30.25% fall in consolidated net profit to Rs 221.24 crore on a 17.76% increase in net sales to Rs 1,847.41 crore in Q3 FY25 over Q3 FY24.

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Mahanagar Gas has completed investment in 43,71,065 no. of equity shares of International Battery Company India (IBC India) on 03 February 2025 and consequently, the Company holds 44% of the paid-up equity share capital along with voting rights of IBC India.

IBC India was incorporated to carry on the business of undertaking manufacturing, promotion, marketing, distribution, sale and export of the battery cells.

Upon the investment, IBC India has become an associate of the Company.

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EBIDTA declined by 29.9% YoY to Rs 314.42 crore during the period under review. EBIDTA margin for Q3 FY25 was 17.89% as against 28.60% in Q3 FY24.

Total sales volume for the December’24 quarter was 378.69 SCM million, 12.1% YoY. For the period under review, CNG sales volume added up to 268.56 SCM million (up 10.9% YoY) and PNG sales aggregated to 110.13 SCM million (up 15.3% YoY).

Mahanagar Gas is in the business of city gas distribution (CGD), presently distribution of natural gas for domestic industrial, commercial customers and CNG vehicles.

The scrip shed 0.03% to currently trade at Rs 1277.40 on the BSE.

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Mahanagar Gas announced that the Board of Directors of the Company at its meeting held on 28 January 2025, inter alia, have recommended the interim dividend of Rs 12 per equity Share (i.e. 120%) , subject to the approval of the shareholders.

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