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Mahanagar Gas Ltd (MGL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539957 NSE: MGL Gas Transmission/Marketing | Small Cap | Mahanagar Gas Share Price

₹1,116.80 -17.25 (-1.52%)

As on 12-Aug'26 16:01

Mahanagar Gas Ltd (MGL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539957 NSE: MGL Gas Transmission/Marketing | Small Cap | Mahanagar Gas Share Price

₹1,116.80 -17.25 (-1.52%)

As on 12-Aug'26 16:01

Key Metrics
Valuation Multiples
Market Cap
₹11,202 Cr.
Current Price
₹1,116.8
52-Week Low / High
₹902 / 1,377
TTM EPS
₹73
TTM Sales
₹9,377 Cr.
Book Value per Share
₹671
P/E Ratio
15.54
Higher than its 5-year historical median
Industry PE
18.1
Price to Book (P/B)
1.69
Lower than its 5-year historical median
Price to Sales (P/S)
1.19
Lower than its 5-year historical median
EV/EBITDA
7.86
Higher than its 5-year historical median
Dividend Yield
2.69%
Profitability Efficiency
Return on Equity (ROE)
13.76%
Underperforms industry median
Return on Capital Employed (ROCE)
18.86%
Underperforms industry median
Return on Assets (ROA)
9.82%
Operating Profit Margin
17.6%
Net Profit Margin
10.28%
Gross Profit Margin
17.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
13.48%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-7.39%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-18.67%
Asset Quality
Promoter Holding
32.51%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹6,529 Cr.
Equity
₹98.8 Cr.
Face Value
₹10
All Time Low / High
₹493.20 / 1988.55

Mahanagar Gas stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Mahanagar Gas Ltd a good quality company?
Mahanagar Gas Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Mahanagar Gas Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Mahanagar Gas Ltd vs industry peers?
Mahanagar Gas Ltd revenue CAGR is 30.80%, compared to the industry median CAGR of 15.74%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Mahanagar Gas Ltd?
Promoters hold 32.51% of the Mahanagar Gas Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Mahanagar Gas Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 7.7% based on the current price.
View More

DeciZen - make an informed investing decision on Mahanagar Gas

Decision Maker
Standalone basis

1. Right Stock

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2. Right Price

Right Price
Price Chart

3. Right Time ⓘ

Right Price
#Likely Future 5 Year CAGR.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mahanagar Gas Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ33.7%36.9%37.3%37%27.2%23.8%27.6%37.6%25.1%18.9%-
Value Creation
Index ⓘ		1.51.71.81.71.00.81.01.80.90.4-

Growth Parameters ⓘ
Sales ⓘ2,0342,2332,7912,9722,1533,5606,2996,2457,2618,2409,377
Sales YoY Gr.-9.8%25%6.5%-27.6%65.4%76.9%-0.9%16.3%13.5%-
Adj EPS ⓘ39.948.655.680.563.261.180.4131105.785.973
YoY Gr.-21.9%14.5%44.7%-21.5%-3.3%31.5%63%-19.3%-18.8%-
BVPS (₹) ⓘ186.3212.1242.9298.9327.2364.2418.5520.6595.1651.4671
Adj Net
Profit ⓘ		3944805497956246037941,2941,044848721
Cash Flow from Ops. ⓘ5326526859858069049691,5631,4201,147-
Debt/CF from Ops. ⓘ0000000000-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ16.8%30.8%9.4%13.5%
Adj EPS ⓘ8.9%6.3%2.2%-18.8%
BVPSⓘ14.9%14.8%15.9%9.5%
Share Price 7.6% -0.5% 3.4% -17.6%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		22.124.424.529.720.217.720.527.91913.811
Op. Profit
Mgn % ⓘ		31.735.131.935.543.526.218.929.621.617.613.8
Net Profit
Mgn % ⓘ		19.421.519.726.8291712.620.714.410.37.7
Debt to
Equity ⓘ		0000000000-
Working Cap
Days ⓘ		4548423345373243403938
Cash Conv.
Cycle ⓘ		-13-13-13-17-26-14-7-11-8-60

Valuation of Mahanagar Gas - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,0342,2332,7912,9722,1533,5606,2996,2457,2618,240
Operating Expenses ⓘ + 1,3911,4531,9061,9201,2222,6375,1154,4025,6946,789
Manufacturing Costs174189209211160230268302379421
Material Costs1,0181,0291,3991,3807472,0454,4353,6184,6785,631
Employee Cost 606771818883108118147176
Other Costs ⓘ 139168226248227279305364491561
Operating Profit ⓘ 6437808851,0539319231,1841,8431,5671,451
Operating Profit Margin (%) 31.6%34.9%31.7%35.4%43.2%25.9%18.8%29.5%21.6%17.6%
Other Income ⓘ + 545878998487112175169119
Exceptional Items ⓘ 0000000000
Interest ⓘ 1007789121421
Depreciation ⓘ 95111126162174196231274352409
Profit Before Tax ⓘ 6017278379848348061,0561,7331,3711,141
Tax ⓘ 207249291190214209265444329294
Profit After Tax 3934785467946205977901,2891,041847
PAT Margin (%) 19.3%21.4%19.6%26.7%28.8%16.8%12.5%20.6%14.3%10.3%
Adjusted EPS (₹)39.848.455.380.362.760.480.0130.5105.485.7
Dividend Payout Ratio (%)47.70%39.30%36.20%43.60%36.70%41.40%32.50%23%28.50%35%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,8402,0952,3992,9533,2323,5974,1345,1435,8786,434
Share Capital ⓘ 99999999999999999999
Reserves ⓘ 1,7411,9972,3002,8543,1343,4994,0355,0445,7806,335
Debt +3100000000
Long Term Debt3100000000
Short Term Debt0000000000
Minority Interest0000000000
Trade Payables120110152132156272322334431476
Others Liabilities ⓘ 6618048901,0441,2131,3651,5761,7491,9752,055
Total Liabilities ⓘ 2,6243,0103,4414,1284,6015,2346,0327,2268,2848,965

Fixed Assets

Net Fixed Assets ⓘ +1,3051,5321,7632,0492,1692,6143,0263,5434,8445,373
Gross Block1,4821,8192,1742,6182,9113,5044,1194,8786,4707,389
Accumulated Depreciation1772874115697428911,0931,3351,6262,016
CWIP ⓘ 4123573704875606167097741,0621,259
Investments ⓘ 4676886541,1211,0251,0881,3101,6361,1781,169
Inventories24241919222734405263
Trade Receivables958810068128184294281363458
Cash Equivalents 13692299229512465228398333114
Others Assets ⓘ 187230236154185239432554452529
Total Assets ⓘ 2,6243,0103,4414,1284,6015,2346,0327,2268,2848,965
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 5326526859858069049691,5631,4201,147
PBT ⓘ 6017278379848348061,0561,7331,3711,141
Adjustment ⓘ 587282103118144164164244352
Changes in Working Capital ⓘ 60823713760165139173-79
Tax Paid ⓘ -186-228-271-238-206-212-264-424-269-266
Cash Flow From Investing Activity ⓘ + -263-419-439-755-444-539-649-1,267-1,056-874
Capex -254-269-362-426-340-647-713-770-1,170-1,060
Net Investments -43-179-114-376-140661822185170
Others ⓘ 34303847364246-7183016
Cash Flow From Financing Activity ⓘ + -284-226-235-242-349-310-285-312-341-368
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ 0000000000
Interest Paid ⓘ -0-1-0-2-0-000-20
Dividend Paid ⓘ -282-145-191-178-322-281-252-277-296-296
Others ⓘ -2-81-43-62-26-29-33-35-43-72
Net Cash Flow ⓘ -15812-11135435-1522-95
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)22.0524.2924.3229.6620.0317.4820.4427.7918.913.76
ROCE (%)33.6536.8937.253727.1923.8327.5537.625.1218.86
Asset Turnover Ratio0.90.870.950.860.540.791.231.041.031.05
PAT to CFO Conversion(x)1.351.361.251.241.31.511.231.211.361.35
Working Capital Days
Receivable Days15.2013.6011.209.4015.3014.6012.6015.3014.7016.60
Inventory Days3.403.602.602.103.202.301.6022.102.30
Payable Days41.5040.8034.2037.6070.2038.2024.5033.1029.9029.40

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Mahanagar Gas Ltd FAQs

The current trading price of Mahanagar Gas on 12-Aug-2026 16:01 is ₹1,116.8.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 11-Aug-2026 the market cap of Mahanagar Gas stood at ₹11,201.9 Cr

The latest P/E ratio of Mahanagar Gas as of 11-Aug-2026 is 15.54.

The latest P/B ratio of Mahanagar Gas as of 11-Aug-2026 is 1.69.

The 52-week high of Mahanagar Gas is ₹1,377.1 and the 52-week low is ₹902.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mahanagar Gas is ₹9,377 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Mahanagar Gas Ltd is a good quality company.

The key valuation ratios of Mahanagar Gas Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Mahanagar Gas Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Mahanagar Gas Ltd

Mahanagar Gas Limited, (MGL) one of the India's leading Natural Gas Distribution Companies was incorporated on May 8, 1995. GAIL (India) Limited (Maharatna Company of Govt. of India) is the promoter of MGL.

Mahanagar Gas (MGL) is one of the leading Natural Gas Distribution Companies in India. MGL is the sole authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, Thane and Raigad district of Maharashtra. Promoted by GAIL (India) Limited, the largest state-owned natural gas processing and distribution Company in India and BG Asia Pacific Holdings Pte. Ltd (BGAPH), MGL distributes CNG for motor vehicles and PNG for domestic, commercial as well as industrial use.

Business area of the company

MGL is in the business of City Gas Distribution (CGD), supplying natural gas in the city of Mumbai including its adjoining areas and the Raigad district, in the State of Maharashtra, India.

Services offered by the company

  • Domestic PNG
  • Commercial PNG
  • CNG
  • Industrial PNG
  • Gas Geysers

Awards

  • 2009: MGL Certified for OHSAS 18001:2007 Occupational Health & Safety Management Systems in July 2009
  • 2009: MGL recertified for ISO 14001:2004 in November 2009
  • 2009: 6th CII Western Region SHE award 2009 (Service Sector-Large)
  • 2010: BG Chairman’s Award for Safety 2010
  • 2013: Greentech Safety Award, 2013
  • 2013: Greentech Environment Excellence Award, 2013
  • 2014: Greentech CSR Award, 2014
  • 2015: Greentech CSR Award, 2015
  • 2015: 5th Annual Greentech CSR Award 2015
  • 2015: Pt. Madan Mohan Malviya Award being presented for CSR Initiative - MGL Unnati, 2015
  • 2015: Golden Peacock Award for Corporate Social Responsibility, 2015
  • 2015: Rashtra Vibhushan Award 2015 in Gold Category
  • 2016: Greentech HR Award 2016
  • 2016: Rashtra Vibhushan Award 2016
  • 2016: Greentech Safety Awards 2016 in Gold Category
  • 2016: Best Education Improvement Award by World CSR Day 2016
  • 2016: Rashtra Vibhushan Award 2016-17
  • 2017: The Middle East CSR Leadership Awards 2017
  • 2017: Nava Bharat CSR Leadership Summit Awards 2017
  • 2017: National Award for Excellence in CSR & Sustainability 2017
  • 2017: Innov Awars 2017 in Gold Category
  • 2017: Golden Tigers Award 2017
  • 2018: Yes Bank - Business World Best CFO Award 2018
  • 2018: Social Change Award 2018 by Govt. of India
  • 2018: Financial Express CFO Awards 2018
  • 2019: MGL was conferred with Stars of Industry Award, 2019 for outstanding achievement in CSR.

Major events and milestones

  • 1997-1998: The first natural gas supply and transportation contract was signed with GAIL.
  • 2008-2009: Completed laying 2,000 km of PE pipeline in GA 1.
  • 2010-2011: Completed laying 200 km of steel pipeline in GA 1 and achieved a customer base of 0.5 million domestic customers.
  • 2011-2012: Commissioned 150th CNG dispensing station.
  • 2012-2013: Completed laying more than 350 km of PE pipeline and 350 km of steel pipelines.
  • 2013-2014: Achieved a customer base of 1.0 million customers.
  • 2017: MGL crosses 200th CNG Station mark in MMR
  • 2017-18: Mahanagar Gas sets up First CNG Station in Raigad.
  • 2018-19: Expanded its network in Raigad by operating 10 CNG stations.
  • 2019-20: Crossed a milestone of 250 CNG stations.
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