India · Delayed Price · Currency is INR Mahanagar Gas Earnings Call Transcripts
Fiscal Year 2026
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Q3 saw strong year-over-year growth in volumes and profitability, with EBITDA and net profit rising sequentially. Margin and volume growth guidance remain robust, and CapEx is focused on infrastructure expansion. Regulatory and sourcing flexibility help manage cost risks.
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Q2 saw strong volume growth and infrastructure expansion, but margins declined due to higher gas costs and lower APM/NWG allocations. EBITDA and net profit fell sequentially, with margin guidance revised to INR 8.5–9 per SCM. Amalgamation of Unison Enviro brings tax benefits.
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Q1 saw 9.6% YoY gas sales growth, strong EBITDA and PAT gains, and continued network expansion. CapEx of INR 1,100–1,300 crore is planned, with 80 new CNG stations targeted. UEPL merger, CBG plant, and JV investments mark key strategic moves.
Fiscal Year 2025
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Sales volume grew 12.3% year-over-year, with record CNG vehicle additions and network expansion. Q4 EBITDA rose 20% but full-year profit declined due to higher gas costs. FY26 guidance targets 10% volume growth, INR 9-11 EBITDA margin, and INR 1,300 crore CapEx.
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Strong volume growth and network expansion drove a 12.75% year-over-year increase in gas sales, with EBITDA and net profit remaining robust. CNG and industrial/commercial segments led growth, and new government policies may further accelerate adoption.
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Achieved 7% volume growth in H1 FY25, with full-year guidance raised to 10%. EBITDA margin guidance remains at INR 10-12 per SCM despite a 20% APM gas allocation cut, as the company pursues cost optimization and diversification into EV batteries and LNG infrastructure.
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Q1 FY25 saw robust volume and profit growth, led by CNG expansion and strong vehicle additions. EBITDA margin improved to 26.33%, with guidance maintained for 6%-7% volume CAGR and continued double-digit growth in Unison. CapEx and CNG station rollout remain aggressive.