India · Delayed Price · Currency is INR Mahanagar Gas Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY26 saw strong volume growth and infrastructure expansion, but net profit and EBITDA declined year-over-year due to supply disruptions and higher gas costs. Regulatory easing and government mandates are expected to drive double-digit volume growth, though margin outlook remains uncertain.
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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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Consolidated performance reflects strong volume growth (up 9.9% H1 YOY), but Q2 margins declined due to higher gas costs and lower APM/NWG allocations. EBITDA per SCM guidance is INR 8.5–9 for the rest of FY26, with continued focus on infrastructure expansion and volume growth.
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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 12.27% year-over-year, with record CNG vehicle additions and expanded infrastructure. FY25 EBITDA declined due to higher gas costs, but margins are guided at ₹9–11/unit for FY26. CapEx of ₹1,300 crore is planned, and a ₹30/share dividend was declared.
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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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Volume growth reached 7% in H1 FY25, with full-year guidance raised to 10%. Despite a 20% APM allocation cut for CNG, EBITDA margins are guided at INR 10-12 per SCM. Expansion into LNG retail and EV battery manufacturing is underway.
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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.