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On 6 Nov 2026, Mahanagar Gas was priced at ₹1,129.60, or 16.9× trailing earnings, against an industry P/E of 12.1×, and the shares are 11% below their 52-week high. It earns ROCE of 16% and ROE of 14%, and sales and net profit grew 9.3% and 2.1% a year over 3 years. It has almost no debt, and its dividend yield is 3.5%. It is a small-cap company with a market cap of ₹11,158 Cr, ranked 5th of 9 Utilities (Regulated Gas) companies by market cap; the shares fell 13% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹1,098.70
Day high
₹1,138.40
Day low
₹1,090.10
Prev. close
₹1,106.00
Volume
4 L

Health check

4 fair · 2 to check
  • ReturnsIn line

    −12.5% over a year, better than 3 of 7 peers.

  • Price tagPricier

    P/E 16.9 vs industry 12.1.

  • GrowthSteady

    Sales +9.3%, profit +2.1% a year over 3 years.

  • ProfitabilityAverage

    ROCE 16.5% vs peer median 13.6%.

  • Balance sheetFair

    Practically debt-free, Piotroski 5 of 9.

  • Red flags1 to check

    Quarterly profit down 39.3% on a year ago.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Utilities - Regulated Gas

8 listed peers. Screen the industry

Small cap

₹11,158 Cr, #5 of 9 in its industry by size.

Defensive

Beta 0.69 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹8,535 Cr · profit ₹715 Cr
Market cap
₹11,158 Cr
Small cap
P/E
16.9
Industry 12.1
Price to book
1.74
Peers 1.99
Dividend yield
3.47%
ROE
13.7%
Peers 13.3%
ROCE
16.5%
Peers 13.6%
Debt to equity
0.03
Debt ₹223 Cr
EPS (TTM)
₹66.78
Face value ₹10
OPM (TTM)
14.0%
Net margin 8.4%
Sales growth
+13.9%
Latest quarter vs a year ago
Profit growth
−39.3%
Latest quarter vs a year ago
Price to sales
1.31
EV/EBITDA 7.3

Strengths and risks

Strengths

  • Practically debt-free.
  • Dividend yield of 3.47%.
  • Positive operating cash flow in each of the last 4 years.

Risks to check

  • Quarterly profit down 39.3% on a year ago.

Derived automatically from reported figures. Not a recommendation.

About Mahanagar Gas

Mahanagar Gas Limited operates as a natural gas distribution company in India. The company supplies piped natural gas (PNG) to domestic households, domestic households, and commercial establishments and industries used for cooking and water heating, as well as by hospitals, nursing homes, hotels, flight kitchens, restaurants, and places of worship. It also supplies compressed natural gas (CNG) and liquefied natural gas (LNG) to vehicles; and sells pipes…

Headquarters
Mumbai
Employees
729
Sector
Utilities
ISIN
INE002S01010
Website
mahanagargas.com

Price range

52 weeks

₹900.00₹1,263.50

Today

₹1,090.10₹1,138.40
Avg volume (3M)
2 L
1-year return
minus 12.5%
From 52-week high
minus 10.6%

Analyst consensus

30 analysts
BuyMean target ₹1,265.97 plus 12.1%

Target range, with today’s price

Low ₹950.00High ₹1,665.00

Next results expected around 4 Feb 2027

Consensus from Yahoo Finance. Not a recommendation.

Peers · Utilities - Regulated Gas

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
GAILGAIL (India)185.79minus 0.11%1,22,1589.712.89.1%11.6%0.25−0.9%plus 2.4%
ATGLAdani Total Gas575.40minus 1.07%63,28398.754.813.6%17.8%0.5310.4%minus 7.6%
GUJENERGYGUJARAT ENERGY216.18minus 3.77%20,2839.25.512.2%12.7%0.1712.1%minus 44.8%
IGLIndraprastha Gas141.97plus 0.86%19,87619.98.316.3%6.4%0.014.6%minus 34.5%
MGLMahanagar Gas1,129.60plus 2.13%11,15816.97.016.5%14.0%0.039.3%minus 12.5%
STEAMHOUSESteamhouse India131.87minus 0.45%3,64564.647.319.6%15.8%0.5515.9%plus 28.6%
IRMENERGYIRM Energy240.95plus 1.53%98911.57.47.8%13.1%0.072.8%minus 23.7%
RAJSECRajasthan Securities60.11minus 0.32%4626.94.389.3%−45.5%––plus 37.1%
Median of 7 peers–−0.32%19,87611.58.313.6%12.7%0.217.5%−7.6%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrJun 25Dec 25Mar 26Jun 26Sep 26
2,0832,0602,0522,3732,538
1,5821,7081,7922,0302,234
501352260343305
24.0%17.1%12.7%14.4%12.0%
31.428.827.530.122.4
4.66.44.95.97.8
96.1104106109117
––––−17.3
431271176258185
26.2%25.8%26.5%25.3%27.0%
319201130193136
32.2620.3613.1519.5413.73

Sep 25 not reported by the data source.

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+9.3%
Profit CAGR 3Y
+2.1%
EPS CAGR 3Y
+2.1%
ROE
13.7%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
6,2776,2677,2288,207
–minus 0.2%+15.3%+13.5%
5,0844,4125,6526,748
1,1941,8551,5761,459
19.0%29.6%21.8%17.8%
67.571.875.744.4
9.413.314.121
231277352410
34.992.484.362.4
1,0561,7281,3701,135
25.2%25.7%24.1%25.9%
7901,2851,040841
–+62.6%minus 19.0%minus 19.1%
79.98130.06105.3185.15

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
98.898.898.898.8
4,0355,0315,7796,329
115141201223
1,7831,9822,2232,331
6,0327,2538,3028,981
3,7554,6255,5736,370
7358461,1511,385
7596.9176222
1,5311,4391,3981,161
−63.32474.6−157
6,0327,2538,3028,981

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
9691,5681,4071,162
−649−1,082−1,053−888
−285−499−332−369
35.4−13.322.4−94.6
−713−783−1,184−1,076
25678522386.7
−252−277−296−296

Shareholding pattern

Source: NSE filings
32.5%
promoters
  • Promoters32.50%
  • Public67.50%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202632.50%67.50%0.00
30 Jun 202632.50%67.50%0.00
31 Mar 202632.50%67.50%0.00
31 Dec 202532.50%67.50%0.00
30 Sep 202532.50%67.50%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you