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Swing Capital

Mahanagar Gas Ltd

NSE: MGL BSE: 539957

Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD), presently supplying natural gas in the city of Mumbai including adjoining areas and the Raigad District in the state of Maharashtra.[1]

₹1,058
52W: ₹900 — ₹1587
PE 12.3 · Book ₹651 · +63% vs book
Market Cap₹10,451 Cr
Stock P/E12.3Price to Earnings
ROCE18.3%Return on Capital
ROE13.7%Return on Equity
Div. Yield2.81%Face Value ₹10

Strengths

  • +Company is almost debt free.

Shareholding Pattern

Promoters32.5%
FIIs24.13%
DIIs21.01%
Public12.34%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters32.5%32.5%32.5%32.5%32.5%32.5%32.5%32.5%
FIIs31.49%34.2%▲2.725.75%▼8.523.76%▼2.025.48%▲1.723.59%▼1.924.89%▲1.324.13%▼0.8
DIIs16.67%15.46%▼1.221.1%▲5.623.82%▲2.722.52%▼1.322.89%▲0.420.83%▼2.121.01%▲0.2
Public9.32%7.84%▼1.510.64%▲2.89.92%▼0.79.5%▼0.411.01%▲1.511.79%▲0.812.34%▲0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,5691,5671,5901,7861,7581,9632,0812,0492,0582,051
Expenses1,1201,1731,1711,3731,4431,5681,5811,7111,7061,791
Operating Profit449394418413314395501338352260
OPM %29%25%26%23%18%20%24%16%17%13%
Net Profit317265285287225242320193202132
EPS ₹32.1126.8328.8129.0322.8224.5332.3519.5820.4513.36

AI Insights

Revenue Trend

Mar 2026 revenue at ₹8,240Cr, up 19% YoY. OPM at 18%.

Debt Position

Borrowings at ₹219Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1,259Cr (23% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 21.01% (+5.86pp change). FIIs: 24.13% (-8.25pp change). Promoters hold 32.5%.

Margin & Efficiency

ROCE declining from 33% (Mar 2015) to 18% (Mar 2026). Working capital days: -11.

Valuation

PE 12.3x with 18.3% ROCE. Price is 63% above book value of ₹651. Dividend yield: 2.81%.

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