Mahanagar Gas Limited has scheduled its 31st Annual General Meeting (AGM) for Tuesday, August 25, 2026, to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM). The Board of Directors has recommended a final dividend of ₹18 per equity share for FY26, subject to shareholder approval. This recommendation, combined with the interim dividend of ₹12 per share paid in February 2026, brings the total dividend payout for the financial year to ₹30 per equity share, reinforcing the company’s consistent return policy to investors.

The AGM notice was filed on August 03, 2026, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting will be hosted by Central Depository Services (India) Limited (CDSL). Shareholders entitled to vote are those whose names appear in the Register of Members as of the cut-off date, Tuesday, August 18, 2026. This date also serves as the record date for the final dividend payment.

E-Voting and Key Dates

Remote e-voting is available from Saturday, August 22, 2026, at 9:00 a.m. IST until Monday, August 24, 2026, at 5:00 p.m. IST. Once cast, votes cannot be changed. Shareholders who have already voted remotely may attend the AGM but cannot vote again on resolutions already addressed. The results of the voting will be declared within two working days of the AGM conclusion.

Financial Context and Operational Growth

The dividend recommendation follows a strong operational performance in FY26, where revenue from operations rose 13.58% year-on-year to ₹9,059.77 crore. Despite a decline in Profit After Tax (PAT) to ₹846.82 crore due to elevated gas procurement costs and reduced APM gas allocation, the company maintained robust volume growth. Average total gas sales volumes increased by 8.25% to 4.59 MMSCMD. The company remained debt-free, self-funding its capital expenditure programme of ₹1,068.72 crore, primarily directed toward pipeline expansion and CNG station setup.

Shareholder Compliance and KYC Updates

To ensure timely dividend payments, shareholders holding physical shares are advised to update their KYC details, including PAN-linked Aadhaar and bank account information, with the Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited. As per SEBI circulars effective April 01, 2024, dividend payments to physical shareholders are made electronically only if KYC details are complete. Demat holders should update their electronic bank mandates with their Depository Participants (DPs). Failure to update these details by the record date may delay dividend receipt.

Strategic Milestones

FY26 marked significant strategic progress, including the successful merger of Unison Enviro Private Limited (UEPL), effective August 16, 2025. This expanded Mahanagar Gas’s operational footprint to approximately 45,691 sq. km., adding regions in Maharashtra and Karnataka. The company also advanced its diversification strategy, with LNG sales increasing five-fold and new initiatives in compressed biogas and renewable energy gaining traction. These developments support the company’s long-term goal of deriving ~25% of future revenues from emerging business segments.

Mahanagar Gas Limited has submitted its fourth Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, forming part of the company's Integrated Annual Report. Filed pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the report provides investors and stakeholders with enhanced disclosures on the company's Environmental, Social, and Governance (ESG) practices. The BRSR framework is aligned with the National Guidelines for Responsible Business Conduct (NGRBC) and covers three sections: a business overview, management and process disclosures, and principle-wise indicator disclosures. An independent Reasonable Assurance has been obtained from M/s SGS India Pvt. Ltd. for BRSR Core parameters.

Business Overview and Operations

Mahanagar Gas Limited operates as a City Gas Distribution (CGD) company, with its primary business activity being the selling and distribution of natural gas. Distribution of gaseous fuels through mains (NIC Code 3520) accounted for 99.43% of total turnover in FY 2025-26. The company serves domestic, commercial, industrial, and transport sector customers through Piped Natural Gas (PNG), Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), and Compressed Biogas (CBG).

The company's operational footprint spans 2 states — Maharashtra and Karnataka — across 6 Geographical Areas (GAs). Key operational details are summarised below:

Workforce and Employee Well-Being

As at the end of FY 2025-26, Mahanagar Gas Limited had 622 permanent employees (548 male, 74 female) and 2 other-than-permanent employees. The company reported 107 permanent workers (104 male, 3 female). The Board of Directors comprised 8 members, with 1 female director (12.50%), while Key Managerial Personnel comprised 2 members with no female representation.

Employee turnover rates and well-being coverage are detailed below:

All permanent employees and workers are covered under health insurance, accident insurance, and paternity benefits (where applicable). Female permanent employees are additionally covered under maternity benefits. Cost incurred on well-being measures as a percentage of total revenue stood at 0.06% in FY 2025-26, compared to 0.07% in FY 2024-25. Return-to-work and retention rates for employees and workers who took parental leave were 100% across all gender categories.

Median remuneration data for FY 2025-26 is as follows:

Gross wages paid to females as a percentage of total wages stood at 10.01% in FY 2025-26, up from 9.85% in FY 2024-25.

Environmental Performance

Mahanagar Gas Limited's environmental disclosures cover energy consumption, greenhouse gas emissions, water usage, air emissions, and waste management. All key environmental indicators have been independently assured by M/s SGS India Pvt. Ltd.

Energy Consumption

Greenhouse Gas Emissions

Water and Waste

Key air emissions for FY 2025-26 included NOx at 88.13 tons/annum, SOx at 0.06 tons/annum, Particulate Matter (PM10) at 1.09 tons/annum, and Volatile Organic Compounds (VOC) at 13.14 tons/annum.

Sustainability Initiatives and ESG Highlights

During FY 2025-26, Mahanagar Gas Limited undertook several notable sustainability and clean-energy initiatives:

• CBG Development: A Concession Agreement was signed with Brihanmumbai Municipal Corporation (BMC) on 01.06.2026 for the setting up of a 350 TPD Compressed Biogas (CBG) Plant at Mankhurd. A tripartite agreement was also entered into with GAIL and Reliance Industries Limited on 8th August 2025 under India's CBG–CGD synchronization scheme.
• Renewable Energy: A Shareholders' Agreement was signed on 8th March 2026 to acquire a 26% stake in FPEL Reliant Energy Private Limited, strengthening the company's presence in the renewable energy sector. An agreement for procurement of 6.5 MW renewable solar power through the Green Open Access mechanism was also signed.
• LNG Expansion: Through its Joint Venture, Mahanagar LNG Private Limited (MLPL), the company commissioned two LNG Stations at Chhatrapati Sambhajinagar (Maharashtra) and Seoni (Madhya Pradesh).
• Energy Efficiency: Replacement of IE2 motors with high-efficiency Flameproof IE3 motors across 5 CNG stations resulted in annual energy cost savings of approximately ₹16.1 lakh.
• Green Certification: CGS Vile Bhagad was awarded the IGBC Platinum Rating.
• Digital Transformation: Project Prism on the Salesforce platform went live; paperless billing was implemented from 1st April 2025, achieving close to 95% success.
• ESG Training: ESG awareness sessions were conducted covering 566 total participants, with 387 employees covered in FY 2025-26.
• R&D and Capex: R&D investment in environmental/social technologies stood at 3.17% of total R&D in FY 2025-26 (vs. 19% in FY 2024-25); Capex investment stood at 3.26% (vs. 0.12% in FY 2024-25).

Governance, Compliance, and Customer Grievances

Mahanagar Gas Limited's governance framework is anchored by an independent Board, specialized committees, a Whistle Blower Policy, and a robust Related Party Transactions Policy. The Deputy Managing Director (Mr. Ajay Sinha, DIN: 08585727) is the highest authority responsible for implementation and oversight of the Business Responsibility policy and chairs the ESG Committee.

On compliance, the company reported nil instances of bribery or corruption against Directors, KMPs, employees, or workers in both FY 2025-26 and FY 2024-25. No monetary or non-monetary penalties were levied during FY 2025-26. Number of days of accounts payable stood at 21.74 in FY 2025-26, compared to 22.19 in FY 2024-25.

Regarding customer grievances, the company received 39,488 complaints in FY 2025-26, of which 3,436 were pending resolution at year-end, with the company having resolved 91% of complaints for the year. In FY 2024-25, 27,433 complaints were received with 329 pending (as updated on 23rd April 2026), representing a 99% resolution rate. Complaints related to delivery of essential services numbered 281 (pending: 0) in FY 2025-26 and 375 (pending: 0) in FY 2024-25. There were no instances of data breaches or cyber security events during FY 2025-26.

The BRSR also highlights that 71.93% of input material (excluding gas purchase value) was directly sourced from MSMEs/small producers in FY 2025-26, compared to 63% in FY 2024-25. Safety performance remained strong, with Lost Time Injury Frequency Rate (LTIFR) for employees at 0 in both FY 2025-26 and FY 2024-25, and zero fatalities recorded across employees and workers in both years.