Mahanagar Gas Limited has announced that its management representatives will participate in a series of analyst and investor conference meetings scheduled between May 27, 2026, and June 16, 2026. The disclosure was made via a regulatory filing dated May 18, 2026, signed by Company Secretary and Compliance Officer Atul Prabhu, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Scheduled Conferences

The company is set to engage with investors across five different events during this period. The schedule for the meetings is as follows:

Disclosure and Compliance

Mahanagar Gas has clarified that the schedule is subject to change due to exigencies on the part of analysts, investors, or the company. Furthermore, the company explicitly stated that no unpublished price sensitive information pertaining to the company is intended to be shared during any of these conference meetings. This information has also been hosted on the company's official website at www.mahanagargas.com .

Mahanagar Gas Limited reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results at a meeting held on May 07, 2026, with the audit conducted by Deloitte Haskins & Sells LLP. While the company registered strong revenue growth for the full year, profitability came under pressure due to higher gas costs. The company held its Q4 FY26 Earnings Conference Call on May 08, 2026, hosted by Elara Securities, with management led by Managing Director Mr. Praveer Kumar Srivastava, Deputy Managing Director Mr. Ajay Sinha, CFO Mr. Rajesh Patel, and Senior Vice President (Marketing) Mr. Rajesh Wagle. The transcript was submitted to the stock exchanges pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.

Supply Disruptions and Gas Sourcing

Management highlighted that ongoing geopolitical tensions in Iran and the wider Gulf region have disrupted LNG supplies, particularly cargoes routed through the Strait of Hormuz. Domestic PNG and the majority of CNG requirements are supported by domestically produced APM gas, ensuring 100% supply continuity for these segments. However, supply to industrial and commercial (I&C) customers was curtailed to approximately 80% of normal levels, with critical commercial customers such as hospitals, restaurants, schools, and government canteens maintained at full supply.

For the month of March, management noted that approximately two-thirds of the month was impacted by disruptions, with the pooled gas mechanism announced around March 9 providing partial relief. In April, conditions remained broadly similar for the I&C segment, with management indicating some improvement was expected in May. The company also noted that in March, roughly 1.25–1.30 lakh SCMD of industrial volume was lost, representing approximately 20–22% of the February average.

The following table summarises the approximate gas sourcing mix for Q4 FY26 and the month of March as disclosed by management:

Management clarified that Henry Hub-linked contracted quantity stands at approximately 1.5 mmscmd, of which only around 0.78 mmscmd was received in Q4 FY26 due to supply disruptions and force majeure. Spot LNG was sourced through IGX and framework agreements with multiple suppliers, with prices ranging between approximately $11.50 and $14 per mmbtu during the period.

Pricing Actions and Margin Outlook

In response to rising gas costs, Mahanagar Gas took a CNG price increase of ₹1 per unit on April 22, 2026, and a corresponding DPNG price hike to partially offset the $0.25 per mmbtu APM price increase effective April 1, 2026 (linked to the Kirit Parikh Committee circular) and exchange rate movements. Management acknowledged that the CNG price increase does not fully cover the cost increase, and indicated a willingness to absorb short-term volatility while monitoring alternate fuel prices (petrol, diesel) before taking further action.

On the margin outlook, management noted that providing a precise EBITDA per SCM guidance for FY27 is difficult given market uncertainty. However, the company's endeavour is to maintain EBITDA per SCM above ₹8. Management also highlighted that higher Brent crude prices benefit the I&C segment, where realisations are linked to alternate fuel prices, partially offsetting input cost pressures. The company's sourcing mix—skewed towards Henry Hub, which has remained at relatively lower levels—provides a degree of natural hedge.

FY27 Management Guidance

Following the earnings call, Mahanagar Gas management outlined its key operational and financial targets for FY27. Overall volume growth is expected to exceed the 8.25% achieved in FY26, potentially reaching double digits, driven by eased infrastructure-laying permissions, reduced road reinstatement (RI) charges, and increased demand for PNG due to LPG curtailment. Management noted that a government gazette notification dated March 24 has significantly eased CGD operations, including deemed permissions for road-digging and mandatory PNG adoption for households in gasified areas currently using LPG.

On the segment level, DPNG volume growth is expected to reach double digits, potentially 12% or more, despite new connections in extended suburbs having lower per-capita consumption. I&C volumes are expected to grow faster than in FY26 (15%) and FY25 (24%) as curtailment levels ease and infrastructure laying accelerates. Management cautioned that monsoon season (June–July) would temporarily slow pipeline laying on public roads, though work inside housing societies and industrial premises would continue.

The following table summarises the key FY27 guidance parameters shared by management:

CapEx for FY27 is guided to be around the ₹1,200 crore range, potentially slightly higher, with a reorientation towards pipeline infrastructure and customer connections, benefiting from substantially reduced RI charges. Management noted that labor availability and material supply remain constraints, as all CGDs are competing for the same pool of resources.

Analyst Ratings and Outlook

Following the Q4 FY26 results, leading brokerages maintained a constructive stance on Mahanagar Gas. BoFA Securities maintained a Buy rating with a target price of ₹1,330, noting that while Q4 EBITDA missed estimates due to gas cost pressures and foreign exchange volatility amid supply disruptions, the long-term growth thesis remains intact. The brokerage highlighted 6% year-on-year volume growth, supportive policy changes for the DPNG and I&C-PNG segments, and planned FY27 capital expenditure of ₹12bn as key drivers.

Citi also maintained a Buy rating with a target price of ₹1,400, stating that Q4 EBITDA and net profit were largely in line despite margin pressure. Citi pointed to 6% YoY volume growth and a ₹30 per share FY26 dividend as supportive factors, with near-term LNG supply risks from Middle East tensions considered outweighed by supportive government policies driving long-term city gas distribution sector growth.

Standalone Financial Performance

On a standalone basis, Mahanagar Gas posted revenue from operations of ₹9,059.77 crore for FY 2025-26, compared to ₹7,976.42 crore in FY 2024-25, reflecting a growth of 13.58%. However, total expenses rose to ₹8,038.45 crore from ₹6,771.84 crore, driven primarily by higher purchase of natural gas. Consequently, profit after tax fell to ₹846.82 crore from ₹1,041.26 crore. The comparative financial information has been restated to give effect to the amalgamation between the company and erstwhile UEPL.

Q4 FY26 Quarterly Performance

For Q4 FY26, standalone revenue from operations stood at ₹2,258.07 crore, while net profit after tax was ₹131.92 crore. On a year-on-year basis, Q4 FY26 net profit declined against ₹242.31 crore in Q4 FY25. EBITDA for Q4 FY26 contracted to ₹260.34 crore from ₹352.07 crore in Q3 FY26, with the EBITDA margin narrowing to 11.51% on a sequential basis. Gas costs increased to ₹35.11 per SCM in Q4 FY26 from ₹33.22 per SCM in Q3 FY26.

Sales Volumes and Operational Metrics

Total gas sales volumes for FY 2025-26 grew 8.25% year-on-year to 4.585 MMSCMD. CNG volumes rose to 3.267 MMSCMD, while PNG volumes grew to 1.317 MMSCMD. For Q4 FY26, overall average sales volume was 4.672 mmscmd, up 1.12% from 4.620 mmscmd in Q3 FY26, and up 6.15% from 4.402 mmscmd in Q4 FY25. The company maintains a robust infrastructure with 518 CNG stations and a pipeline network spanning over 8,320 km. During FY26, 3,42,157 domestic households were connected, taking total connectivity to nearly 3.21 million households, and 1,18,590 CNG vehicles were added, bringing the total to 12,84,828 vehicles.

Dividend and Corporate Developments

The Board recommended a final dividend of ₹18.00 per equity share for FY 2025-26, bringing the total dividend for the year to ₹30.00 per share (including an interim dividend of ₹12 per share already paid). During the year, Unison Enviro Private Limited (UEPL) was amalgamated with the company. Additionally, the company reversed ₹112.87 crore of trade discounts to Oil Marketing Companies relating to earlier years. A GST demand of ₹54.33 crore plus penalty and interest remains contested, with no provision recognised as the company believes it has a strong case.