Mahanagar Gas announced its unaudited financial results for the quarter and nine months ended December 31, 2025, demonstrating mixed performance with revenue growth offset by margin pressures. The company's Board of Directors approved the results at their meeting held on February 07, 2026, along with declaring an interim dividend for shareholders. Additionally, the company released a comprehensive investor presentation for the earnings conference call scheduled for February 09, 2026.

Financial Performance Overview

The company reported steady revenue growth during the quarter, with total income reaching ₹2,295.38 crore compared to ₹2,072.73 crore in the corresponding quarter of the previous year. This growth was primarily driven by increased gas sales volumes and improved pricing across segments.

Nine-Month Performance Analysis

For the nine-month period ended December 31, 2025, Mahanagar Gas demonstrated robust top-line growth while facing profitability challenges. Revenue from operations increased significantly to ₹6,801.70 crore from ₹5,825.84 crore in the corresponding period of FY25.

Operational Performance and Volume Growth

The company achieved notable volume growth across its key segments during the nine-month period. Total gas sales volumes increased by 8.97% to 1,252.94 SCM million, with CNG volumes growing 7.24% to 891.18 SCM million and PNG volumes expanding 13.48% to 361.76 SCM million.

Infrastructure and Market Presence

According to the investor presentation, Mahanagar Gas operates across 45,691 sq km area covering Maharashtra and Karnataka regions. The company maintains extensive infrastructure including 491 CNG stations, 8,182 km of pipeline network (717 km steel and 7,465 km PE), serving 12.50 lakh CNG vehicles and 30.70 lakh PNG household connections.

Dividend Declaration and Corporate Actions

The Board of Directors declared an interim dividend of ₹12.00 per equity share, representing 120% on the face value of ₹10 per share for Financial Year 2025-26. The company has fixed Friday, February 13, 2026, as the record date for determining shareholder entitlement to the interim dividend, which will be paid within 30 days from the declaration date.

Key Financial Metrics and Cost Analysis

Despite revenue growth, the company experienced margin compression due to higher input costs and operational expenses. The cost of materials consumed increased to ₹4,150.68 crore for nine months compared to ₹3,398.99 crore in the previous year, reflecting inflationary pressures in the gas supply chain.

Regulatory and Legal Updates

The company continues to navigate several regulatory challenges, including ongoing disputes with GAIL (India) Limited regarding transportation tariff demands of ₹331.80 crore and GST liability issues under Reverse Charge Mechanism amounting to ₹54.33 crore. Management maintains confidence in their legal positions and expects no material outflow of resources based on legal opinions obtained.

Mahanagar Gas Limited has announced that its Board of Directors will convene on February 07, 2026, to review the company's quarterly financial performance and consider dividend distribution to shareholders. The meeting has been scheduled in accordance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Meeting Agenda

The board meeting will address two primary matters of significant importance to stakeholders:

Trading Window Restrictions

In compliance with regulatory requirements, Mahanagar Gas Limited has implemented trading restrictions for designated persons. The company has closed the trading window for all designated persons and their immediate relatives from January 01, 2026. This restriction will remain in effect until 48 hours after the declaration of the unaudited standalone and consolidated financial results to the stock exchanges.

The trading window closure aligns with the company's Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons and the Code of Practice and Procedures for Fair Disclosure of Unpublished Price Sensitive Information. These codes have been adopted pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015.

Regulatory Compliance

The announcement demonstrates Mahanagar Gas Limited's commitment to maintaining transparency and adhering to regulatory frameworks. The formal notification was communicated to both major stock exchanges where the company's shares are listed.

The company secretary and compliance officer, Atul Prabhu, has formally communicated this information to the listing compliance departments of both exchanges, ensuring proper regulatory disclosure and maintaining investor confidence through transparent communication practices.