Mahanagar Gas Limited has announced a significant leadership transition effective March 01, 2026, involving the cessation of its current Chairman and the appointment of a new Chairman with extensive industry experience. The company made this disclosure under Regulation 30 of SEBI Listing Regulations through an official communication dated February 28, 2026.

Leadership Transition Details

The company disclosed two major board changes in its regulatory filing:

New Chairman Appointment

The Board of Directors, based on recommendations from the Nomination and Remuneration Committee, has approved the appointment of Shri Deepak Gupta as the new leadership head:

Professional Background

Shri Deepak Gupta brings substantial expertise to the Chairman role with distinguished qualifications and experience:

• Education: Mechanical Engineer from Delhi College of Engineering (now DTU)
• Experience: 35 years in the Oil & Gas sector
• Certification: Project Management Professional (PMP®) from PMI, USA
• Expertise Areas: Project Management, Construction Management, and Business Development

Notable Project Leadership

The incoming Chairman has led execution of several landmark projects across diverse implementation models including EPC, EPCM, OBE, and PMC:

• Dangote Refinery Project: Led implementation of the $19 billion, 650 KBPSD Dangote Refinery and Petrochemical Complex in Nigeria, recognized as the world's largest single-train greenfield refinery
• HMEL Bhatinda Polymer Project: Delivered one of India's largest petrochemical installations
• Mongolia Refinery: Led the first greenfield refinery project in Mongolia, contributing to India's global energy diplomacy

Regulatory Compliance

The appointment meets all regulatory requirements with Shri Deepak Gupta having no relationships with existing directors and not being debarred from holding directorship by SEBI or any other authority. The company has acknowledged the significant contribution and leadership of outgoing Chairman Shri Sandeep Kumar Gupta during his tenure.

Mahanagar Gas Limited demonstrated strong operational performance in Q3FY26, with volume growth accelerating across key business segments while maintaining healthy profitability metrics. The company's strategic focus on infrastructure expansion and portfolio optimization continues to drive sustainable growth.

Financial Performance Highlights

The company delivered robust financial results for the quarter and nine-month period ended December 31, 2025. Sequential growth momentum remained strong with improved profitability metrics.

The Board approved an interim dividend of 120%, equivalent to INR12 per equity share, reflecting the company's strong cash generation and commitment to shareholder returns.

Volume Growth Across Segments

Mahanagar Gas achieved overall average sales volume of 4.62 MMSCMD in Q3FY26, representing a 0.59% sequential increase and 7.19% year-on-year growth from 4.31 MMSCMD in the corresponding quarter of the previous year.

For the nine months ended December 31, 2025, average gas sales reached 4.556 MMSCMD compared to 4.181 MMSCMD in the corresponding previous period, marking an 8.97% increase.

Infrastructure Expansion Continues

The company maintained its aggressive infrastructure development program during the quarter. Key expansion metrics include:

The company added 32,315 CNG vehicles during the quarter, bringing the total registered CNG vehicles in its geographies to over 1.25 million as of December 31, 2025.

Strategic Gas Sourcing Management

Management highlighted proactive portfolio management in gas sourcing to optimize costs amid volatile market conditions. The company reduced Henry Hub offtake by approximately 4% during the quarter, replacing it with HPHT and spot purchases when economically favorable.

APM and NWG together constituted approximately 45% of the sourcing mix, with APM accounting for 39% and NWG contributing 6%. The company has signed new Brent-linked contracts totaling 12,500 MMBtu starting January 2026, with additional contracts of 10,000 MMBtu planned from April 2026.

UEPL Integration Progress

The Unison Energy Private Limited (UEPL) operations continued showing positive momentum. UEPL achieved average sales volume of 0.283 MMSCMD in Q3FY26 compared to 0.194 MMSCMD in the corresponding quarter of the previous year. The company commissioned its 100th CNG station in UEPL areas at Latur in January 2026, adding 47 stations since acquisition over 23 months.

Outlook and Guidance

Management expects Q4FY26 to show improved performance, potentially achieving double-digit volume growth for the full year. The company maintains its medium-term volume growth guidance of approximately 8-9% annually, with expectations of reaching double-digit growth rates.

For margins, management provided guidance of INR8 to INR9 per SCM for FY27, compared to the current nine-month EBITDA per SCM of INR9.5. The company plans capex of approximately INR1,200 crores for FY27, primarily focused on GA-2, GA-3 expansion and UEPL areas development.