Mahanagar Gas Q2 FY27 Results: Consolidated Net Profit ₹135 Crore on Total Income of ₹2,802 Crore
- Earnings
- City gas distribution
Reviewed byKeshav SehgalBlacklitt Research
Mahanagar Gas (NSE: MGL) reported total income of ₹2,801.60 crore and net profit of ₹135.40 crore on a consolidated basis for the quarter ended 30 Sep 2026, it said in a filing on 03 Nov 2026. Standalone total income was ₹2,800.25 crore and standalone net profit ₹137.03 crore.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹2,801.60 crore, up 22.6% YoY and 6.6% QoQ
- Net profit: ₹135.40 crore, down 29.2% YoY and 29.7% QoQ
- EPS: ₹13.73 basic, against ₹19.37 a year earlier
- Finance costs: ₹7.83 crore, up 52.9% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹2,800.25 crore, up 22.6% YoY and 6.5% QoQ
- Net profit: ₹137.03 crore, down 29.1% YoY and 29.3% QoQ
- EPS: ₹13.87 basic, against ₹19.58 a year earlier
- Exceptional item: ₹17.33 crore impairment on the 3EV Industries investment
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,801.60 | 2,285.38 | +22.6% | 2,629.33 | +6.6% | |
| Revenue from operations | 2,778.05 | 2,256.36 | +23.1% | 2,598.90 | +6.9% |
| Other income | 23.55 | 29.02 | -18.8% | 30.43 | -22.6% |
| 135.40 | 191.25 | -29.2% | 192.64 | -29.7% | |
| Finance costs | 7.83 | 5.12 | +52.9% | 5.93 | +32.0% |
| Depreciation | 116.65 | 103.98 | +12.2% | 108.96 | +7.1% |
| Tax expense | 50.00 | 64.66 | -22.7% | 65.37 | -23.5% |
| Net profit margin | 4.83% | 8.37% | -3.54 pp | 7.33% | -2.49 pp |
| Tax as share of profit before tax | 27.0% | 25.3% | +1.70 pp | 25.3% | +1.66 pp |
| EPS, basic (₹) | 13.73 | 19.37 | -29.1% | 19.54 | -29.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Income grew faster than profit this quarter. Consolidated total income rose 22.6% YoY, while net profit fell 29.2%, and profit before tax fell 27.6%, so the gap is not explained by tax alone. Revenue from operations rose 23.1% and other income fell 18.8%, so the core sales line carried the income growth.
Finance costs rose 52.9% YoY to ₹7.83 crore, which is 0.3% of total income. The filing does not give the reason for the rise. Depreciation of ₹116.65 crore, up 12.2%, is a larger cost base than a year ago.
The quarter carries a ₹17.33 crore exceptional item, an impairment loss on the investment in 3EV Industries Private Limited recognised after a fair value assessment. The filing does not state the basis of that assessment beyond the impairment amount. Tax was ₹50.00 crore, 27.0% of profit before tax of ₹185.40 crore, against 25.3% a year earlier.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 2,800.25 | 2,284.16 | +22.6% | 2,628.26 | +6.5% | |
| Revenue from operations | 2,776.74 | 2,255.29 | +23.1% | 2,597.89 | +6.9% |
| Other income | 23.51 | 28.87 | -18.6% | 30.37 | -22.6% |
| 137.03 | 193.37 | -29.1% | 193.70 | -29.3% | |
| Finance costs | 7.59 | 5.01 | +51.5% | 5.73 | +32.5% |
| Depreciation | 116.27 | 103.80 | +12.0% | 108.55 | +7.1% |
| Tax expense | 50.04 | 64.64 | -22.6% | 65.37 | -23.5% |
| Net profit margin | 4.89% | 8.47% | -3.57 pp | 7.37% | -2.48 pp |
| Tax as share of profit before tax | 26.7% | 25.1% | +1.70 pp | 25.2% | +1.52 pp |
| EPS, basic (₹) | 13.87 | 19.58 | -29.2% | 19.61 | -29.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
The standalone picture is close to the consolidated one. Total income of ₹2,800.25 crore rose 22.6% YoY and net profit of ₹137.03 crore fell 29.1%. Standalone net profit is ₹1.63 crore above the consolidated figure, which includes the subsidiary Mahanagar LNG Private Limited and two associates.
Over the six months, standalone revenue from operations was ₹5,374.63 crore and net profit ₹330.73 crore. The notes say the prior-year six months included a reversal of ₹112.87 crore of trade margin under Ind AS 115, so the six-month comparison is affected by that base.
Other income of ₹23.51 crore is 0.8% of total income, and tax of ₹50.04 crore is 26.7% of profit before tax of ₹187.07 crore.
Two legal matters remain open. A GAIL demand of ₹331.80 crore for transportation tariff on ONGC's pipeline is disputed, and the Delhi High Court has stayed recovery, directing a deposit of ₹50 crore that was paid on 14 Feb 2023. A GST demand of ₹54.33 crore plus penalty and interest is under a writ petition. The company believes it has a strong case in both and does not expect an outflow of resources; no provision has been recognised. The next hearing in both is 15 Dec 2026.
The Board also approved the results on 03 Nov 2026. The filing reports a cash dividend paid of ₹177.87 crore in the six months, against ₹177.80 crore in the prior period. The filing does not say whether a dividend has been declared for this period.
Inference
The company has also invested ₹3.89 crore in FPEL Reliant Energy under a share subscription agreement to acquire a 26% stake as a captive user, and the investment is not treated as an associate.
What the filing leaves open is the outcome of the GAIL and GST matters and the reason for the rise in finance costs. Neither the outcome of the 15 Dec 2026 hearings nor any dividend declared for the period is stated.
Filed with BSE on . Reference: Original filing (PDF)
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