Mahanagar Gas Limited has reported a strong quarter-on-quarter recovery in profitability and operational performance for the first quarter ended June 30, 2026, driven by higher sales volumes in the CNG and domestic PNG segments.
The company’s performance, however, remained under pressure compared with the same period last year as higher raw gas purchase costs impacted margins.
Mahanagar Gas reported gross revenue from operations of Rs. 2,597.89 crore for Q1 FY27, marking a 15.05% sequential rise from Rs. 2,258.07 crore in Q4 FY26 and a 13.92% year-on-year increase from Rs. 2,280.44 crore in Q1 FY25.
After accounting for excise duty of Rs. 226.18 crore, which increased 9.35% quarter-on-quarter and 13.63% year-on-year, net revenue from operations stood at Rs. 2,371.71 crore. The figure was up 15.62% from Rs. 2,051.22 crore in the previous quarter and 13.95% higher than Rs. 2,081.38 crore recorded in Q1 FY25.
Other income during the quarter stood at Rs. 30.37 crore, taking total income to Rs. 2,628.26 crore, compared with Rs. 2,287.06 crore in Q4 FY26 and Rs. 2,312.37 crore in Q1 FY25.
Operational EBITDA for Q1 FY27 rose to Rs. 342.98 crore, a 31.74% increase from Rs. 260.34 crore in Q4 FY26. However, EBITDA declined 31.50% year-on-year from Rs. 500.71 crore in Q1 FY25 due to cost pressures.
EBITDA margin stood at 14.46% of net revenue, improving from 12.69% in the previous quarter but lower than 24.06% reported in the year-ago quarter.
Mahanagar Gas reported a net profit of Rs. 193.70 crore in Q1 FY27, registering a 46.83% quarter-on-quarter increase from Rs. 131.92 crore in Q4 FY26.
On a year-on-year basis, profit after tax declined 39.39% from Rs. 319.56 crore in Q1 FY25, impacted by higher input costs. PAT margin stood at 8.17% of net operational revenue.
Profit before tax (PBT) for the quarter stood at Rs. 259.07 crore, rising 45.15% sequentially from Rs. 178.48 crore, but declining 40.06% year-on-year from Rs. 432.22 crore in Q1 FY25.
Total comprehensive income for the period stood at Rs. 195.03 crore, including other comprehensive income of Rs. 1.33 crore.
Mahanagar Gas recorded healthy growth in overall gas volumes during the quarter, led by strong demand from CNG and domestic PNG customers.
Total gas volumes reached 433.71 Million SCM or 4.766 MMSCMD, rising 3.14% quarter-on-quarter from 420.50 Million SCM (4.672 MMSCMD) and 7.01% year-on-year from 405.28 Million SCM (4.454 MMSCMD).
CNG volumes climbed to 318.09 Million SCM, growing 5.55% sequentially from 301.37 Million SCM and 9.74% year-on-year from 289.85 Million SCM.
Domestic PNG volumes increased to 56.67 Million SCM, up 4.13% quarter-on-quarter from 54.42 Million SCM and 9.09% year-on-year from 51.95 Million SCM.
Industrial and commercial PNG volumes stood at 58.94 Million SCM, declining 8.90% sequentially from 64.70 Million SCM and 7.15% year-on-year from 63.48 Million SCM.
Total PNG volumes reached 115.61 Million SCM during the quarter.
The results underline Mahanagar Gas’ continued operational momentum, with volume growth providing support to quarterly performance despite margin pressure from elevated gas procurement costs.
