Analysts/Institutional Investor Meet/Con. Call Updates

Mahanagar Gas reported strong Q1 FY27 results, with EBITDA at INR343 Cr (+31.74% QoQ) and PAT at INR194 Cr (+46.83% QoQ). Overall sales volume grew 7.01% YoY to 4.766 mmscmd, driven by CNG (+9.74% YoY) and domestic PNG (+9.09% YoY). Industrial/commercial volumes decreased 7.15% YoY due to gas curtailment.

The company added a record 97,461 domestic PNG connections.

Management targets FY27 capex of INR1,500-1,800 Cr to expand infrastructure via PNG Drive 2.0. Despite geopolitical gas supply volatility impacting short-term margins, MGL maintains an 8-9% long-term volume growth outlook and an EBITDA margin goal of INR8-9/SCM, expressing confidence in market navigation.