Mahanagar Gas Limited — Investor Meet, 14-05-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Mahanagar Gas has announced a board meeting to consider the financial results for the quarter and half-year.

Q4 revenue volume grew 12.3% YoY to 4.19 mmscmd, led by CNG (+11.1%), domestic PNG (+6.5%), and I&C (+24.5%). Consolidated EBITDA increased 20% YoY to Rs. 378 Cr and PAT rose 12% to Rs. 252 Cr. FY25 EBITDA fell to Rs. 1,510 Cr and PAT to Rs. 1,045 Cr due to lower APM gas allocation and higher costs.

Domestic households added 1.5 lakh in Q4, totaling 2.83 million; I&C customers reached 5,105. Pipeline length is 7,459 km; 40 new CNG stations were added, totaling 385. CNG vehicles surged to 1.1 million.

Subsidiary UEPL posted strong volume growth with 82 CNG stations and 39,000 households connected.

Management targets ~10% volume growth in FY26 with EBITDA margins of Rs. 9-11/scm, backed by diversified gas sourcing and short-term market support for CNG volumes. I&C segment growth is driven by large industrial connections, with potential to reach ~1 mmscmd in 2–3 years. CAPEX guidance is Rs. 1,300 Cr focusing on pipeline, CNG, and UEPL integration.

Strategic JVs in EVs and battery manufacturing are progressing, with 3EV producing ~200 vehicles/month. The tone is confident on growth and margin stability, monitoring gas cost pressures and regulatory changes.