Mahanagar Gas Limited — Investor Meet, 07-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

MGL reports Q2 FY26 EBITDA at INR338 Cr (vs Q1 INR501 Cr) & PAT at INR193 Cr (vs Q1 INR320 Cr). H1 volumes jumped ~10% YoY. Margins compressed due to higher gas costs, exchange rates, and lower I&C realizations.

Management eyes Q3 EBITDA around INR8.5/SCM, projecting recovery on new long-term HPHT contracts and softening Brent. Focus is on driving volume growth (targeting +10% this year) via infrastructure build-out (80 new CNG stations, fleet programs) and managing gas mix effectively. Expects tax benefits from UEPL amalgamation. Long-term potential from new EV/battery ventures, though initial impact is minimal. Management is cautiously optimistic, balancing growth with profitability.