# Mahanagar Gas (MGL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/mgl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,131.9
- Change: +2.34%
- As of: 2026-11-06
- 1D return: +2.34%
- 5D return: +7.95%
- 1M return: +8.43%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

MGL (1131.9) is exhibiting a sharp short-term reversal on the daily chart, marked by an upward gap on 2026-11-05 and a wide intraday range (+12.5%) on 2026-11-06. Price has reclaimed all key daily moving averages and sits above the Supertrend, signaling immediate bullish momentum. However, trend strength remains weak (ADX 19.55), and the stock trades near the upper end of its 20-day and 50-day ranges (+95.3%), suggesting potential resistance. This daily bounce contrasts with the monthly structure, where price remains below all major indicators and the Supertrend, indicating the broader medium-term trend is still bearish. The stock is currently 26.6% below its available high, reflecting significant long-term drawdown. Participation was notable on 2026-11-03 with a volume ratio of 5.56 accompanying a +1.7% move. Key support lies at 1126.13 (-0.51%) and 1109.40 (-1.99%), while immediate resistance is at 1146.27 (+1.27%).

- Trend Divergence: Daily price is above all MAs and Supertrend (bullish signal), but monthly price remains below all indicators (bearish context).
- Momentum & Range: Sharp recent gains (1m return +8.9%) place price at +95.3% of its 20-day range; ADX (19.55) indicates weak trend conviction.
- Key Levels: Support at 1126.13 and 1109.40; Resistance at 1146.27 and 1152.20.
- Risk Profile: Annualized volatility is 31.2%; current drawdown is -26.6% from available highs.

- Morning Star
- Inside Bar
- Doji
- Outside Bar

### News Context

In the seven-day window leading to November 6, 2026, Mahanagar Gas Limited (MGL) reported a pricing adjustment and received external analyst coverage. On October 31, MGL raised Compressed Natural Gas (CNG) prices in Mumbai and adjoining areas by ₹1 per kg, setting the new rate at ₹90 per kg effective from midnight. The company attributed this increase to rising gas procurement costs, reduced domestic gas allocation, and greater reliance on expensive imported gas. This operational update highlights the margin pressures stemming from supply-side constraints.

On November 6, Prabhudas Lilladher issued a research note recommending an 'accumulate' rating for MGL with a price target of ₹1,187. The brokerage cited potential upside based on its valuation model. While the price hike reflects cost pass-through dynamics, the analyst view suggests that market participants may still see value in the stock despite these operational headwinds. Investors should monitor how sustained procurement costs impact volume growth and whether regulatory frameworks allow for timely tariff adjustments.

- MGL increased CNG prices by ₹1 per kg to ₹90 per kg in Mumbai and adjoining areas, effective October 31, 2026.
- The price hike was driven by higher gas procurement costs, lower domestic gas allocation, and increased dependence on imported gas.
- Prabhudas Lilladher assigned an 'accumulate' rating to MGL on November 6, 2026, with a price target of ₹1,187.

- [Accumulate Mahanagar Gas; target of Rs 1187: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/accumulate-mahanagar-gas-target-of-rs-1187-prabhudas-lilladher-14072409.html)
- [Mumbai CNG Price Hiked By ₹1 Per Kg, New Rate At ₹90](https://www.freepressjournal.in/mumbai/mumbai-cng-price-hiked-by-1-per-kg-new-rate-at-90)

### What Changed

On 6 November 2026, Mahanagar Gas (MGL) shares traded at ₹1,131.90 on the NSE, reflecting an increase from the previous recorded price of ₹1,106.00. Concurrently, Prabhudas Lilladher issued a research note recommending an 'accumulate' rating for the stock, establishing a price target of ₹1,187. This target implies potential upside from the observed trading level, providing a specific valuation reference point for investors monitoring near-term performance.

- Price movement: MGL closed at ₹1,131.90 on 6 November 2026, up from ₹1,106.00 in the prior snapshot.
- Brokerage view: Prabhudas Lilladher assigned an 'accumulate' rating with a price target of ₹1,187.
- Valuation context: The new target suggests upside potential relative to the current trading price.

- [Accumulate Mahanagar Gas; target of Rs 1187: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/accumulate-mahanagar-gas-target-of-rs-1187-prabhudas-lilladher-14072409.html)

### Official Filings

Mahanagar Gas Limited (MGL) reported unaudited standalone results for Q2 and H1 FY2026–27, highlighting a divergence between top-line growth and bottom-line profitability. Standalone revenue from operations rose to ₹2,776.74 crore in Q2 from ₹2,255.29 crore in the prior-year quarter; however, profit after tax (PAT) declined to ₹137.03 crore from ₹193.37 crore. This contraction is partly attributable to a one-time reversal of trade margin provisions amounting to ₹112.87 crore in the prior-year period. Additionally, MGL recognized an exceptional impairment loss of ₹17.33 crore on its investment in 3EV Industries Private Limited during the current half-year.

The company faces ongoing legal exposures, including a GST demand of ₹54.33 crore and a transportation tariff dispute with GAIL/UTNGPL. No provisions have been recognized for these matters as hearings are scheduled for December 15, 2026. Management has submitted investor presentations and audio recordings of the earnings call to exchanges, and executives are scheduled to participate in the AIE Investor Conference on November 5, 2026.

- Revenue Growth vs. Profit Compression: Standalone Q2 FY27 revenue increased by ~23% year-on-year to ₹2,776.74 crore, but PAT fell to ₹137.03 crore from ₹193.37 crore, impacted by a prior-year provision reversal of ₹112.87 crore.
- Exceptional Impairment: An impairment charge of ₹17.33 crore was recognized on the investment in 3EV Industries Private Limited during H1 FY27.
- Legal Contingencies: The company discloses no provisions for a ₹54.33 crore GST demand or the GAIL/UTNGPL tariff dispute, with next hearings set for December 15, 2026.
- Investor Engagement: Management will present at the AIE Investor Conference on November 5, 2026, following the release of detailed earnings presentations and call recordings.

- [Mahanagar Gas Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026150904_EarningConferenceCallQ2FY2627Presentation.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026193642_EarningConferenceCallQ2FY2627audiorecording.pdf)
- [MAHANAGAR GAS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261104_194058452.xml)
- [Mahanagar Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MGL25_03112026143523_OutcomeBM03112026.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Amendments to Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/MGL25_03112026145154_Fair_Disclosure_Code.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752194_03112026075332_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752191_03112026075236_WEB.xml)
- [Mahanagar Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_02112026162915_Investor_Meet.pdf)
- [MAHANAGAR GAS LIMITED has informed the Exchange about Schedule of Analysts or Institutional Investors Meet |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261102_163313400.xml)
- [Mahanagar Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_28102026123834_EarningsCallIntimation04112026.pdf)

### Fundamentals

Mahanagar Gas (MGL) is navigating a period of divergent growth, where top-line expansion has not translated into proportional earnings retention. For the quarter ended September 2026, sales surged 24% year-on-year to ₹2,537 crore, driven by strong sequential momentum in Q1 and Q2 FY2026-27 (₹2,599 crore and ₹2,778 crore respectively). However, operating profit contracted from ₹338 crore in Sep 2025 to ₹305 crore in Sep 2026, with net profit falling sharply from ₹193 crore to ₹137 crore. This compression suggests rising costs or pricing pressures are absorbing revenue gains.

Financial health remains robust but is under active investment. Borrowings increased significantly to ₹329 crore as of Sep 2026, supporting a Capital Work in Progress (CWIP) rise to ₹1,438 crore and Fixed Assets growing to ₹5,747 crore. Despite this capex intensity, cash generation quality has softened; Cash from Operating Activity declined to ₹1,147 crore for Mar 2026, and the CFO/EBITDA ratio dropped to 97%. Return on Capital Employed (ROCE) has also trended downward from 34% in Mar 2024 to 17% in Mar 2026, reflecting the lag between capital deployment and yield realization.

Ownership structure shows institutional confidence, with DIIs increasing their stake to 22.26% in Sep 2026, while FIIs held steady at 23.46%. Promoters maintained a consistent 32.5% holding. The key checkpoint is whether the expanding asset base will stabilize margins and restore profit growth in subsequent quarters.

- Sales grew 24% YoY to ₹2,537 crore in Sep 2026, but Net Profit fell 29% to ₹137 crore, indicating margin compression despite volume/revenue gains.
- Borrowings rose to ₹329 crore and CWIP reached ₹1,438 crore, signaling aggressive capacity expansion funded by debt.
- Cash from Operating Activity declined to ₹1,147 crore (Mar 2026), and ROCE halved from 34% to 17% over two years, highlighting efficiency challenges during the investment cycle.
- Institutional investors remain engaged, with DIIs increasing stakes to 22.26%, while promoter holding stayed flat at 32.5%.

### Bull Case

MGL’s daily technical structure presents a conditional upside case despite the stock trading in a significant long-term drawdown. As of November 6, 2026, the share price closed at ₹1,131.90, supported by a bullish Supertrend signal on the daily timeframe and strong momentum indicators (Plus DI at 30.38 versus Minus DI at 13.85). This suggests short-term buying pressure is active, with immediate resistance levels identified at ₹1,146.27 and ₹1,152.20. The constructive interpretation relies on the persistence of this daily momentum; if the price sustains above the nearest support at ₹1,126.13, it may test these upper barriers. However, this daily strength contrasts sharply with a bearish monthly Supertrend and a -26.6% current drawdown from highs, indicating that the positive trend is currently confined to shorter timeframes.

- Daily technicals are bullish: Supertrend direction is positive, and Plus DI (30.38) significantly exceeds Minus DI (13.85), signaling short-term momentum.
- Immediate resistance lies at ₹1,146.27 (+1.27%) and ₹1,152.20 (+1.79%), while key daily support is held at ₹1,126.13 (-0.51%).
- The constructive view is conditional on maintaining the daily uptrend, which contradicts the broader bearish monthly Supertrend and a -26.6% current drawdown.

- [Accumulate Mahanagar Gas; target of Rs 1187: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/accumulate-mahanagar-gas-target-of-rs-1187-prabhudas-lilladher-14072409.html)
- [Mumbai CNG Price Hiked By ₹1 Per Kg, New Rate At ₹90](https://www.freepressjournal.in/mumbai/mumbai-cng-price-hiked-by-1-per-kg-new-rate-at-90)
- [Mahanagar Gas Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026150904_EarningConferenceCallQ2FY2627Presentation.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026193642_EarningConferenceCallQ2FY2627audiorecording.pdf)
- [MAHANAGAR GAS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261104_194058452.xml)
- [Mahanagar Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MGL25_03112026143523_OutcomeBM03112026.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Amendments to Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/MGL25_03112026145154_Fair_Disclosure_Code.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752194_03112026075332_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752191_03112026075236_WEB.xml)
- [Mahanagar Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_02112026162915_Investor_Meet.pdf)

### Bear Case

MGL faces near-term margin pressure as rising procurement costs and reduced domestic gas allocation have forced a price hike to ₹90 per kg. While this protects volumes, it introduces demand elasticity risks in a competitive fuel market. Technically, the stock is trading at a significant discount to its recent highs, with a current drawdown of -26.6% from its peak and a maximum historical drawdown of -41.1%. The monthly trend remains bearish, contrasting with short-term bullish signals, suggesting underlying weakness. A return of -8.2% over the past year highlights sustained underperformance relative to broader market trends.

- CNG price hike to ₹90/kg effective Oct 31, 2026, driven by higher import costs and lower domestic allocation, poses volume-demand trade-off risks.
- Monthly technical trend is bearish; annualized volatility stands at +31.2% with a current drawdown of -26.6% from peak levels.
- One-year return is -8.2%, indicating persistent underperformance despite a recent +2.3% daily gain.
- Resistance levels cluster tightly between ₹1,146 and ₹1,178, limiting immediate upside potential from the current close of ₹1,131.9.

- [Accumulate Mahanagar Gas; target of Rs 1187: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/accumulate-mahanagar-gas-target-of-rs-1187-prabhudas-lilladher-14072409.html)
- [Mumbai CNG Price Hiked By ₹1 Per Kg, New Rate At ₹90](https://www.freepressjournal.in/mumbai/mumbai-cng-price-hiked-by-1-per-kg-new-rate-at-90)
- [Mahanagar Gas Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026150904_EarningConferenceCallQ2FY2627Presentation.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026193642_EarningConferenceCallQ2FY2627audiorecording.pdf)
- [MAHANAGAR GAS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261104_194058452.xml)
- [Mahanagar Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MGL25_03112026143523_OutcomeBM03112026.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Amendments to Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/MGL25_03112026145154_Fair_Disclosure_Code.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752194_03112026075332_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752191_03112026075236_WEB.xml)
- [Mahanagar Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_02112026162915_Investor_Meet.pdf)

### FAQs

**What were Mahanagar Gas's financial results for Q2 FY2026-27?**

For the quarter ended September 30, 2026, MGL reported standalone gross revenue of ₹2,776.74 crore and profit after tax (PAT) of ₹137.03 crore. This represents a year-on-year decline in PAT from ₹193.37 crore in the same period last year.

**Why did MGL raise CNG prices in Mumbai?**

Effective October 31, 2026, MGL increased CNG prices by ₹1 per kg to ₹90 per kg. The company cited rising gas procurement costs, reduced domestic gas allocation, and increased dependence on expensive imported gas as the reasons for the hike.

**What legal matters is MGL currently facing?**

MGL has ongoing disputes regarding GAIL/UTNGPL transportation tariffs and a GST demand of ₹54.33 crore. No provision has been recognized for these matters, with next hearings scheduled for December 15, 2026.

**How has MGL's stock performed recently?**

As of November 6, 2026, MGL shares closed at ₹1,131.90. The stock has gained +8.9% over the past month but remains down -8.2% over the last year. It is currently trading within a range bounded by support at ₹1,109.40 and resistance at ₹1,146.27.

- [Accumulate Mahanagar Gas; target of Rs 1187: Prabhudas Lilladher](https://www.moneycontrol.com/news/business/stocks/accumulate-mahanagar-gas-target-of-rs-1187-prabhudas-lilladher-14072409.html)
- [Mumbai CNG Price Hiked By ₹1 Per Kg, New Rate At ₹90](https://www.freepressjournal.in/mumbai/mumbai-cng-price-hiked-by-1-per-kg-new-rate-at-90)
- [Mahanagar Gas Limited has informed the Exchange about Presentation |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026150904_EarningConferenceCallQ2FY2627Presentation.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_04112026193642_EarningConferenceCallQ2FY2627audiorecording.pdf)
- [MAHANAGAR GAS LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261104_194058452.xml)
- [Mahanagar Gas Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MGL25_03112026143523_OutcomeBM03112026.pdf)
- [Mahanagar Gas Limited has informed the Exchange about Amendments to Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information |SUBJECT: General Updates](https://nsearchives.nseindia.com/corporate/MGL25_03112026145154_Fair_Disclosure_Code.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752194_03112026075332_WEB.xml)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752191_03112026075236_WEB.xml)
- [Mahanagar Gas Limited has informed the Exchange about Schedule of meet |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MGL25_02112026162915_Investor_Meet.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Uptrend
- Pivot point: ₹1,104.87
- Risk regime: Price Risk Requires Attention

### Support levels
- 1109.3986328125
- 1082.5
- 1059.93125

### Resistance levels
- 1152.2
- 1178.8
- 1311.324609375

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +2.34% |
| return_10 | +10.63% |
| return_1m | +8.86% |
| return_1y | -8.18% |
| return_20 | +8.43% |
| return_3m | +0.73% |
| return_5 | +7.95% |
| return_6m | -2.99% |
| return_since_start | -11.73% |
| return_ytd | +0.34% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -41.12% |
| annualized_volatility | +31.18% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Mahanagar Gas Limited Q2 FY2026-27: Revenue rises 23%, profit falls 29%

Mahanagar Gas reported Q2 FY2026-27 revenue from operations of ₹2,778 crore, up 6.9% quarter on quarter and 23.1% year on year. Expenses rose faster, increasing 9.6% from Q1, and a ₹17.3 crore exceptional charge contributed to profit before tax falling 27.8% quarter on quarter; profit for the period declined 29.7% to ₹135.4 crore.

## Revenue growth lagged expense growth

Total income rose 6.6% quarter on quarter to ₹2,802 crore, including ₹23.6 crore of other income. Expenses increased to ₹2,598 crore from ₹2,371 crore in Q1 FY2026-27. Cost of materials consumed was ₹1,915 crore, the largest reported expense line; employee benefit expense was ₹60.4 crore and depreciation, depletion and amortisation expense was ₹116.7 crore.

Profit before exceptional items and tax fell 21.1% quarter on quarter to ₹203.9 crore. Finance costs increased 32.0% to ₹7.8 crore from ₹5.9 crore in Q1.

## Exceptional charge weighs on earnings

A ₹17.3 crore exceptional charge reduced profit before tax to ₹186.6 crore, down 27.8% from ₹258.3 crore in Q1 FY2026-27 and 27.6% from ₹257.8 crore in Q2 FY2025-26. Tax expense was ₹50 crore, compared with ₹65.4 crore in Q1; current tax was ₹47.4 crore versus ₹48.0 crore, while deferred tax fell to ₹2.6 crore from ₹17.4 crore.

Profit for the period was ₹135.4 crore, down 29.7% quarter on quarter and 29.2% year on year. Basic EPS was ₹13.73, compared with ₹19.54 in Q1 and ₹19.37 in Q2 FY2025-26; trailing twelve-month EPS was ₹66.78. Comprehensive income was ₹134.3 crore, versus ₹194.0 crore in Q1, alongside other comprehensive income of negative ₹1.1 crore.

## Cash flow and investment

Operating cash flow was ₹689 crore for the quarter. Investing and financing cash flows were negative ₹492 crore and ₹212 crore, respectively; reported free cash flow was ₹197 crore.

At 30 September 2026, property, plant and equipment stood at ₹5,376 crore, up from ₹4,985 crore at 31 March 2026. Capital work in progress increased to ₹1,453 crore from ₹1,270 crore over the same period. Cash and cash equivalents were ₹42.3 crore at quarter-end, compared with ₹57.2 crore at 31 March.

## Working capital and liabilities

Trade receivables rose to ₹570 crore at 30 September from ₹459 crore at 31 March 2026, while inventories increased to ₹71.4 crore from ₹62.6 crore. Trade payables reached ₹572 crore, up from ₹479 crore, and current liabilities increased to ₹2,181 crore from ₹1,959 crore.

Current financial assets were ₹1,758 crore at 30 September, compared with ₹1,924 crore at 31 March 2026. Current investments stood at ₹892 crore at the latest reporting date.

## Key Takeaway

Q2 delivered strong revenue growth but weaker earnings as expenses grew faster than income and an exceptional charge further reduced pre-tax profit. Operating cash flow exceeded investing outflows, while the larger fixed-asset base and increases in receivables, payables and current liabilities mark notable balance-sheet changes.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +32.50%
- FII holding: +23.46%
- DII holding: +22.26%
- Mutual fund holding: +11.98%
- Retail holding: +9.69%
- Promoter pledged: +0.00%

### Major reported shareholders

- Gail (India) Limited — +32.50% (Bodies Corporate)
- Governor of Maharashtra — +10.00%
- Life Insurance Corporation Of India — +5.80%
- Parag Parikh Flexi Cap Fund — +4.05%
- Uti Value Fund — +1.85%
- Hdfc Mutual Fund - Hdfc Multi Cap Fund — +1.74%
- Robeco Capital Growth Funds - Robeco Asia-Pacific Equities — +1.51%
- Cape Ann Global Developing Markets Fund — +1.51%
- Washington State Investment Board Managed By Brandes Investment Partners, L.P. — +1.49%
- Mercer Qif Fund Plc-Mercer Investment Fund 1 — +1.22%

## Official filings

- 2026-11-06 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_06112026161854_EarningCallTranscriptQ2FY27_Cover.pdf)
- 2026-11-06 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261106_163351853.xml)
- 2026-11-04 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_04112026150904_EarningConferenceCallQ2FY2627Presentation.pdf)
- 2026-11-04 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_04112026193642_EarningConferenceCallQ2FY2627audiorecording.pdf)
- 2026-11-04 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261104_194058452.xml)
- 2026-11-03 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_03112026143523_OutcomeBM03112026.pdf)
- 2026-11-03 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_03112026145154_Fair_Disclosure_Code.pdf)
- 2026-11-03 — Financial Results Filing: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752194_03112026075332_WEB.xml)
- 2026-11-03 — Financial Results Filing: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1752191_03112026075236_WEB.xml)
- 2026-11-02 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_02112026162915_Investor_Meet.pdf)
- 2026-11-02 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261102_163313400.xml)
- 2026-10-28 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_28102026123834_EarningsCallIntimation04112026.pdf)
- 2026-10-28 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20261028_124405842.xml)
- 2026-10-26 — Board Meeting Notice: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_26102026171953_BMIntimation03112026.pdf)
- 2026-10-26 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_13963_WebXMLFile_20261026_172504156.xml)
- 2026-10-26 — Board Meeting Notice: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_13963_WebXMLFile_20261026_172504156.xml)
- 2026-10-16 — Shareholding Disclosure: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1739698_16102026015439_WEB.xml)
- 2026-10-08 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_08102026172313_CertificateRegulation74.pdf)
- 2026-10-04 — Annual Report: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/annual_reports/AR_32118_MGL_2025_2026_A_15217991_05102026185709.pdf)
- 2026-09-23 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20260923_183457471.xml)
- 2026-09-23 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_23092026182953_InvestorMeet23092026.pdf)
- 2026-09-22 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_22092026153242_IntimationTWclosure30092026.pdf)
- 2026-09-22 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_13963_WebXMLFile_20260922_153858656.xml)
- 2026-09-16 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MGL25_16092026165820_InvestorMeet16092026.pdf)
- 2026-09-16 — Generic Announcement: Mahanagar Gas Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_13963_WebXMLFile_20260916_170426532.xml)

## News and market events

- 2026-11-06 — MONEYCONTROL: **Accumulate Mahanagar Gas; target of Rs 1187: Prabhudas Lilladher** — Prabhudas Lilladher has recommended an 'accumulate' rating for Mahanagar Gas, setting a price target of Rs 1187. The brokerage's note suggests potential upside for investors in the listed entity based on this valuation. — [Source](https://www.moneycontrol.com/news/business/stocks/accumulate-mahanagar-gas-target-of-rs-1187-prabhudas-lilladher-14072409.html)
- 2026-10-31 — FREEPRESSJOURNAL.IN: **Mumbai CNG Price Hiked By ₹1 Per Kg, New Rate At ₹90** — Mahanagar Gas Limited (MGL) raised CNG prices in Mumbai and adjoining areas by ₹1 per kg to ₹90 per kg, effective from midnight on October 31, 2026. The company cited rising gas procurement costs, reduced domestic gas allocation, and increased dependence on expensive imported gas as reasons for the hike. — [Source](https://www.freepressjournal.in/mumbai/mumbai-cng-price-hiked-by-1-per-kg-new-rate-at-90)
- 2026-10-14 — Mint: **Crude oil prices above $100 a barrel: Why HPCL, IOCL and BPCL could face earnings pressure, experts decode** — Crude prices above $100 a barrel could squeeze Indian state-run oil marketers’ margins if petrol and diesel prices remain unchanged. HPCL faces the greatest earnings pressure, followed by IOC and BPCL.  — [Source](https://www.livemint.com/market/stock-market-news/crude-oil-prices-above-100-a-barrel-why-hpcl-iocl-and-bpcl-could-face-earnings-pressure-experts-decode-11791981298623.html)
- 2026-10-14 — MONEYCONTROL: **Petroleum regulatory board publishes draft guidelines for up to 5% hydrogen blending in household piped gas** — PNGRB, hydrogen blending, piped natural gas — [Source](https://www.moneycontrol.com/news/business/economy/petroleum-regulatory-board-publishes-draft-guidelines-for-up-to-5-hydrogen-blending-in-household-piped-gas-14052136.html)
- 2026-10-05 — FREEPRESSJOURNAL.IN: **Mahanagar Gas Workers Stage Unusual Protest Without Uniforms, Warn Of Strike Over Alleged Neglect** — Mahanagar Gas Limited workers, including compressor operators and fillers, have begun working without uniforms to protest alleged prolonged neglect by management. Some reportedly worked in undergarments or without clothes. Workers claimed their demands have gone unanswered for months and uniforms have not been provided for nearly two years. — [Source](https://www.freepressjournal.in/mumbai/mahanagar-gas-workers-stage-unusual-protest-without-uniforms-warn-of-strike-over-alleged-neglect)
- 2026-10-01 — FREEPRESSJOURNAL.IN: **Mumbai CNG Price Hike: MGL Raises CNG Rate By ₹1 To ₹89 Per Kg From Today, Citing Rising RLNG Costs Amid Middle East Crisis** — CNG prices in Mumbai and adjoining areas have increased by ₹1 per kg from October 1, taking the rate to ₹89 per kg. MGL attributed the hike to rising costs of domestically produced gas and imported RLNG amid higher international gas prices linked to the ongoing Middle East crisis. — [Source](https://www.freepressjournal.in/mumbai/mumbai-cng-price-hike-mgl-raises-cng-rate-by-1-to-89-per-kg-from-today-citing-rising-rlng-costs-amid-middle-east-crisis)
- 2026-09-21 — Mint: **Adani Total Gas: Why investor preference for the stock is intriguing** — ATGL's market capitalization of about  ₹70,000 crore remains significantly higher than comparable city gas distribution (CGD) peers such as Indraprastha Gas Ltd (IGL) and Mahanagar Gas Ltd (MGL) that have a market value of of almost  ₹20,800 crore and  ₹10600 crore, respectively. — [Source](https://www.livemint.com/market/mark-to-market/adani-total-gas-share-price-valuation-igl-mgl-city-gas-distribution-11789974534573.html)
- 2026-09-16 — MONEYCONTROL: **Nomura sees sharp Q2 recovery for OMCs despite $100 oil; prefers IOCL, BPCL** — Nomura, IOCL, BPCL, HPCL, Hindustan Oil share price, BPCL stock today, Oil prices, Us-Iran war, brent crude — [Source](https://www.moneycontrol.com/news/business/stocks/nomura-sees-sharp-q2-recovery-for-omcs-despite-100-oil-prefers-iocl-bpcl-14030946.html)
- 2026-09-12 — REDIFF.COM: **OMCs Lose Rs 5 Per Litre On Petrol, Rs 23 On Diesel** — 'If crude remains above $100 per barrel, with restricted retail-price increases, OMCs could face negative petrol and diesel marketing margins, higher LPG under-recoveries, higher crude-landing, freight and insurance costs, working capital and debt accumulation and inventory losses if crude subsequently corrects sharply.' — [Source](https://www.rediff.com/business/report/omcs-lose-rs-5-per-litre-on-petrol-rs-23-on-diesel/20260912.htm)
- 2026-09-10 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 10): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-10-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-554437-2026-09-10)
- 2026-09-09 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 9): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-9-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-554123-2026-09-09)
- 2026-09-08 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 8): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-8-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-553814-2026-09-08)
- 2026-09-07 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 7): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — pg price, cng price, png price, lpg cng png price 7 September, lpg india price, cng india price, png india price, lpg cng png india price 7 September, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-7-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-553531-2026-09-07)
- 2026-09-06 — REDIFF.COM: **Triple whammy for Mumbaikars: Milk, CNG, taxi-auto fares rise** — Mumbaikars are set to face a significant financial burden as the prices of milk, CNG, and taxi-rickshaw fares have all seen a substantial increase from September 1, 2026, impacting household budgets ahead of the crucial festive season. — [Source](https://www.rediff.com/news/report/triple-whammy-for-mumbaikars-milk-cng-taxi-auto-fares-rise/20260901.htm)
- 2026-09-06 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 6): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-6-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-553476-2026-09-06)
- 2026-09-05 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 5): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-5-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-553407-2026-09-05)
- 2026-09-04 — BUSINESSTODAY: **LPG, CNG, PNG prices today, September 4: Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/latest/economy/story/lpg-cng-png-prices-today-september-4-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-553303-2026-09-04)
- 2026-09-03 — BUSINESSTODAY: **LPG, CNG, PNG prices today (September 3): Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/india/story/lpg-cng-png-prices-today-september-3-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-553013-2026-09-03)
- 2026-09-01 — FREEPRESSJOURNAL.IN: **Mumbai Taxi, Auto Fare Hike Offset By ₹2 CNG Price Rise On Same Day; Drivers Say Benefit Eroded** — Mumbai taxi and autorickshaw drivers say the benefit of revised fares has been eroded after MGL raised CNG prices by Rs 2 per kg to Rs 88 on the same day. Taxi and auto unions called the fare increases inadequate, citing rising fuel, maintenance and repair costs and delays in implementing the revision. — [Source](https://www.freepressjournal.in/mumbai/mumbai-taxi-auto-fare-hike-offset-by-2-cng-price-rise-on-same-day-drivers-say-benefit-eroded)
- 2026-09-01 — Orissa POST: **ATF price hiked 5.46%, commercial LPG cylinders costlier by Rs 9.50 - OrissaPOST** — New Delhi: State-owned oil marketing companies (OMCs) have hiked the prices of 19-kg commercial LPG cylinders by Rs 9.50, while aviation turbine fuel (ATF) prices for domestic airlines have risen 5.46 per cent or Rs 6.28 per litre, effective from Tuesday. The price of ATF has been raised from Rs 115 per litre to Rs […] — [Source](https://www.orissapost.com/atf-price-hiked-5-46-commercial-lpg-cylinders-costlier-by-rs-9-50)
- 2026-09-01 — CNBC-TV18: **Mahanagar Gas follows IGL, hikes Mumbai CNG price by ₹2 per kg; Stock in focus** — Similar to its peer IGL, Mahanagar Gas also attributed the need to increase prices of CNG in Mumbai due to the ongoing crisis in West Asia. — [Source](https://www.cnbctv18.com/market/mahanagar-gas-mgl-cng-price-hike-in-mumbai-new-rates-margins-west-asia-share-price-19980995.htm)
- 2026-09-01 — BUSINESSTODAY: **LPG, CNG, PNG prices today, September 1: Check latest rates in Delhi, Mumbai, Kolkata, other cities** — lpg price, cng price, png price, lpg cng png price, lpg india price, cng india price, png india price, lpg cng png india price, lpg price in india, cng price in india, png price in india, lpg cng png price in india, gas price, gas price india, gas price in india, cooking gas cylinder price, cooking gas cylinder price india, cooking gas cylinder price in india, lpg price near me, cng price near me, png price near me, lpg cng png price near me, lpg price in delhi, cng price in delhi, png price in delhi, lpg cng png price in delhi, lpg price in mumbai, cng price in mumbai, png price in mumbai, lpg cng png price in mumbai, lpg price in chennai, cng price in chennai, png price in chennai, lpg cng png price in chennai, lpg price in kolkata, cng price in kolkata, png price in kolkata, lpg cng png price in Kolkata, cooking gas cylinder price in delhi, cooking gas cylinder price in mumbai, cooking gas cylinder price in chennai, cooking gas cylinder price in kolkata — [Source](https://www.businesstoday.in/india/story/lpg-cng-png-prices-today-september-1-check-latest-rates-in-delhi-mumbai-kolkata-other-cities-552425-2026-09-01)
- 2026-09-01 — The Hindu: **Mahanagar Gas CNG price rises to ₹88 per kg in Mumbai from September 1** — Mahanagar Gas hikes CNG price by ₹2 to ₹88 per kg and domestic PNG by ₹1 per SCM from September 1, citing higher input gas costs. — [Source](https://www.thehindubusinessline.com/markets/commodities/mahanagar-gas-hikes-cng-price-by-2-png-by-1/article71413441.ece)
- 2026-08-31 — Times of India: **CNG price up by Rs 2/kg, piped gas Rs 1/unit across MMR from today** — CNG prices in Mumbai metropolitan region rise Rs 2/kg to Rs 88 and piped cooking gas to Rs 53/unit from Sep 1, impacting commuters and 31 lakh homes. — [Source](https://timesofindia.indiatimes.com/city/mumbai/cng-price-up-by-rs-2/kg-piped-gas-rs-1/unit-across-mmr-from-today/articleshow/133660499.cms)
- 2026-08-31 — MONEYCONTROL: **Mumbai auto, taxi fares to rise from September 1; check new minimum rates** — Mumbai, Mumbai News, Mumbai Local Transport, Auto Fare Hike, Taxi Fare Hike, Mumbai Auto Rickshaw, Mumbai Taxi, MMR, Maharashtra Transport Department, Navi Mumbai, Thane, Kalyan, Mira-Bhayander, Fare Hike, CNG Prices — [Source](https://www.moneycontrol.com/city/mumbai-auto-taxi-fares-to-rise-from-september-1-check-new-minimum-rates-article-14019112.html)

## Business profile

**Strategic vision:** Distributes natural gas for vehicles and establishments.

### Business segments
- **Compressed Natural Gas (CNG):** Supplied as fuel for vehicles, catering to cars, two-wheelers, taxis, auto-rickshaws, and buses.
- **Piped Natural Gas (PNG):** Distributed for residential, small commercial, and industrial establishments.

### Competitive strengths
- Operates in the city gas distribution business serving specific regions.
- Focuses on providing natural gas solutions.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/mgl
Markdown representation: https://faxioms.com/stocks/mgl?render=md