Financials Mahanagar Gas Limited

Equities

MGL

INE002S01010

Natural Gas Utilities

Market Closed - NSE India S.E. Other stock markets 05:19:42 18/07/2025 pm IST			5-day change	1st Jan Change
1,511.20 ^INR	-0.76%		+1.96%	+17.66%

17/06	INDIA STOCKS-Indian shares slip as Trump's Tehran warning, oil surge rattle investors	RE
17/06	Nomura Upgrades Mahanagar Gas to Buy From Neutral, Adjusts Price Target to INR1,680 From INR1,350	MT

Projected Income Statement: Mahanagar Gas Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	29,721	21,523	35,602	62,993	62,445	69,237	77,184	84,746
Change	-	-27.58%	65.41%	76.94%	-0.87%	10.88%	11.48%	9.8%
EBITDA ¹	10,528	9,340	9,243	11,842	18,426	15,098	16,072	17,342
Change	-	-11.29%	-1.03%	28.11%	55.6%	-18.06%	6.45%	7.9%
EBIT ¹	8,911	7,603	7,280	9,530	15,690	12,035	12,808	13,668
Change	-	-14.68%	-4.24%	30.9%	64.63%	-23.29%	6.42%	6.72%
Interest Paid ¹	-65.3	-71.9	-75.3	-93.9	-115.3	-134.3	-143.1	-149.9
Earnings before Tax (EBT) ¹	9,835	8,336	8,063	10,555	17,328	13,741	14,344	15,420
Change	-	-15.24%	-3.28%	30.92%	64.16%	-20.7%	4.39%	7.5%
Net income ¹	7,935	6,196	5,970	7,900	12,891	10,449	10,712	11,476
Change	-	-21.92%	-3.65%	32.35%	63.16%	-18.94%	2.51%	7.13%
Announcement Date	10/06/20	24/05/21	10/05/22	08/05/23	09/05/24	06/05/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	7,575	7,836	7,445	6,866	2,618	5,067	6,664	7,177	6,155	8,301	11,229	10,868	14,548	15,627	18,384	16,105	15,378	15,709	15,688	15,670	15,896	16,648	17,133	18,072	18,855	19,908	20,346	20,309
Change	-	3.44%	-4.99%	-7.78%	-61.87%	93.59%	31.51%	7.69%	-14.24%	34.87%	35.27%	-3.22%	33.86%	7.42%	17.65%	-12.4%	-4.51%	2.15%	-0.14%	-0.11%	1.44%	4.73%	2.91%	5.49%	4.33%	5.58%	2.2%	-0.18%
EBITDA ¹	2,768	2,734	2,589	2,438	799.9	2,211	3,167	3,162	3,040	3,018	1,031	2,155	2,856	2,528	2,561	3,897	5,213	4,789	4,487	3,938	4,185	4,196	3,113	3,469	3,961	4,770	4,511	4,194
Change	-	-1.24%	-5.32%	-5.81%	-67.19%	176.4%	43.25%	-0.18%	-3.85%	-0.73%	-65.83%	108.99%	32.52%	-11.46%	1.29%	52.17%	33.76%	-8.13%	-6.3%	-12.24%	6.27%	0.28%	-25.82%	11.44%	14.17%	20.42%	-5.42%	-7.02%
EBIT ¹	2,396	2,343	2,174	1,998	377.3	1,786	2,726	2,713	2,587	2,298	548.9	1,600	2,319	1,977	1,976	3,259	4,592	4,131	3,804	3,163	3,466	3,325	2,504	2,623	2,807	4,553	3,962	3,290
Change	-	-2.22%	-7.21%	-8.08%	-81.12%	373.44%	52.61%	-0.47%	-4.64%	-11.18%	-76.11%	191.42%	44.95%	-14.72%	-0.09%	64.94%	40.92%	-10.05%	-7.91%	-16.86%	9.6%	-4.08%	-24.7%	4.78%	7%	62.2%	-12.98%	-16.96%
Charge d'intérêts ¹	-13.7	-14.5	-16.2	-20.8	-15.3	-20.3	-17.2	-19.2	-17	-20.2	-15.4	-22.7	-22.9	-24.7	-24.2	-22.1	-25.1	-24.7	-27.2	-38.3	-31	-28.75	-32	-27.33	-26.67	-28.5	-30.5	-33
Earnings before Tax (EBT) ¹	2,586	2,558	2,444	2,247	607.2	1,950	2,913	2,866	2,756	2,750	751.8	1,804	2,496	2,212	2,274	3,573	4,957	4,543	4,258	3,570	3,837	3,866	2,812	3,154	3,586	4,353	4,038	3,705
Change	-	-1.07%	-4.49%	-8.04%	-72.98%	221.2%	49.35%	-1.61%	-3.81%	-0.21%	-72.67%	139.94%	38.36%	-11.35%	2.78%	57.12%	38.73%	-8.34%	-6.29%	-16.15%	7.47%	0.76%	-27.25%	12.16%	13.69%	21.38%	-7.25%	-8.24%
Net income ¹	1,702	2,706	1,860	1,666	452.5	1,443	2,172	2,128	2,041	2,043	567.9	1,318	1,852	1,640	1,721	2,688	3,684	3,385	3,172	2,650	2,845	2,903	2,130	2,351	2,661	2,975	2,830	2,679
Change	-	58.96%	-31.25%	-10.46%	-72.84%	218.98%	50.48%	-2.04%	-4.08%	0.1%	-72.2%	132.08%	40.52%	-11.46%	4.94%	56.22%	37.05%	-8.12%	-6.3%	-16.45%	7.37%	2.02%	-26.61%	10.37%	13.18%	11.78%	-4.85%	-5.34%
Announcement Date	08/08/19	11/11/19	07/02/20	10/06/20	07/08/20	12/11/20	09/02/21	24/05/21	28/07/21	26/10/21	08/02/22	10/05/22	06/08/22	11/11/22	02/02/23	08/05/23	03/08/23	27/10/23	23/01/24	09/05/24	25/07/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 S1	2022 S1
Net sales	7,685	-
Change	-	-
EBITDA ¹	3,011	6,058
Change	-	101.19%
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	12/11/20	26/10/21

¹INR in Million

Estimates

Forecast Balance Sheet: Mahanagar Gas Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,295	-5,119	-15,535	-15,377	-3,985	-13,693	-10,438	-12,817
Change	-	-123.05%	-203.48%	1.02%	74.08%	-243.61%	-15.67%	-22.79%
Announcement Date	10/06/20	24/05/21	10/05/22	08/05/23	09/05/24	06/05/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Mahanagar Gas Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	4,232	3,395	6,773	7,127	7,698	10,686	10,393	10,068
Change	-	-19.77%	99.48%	5.22%	8.02%	38.81%	17.84%	-3.12%
Free Cash Flow (FCF) ¹	5,477	4,660	2,264	2,566	7,933	2,931	5,602	5,243
Change	-	-14.92%	-51.42%	13.37%	209.12%	-63.06%	9.3%	-6.4%
Announcement Date	10/06/20	24/05/21	10/05/22	08/05/23	09/05/24	06/05/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Mahanagar Gas Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	35.42%	43.39%	25.96%	18.8%	29.51%	21.81%	20.82%	20.46%
EBIT Margin (%)	29.98%	35.32%	20.45%	15.13%	25.13%	17.38%	16.59%	16.13%
EBT Margin (%)	33.09%	38.73%	22.65%	16.76%	27.75%	19.85%	18.58%	18.2%
Net margin (%)	26.7%	28.79%	16.77%	12.54%	20.64%	15.09%	13.88%	13.54%
FCF margin (%)	18.43%	21.65%	6.36%	4.07%	12.7%	4.23%	7.26%	6.19%
FCF / Net Income (%)	69.03%	75.21%	37.92%	32.48%	61.54%	28.05%	52.3%	45.69%
Profitability
ROA	19.22%	14.2%	12.14%	14.03%	19.45%	13.54%	12.66%	11.77%
ROE	29.66%	20.03%	17.48%	20.44%	27.8%	18.94%	17.17%	16.49%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	14.24%	15.77%	19.02%	11.31%	12.33%	15.43%	13.47%	11.88%
CAPEX / EBITDA (%)	40.2%	36.35%	73.28%	60.18%	41.78%	70.78%	64.67%	58.06%
CAPEX / FCF (%)	77.27%	72.86%	299.2%	277.7%	97.04%	364.63%	185.53%	192.03%
Items per share
Cash flow per share ¹	109.7	96.35	74.75	98.13	158.2	138.5	179	143.1
Change	-	-12.14%	-22.42%	31.27%	61.26%	-12.45%	7.46%	-20.08%
Dividend per Share ¹	35	23	25	26	30	30	36.17	38.63
Change	-	-34.29%	8.7%	4%	15.38%	0%	6.32%	6.78%
Book Value Per Share ¹	298.9	327.2	364.2	418.5	520.6	596.2	664.3	741.8
Change	-	9.47%	11.29%	14.93%	24.39%	14.52%	13.12%	11.67%
EPS ¹	80.33	62.72	60.43	79.98	130.5	105.8	108.5	116.1
Change	-	-21.92%	-3.65%	32.35%	63.17%	-18.94%	4.6%	6.95%
Nbr of stocks (in thousands)	98,778	98,778	98,778	98,778	98,778	98,778	98,778	98,778
Announcement Date	10/06/20	24/05/21	10/05/22	08/05/23	09/05/24	06/05/25	-	-