A fundamental analysis of Mahanagar Gas (MGL) covering revenue trends, profitability, valuation, and shareholding patterns.
Mahanagar Gas Revenue Trend
The top line tells a positive story: Mahanagar Gas's revenue advanced 14.9% to ₹8,146 Cr in FY2025.
A 14.5% CAGR over 10 years puts Mahanagar Gas in solid growth territory. The top line went from ₹2,095 Cr to ₹8,146 Cr in that span.
In terms of scale, Mahanagar Gas's ₹8,146 Cr in annual revenue positions it as a mid-sized refineries company.
Revenue has moved in the same direction for 4 years running, suggesting the growth trend has structural legs.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | ₹8,146 Cr | +14.9% |
| FY2024 | ₹7,089 Cr | +0.8% |
| FY2023 | ₹7,033 Cr | +77.1% |
| FY2022 | ₹3,971 Cr | +69.8% |
| FY2021 | ₹2,338 Cr | — |
View Mahanagar Gas's full 10-year revenue trend with CAGR analysis →
Mahanagar Gas Profitability
Earnings pressure was evident — Mahanagar Gas's net profit fell 18.5% to ₹1,040 Cr in FY2025.
The net margin narrowed from 18.0% to 12.8%, suggesting rising cost pressures.
Is Mahanagar Gas Undervalued
The P/E Ratio model estimates an intrinsic value of ₹1,372, implying a 26.9% upside from the current price.
Mahanagar Gas shares are currently trading at ₹1,080.80.
Craytheon also calculates intrinsic value using the EPS Growth and DCF models. The full breakdown with assumptions is available in the detailed analysis.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | ₹1,372 | 26.9% upside to fair value |
| EPS Growth | Upgrade | Upgrade |
| DCF | Upgrade | Upgrade |
See all valuation models for Mahanagar Gas with detailed assumptions →
Mahanagar Gas Shareholding Pattern
At 32.5%, the promoter stake has been flat for the past 4 quarters.
FII holding stands at 24.1%, down from 25.5% in the year-ago quarter.
Domestic investors held 21.0% of the company as of March 2026, down year-over-year from 22.5%.
| Quarter | Promoter | FII | DII | Public |
|---|---|---|---|---|
| Mar 2026 | 32.5% | 24.1% | 21.0% | 12.3% |
| Dec 2025 | 32.5% | 24.9% | 20.8% | 11.8% |
| Sep 2025 | 32.5% | 23.6% | 22.9% | 11.0% |
| Jun 2025 | 32.5% | 25.5% | 22.5% | 9.5% |
Track quarterly shareholding changes for Mahanagar Gas →
Mahanagar Gas Balance Sheet
Proportional view as of 3 Jun 2026. Hover blocks for details.
Assets
Liabilities & Equity
In FY2025, the total asset base came in at ₹82.70B, up 14.0% YoY from ₹72.53B.
Property, Plant & Equipment accounts for 66.4% of the total, ahead of Cash & ST Investments (14.6%) and Other Assets (7.5%).
Capital structure: 71.3% equity, 2.4% debt, 26.3% operating liabilities. Over the year, debt is up 42.1% and equity is up 14.6%.
Balance sheet composition — FY 2025
| Category | Value |
|---|---|
| Cash & ST Investments | 12.06B |
| Receivables | 3.64B |
| Inventories | 523.10M |
| Property, Plant & Equipment | 54.90B |
| Investments | 1.08B |
| Intangibles & Goodwill | 4.32B |
| Other Assets | 6.18B |
| Category | Value |
|---|---|
| Equity | 58.95B |
| Short-term Debt | 355.70M |
| Long-term Debt | 1.65B |
| Trade Payables | 4.31B |
| Other Liabilities | 17.43B |
Mahanagar Gas Stock Analysis
Pulling it all together, here's what the numbers say about Mahanagar Gas (MGL) heading into the next fiscal year.
Revenue of ₹8,146 Cr in FY2025, up 14.9% year-over-year.
Long-term revenue has been compounding at 14.5% annually over 10 years.
The company is profitable, with a net margin of 12.8% and net income of ₹1,040 Cr.
The P/E Ratio model implies 26.9% upside to fair value from the current price. The remaining two models are worth cross-checking before drawing a conclusion — sign up to see the full analysis.
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Get the complete view of Mahanagar Gas on Craytheon — 10 years of financials, three valuation models, and institutional holding trends.