MGL share price today

Mahanagar Gas Ltd's share price was ₹1,059.20 at the close on 4 November 2026. It has been falling for 60 weeks. That is 4.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹940 and ₹1,253, and at that close it sat 38% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Mahanagar Gas Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 4 weeks in a row.

Over the last 10 years the share price moved +104% while the NIFTY 500 moved +211%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: revenue up on a year earlier for 10 quarters in a row, operating margin down 10 points on a year earlier and profit down on a year earlier for 4 quarters in a row.

1. Revenue up on a year earlier for 10 quarters in a row

   In the June 2026 quarter revenue was ₹2,373 crore, +13.9% on a year earlier.

   Why: Revenue rose because the company sold more gas overall, led by CNG and household PNG.

   Next results: check if CNG and household PNG volumes keep growing as the company adds connections and stations.

   From the earnings call on 31 Jul 2026.

2. Operating margin down 10 points on a year earlier

   14% in the June 2026 quarter, from 24%.

   Why: The share of sales left after running costs fell because gas cost more, and management said getting a better gas price was the main challenge.

   Next results: check if the unusually high prices paid by industrial and commercial customers last, since management called the quarter abnormal.

   From the earnings call on 31 Jul 2026.

3. Profit down on a year earlier for 4 quarters in a row

   In the June 2026 quarter profit was ₹193 crore, -39.5% on a year earlier.

   Why: Profit fell because the share of sales left after running costs shrank as gas cost more.

   Next results: check whether gas costs ease and whether the company raises CNG prices to recover a lasting cost increase.

   From the earnings call on 31 Jul 2026.

For April to June 2026 (the quarter ended 30 June 2026), MGL reported revenue of ₹2,373 crore, up 13.9% from ₹2,083 crore a year earlier, and a profit of ₹193 crore, down 39.5% from ₹319 crore.

MGL results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

MGL's management discussed these results on a call held on 31 July 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

MGL closed at ₹1,059.20 on 4 November 2026, down 12.9% from ₹1,215.60 a year earlier (7 November 2025) and up 4.5% over five years. Its highest weekly close since July 2016 was ₹1,946.60 on 27 September 2024.

MGL share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

544 weekly closes from 1 July 2016 to 4 November 2026.

4 Nov 2026: MGL closed at ₹1,059.20, up 1.0% on the week and up 1.3% on the month. 18 Aug 2026: ex-date for a dividend of ₹18 a share.

Earlier

• 31 Jul 2026: MGL held its results call for April to June 2026. Management guided: CNG volume growth and sustainable overall volume growth guided at 8.0-9.0% for FY27 and beyond, assuming reasonable gas conditions and maintained price competitiveness.
• Results for April to June 2026: Revenue up 13.9% and profit down 39.5% on a year earlier.
• 13 Feb 2026: ex-date for an interim dividend of ₹12 a share.

MGL paid ₹30 a share in regular dividends in the 12 months to 5 November 2026 (2 payments), a yield of 2.83% at the ₹1,059.20 close on 4 November 2026. The last was a dividend of ₹18 a share, ex-date 18 August 2026.

MGL dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Mahanagar Gas Ltd paid out 35% of its profit as dividends in FY26, and it paid a dividend in each of its last 4 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 31 July 2026, MGL's management guided: CNG volume growth and sustainable overall volume growth guided at 8.0-9.0% for FY27 and beyond, assuming reasonable gas conditions and maintained price competitiveness.

“There is no lack of demand as such. The challenge is how to obtain a better gas input cost and achieve a better margin.”Praveer Kumar Srivastava, MD, on the call for April to June 2026

What management guided

• FY27 CGD capital spending planned at ₹1,500-1,800 crore to accelerate pipeline and connection rollout.
• FY27 DPNG connections planned at 8-10 lakh; further household conversion is expected over two to three years within a 3.8-4.0 million household opportunity.
• Near-term operating margin expected to remain under pressure for one to two months; longer-term objective remains ₹8-9 per SCM under normal conditions; range long term.
• UEPL volume potential is almost 1.2 MMSCMD, implying roughly fourfold headroom from current operations.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 31 July 2026.

When MGL reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Gas sourcing normalization and RLNG availability - check whether supply constraints ease without eroding CNG economics.

MGL is on 2 of our India lists: Dividend stocks and Oil & gas stocks.

Mahanagar Gas Ltd earned ₹193 Cr of net profit in the Jun 2026 quarter, −39.5% on the same quarter a year earlier. Full-year FY26 profit was ₹841 Cr. Over 3 years profit has grown 2.1% a year on average. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹319 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹841 Cr (−19.1% on the year before).

Why profit moved: revenue changed +13.9% on a year earlier and the margin moved −10.0 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed −32.3% and revenue +11.2%. Profit is growing slower than sales: rising costs are taking part of the growth.

Mahanagar Gas Ltd reported ₹2,373 Cr of revenue in the Jun 2026 quarter, +13.9% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 3 years it has grown 9.4% a year on average. The last full year, FY26, came in at ₹8,246 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹8,535 Cr.

FY26 revenue was ₹8,246 Cr, +13.5% on the year before.

Recent pace: the last four quarters grew +11.2% on average, against 9.4% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +11.1%, against +15.3% a year over the last 8 quarters (rolling over); profit over the last 12 months grew −33.4%, against −23.0% a year (rolling over).

Mahanagar Gas Ltd's operating margin was 14.0% in the Jun 2026 quarter, 10.0 percentage points lower than the same quarter a year ago. Across 4 years it has been between 18.0% and 29.0%. The latest quarter is below every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −9.6 percentage points on the year while gross margin changed −10.1 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years, 131% of Mahanagar Gas Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,162 Cr of operating cash against ₹841 Cr of profit. After ₹1,150 Cr of spending on assets, ₹12.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 131% of profit came in as cash: the cash cycle stayed about the same between FY23 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 3.8× depreciation over three years. The next section checks what that spending is building.

Mahanagar Gas Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −7 days in FY26, down from −7 days in FY23. It spent ₹3,966 Cr on assets over the last 3 years. Customers take 20 days to pay, and stock sits for 4 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹8,246 Cr, each day of that cycle ties up about ₹22.6 Cr, so roughly −₹158 Cr is tied up in the business at any time.

FY26: customers took 20 days to pay and stock sat for 4 days, about 0.1 months of sales sitting as stock, for a full cycle of −7 days, shorter than FY23's −7.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 4 days. Customers pay about 20 days after that. Suppliers are paid at 31 days. Together that makes the −7-day cycle.

Spending on assets: ₹3,966 Cr over the last 3 years, against ₹1,039 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹1,270 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Mahanagar Gas Ltd's P/E is 14.7×, near the high end of its own history: higher than 89% of past readings. Its usual P/E (the middle reading) is 12.4×, over 3.5 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.