# MGL share price today (Mahanagar Gas Ltd, NSE: MGL)

> MGL share price today: ₹1,055.90 at the NSE close on 3 November 2026, down 17.3% in a year. Mahanagar Gas (NSE: MGL) is worth ₹10,435 crore, trades at a P/E of 14.6 and has closed between ₹940.20 and ₹1,253.30 over the past 52 weeks. > Mahanagar Gas Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. MGL · Gas Distribution · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/mahanagar-gas-ltd

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## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: ₹1,055.90 (−17.3% in a year)
- P/E: 14.6× (higher than 89% of the last 3.5 years)
- Revenue (Jun 2026): ₹2,373 Cr (+13.9% on a year ago)
- Profit (Jun 2026): ₹193 Cr (−39.5% on a year ago)
- Operating margin: 14.0% (−10.0 points on a year ago)
- ROCE: 17%, FY26
- ROIC: 10.6%, against a 12.0% cost of capital: −1.4 points

The main question: domestic institutions moved +6.8 percentage points over 8 quarters while the business went the other way. ## What is the MGL share price today? Mahanagar Gas Ltd's share price was ₹1,055.90 at the close on 3 November 2026. It has been falling for 60 weeks. That is 5.1% 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 37% of the way up from that low. 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 +103% 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. ## What changed at MGL this quarter? 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. ## What are MGL's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹2,373 crore | ₹2,083 crore | +13.9% |
| Profit | ₹193 crore | ₹319 crore | −39.5% |
| Earnings per share | ₹19.54 | ₹32.26 | −39.4% |
| Operating margin | 14.0% | 24.0% | −10.0 points |

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.)

## What is the MGL share price history? MGL closed at ₹1,055.90 on 3 November 2026, down 17.3% from ₹1,276.90 a year earlier (31 October 2025) and up 4.2% over five years. Its highest weekly close since July 2016 was ₹1,946.60 on 27 September 2024. ### MGL share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹1,023.10 | +3.2% |
| 1 month ago · 1 Oct 2026 | ₹1,045.40 | +1.0% |
| 6 months ago · 30 Apr 2026 | ₹1,135.65 | −7.0% |
| 1 year ago · 31 Oct 2025 | ₹1,276.90 | −17.3% |
| 3 years ago · 3 Nov 2023 | ₹1,038.95 | +1.6% |
| 5 years ago · 4 Nov 2021 | ₹1,013.30 | +4.2% |
| 10 years ago · 4 Nov 2016 | ₹719.35 | +46.8% |
| Earliest weekly close in our records · 1 Jul 2016 | ₹520.30 | +102.9% |
| Highest weekly close since July 2016 · 27 Sep 2024 | ₹1,946.60 | −45.8% |
| Lowest weekly close since July 2016 · 8 Jul 2016 | ₹502.50 | +110.1% |
| 52-week high (weekly close) · 14 Nov 2025 | ₹1,253.30 | −15.8% |
| 52-week low (weekly close) · 27 Mar 2026 | ₹940.20 | +12.3% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (544 weekly closes from 1 July 2016 to 3 November 2026.)

## What is the latest news on MGL? 3 Nov 2026: MGL closed at ₹1,055.90, up 3.2% on the week and up 1.0% 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. ## What dividend does MGL pay? MGL paid ₹30 a share in regular dividends in the 12 months to 4 November 2026 (2 payments), a yield of 2.84% at the ₹1,055.90 close on 3 November 2026. The last was a dividend of ₹18 a share, ex-date 18 August 2026. ### MGL dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 18 Aug 2026 | ₹18 | Dividend | same day |
| 13 Feb 2026 | ₹12 | Interim | same day |
| 14 Aug 2025 | ₹18 | Dividend | same day |
| 3 Feb 2025 | ₹12 | Interim | same day |
| 14 Aug 2024 | ₹18 | Dividend | n/a |
| 5 Feb 2024 | ₹12 | Interim | same day |
| 14 Aug 2023 | ₹16 | Dividend | n/a |
| 14 Feb 2023 | ₹10 | Interim | same day |
| 11 Aug 2022 | ₹15.50 | Dividend | n/a |
| 17 Feb 2022 | ₹9.50 | Interim | 18 Feb 2022 |
| 17 Sep 2021 | ₹14 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did MGL management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/5668-31-Jul-2026.pdf). (From the call for April to June 2026, 31 July 2026.)

## What to watch in MGL's next results? 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. - What to check (from the call)
- Gas sourcing normalization and RLNG availability - check whether supply constraints ease without eroding CNG economics. - Industrial and commercial realization versus alternate fuels - test whether abnormal margin support persists. - PNG conversion execution and Fleet-program traction - verify rollout and CNG adoption continue through seasonal labor and supply bottlenecks. ## Which stock lists is MGL on? MGL is on 2 of our India lists: Dividend stocks and Oil & gas stocks. - [Dividend stocks Regular dividend yield (%): 2.89](https://www.sectoralpha.in/dividend-stocks-india)
- [Oil & gas stocks Group on the list: Gas pipelines, LNG, city gas and LPG](https://www.sectoralpha.in/sectors/oil-and-gas-stocks-india)

## Is MGL profitable? 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. 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. ## How much revenue does MGL make, and is it growing? 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. 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). ## How much of every ₹100 of sales does MGL keep? 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. 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. ## Is MGL's profit turning into cash? 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. 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. ## Where does MGL's cash go? 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. 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. ## What is MGL's P/E ratio, and how does it compare with its own history? Mahanagar Gas Ltd's P/E is 14.6×, 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. Why the multiple is where it is: over the past year earnings per share moved −19.1% while the price moved −17.3%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 3 years the price moved +0.5% a year; about −14.6% a year came from earnings growth and about +15.1 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple. ## Is the MGL business getting better or worse? Mahanagar Gas Ltd's business is getting worse. Profit and EPS growth are shrinking: profit growth is −33.4% in the latest quarter, against +113.2% at its best in 12 quarters, with ROCE falling at 14.6%. This is based on 12 quarters of 4 measures. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## How much does MGL earn on its capital? Mahanagar Gas Ltd earned a ROCE of 17% in FY26. Its return on capital used (ROIC) is 1.4 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 10.2% net margin and 0.92× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 10.2% net margin × 0.92× asset turnover × 1.40× leverage (assets divided by equity) ≈ 13.1% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed. The key test, return on capital used minus the cost of capital: 10.6% − 12.0% = −1.4 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 10.6% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 15.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does MGL have too much debt? Mahanagar Gas Ltd has total debt of ₹223 Cr against shareholder equity of ₹6,442 Cr as of Jun 2026, so its debt is 0.03× its equity, which is very little. Year by year, that ratio went from 0.03 in FY22 to 0.03 in FY26. So the returns on this page come from the business, not from borrowed money. ## What is the MGL shareholding pattern? Foreign institutions cut their stake in Mahanagar Gas Ltd by 10.7 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 23.5% of the company. Domestic institutions moved +6.8 points over the same period, to 22.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Foreign institutions: −10.7 points over 8 quarters, to 23.5%; Domestic institutions: +6.8 points over 8 quarters, to 22.3%; Promoters: +0.0 points over 8 quarters, to 32.5%. Why the owners changed: foreign institutions moved −10.7 points and domestic institutions +6.8 points over 8 quarters, while promoters stayed about the same. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is MGL from balance-sheet trouble? For Mahanagar Gas Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does MGL rank in its industry? 44.3 out of 100, rank 4 of 7 in Gas Distribution, with 81% of the evidence available. Mahanagar Gas Ltd scores 44.3 out of 100 against the 7 companies it is compared with in Gas Distribution, ranking 4. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 9.3 + 13.1 + 12 + 9.9 = 44.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is MGL compared with? MGL ranks 4 of 7 Gas Distribution companies on the 4-Factor Sector Score, with 44.3 out of 100. 1. [Petronet LNG Ltd](https://www.sectoralpha.in/stocks/petronet-lng-ltd) PETRONET · breaking out · Most evidence points up · 96% evidence 75.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.4/35 · Revenue -24.8% · Profit 13.4% · Operating margin change 18 points · 88% evidence Capital efficiency 20.8/25 · ROCE 22.6% · Operating margin 28% · 100% evidence Valuation 13.1/20 · P/E 10.3× · PEG 1.3 · 100% evidence Relative strength 20.0/20 · Lead over its industry 11.1% · Lead over NIFTY 500 8% · 1 year 2.9% · 100% evidence · 8 of 12 weeks ahead Exact sum: 21.4 + 20.8 + 13.1 + 20 = 75.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [GAIL (India) Ltd](https://www.sectoralpha.in/stocks/gail-indialtd) GAIL · breaking out · Evidence leans up · 100% evidence 62.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.9/35 · Revenue 10.4% · Profit 15% · Operating margin change 5 points · 100% evidence Capital efficiency 10.1/25 · ROCE 9.7% · Operating margin 15% · 100% evidence Valuation 9.9/20 · P/E 8.7× · PEG 1.79 · 100% evidence Relative strength 14.5/20 · Lead over its industry 8.4% · Lead over NIFTY 500 5.4% · 1 year -8.1% · 100% evidence · 2 of 12 weeks ahead Exact sum: 27.9 + 10.1 + 9.9 + 14.5 = 62.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. [Adani Total Gas Ltd](https://www.sectoralpha.in/stocks/adani-total-gas-ltd) ATGL · basing · Evidence leans down · 78% evidence 45.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 23.7% · Profit 2.7% · Operating margin change -3 points · 100% evidence Capital efficiency 14.5/25 · ROCE 15.3% · Operating margin 17% · 100% evidence Valuation 3.5/20 · P/E 91.6× · PEG 8.41 · 65% evidence Relative strength 8.3/20 · Lead over its industry n/a · Lead over NIFTY 500 -7.9% · 1 year -15.4% · 25% evidence · 0 of 12 weeks ahead Exact sum: 19.2 + 14.5 + 3.5 + 8.3 = 45.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. Mahanagar Gas Ltd this page MGL · turning · Evidence leans down · 81% evidence 44.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.3/35 · Revenue 11.1% · Profit -33.4% · Operating margin change -10 points · 88% evidence Capital efficiency 13.1/25 · ROCE 17% · Operating margin 14% · 100% evidence Valuation 12.0/20 · P/E 14.5× · PEG 0.3 · 100% evidence Relative strength 9.9/20 · Lead over its industry n/a · Lead over NIFTY 500 -0.4% · 1 year -17.9% · 25% evidence · 0 of 12 weeks ahead Exact sum: 9.3 + 13.1 + 12 + 9.9 = 44.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Gujarat State Petronet Ltd](https://www.sectoralpha.in/stocks/gujarat-state-petronet-ltd) GSPL · Too little evidence to rank firmly · 55% evidence 44.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 18.8/43.75 · Revenue -7.5% · Profit -18.6% · Operating margin change 3 points · 47% evidence Capital efficiency 12.3/31.25 · ROCE 15.2% · Operating margin 16% · 75% evidence Valuation 13.2/25 · P/E 14.4× · PEG 1.27 · 100% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 18.8 + 12.3 + 13.2 = 44.3 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 6. [Indraprastha Gas Ltd](https://www.sectoralpha.in/stocks/indraprastha-gas-ltd) IGL · basing · Evidence leans down · 100% evidence 41.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 8.6/35 · Revenue 14.7% · Profit -37.6% · Operating margin change -11.6 points · 100% evidence Capital efficiency 12.8/25 · ROCE 17.5% · Operating margin -0.6% · 100% evidence Valuation 14.8/20 · P/E 19.5× · PEG 1.26 · 100% evidence Relative strength 5.3/20 · Lead over its industry -8.9% · Lead over NIFTY 500 -11.5% · 1 year -34.3% · 100% evidence · 0 of 12 weeks ahead Exact sum: 8.6 + 12.8 + 14.8 + 5.3 = 41.5 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Gujarat Gas Ltd](https://www.sectoralpha.in/stocks/gujarat-gas-ltd) GUJGASLTD · Too little evidence to rank firmly · 47% evidence 52.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/43.75 · Revenue 3.7% · Profit -10.6% · Operating margin change 0 points · 53% evidence Capital efficiency 18.2/31.25 · ROCE 18.5% · Operating margin 11% · 71% evidence Valuation 14.9/25 · P/E 18.6× · PEG n/a · 50% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 19.3 + 18.2 + 14.9 = 52.4 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Gas Distribution](https://www.sectoralpha.in/sectors/gas-distribution), all 7 compared on one page. ## Which companies are close to MGL in size? MGL is the 7th largest of 7 Gas Distribution companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: GAIL (India), Adani Total Gas, Petronet LNG, Gujarat Gas, Indraprastha Gas and Gujarat State Petronet. It is the smallest. ### Gas Distribution companies close in size

1. [GAIL (India) Ltd](https://www.sectoralpha.in/stocks/gail-indialtd) ₹1,10,402 crore
2. [Adani Total Gas Ltd](https://www.sectoralpha.in/stocks/adani-total-gas-ltd) ₹58,779 crore
3. [Petronet LNG Ltd](https://www.sectoralpha.in/stocks/petronet-lng-ltd) ₹43,425 crore
4. [Gujarat Gas Ltd](https://www.sectoralpha.in/stocks/gujarat-gas-ltd) ₹33,105 crore
5. [Indraprastha Gas Ltd](https://www.sectoralpha.in/stocks/indraprastha-gas-ltd) ₹19,487 crore
6. [Gujarat State Petronet Ltd](https://www.sectoralpha.in/stocks/gujarat-state-petronet-ltd) ₹15,141 crore
7. Mahanagar Gas Ltd ₹10,357 crore

[All 7 Gas Distribution companies, largest first](https://www.sectoralpha.in/sectors/gas-distribution#all-companies)

### Companies close in size in other industries

1. [UTI Asset Management Company Ltd](https://www.sectoralpha.in/stocks/uti-asset-management-company-ltd) ₹10,417 crore · Finance - AMC
2. [Ujjivan Small Finance Bank Ltd](https://www.sectoralpha.in/stocks/ujjivan-small-finance-bank-ltd) ₹10,368 crore · Banks - Small Finance
3. Mahanagar Gas Ltd ₹10,357 crore
4. [Whirlpool of India Ltd](https://www.sectoralpha.in/stocks/whirlpool-of-india-ltd) ₹10,334 crore · Consumer Electronics
5. [JM Financial Ltd](https://www.sectoralpha.in/stocks/jm-financial-ltd) ₹10,315 crore · Finance - Investment Bankers

## What else do people ask about MGL? ### What is MGL's share price today? Mahanagar Gas Ltd's share price is ₹1,055.90, −17.3% over the past year. The whole company is worth ₹10,435 Cr on the market. In the last 52 weeks it traded between ₹940 to ₹1,253; today it is 37% of the way up from the low, 5.1% below its 200-day average (as of 3 November 2026). ### What were MGL's latest quarterly results? Mahanagar Gas Ltd reported revenue of ₹2,373 Cr and net profit of ₹193 Cr for the Jun 2026 quarter. Revenue rose 13.9% and profit fell 39.5% compared with a year earlier. Earnings per share were ₹19.54. The operating margin was 14.0%, 10.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is MGL's market cap? Mahanagar Gas Ltd's market capitalisation is ₹10,435 Cr at a share price of ₹1,055.90. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is MGL performing? Mahanagar Gas Ltd's share price has been falling for 60 weeks. In its latest quarter, revenue rose 13.9% and profit fell 39.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 4 weeks running (as of 3 November 2026). ### Will MGL's share price go up? This page does not forecast Mahanagar Gas Ltd's share price. What it shows instead: the share price is ₹1,055.90, and it has been falling for 60 weeks. Its P/E of 14.6× is higher than 89% of its own last 4 years (as of 3 November 2026). ### Who owns MGL? Promoters own 32.5% of Mahanagar Gas Ltd, foreign institutions 23.5%, domestic institutions 22.3% and the public 11.8% (latest quarter). The biggest change over the last two years: Foreign institutions cut their stake by 10.7 percentage points over 8 quarters (as of 3 November 2026). ### Does MGL have too much debt? No, Mahanagar Gas Ltd has little debt: its debt is 0.03× its equity, and its operating profit is 69 times its interest bill. FY26 borrowings were ₹223 Cr against equity of ₹6,428 Cr. So the returns on this page come from the business, not borrowed money (as of 3 November 2026). ### Where is MGL in its business cycle? Mahanagar Gas Ltd's FY26 operating margin was 18.0%, against a 4-year range of 18.0% to 29.0%: the low end of its own range, which is often where recoveries start. The latest quarter was 14.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the MGL story? The main question: domestic institutions moved +6.8 percentage points over 8 quarters while the business went the other way. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is MGL a stock worth studying right now? What the numbers show: Mahanagar Gas Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether the owners’ moves turn back in line with the business. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a MGL share price forecast for 2026? What management itself 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. ## Lists

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