Mahanagar Gas Q2 revenue rises slightly to ₹2,256 crore, profit falls sharply

Leading city gas distributor in Mumbai and the surrounding areas, Mahanagar Gas Ltd (MGL), on Wednesday (October 29), reported a 40% quarter-on-quarter decline in net profit at ₹191.3 crore for the second quarter, compared to ₹318.6 crore in the previous quarter. The figure was below the CNBC-TV18 poll estimate of ₹263 crore.

Revenue for Q2 stood at ₹2,256.3 crore, up 1.1% from ₹2,083 crore in the previous quarter, but higher than the poll estimate of ₹1,978 crore. The company’s EBITDA came in at ₹338 crore, down 32.5% from ₹501 crore in Q1FY26, below the CNBC-TV18 poll estimate of ₹379 crore.

EBITDA margins for the quarter were at 16.5%, down from 24% in Q1FY26, and below the estimated 19.2%.

In October this year, Oil India Ltd and Mahanagar Gas Ltd (MGL) signed a Memorandum of Understanding (MoU) to collaborate on opportunities across the liquefied natural gas (LNG) value chain and emerging clean energy segments.

Also Read: Morgan Stanley sees strong growth potential for MGL from Navi Mumbai Airport, retains ‘Overweight’ rating

The agreement was signed on October 6, 2025, by senior executives from both companies in the presence of OIL’s Director (Operations) and Director (HR), and MGL’s Managing Director.

The tie-up comes as both companies expand their presence in the natural gas ecosystem. OIL has outlined an ambitious plan to ramp up gas production while advancing its clean energy roadmap. MGL, meanwhile, has already ventured into LNG retailing and continues to explore new clean fuel initiatives.

Shares of Mahanagar Gas Ltd ended at ₹1,293.80, up by ₹2.75, or 0.21%, on the BSE.

Also Read: Mahanagar Gas Q4 Results: Beats estimates across the board; declares ₹18 final dividend