Mahanagar Gas Ltd (MGL) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Cofacto Research Published October 30, 2026 3 min read

Mahanagar Gas Ltd (MGL) distributes CNG and Piped Natural Gas in Mumbai, Raigarh and adjoining geographies, and reports into a quarter shaped by a Middle East conflict that pushed Brent from about $70 in July to above $100 by September. The print will speak to whether EBITDA/scm holds near the guided Rs. 8-9 band after Q1's Rs. 7.91, and how much of the 1-Sep CNG and PNG price hikes offset a rising spot gas cost curve.

Quick Details

Results date	November 03, 2026
Quarter	Q2 FY 2026-2027
Previous quarter revenue	Rs. 2,597.89 Cr
Previous quarter PAT	Rs. 193.70 Cr
Previous quarter EBITDA margin	14.46%
Market cap	Rs. 10,399.81 Cr
CMP	Rs. 1,053.0

Mahanagar Gas Ltd Q2 Results Date and Time

Mahanagar Gas Ltd is scheduled to report its Q2 FY 2026-2027 results on November 03, 2026.

Key Things To Watch

Gas mix and APM allocation: The core bridge to EBITDA/scm versus the Rs. 8-9 guide.

Whether the ~30% APM share of gas mix held through the quarter
What the HPHT, IGX and spot portions of the mix cost in the quarter
Whether the 80% supply-restriction episode of March 2026 recurred

EBITDA/scm margin bridge

EBITDA/scm versus Rs. 7.91 in Q1 and the Rs. 8-9 guided band
How much of the 1-Sep hike (CNG +Rs. 2/kg to Rs. 88/kg, PNG-D +Rs. 1/SCM) landed in-quarter
Management's read on the lag versus the post-September spot spike, with Oct APM notified at US$11.22/MMBTU under the US$7.00 ceiling and Brent at a five-month high on 22-Oct

Volume bridge by segment

CNG growth versus the 8-9% FY27 guide after the June-July monsoon months
I&C volumes versus the 12-14% scenario after Q1's 7.15% YoY decline
Domestic adds run-rate versus the 8-10 lakh FY27 aim and uptake of the 1-Sep incremental-APM incentive

Working capital and funding

Receivables build against the Rs. 458.6 Cr base as gas costs spike
Confirmation that the Rs. 1,500-1,800 Cr FY27 capex program and the ~Rs. 30/share dividend remain internally funded with borrowings still nil, supported by about Rs. 1,200 Cr of cash and investments

Frequently Asked Questions

Why is Mahanagar Gas's EBITDA margin under pressure in Q2 FY27?

Q1 FY27 EBITDA/scm of Rs. 7.91 already came in below the guided Rs. 8-9 band as spot-linked gas costs rose, with gas purchase cost up 32.31% YoY. The pressure intensified in Q2 as the Hormuz blockade was reimposed in mid-July, Brent moved from about $70 to above $100, and India's August LNG imports jumped 40% YoY to a near six-year high.

Did Mahanagar Gas raise CNG and PNG prices recently?

Yes, MGL raised CNG by Rs. 2/kg to Rs. 88/kg in Mumbai and domestic PNG by Rs. 1/SCM effective 1-Sep-2026, citing Middle East-driven input-gas inflation. Per the company's own statement, the hike passes through only one month of the quarter and only partially.

Is Mahanagar Gas on track for its FY27 volume growth guidance?

Management has guided for 8-9% volume growth in FY27 with a double-digit aim, and Q1 CNG growth of 9.74% ran above that guide while all-India CGD sales grew about 14-15% YoY through June-July 2026. I&C is the soft spot, having declined 7.15% YoY in Q1 against the 12-14% scenario.

How is Mahanagar Gas funding its FY27 capex program?

The company entered the quarter debt-free with about Rs. 1,200 Cr of cash and investments, and has guided FY27 capex of Rs. 1,500-1,800 Cr funded via internal accruals. The ~Rs. 30/share dividend also faces no visible funding constraint from these drivers.