Slides
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M a y - 2025 INVESTOR PRESENTATION
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2 www.mahanagargas.com Safe Harbor This presentation may contain statements which reflect the management’s current views and estimates and could be construed as forward-looking statements. The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include such factors as general economic conditions, competitive product and pricing pressures and regulatory developments.
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MGL : An Introduction
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4 www.mahanagargas.com Infrastructure Exclusivity/Reach Over 7,460 Kms Pipeline with 385 CNG filing stations Robust Financials 3 years Revenue CAGR 14.33% RoE (FY24): 18.90% Commitment to HSE Strong focus on Health, Safety and Environment Secured Gas Availability APM, HPHT, Term RLNG Consistent Track Record > 30 years of consistent growth Strong Customer Base CNG 1.14mn + Vehicles PNG 2.83mn + households One of the largest CGD Companies in India
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5 www.mahanagargas.com 47,96,180 Urban Households 45,691 Area (sq Km) Areas of Operation 7,154 PE Pipeline Length (Km) 668 Steel Pipeline Length (Km) 467 CNG Stations (No) 5,194 Industrial Commercial Customers 11,67,000 CNG Vehicles (No) 28,71,747 PNG Household Connections Existing MGL’s Geographical Area (GA) Newly Acquired GA’s of UEPL
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6 www.mahanagargas.com Infrastructure – MGL 1,396 1,341 96 GA 1 GA 2 GA 3 Cumulative 2,833 Domestic Household Connections in ‘000 243 3,348 264 3,138 135 332 Steel PE GA 1 GA 2 GA 3 Cumulative Steel 641 PE 6,819 Pipeline (Steel & PE) in Km 518 152 569 168 27 65 CNG Vehicles CNG Stations GA 1 GA 2 GA 3 Cumulative CNG Vehicles 1,113 CNG Stations 385 CNG Vehicles (‘000) & Stations (Nos.) 3,527 1,566 35 GA 1 GA 2 GA 3 Cumulative 5,128 Industrial & Commercial Customers
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7 www.mahanagargas.com Infrastructure – UEPL 23 4 12 Ratnagiri Latur & Osmanabad Chitradurga & Davanagere Cumulative 39 Domestic Household Connections in ‘000 20 2623 33 10 23 CNG Vehicles CNG Stations Ratnagiri Latur & Osmanabad Chitradurga & Davanagere Cumulative CNG Vehicles 54 CNG Stations 82 CNG Vehicles (‘000) & Stations (Nos.) 5 132 16 59 6 144 Steel PE Ratnagiri Latur & Osmanabad Chitradurga & Davanagere Cumulative Steel 27 PE 335 Pipeline (Steel & PE) in Km 59 3 4 Ratnagiri Latur & Osmanabad Chitradurga & Davanagere Cumulative 66 Industrial & Commercial Customers
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Operational & Financial Performance
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9 www.mahanagargas.com Particulars Q4FY25 Q4FY24 YoY Q3FY25 QoQ FY25 FY24 YoY Revenues 1,864.85 1,567.05 19.00% 1,757.57 6.10% 6,923.68 6,244.53 10.88% Gross Profit 651.58 615.36 5.89% 552.73 17.88% 2,465.76 2,626.46 -6.12% EBITDA 378.38 393.78 -3.91% 314.40 20.35% 1,509.78 1,842.63 -18.06% EBIDTA Margins 20.29% 25.13% - 17.89% - 21.81% 29.51% - PBT 339.08 357.00 -5.02% 278.21 21.88% 1,374.10 1,732.76 -20.70% PAT 252.19 264.98 -4.83% 225.37 11.90% 1,044.89 1,289.07 -18.94% EPS 25.53 26.83 -4.83% 22.82 11.90% 105.78 130.50 -18.94% P/L Highlights - MGL ₹ Crore
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10 www.mahanagargas.com Balance Sheet - MGL As at As at As at As at 31st March 2025 31st March 2024 31st March 2025 31st March 2024 ASSETS EQUITY AND LIABILITIES Equity 5,889 5,143 Non-current Assets 6,313 5,365 Equity Share Capital 99 99 Property, Plant and Equipment 4,104 3,543 Other Equity 5,791 5,044 Capital Work-in-Progress (CWIP) 974 774 Financial Assets 1,070 915 Liabilities Other Non-current Assets 165 132 Non-current Liabilities 474 413 Financial Liabilities 138 119 Current assets 1,891 1,861 Provisions 55 45 Inventories 49 40 Deferred Tax Liabilities (net) 277 244 Investments 1,054 1,019 Other Non-current Liabilities 5 5 Trade Receivables 346 281 Cash and Cash Equivalents 134 103 Current Liabilities 1,840 1,670 Bank balances other than above 181 296 Lease Liabilities 29 23 Other Financial Assets 105 102 Trade Payables 415 334 Other current assets 22 21 Other Financial Liabilities 1,310 1,242 Other Current Liabilities and Provisions 64 54 Provisions 19 14 Income Tax Liabilities (net) 3 3 Total Liabilities 2,315 2,083 Total Assets 8,204 7,226 Total Equity and Liabilities 8,204 7,226 ₹ Crore
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11 www.mahanagargas.com Financial Performance - MGL 1567 1758 1865 6245 6924 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 19% 11% Revenues 394 314 378 1,843 1,510 25% 18% 20% 30% 22% Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 EBIDTA & Margins 265 225 252 1,289 1,045 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 PAT ₹ Crore 609 546 646 2604 2442 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 Gross Profit (Gas Sales Less Gas Cost)
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12 www.mahanagargas.com Operational Metrics - MGL INR/SCM 45.57 46.41 49.41 47.27 46.81 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 Revenues (Net) 17.89 14.60 17.26 19.88 16.67 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 Gross Profit 11.45 8.30 10.03 13.95 10.21 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 EBIDTA 27.67 31.82 32.15 27.39 30.14 Q4 FY24 Q3 FY25 Q4 FY25 FY 2024 FY 2025 Gas Cost
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13 www.mahanagargas.com Volumes 3.926 4.308 4.401 3.739 4.235 0.559 0.659 0.686 0.506 0.632 0.566 0.554 0.593 0.522 0.557 2.801 3.096 3.123 2.711 3.046 Q4 FY 24 Q3 FY 25 Q4 FY 25 FY 2024 FY 2025 CNG Domestic I&C Total MGL + UEPL 3.779 4.116 4.194 3.609 4.052 0.550 0.646 0.670 0.499 0.621 0.563 0.551 0.590 0.520 0.554 2.666 2.919 2.934 2.591 2.878 Q4 FY 24 Q3 FY 25 Q4 FY 25 FY 2024 FY 2025 CNG Domestic I&C Total MGL 0.146 0.192 0.208 0.129 0.183 0.136 0.177 0.189 0.120 0.169 Q4 FY 24 Q3 FY 25 Q4 FY 25 FY 2024 FY 2025 CNG Domestic I&C Total UEPL
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14 www.mahanagargas.com Attractive Fuel Economics - MGL • Price Advantage • Natural gas provides economic benefits over most alternative liquid fuels • Fuel Efficiency • CNG vehicles typically enjoy higher fuel efficiency • Payback Period of Vehicle • Lower running costs result in lower payback period and savings Benefits of CNG / PNG CNG is price competitive compared to alternatives Commercial PNG is favourably priced vs. alternate fuels Despite being expensive, domestic PNG offers convenience INR/kg INR/SCM Note: (1) Mileage of CNG LCV – 10 km/ kg, Diesel LCV – 10 km/ ltr (2) Mileage of CNG Car – 26 km/kg, Petrol car – 18 kms/ ltr Mar-25 Apr-25 Petrol Diesel CNG 48% 13% 48% INR/kg INR/Ltr INR/Ltr 48% 13% 12% 47% 92.08 92.39 62.74 62.96 Mar-25 Apr-25 Commercial LPG PNG 10,230 10,511 9,630 10,296 Mar-25 Apr-25 Domestic PNG Domestic LPG (INR per year) 1,860 2,067 1,866 2,074 Mar-25 Apr-25 Commercial PNG Commercial LPG (INR per MMBTU) Assuming 12 cylinders per year
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15 www.mahanagargas.com Diversified Sourcing Strategy Priority Segment Forms Majority • Distribution - Majority of MGL’s sales are from CNG and D-PNG • Gas for D-PNG - 100% APM allocation is available • Gas for CNG – Partially from APM allocation and balance from Market determined price Term & SPOT Non-Priority Segment • Gas for I&C - Market determined price Term 71.01% 13.67% 3.32% 12.00% Sales Volume Composition - FY 25 CNG DPNG Commercial Indistrial
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16 www.mahanagargas.com Shareholding, Dividend and Market Capitalisation FPIs/ NRIs, 24.25% Government of Maharashtra, 10.00% Domestic Institutional Investors, 23.82% Public, IEPF, Others, 9.43% Promoter, 32.50% 13,474 15,774 19,167 12,687 13,700 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Market Capitalisation (Rs cr.) 20 23 25 26 30 30 15 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 Normal Special Dividend Per Share (Rs) Final Dividend of Rs.18/Share declared by Board included above
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Thank You! MGL House, G-33, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 T +91 22 6678 5000 https://www.mahanagargas.com CIN : L40200MH1995PLC088133 Contact to : Runjhun Jain | Runjhun.jain1@in.ey.com Avantika Mishra | Avantika.mishra@in.ey.com