Interim report
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MAHANA GAR GAS Ref: MGL/CS/SE/2026/710 To, Head, Listing Compliance Department BSE Limited P. J. Towers, Dalal Street, Mumbai-400 001 Scri p Code: 539957 Dear Sir / Madam, MAHANAGAR GAS LIMITED Date: July 30, 2026 Head, Listing Compliance Department National Stock Exchange of India Limited Exchange Plaza, Bandra- Koria Complex, Bandra (East), Mumbai - 400 051 Symbol: MGL Sub: Outcome of Board Meeting held on Thursday, July 30. 2026 In continuation to our letter dated July 24, 2026 and pursuant to Regulations 30, 33 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') read with Schedule III of the Listing Regulations, we are attaching herewith Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2026, along with Independent Auditor's Limited Review Report thereon. The said Financial Results were duly reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company, at their respective meetings held today. The Board Meeting commenced at 1100 hours and concluded at I g 5 0 hours. The above information is also available on the website of the Company at www .mahanagargas.com You are requested to take the above information on your records. Thanking you, Yours sincerely, For Mahanagar Gas Limited /# Atul Prabhu Company Secretary & Compliance Officer Encl.: As above Regd. Office: MGL House. Block G-33, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051 T + 91 22 6678 5000 I E info@mahanagargas.com I W www.mahanagargas.com I CIN l40200MH1995PLC088133 An ISO 9001, 14001 & 4S001 Certified Company
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz Ill, 30th & 31st floors International Business Park Oberoi Garden City Off. Western Express Highway Goregaon (East) Mumbai-400 063 Maharashtra , India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF MAHANAGAR GAS LIMITED 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of MAHANAGAR GAS LIMITED ("the Company"), for the quarter ended June 30, 2026 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 Of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. Place: Mumbai Date: July 30, 2026 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Pallavi Sharma (Partner) (Membership No. 113861) UDIN: 2Gll '3861PKOfON2. 7.lf2. Regd. Office: One International Center, Tower 3, 31st floor, Senapati Bapat Marg, Elphinstone Ro;;id (West), Mumbai-40 0 013, Maharas htra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Sr. No. I II Ill IV V VI VII VIII IX X XI MAHANAGAR GAS LIMITED ON: L40200MH1995PLC088133 Registered Office: MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Statement of Unaudited Standalone Financial Results for the quarter ended June 30, 2026 fot three months ended Partlculars 30.06.2026 31.03.2026 30.06.2025 (Unaudited) (Unaudited) (Unaudited) Revenue from Operations 2,597.89 2 ,258.0 7 2 ,280.44 Other Income 30.37 28.99 31.93 Total Income (I+ II) 2,628.26 2 287.06 2,312.37 Expenses: Purchase of Natural Gas and Traded Items 1,733.38 1,481.56 1,310.07 Changes in Inventories (0.91) (0.57) (0.36} Excise Duty 226.18 206 .. 85 199.06 Employee Benefits Expense 46.34 42.98 37.07 Finance Costs 5.73 4.77 4.49 Depreciati on and Amortisat ion Expenses 108.55 106.08 95.93 Other Expenses 249.92 266.91 233.89 Total Expenses 2,369.19 2,108.58 1,880.15 Profit Before Tax for the period (111· IV) 259.07 178.48 432.22 Income Tax Expense : {i) Current Tax 48.02 24.30 93.71 (ii) Excess Provision for earlier years . (0.22) - (iii) Deferred Tax 17.35 22.48 18.95 Total Income Tax Expense (i+ii+iii) 6S.37 46.56 112.66 Profit After Tax for the period {V • VI) 193.70 131.92 319.56 Other Comprehensive Income/ (Loss) Items that will not be reclassified to profit or loss 1.78 5.47 (0.71) Income tax relatin g to item s that will not be reclassified to profit or loss {0.45) {1.39) 0.18 Total Other Comprehensive Income/ (Loss) 1.33 4.08 (0.53) Total Comprehensive Income for the period {VII + VIII) 195.03 136.00 319.03 Paid up Equity Share Capital 98.78 98.78 98.78 (Equity Shares of U0 each fu lly paid up) Other Equity Excluding Revaluat ion Reserve Earnings per equity share (EPS) (Face value of~ 10/- each) Basic and Diluted (~)• 19.61 13.35 32.35 • Not annualised for the inte rim periods There were no exceptional item(s) and discont inued operation (s) during the periods presented. (' in Crore) For the year ended 31.03.2026 (Audited) 9,059.77 119.20 9,178 .97 5,632.24 {1.05) 819.56 176.36 20.57 409.18 981.59 8,038.45 1,140.52 232.92 (0.22) 61.00 293.70 846.82 7.11 (1.80) 5.31 852.13 98.78 6,335.48 85.73
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Notes to Standalone Financial Results Notes: 1. The above standalone financial results are submitted by t he Company pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements} Regulations, 2015. The above standalone financial results were reviewed and recommend ed by the Audit Committee and approved by the Board of Directors at ~heir meeti ng held on July 30, 2026. 2. The above standalone financial result s have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies {Indian Accounting Standards) Rules, 2015 as amended. 3. The Company is in the business of selling and distribution of natura l gas. There are no separate reportable segments, other than selling of natural gas, as per IND AS 108 - "Operating Segments". 4. GAIL (lndla) Limited (GAIL) raised demand in April 2014 for tran sportation tariff with respect to ONGC's Uran Trom bay Natural Gas Pipeline (UTNGPL) pursuant to demand on them by Oil and Natural Gas Corporation Limited (ONGC), based on the Petroleum and Natural Gas Regulatory Board (PNGRB) order dated December 30, 2013, determining tariff for ONGC's UTNGPL as a common carrier. The total demand raised by GAIL for the period from November 2008 till July 2021 was Rs. 331.80 Crore. The Company disputed the demand with GAi L based on contractual provisions and since the transportation charges are to be paid by a third-party user for utilisation of UTNGPL to ONGC as common carrier and not for transportation of its own gas by ONGC. The Company filed an appeal with the PNGRB in February 2015, the same was dismissed in October 2015. The Company fil ed a writ petition, in November 2015, with the Hon'ble High Court of Delhi. The Court advised the Company to file an appeal with Appellate Tribunal for Electricity (APTEL} being Appellate Authority of the PNGRB in November 2016. The matter was heard by APTEL and remanded back to the PNGRB on technical grounds in September 2019. PNGRB in March 2020, had passed an Order which directed the Company and GAIL to pay the disputed transportation tariff to ONGC. The Company filed an Appeal before APTEL against the PNGRB order in April 2020. The matter was heard by APTEL In October 2020. APTEL remanded back the case in July 2021 to PNGRB for proper adjudication . The matter was heard by PNGRB in April 2022 and an order was passed in September 2022 directing the Company to pay the disputed transportation tariff for the period 2014 to 2021 as per the transportation tariff fixed by PNGRB for UTNGPL. The Company had filed a writ before the Hon'ble High Court of Delhi challenging the PNGRB's September 2022 order. The Hon'ble High Court of Delhi vide its order dated December 13, 2022 has stayed the recovery against the PNGRB order and has directed the Company to deposit a sum of Rs. 50 Crore with GAIL by February 15, 2023, which was deposited with GAIL on February 14, 2023. The Hon' ble High Court has rescheduled the next hearin g to August ~3, 2026. Based on t he legal opinions obtained, the Company believes that i~ has a strong case and does not expect any outflow of resources. Hence, no provision has been recognised. 5. Pursuant to the scheme of Amalgamation ("the Scheme"} under Section 230 to 232 of the Companies Act, 2013 sanctioned by the Hon'ble National Company Law Tribunal, Mumbai bench, vide order dated July 09, 2025 (certified true copy received on July 23, 2025), Unison Enviro Private Limited (UEPL) a wholly owned subsidiary of the Company has been amalgamat ed with the Company, the appointed date being February 01, 2024. In terms of the Scheme, the assets and liabilities of UEPL have been vested with the Company and have been recorded at their respective fair values as of appointed date , as per Indian Accounting Standards i.e, IND AS 103 - Business Combinations. Accordingly, the comparative financial information for the quarter ended June 30, 2025 have been restated to give effect to the said amalgamation. ;t;~.J\ G,.q\S' ~ < ct: MUMBAI f ~ ~ ,;11/ ~.()~ ~ W V
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6. The Company entered into a Share Subscription Agreement (SSA) with 3EV Industries Private Limited (3EV) on February 12, 2024, and executed an amendment to SSA on May 20, 2026. 3EV is engaged in the manufacturing / retro fitment of 3-wheeler cargo and passenger electric vehicles. Under the SSA, the Company's total proposed investment of Rs. 96.00 Crore is to be invested in multiple tranches, subject to 3EV complying with certain conditions. Pursuant to the terms and conditions of the SSA, the Company has invested as on date Rs. 83.99 Crore having an equity stake of 26.13% (on a fully diluted basis), comprising of Compulsorily Convertible Preference Shares (CCPS) Rs. 83.00 Crore and Optionally Convertible Debentures (OCD) {invested during the current quarter) Rs. 0.99 Crore. 7. On January 09, 2025, the Joint commissioner CGST and Central Excise Mumbai East Commissionerate, had passed an order {received by the Company on January 18, 2025) demanding GST liability under Reverse Charge Mechanism {RCM) towards road re-instatement ("Rasta Nuksan Bharpai") charges paid to the Local Authorities by the Company while laying underground pipelines, amounting to Rs. 54.33 Crore plus applicable penalty and interest under Section 74 (1) of CGST Act, 2017. In response to the appeal filed by the Company against the aforesaid order, a hearing before the First Appellate Authority {Commissioner of Appeals) was held on April 30, 2025. The order from the Commissioner (Appeals), confirming the demand, was received on August 25, 2025. The Company had filed a writ petition before the High Court to contest the said order. The matter is sub ju dice and the outcome of the proceedings is awaited. The Hon'ble High Court has rescheduled the next hearing to August 17, 2026. Depending upon the outcome of the proceedings, the Company will determine the further course of action. Based on the legal opinion obtained, the Company believes that it has a strong case and does not expect any outflow of economic resources. 8. On March 09, 2026, the Company had signed Share Subscription and Shareholders' Agreement ('SSA & SHA') with FPEL Reliant Energy Private Limited ('FPEL Reliant') and its holding company FPEL Saur Vidyut Private Umited ('FPEL Saur') to acquire 26% of equity stake in FPEL Reliant (as per requirements of Electricity Laws and the terms of the Transaction Documents) as 'captive user'. During the current quarter the company invested Rs. 3.89 Crore in FPEL Reliant. The Company does not exercise significant influence or control over FPEL Reliant, the investment will not be classified as an associate for the purpose of financial reporting. Place: Mumbai Date: July 30, 2026 For and on behalf of the Board of Directors of Mahanagar Gas Limited Praveer Kumar Srivastava Managing Director DIN: 10874166
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MAHANAGAR GAS LIMITED (STANDALONE) PERFORMANCE - CURRENT QUARTER VIS PREVIOUS QUARTER Particulars UOM For the quarter ended For the quarter ended % Increase/ June30 2026 March 31, 2026 IDecreasel SALES VOLUMES: CNG SCM Million 318.09 301.37 5.55% PNG - Domestic SCM Milllon 56.67 54.42 4.13% PNG- Industry/ Commercial SCM Million 58.94 64.70 -8.90% PNG - TOTAL SCM Million 115.61 119.13 -2.95% TOTAL VOLUMES SCM Million 433.71 420.50 3.14% TOTAL VOLUMES MMSCMD 4.766 4.672 2.01% NET REVENUE FROM OPERATIONS: Net Sales CNG (Net of Excise Duty) Rs. Crores 1,618.51 1,479.23 9.42% PNG Rs. Crores 738.56 558.07 32.34% LNG Rs. Crores 0.90 1.07 -15.89% Traded Items Rs. Crores 3.82 4.17 Total Sates Rs. Crores 2,361.79 2,042.54 15.63% Other Operating Income Rs. Crores 9.92 8.68 14.27% TOTAL NET REVENUE FROM OPERATIONS Rs. Crores 2,371.71 2,051.22 15.62% REVENUE FROM OPERATIONS (Gross) Rs. Crores 2,597.89 2,258.07 15.05% Less: Excise Duty Rs. Crores 226.18 206.85 9.35% REVENUE FROM OPERATIONS (Net) Rs. Crores 2,371.71 2,051.22 15.62% EBIDTA Rs. Crores 342.98 260.34 31.74% % of EBIDTA to Net Revenue from Operation % 14.46% 12.69% NET PROFIT (after tax) Rs. Crores 193.70 131.92 46.83% % of PATto Net Revenue from Operation % 8.17% 6.43% EARNINGS PER SHARE Rs. 19.61 13.35 46.83%
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MAHANAGAR GAS LIMITED (STANDALONE) PERFORMANCE FOR THE QUARTER ENDED JUNE 30, 2026V/S JUNE 30, 2025 Particulars UOM For the quarter ended For the quarter ended % Increase/ June30 2026 June 30 2025 /Decrease! SALES VOLUMES: CNG SCM Million 318.09 289.85 9.74% PNG - Domestic SCM Million 56.67 51.95 9.09% PNG- lnc:lustry / Commercial SCM Million 58.94 63.48 -7.15% PNG -TOTAL SCM Miltion 115.61 115.43 0.16% TOTAL VOLUMES SCM Million 433.71 405.28 7.01% TOTAL VOLUMES MMSCMD 4.766 4.454 7.01% NET REVENUE FROM OPERATIONS: Net Sales CNG (Net of Excise Duty) Rs. Crores 1,618.51 1,514.74 6.85% PNG Rs. Crores 738.56 550.44 34.18% LNG Rs. Crores 0.90 2.51 -64.14% Traded Items Rs. Crores 3.82 3.11 Total Sales Rs. Crores 2,361.79 2,070.80 14.05% Other Operating Income Rs. Crores 9.92 10.58 -6.24% TOTAL NET REVENUE FROM OPERATIONS Rs. Crores 2,371.71 2,081.38 13.95% REVENUE FROM OPERATIONS (Gross) Rs. Crores 2,597.89 2,280.44 13.92% Less: Excise Duty Rs. Crores 226.18 199.06 13.63% REVENUE FROM OPERATIONS {Net) Rs. Crores 2,371.71 2,081.38 13.95% EBIDTA Rs. Crores 342.98 500.71 -31.50% % of EBIDTA to Net Revenue from Operation % 14.46% 24.06% NET PROFIT (after tax) Rs. Crores 193.70 319.56 -39.39% % of PAT to Net Revenue from Operation % 8.17% 15.35% EARNINGS PER SHARE Rs. 19.61 32.35 -39.39% Note: Net Revenue includes U12.87 Crore reversed during the quarter ended June 30, 2025, on signing of agreement with OMC provide □ in the past (April 2019 to March 2023) for Trode Margin relating to Mumbai (Class of Market Metro city}, in accorclance with lnd AS 115 -"Revenue from Contracts with Customers".
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Deloitte Haskins & Sells LLP Chartered Accountants Commerz Ill, 3Dth & 31st floors Internati onal Business Park Oberoi Garden City Off. Western Express Highway Goregaon (East) Mumbai-4D0 063 M.;i harashtra, India INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF MAHANAGAR GAS LIMITED 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of MAHANAGAR GAS LIMITED ("the Parent") and its subsidiary (the Parent and its subsidiary together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its associates for the quarter ended June 30, 2026 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (''the Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"),. prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India (ICAI), A review of interim financial information consists of making inquiries, primarily of Parent's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under Section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable. 4. The Statement includes the results of the followin q entities: Name of Entity Mahanagar Gas Limited Mahanagar LNG Private Limited International Battery Company India Private Limited (w.e.f. February 03, 2025) 3EV Industries Private Limited (w.e.f . February 04, 2025) Relationship Parent Subsidiary Associate Associate Regd. Office: One lnternation.;il Center, Tower 3, 37 st floor , Senapati Bapat Marg, Elphinston e Road (West), Mumbai-40 0 013, Maharashtra. India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identificati on No: AAB-8737
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Deloitte Haskins & Sells LLP 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We did not review the interim financial information of one subsidiary included in the unaudited consolidated financial results, whose interim financial information reflect, total revenues of Rs. 1.01 crore for the quarter ended June 30, 2026, total net loss after tax of Rs. 0.74 crore for the quarter ended June 30, 2026 and total comprehensive loss of Rs. O. 74 crore for the quarter ended June 30, 2026, as considered in the Statement. This interim financial information have been reviewed by other auditor whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of the other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect of this matter. 7. The Statement of unaudited consolidated financial results also includes the Group's share of loss after tax of Rs. 0.31 crore for the quarter ended June 30, 2026 and total comprehensive loss of Rs. 0.31 crore for the quarter ended June 30, 2026, as considered in the Statement, in respect of two associates, based on their interim financial information. These interim financial information have not been reviewed by their auditors and have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the associates is based solely on such interim financial information. In our opinion and according to the information and explanations given to us by the Management, these interim financial results are not material to the Group. Our conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management. Place: Mumbai Date: July 30, 2026 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Pallavi Sharma (Partner) (Membership No. 113861) UDIN: 2,11B86 IEWWYif 2.2 r2,._
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Sr. No. I II Ill IV V VI VII VIII IX X XI XII XIII XIV ~ $ Th~ MAHANAGAR GAS LIMITED CIN : L40200MH1995PLC088133 Registered Office: MGL House, G-33 Block, Bandra-Kurla Complex, Sandra (East), Mumbai - 400051 Statement of Unaudited Consolidated Financial Results for the quarter ended June 30, 2026 Partlculan; For three monthS ended 30.06.2026 31.03.2026 30.06.2025 (Unaudited) (Unaudited) (Unaudited) Revenue from Operations 2,598.90 2,258.90 2,282.07 Other Income 30.43 29.10 32.15 Total Income (1 + II) 2 629.33 2,288.00 2 314.2 2 Expenses : Purchase of Natural Gas and Traded Items 1,734.25 1,482.27 1,311.51 Changes In Invento ries (0.84) (0.54) (0.41) Excise Duty 226.18 206.85 199.06 Employee Benefits Expense 46.42 43.08 37.14 Finance Costs 5.93 4.87 4.57 Depreciation and Amortisat ion Expenses 108.96 106.26 96.09 Other Expenses 250.11 267.27 234.09 Total Expenses 2,371.01 2,110.06 1,882.05 Share of loss of Associates (0.31) (l.61) (0.78) Profit Before Tax for the period (Ill· IV-V) 258.01 176.33 431.39 Income Tax Expense : (i) Current Tax 48.02 24.29 93.71 (ii) Excess Provision for earlier years/ period - (0.22) - (iii) Deferred Tax 17.35 22.63 19 .10 Total Income Tax Expense (i+ii+iii) 65.37 46.70 112.81 Profit After Tax for the period (VI - VII) 192.64 129.62 318.58 Other Comprehensive Income/ (Loss) Items that will not be reclassified to profi t or loss 1.78 5.47 (0.72) Income tax relating to items that will not be reclassified to profit or loss (0.45) (1.19' 0.18 Other Comprehensive Income/ (Loss) 1.33 4.08 10.541 Total Comprehensive Income for the period (VIII+ IX) 193.97 133.70 318.04 Profit/ (Loss) for the period attributable to: Owners of the Company 193.00 129.94 318.68 Non-controlling interest (0.36} (0.34) {0.10) Other Comprehensive Income/ (Loss) attributable to: Owners of the Company 1.33 4.08 (0.54) Non-contr olli ng intere st - - - Tota l Comprehensive Income / (Loss) attributable to: Owners of the Company ~ 194.33 134.03 318.14 Non-controlling interest ~~ ~ (0.36) (0.34) ( 0.10) Paid up Equity Share Capital I '{ MUMBAI ~ I 98.78 98.78 98.78 -(Equity Shares of ~10 each full y paid up) ~~ ~ ~ ~r'nuity Excluding Revaluatio n Reserve ' * C ~sir.ins <f ~ - ~ ~/ B ~ >quity share (EPS) (Face value of ~ 10/- each~tJ" ; I pted ('')* ~ 19.54 13.15 32.26 v :~ sed for the interim oeriods .-. ~ception al item(s) and discontinued operat ion{s) during the periods presented. (" in Cr ore I For the year ended 31.03.2026 (Audited) 9,065.26 119.87 9 185.13 5,637.15 (1.10) 819.56 176.65 20.96 409.88 982.41 8,045.51 (5.03) 1,134.59 232.91 (0.22) 61.34 294.04 840.55 7.11 /1.80I S.31 845.86 841.14 (0.61) 5.31 - 846.46 (0.61) 98.78 6,328.83 85.15
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Notes to Consolidated Financial Results Notes: 1. The aforesaid consolidated financial results of Mahanagar Gas Limited ("the Company/ Holding Company") and its subsidiary and associates (referred together as "the Group") are submitted by the Company pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The above consolidated financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on July 30, 2026. 2. The above consolidated financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended. 3. The Group is mainly in the business of selling and distribution of natural gas. There are no separate reportable segments, other than selling of natural gas, as per IND AS 108- "Operating Segments". 4. GAIL {India) Limited {GAIL) raised demand on the Holding Company in April 2014 for transportation tariff with respect to ONGC's Uran Trombay Natural Gas Pipeline (UTNGPL) pursuant to demand on them by Oil and Natura l Gas Corporation Limited {ONGC), based on the Petroleum and Natural Gas Regulatory Board (PNGRB) order dated December 30, 2013, determining tariff for ONGC's UTNGPL as a common carrier. The total demand raised by GAIL for the period from November 2008 till July 2021 was Rs. 331.80 Crore. The Holding Company disputed the demand with GAIL based on contractual provisions and since the transportation charges are to be paid by a third-party user for utili sation of UTNGPL to ONGC as common carrier and not for transportation of its own gas by ONGC. The Holding Company filed an appeal with the PNGRB in February 2015, the same was dismissed in October 2015. The Holding Company filed a writ petition, in November 2015, with the Hon'ble High Court of Delhi. The Court advised the Holding Company to file an appeal with Appellate Tribunal for Electricity (APTEL) being Appellate Authority of the PNGRB in November 2016. The matter was heard by APTEL and remanded back to the PNGRB on technical grounds in September 2019. PNGRB in March. 2020, had passed an Order which directed the Holding Company and GAIL to pay the disputed tran sportation tariff to ONGC. The Holding Company filed an Appeal before APTEL against the PNGRB order in April 2020. The matter was heard by APTEL in October 2020. APTEL remanded back the case in July 2021 to PNGRB for proper adjudication . The matter was heard by PNGRB in April 2022 and an order was passed in September 2022 directing the Holding Company to pay the disputed transportation tariff for the period 2014 to 2021 as per the transportation tariff fixed by PNGRB for UTNGPL. The Holding Company had filed a writ before the Hon'ble High Court of Delhi challenging the PNGRB's September 2022 order. The Hon'ble High Court of Delhi vide its order dated December 13, 2022 has stayed the recovery against the PNGRB order and has directed the Holding Company to deposit a sum of Rs. 50 Crore with GAIL by February 15, 2023, whkh was deposited with GAIL on February 14, 2023. The Hon'ble High Court has rescheduled the next hearing to August 13, 2026. Based on the legal opinions obtained, the Holding Company believes that it has a strong case and does not expect any outflow of resources. Hence, no provision has been recognised. S. Pursuant to the scheme of Amalgamation ("the Scheme") under Sectio n 230 to 232 of the Companies Act, 2013 sanctioned by the Hon'ble National Company Law Tribunal, Mumbai bench, vide order dated July 09, 2025 (certified true copy received on July 23, 2025), Unison Enviro Private Limited (UEPL} a wholly owned subsidiary of the Company has been amalgamated with the Company, the appointed date being February 01, 2024. In terms of the Scheme, the assets and liabilities of UEPL have been vested with the Company and have been recorded at their respective fair values as of appointed date, as per Indian Accounting Standards i.e, IND AS 103 - Business Combinations. Accordingly, the comparative financial information for the quarter ended ~ :::itti!~ O, 2025 have been restated to give effect to the said amalgamation. -~o~sl<.ins"' t 0 • "' t . "t: * 0
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6. The Holding Company entered into a Share Subscription Agreement (SSA) with 3EV Industries Private Limited (3EV) on February 12, 2024, and executed an amendment to SSA on May 20, 2026. 3EV is engaged in the manufacturing/ retro fitment of 3-wheeler cargo and passenger electric vehicles. Under the SSA, the Holding Company's total proposed investment of Rs. 96.00 Crore is to be invested in multiple tranches, subject to 3EV complying with certain conditions. Pursuant to the terms and conditions of the SSA, the Holding Company has invested as on date Rs. 83.99 Crore having an equity stake of 26.13% (on a fully diluted basis), comprising of Compulsorily Convertible Preference Shares (CCPS) Rs. 83.00 Crore and Optionally Convertible Debentures (OCD) (invested during the current quarter) Rs. 0.99 Crore. 7. On January 09, 2025, the Joint commissioner CGST and Central Excise Mumbai East Commissionerate, had passed an order (received by the Holding Company on January 18, 2025) demanding GST liability under Reverse Charge Mechanism (RCM) towards road re-instatement ("Rasta Nuksan Bharpai") charges paid to the Local Authorities by the Holding Company while laying underground pipelines, amounting to Rs. 54.33 Crore plus applicable penalty and interest under Section 74 (1) of CGST Act, 2017. In response to the appeal filed by the Holding Company against the aforesaid order, a hearing before the First Appellate Authority (Commissioner of Appeals) was held on April 30, 2025. The order from the Commissioner (Appeals), confirming the demand, was received on August 25, 2025. The Holding Company had filed a writ petition before the High Court to contest the said order. The matter is sub judice and the outcome of the proceedings is awaited. The Hon'ble High Court has rescheduled the next hearing to August 17, 2026. Depending upon the outcome of the proceedings, the Holding Company will determine the further course of action. Based on the legal opinion obtained, the Holding Company believes that it has a strong case and does not expect any outflow of economic resources. 8. On March 09, 2026, the Holding Company had signed Share Subscription and Shareholders' Agreement ('SSA & SHA') with FPEL Reliant Energy Private Limited ('FPEL Reliant') and its Holding Company FPEL Saur Vidyut Private Limited ('FPEL Saur'} to acquire 26% of equity stake in FPEL Reliant (as per requirements of Electricity Laws and the terms of the Transaction Documents) as 'captive user'. During the current quarter the Holding company invested Rs. 3.89 Crore in FPEL Reliant. The Holding Company does not exercise significant influence or control over FPEL Reliant, the investment will not be classified as an associate for the purpose of financial reporting. Place: Mumbai Date: July 30, 2026 For and on behalf of the Board of Directors of Mahanagar Gas Limited Praveer Kumar Srivastava Managing Director DIN: 10874166