Slides
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F e b r u a r y - 2026 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 8,182 Kms Pipeline with 491 CNG filing stations Robust Financials 3 years Revenue CAGR 27.10% RoE (FY25): 18.91% 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 1.25mn Vehicles PNG 3.07mn + 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 7,465 PE Pipeline Length (Km) 717 Steel Pipeline Length (Km) 491 CNG Stations (No) 5,618 Industrial Commercial Customers 12,49,983 CNG Vehicles (No) 30,69,907 PNG Household Connections MGL’s existing Geographical Areas (GA) GAs of erstwhile UEPL
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6 www.mahanagargas.com Infrastructure 1,476 1,425 108 26 6 28 GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Domestic Household Connections in ‘000 GA 1 – Mumbai and Greater Mumbai, GA 2 – Thane Urban and Adjoining Municipalities, GA 3 - Raigarh District, GA 4 – Ratnagiri, GA 5 - Latur & Osmanabad & GA 6 - Chitradurga & Davanagere Cumulative 3,070 543 152 609 171 31 6924 3030 4213 27 CNG Vehicles CNG Stations GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Cumulative CNG Vehicles – 1,250 CNG Stations - 491 CNG Vehicles (‘000) & Stations (Nos.) 245 3,390 275 3,246 152 353 11 14727 718 257 Steel PE GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Pipeline (Steel & PE) in Km Cumulative Steel – 717 PE – 7,465 3,806 1,726 49 64 3 5 GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Cumulative 5,653 Industrial & Commercial Customers
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Operational & Financial Performance
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8 www.mahanagargas.com Particulars Q3 FY25-26 Q3 FY24-25 YoY Variance % Q2 FY25-26 QoQ Variance % Nine Months FY25-26 Nine Months FY24-25 YoY Variance % Revenues (Net) 2,058.27 1,846.72 11.46% 2,049.33 0.44% 6,188.99 5,298.73 16.80% Gross Profit 642.52 579.23 10.93% 624.59 2.87% 2,038.78 1,900.47 7.28% EBITDA 352.07 324.81 8.39% 337.95 4.18% 1,190.73 1,175.09 1.33% EBIDTA Margins 17.10% 17.59% 16.49% 19.24% 22.18% PBT 271.81 273.27 (0.53%) 258.01 5.35% 962.04 1,033.03 (6.87%) PAT 201.97 223.00 (9.43%) 193.37 4.45% 714.90 798.96 (10.52%) EPS 20.45 22.58 (9.43%) 19.58 4.45% 72.37 80.88 (10.52%) P/L Highlights - Standalone ₹ Crore Net Revenue for Nine months FY 2025-26 includes reversal of OMC Trade Margin provided earlier The comparative financial information for quarter ended December 31, 2025, quarter and nine months ended December 31, 2024 and year ended March 31, 2025 have been restated to give effect to the amalgamation between MGL and erstwhile UEPL
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9 www.mahanagargas.com Balance Sheet - Standalone ₹ Crore The comparative financial information for As per submission to SEBI last Balance Sheet of September 2025 and March 2025have been restated to give effect to the amalgamation between MGL and erstwhile UEPL Particulars As at As at Particulars As at As at September 30, 2025 March 31, 2025 September 30, 2025 March 31, 2025 ASSETS EQUITY AND LIABILITIES Non-current Assets 6,828 6,355 Equity 6,417 5,878 Property, Plant and Equipment 4,388 4,146 Equity Share Capital 99 99 Capital Work-in-Progress (CWIP) 1,286 1,062 Other Equity 6,318 5,780 Right of Use Assets 270 266 Goodwill 11 11 Liabilities Intangible Assets 403 421 Non-current Liabilities 575 532 Financial Assets 232 252 Lease Liabilities 163 163 Other Non-current Assets (Incl. Tax Assets – Net) 238 197 Other Financial Liabilities 1 3 Provisions 61 55 Current assets 2,116 1,929 Deferred Tax Liabilities (net) 350 311 Inventories 62 52 Investments 1,210 1,054 Current Liabilities 1,953 1,874 Trade Receivables 497 363 Lease Liabilities 44 36 Cash and Cash Equivalents 39 152 Trade Payables 459 431 Bank balances 132 181 Other Financial Liabilities 1,291 1,321 Other Financial Assets 142 100 Other Current Liabilities 125 65 Other current assets 34 27 Provisions 26 20 Income Tax Liabilities (net) 7 3 Total Liabilities 2,528 2,406 Total Assets 8,944 8,284 Total Equity and Liabilities 8,944 8,284
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10 www.mahanagargas.com Financial Performance ₹ Crore Net Revenue - CY Nine months includes reversal of OMC Trade Margin provided earlier 1847 2049 2058 5299 6189 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 Revenues (Net) 572 616 636 1881 2014 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 Gross Profit (Gas Sales Less Gas Cost) 325 338 352 1175 1191 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 EBIDTA & Margins 17.59% 16.49% 17.10% 22.18% 19.24% 223 193 202 799 715 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 PAT
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11 www.mahanagargas.com Operational Metrics INR/SCM Net Revenue - CY Nine months includes reversal of OMC Trade Margin provided earlier 46.57 48.49 48.42 46.08 49.40 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 Revenues (Net) 31.84 33.65 33.22 29.43 33.03 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 Gas Cost 8.19 8.00 8.28 10.22 9.50 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 EBIDTA 14.43 14.57 14.96 16.36 16.08 Q3 FY25 Q2 FY26 Q3 FY26 Nine months ended FY25 Nine months ended FY26 Gross Profit (Gas Sales Less Gas Cost)
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12 www.mahanagargas.com Volumes - MMSCMD 3.098 3.255 3.281 3.022 3.241 Q3 FY 25 Q2 FY 26 Q3 FY 26 Nine months ended FY25 Nine months ended FY26 CNG 0.554 0.582 0.604 0.545 0.586 Q3 FY 25 Q2 FY 26 Q3 FY 26 Nine months ended FY25 Nine months ended FY26 DPNG 0.659 0.757 0.735 0.615 0.730 Q3 FY 25 Q2 FY 26 Q3 FY 26 Nine months ended FY25 Nine months ended FY26 Industrial and Commercial 4.310 4.593 4.620 4.181 4.556 Q3 FY 25 Q2 FY 26 Q3 FY 26 Nine months ended FY25 Nine months ended FY26 Total
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13 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 INR/kg INR/Ltr INR/Ltr (INR per year) (INR per MMBTU) Assuming 12 cylinders per year 103.50 103.50 90.03 90.03 80.50 81.00 Dec-25 Jan-26 Petrol Diesel CNG 46.56% 10.59% 46.23% 10.03% 81.16 80.61 58.37 57.98 Dec-25 Jan-26 Commercial LPG PNG 10,230 10,230 10,725 10,725 Dec-25 Jan-26 Domestic LPG Domestic PNG (INR per year) 1,719 1,730 1,809 1,822 Dec-25 Jan-26 Commercial PNG Commercial LPG
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14 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 71.02% 13.07% 3.41% 12.50% CNG DPNG Commercial Industrial Sales Volume Composition – Q3 FY 26
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15 www.mahanagargas.com Shareholding, Dividend and Market Capitalisation 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) GAIL 32.50% Government of Maharashtra 10.00% FPIs/NRIs 25.51% Domestic Institutional Investors 20.83% Public, IEPF, Others 11.16% 15,774 19,167 12,687 13,700 14,651 12,793 11,222 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec' 25 Market Capitalisation (Rs cr.) Note : Interim dividend declared ₹12 per share for FY 26
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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