Interim report
Page 1
MAHANAGARGASLIMITED MAHANAGAR GAS Ref: MGLlCS/SEl2026/677 Date: February 07, 2026 To, Head, Listing Compliance Department BSE Limited P. J. Towers, Dalal Street, Mumbai - 400001 Scrip Code: 539957 Head, Listing Compliance Department National Stock Exchange of India Limited Exchange Plaza, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051 Symbol: MGL Dear Sir 1Madam, Sub: Outcome of Board Meeting held on Saturday, February 07, 2026 In continuation to our letter dated January 29, 2026 and pursuant to Regulations 30, 33, 42 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') read with Schedule ill of the Listing Regulations, we wish to inform that, the Board of Directors of the Company at its meeting held today i.e. Saturday, February 07, 2026 has inter-alia considered and approved the following businesses: 1. Unaudited Financial Results The Unaudited Standalone and Consolidated Financial Results for the quarter and nine months ended December 31, 2025 along with the Limited Review Report thereon, as reviewed and recommended by the Audit Committee. In terms of Regulation 33 of the Listing Regulations, copy of the aforesaid Unaudited Financial Results along with Limited Review Report issued by the Statutory Auditors of the Company and Performance Indicators being shared with the Analyst 1 Institutional Investors are enclosed as Annexure I. 2. Interim Dividend and Record Date Declaration of Interim Dividend ofRs. 12/- per equity share having face value ofRs. 101-each for the Financial Year 2025-26 and fixed Friday, February 13, 2026 as the Record Date for the purpose of determining the entitlement of shareholders to the Interim Dividend. The Interim Dividend for the Financial Year 2025-26 shall be paid to the entitled shareholders within 30 days from the date of its declaration. Regd. Office: MGL House, Block G-33, Bandra -Kurla Complex, Bandra (East),Mumbai -400 051 T+91 2266785000 IEinfo@mahanagargas.com IWwww.mahanagargas.comICIN L40200MH1995PLC088133 An ISO 9001, 14001 & 45001 Certified Company
Page 2
MAHANAGARGASLIMITED MAHANAGAR GAS The Board Meeting commenced at 1130 hours and concluded at ,6""00 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 .cCompany Secretary & Compliance Officer Enc1.: As above Regd. Office: MGL House, Block G-33, Bandra - Kurla Complex, Bandra (East),Mumbai -400 051 T+91 2266785000 IE info@mahanagargas.com IWwww.mahanaqarqas.com j ClN L40200MH1995PLC088133 An ISO 9001,14001 & 45001 Certified Company
Page 3
Deloitte Haskins & Sells LLP Chartered Accountants One International Center, Tower 3, 31st Floor, Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra , India Tel: +91226185 6000 Fax: +912261854101 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 and nine months ended December 31, 2025 ("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 informat ion 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: February 7, 2026 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Pallavi Sharma (Partner) (Membership No. 113861) (UDIN: 2.Gl13'66/AG,QLXEG4--06 ) Regd. Office: One International Center, Tower 3, 31 st floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumba i-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737 Annexure I
Page 4
MAHANAGAR GAS LIMITED CIN : L40200MH1995PLC088133 Registered Office : MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Statement of Unaudited Standalone Financial Results for the quarter and nine months ended December 31, 2025 For three months ended For nine months ended Sr. No. Particulars 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) {Unaudited) I Revenue from Operations 2,265.97 2,255.29 2,030.82 6,801.70 5,825.84 II Other Income 29.41 28.87 41.91 90.21 124.22 Ill Total Income (I+ II) 2,295.38 2,284.16 2,072.73 6,891.91 5,950.06 IV Expenses: Cost of Material Consumed 1,415.73 1,424.88 1,267.93 4,150.68 3,398.99 Changes in Inventories 0.02 (0.14) (0.45) (0.48) (0.74) Excise Duty 207.69 205.96 184.10 612.71 527.11 Employee Benefits Expense 47.47 48.84 35.51 133.38 111.52 Finance Costs 6.30 5.01 3.42 15.80 9.70 Depreciation and Amortisation Expenses 103,37 103.80 90.02 303.10 256,57 Other Expenses 242,99 237.80 218.93 714.68 613.88 Total Expenses 2,023.57 2,026.15 1,799.46 5,929.87 4,917.03 V Profit Before Tax for the period (Ill- IV) 271.81 258.01 273.27 962.04 1,033.03 VI Income Tax Expense : (i) Current Tax 58,98 55.93 44.79 208.62 204.82 (ii) Deferred Tax 10,86 8.71 5.48 38.52 29.25 Total Income Tax Expense (i+ii) 69.84 64.64 50.27 247.14 234.07 VII Profit After Tax for the period (V - VI) 201.97 193.37 223.00 714.90 798.96 VIII Other Comprehensive Income/ (Loss) Items that will not be reclassified to profit or loss 2.58 (0.23) (0.89) 1.64 0.93 Income tax relating to items that will not be reclassified to profit or loss (0.65) 0.06 0.23 (0,41) I0.23) Total Other Comprehensive Income/ (Loss) 1.93 (0.17) (0.66) 1.23 0.70 IX Total Comprehensive Income for the period (VII+ VIII) 203.90 193.20 222.34 716.13 799.66 X Paid up Equity Share Capital 98.78 98.78 98.78 98.78 98.78 (Equity Shares of "10 each fully paid up) Other Equity Excluding Revaluation Reserve XI Earnings per equity share (EPS) (Face value of" 10/- each) Basic and Diluted (~)* 20.45 19.58 22.58 72.37 80.88 * Not annualised for the interim periods There were no exceptional item(s) and discontinued operation(s) during the periods presented. (" in Crore) For the year ended 31.03.2025 (Audited) 7,976.42 166.04 8,142.46 4,678.73 (1.18) 715.17 146.75 13.80 351.67 866.90 6,771.84 1,370.62 277.19 52.17 329.36 1,041.26 (3.15) 0.79 (2.36) 1,038.90 98.78 S,779.69 105.41
Page 5
Notes to Standalone Financial Results Notes: 1. The above standalone financial results are submitted by the Company pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The above standalone financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on February 07, 2026. 2. The above standalone 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 Company is 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 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 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 GAIL 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 filed 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 hearing to February 25, 2026. Based on the legal opinions obtained, the Company believes that it 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 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 quarter and nine months ended December 31, 2024 and year ended March 31, 2025 have been restated to give effect to the said amalgamation ,
Page 6
6. 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 is in process of filling an appeal before the GST tribunal to contest the said order. Based on the legal opinion obtained, the Company believes that it has a strong case and does not expect any outflow of economic resources. 7. On November 21, 2025, the Government of India notified four Labour Codes. These Labour Codes consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during and post employment and, among other things, introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The implementation of the Labour Codes has resulted in an increase in gratuity liability arising from past service cost of Rs. 9.94 Crore. This amount has been included under Employee Benefit Expenses in the standalone unaudited financial results for the quarter and nine months ended December 31, 2025. The Company continues to monitor the developments relating to the Labour Codes and will evaluate any additional impact. 8. The Board of Directors at their meeting held on February 07, 2026, has declared an interim dividend of Rs. 12.00 per share i.e. 120 % on the face value of Rs. 10 per share. The Company has fixed February 13, 2026, as record date for ascertaining the eligible shareholders for payment of interim dividend. Place: Nashik Date: February 07, 2026 For and on behalf of the Board of Directors of Mahanagar Gas Limited ~ -1- Ashu Shinghal Managing Director DIN: 08268176 ~ -
Page 7
MAHANAGAR GAS LIMITED (STANDALONE) PERFORMANCE FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 V/S DECEMBER 31, 2024 For the nine months ended For the nine months ended % Increase/ Particulars UOM December 31, 2024 (Decrease) December 31, 2025 SALES VOLUMES: CNG SCM Million 891.18 831.01 7.24% PNG - Domestic SCM Million 161.02 149.75 7.53% PNG- Industry/ Commercial SCM Million 200.74 169.03 18.76% PNG -TOTAL SCM Million 361.76 318.78 13.48% TOTAL VOLUMES SCM Million 1,252.94 1,149.79 8.97% TOTAL VOLUMES MMSCMD 4.556 4.181 8.97% NET REVENUE FROM OPERATIONS: Net Sales CNG (Net of Excise Duty) Rs. Crores 4,448.85 3,731.53 19.22% PNG Rs. Crores 1,704.25 1,533.14 11.16% LNG Rs. Crores 4.41 7.34 -39.94% Traded Items Rs. Crores 8.51 4.74 Total Sales Rs. Crores 6,166.02 5,276.74 16.85% Other Operating Income Rs. Crores 22.97 21.99 4.47% TOTAL NET REVENUE FROM OPERATIONS Rs. Crores 6,188.99 5,298.73 16.80% REVENUE FROM OPERATIONS (Gross) Rs. Crores 6,801.70 5,825.84 16.75% Less: Excise Duty Rs. Crores 612.71 527.11 16.24% REVENUE FROM OPERATIONS (Net) Rs. Crores 6,188.99 5,298.73 16.80% EBIDTA Rs. Crores 1,190.73 1,175.09 1.33% % of EBIDTA to Net Revenue from Operation % 19.24% 22.18% NET PROFIT (after tax) Rs. Crores 714.90 798.96 -10.52% % of PAT to Net Revenue from Operation % 11.55% 15.08% EARNINGS PER SHARE Rs. 72.37 80.88 -10.52% Note: The revision of trade discounts to Oil Marketing Companies (OMCs), for earlier years was pending with respect to certain geographical areas and the same is finalised during the current year. Accordingly, Rs. 112.87 crore recognised in earlier year(s)/periods, has been reversed during the current year, in accordance with Ind AS 115- "Revenue from Contracts with Customers".
Page 8
MAHANAGAR GAS LIMITED (STANDALONE) PERFORMANCE - CURRENT QUARTER VIS PREVIOUS QUARTER Particulars UOM I For the quarter ended I For the quarter ended I % Increase/ December 31, 2025 September 30, 2025 (Decrease) SALES VOLUMES: CNG SCM Million 301.88 299.45 0.81% PNG - Domestic SCM Million 55.54 53.53 3.77% PNG - Industry I Commercial SCM Million 67.65 69.61 -2.82% PNG -TOTAL SCM Million 123.19 123.14 0.04% TOTAL VOLUMES SCM Million 425.07 422.59 0.59% TOTAL VOLUMES MMSCMD 4.620 4.593 0.59% NET REVENUE FROM OPERATIONS: Net Sales CNG (Net of Excise Duty) Rs. Crores 1,474.43 1,457 .26 1.18% PNG Rs. Crores 573.33 580.49 -1.23% LNG Rs. Crores 0.72 1.18 -39.13% Traded Items Rs. Crores 3.16 2.24 Total Sales Rs. Crores 2,051.64 2,041.17 0.51% Other Operating Income Rs. Crores 6.64 8.16 -18.62% TOTAL NET REVENUE FROM OPERATIONS Rs. Crores 2,058.28 2,049.33 0.44% REVENUE FROM OPERATIONS (Gross) Rs. Crores 2,265.97 2,255 .29 0.47% Less: Excise Duty Rs. Crores 207.69 205.96 0.84% REVENUE FROM OPERATIONS (Net) Rs. Crores 2,058.28 2,049.33 0.44% EBIDTA Rs. Crores 352.07 337 .95 4.18% o/o of EBIDTA to Net Revenue from Operation o/o 17.10% 16.49% NET PROFIT (after tax) Rs. Crores 201.97 193.37 4.45% o/o of PATto Net Revenue from Operation o/o 9.81 o/o 9.44% EARNINGS PER SHARE Rs. 20.45 19.58 4.45%
Page 9
Deloitte Haskins & Sells LLP Chartered Accountants One International Center, Tower 3, 31st Floor, Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India Tel: +91 22 6185 6000 Fax: +912261854101 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 Consolidated Unaudited Financial Results of MAHANAGAR GAS LIMilED ("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 and nine months ended December 31, 2025 ("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 (including Unison Enviro Private Limited, subsidiary, merged w.e.f February 01, 2024) 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 International Center, Tower 3, 31st floor , Senapati Ba pat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: MB-8737
Page 10
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. 1.97 crore and Rs. 4.66 crore for the quarter and nine months ended December 31, 2025 respectively, total net loss after tax of Rs. 0.10 crore and Rs. 0.56 crore for the quarter and nine months ended December 31, 2025 respectively and total comprehensive loss of Rs. 0.10 crore and Rs. 0.56 crore for the quarter and nine months ended December 31, 2025 respectively, as considered in the Statement. This interim financial information have been reviewed by other auditors 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 auditors 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. 0.77 crore and Rs. 3.42 crore for the quarter and nine months ended December 31, 2025 and total comprehensive loss of Rs. 0. 77 crore and Rs. 3.42 crore for the quarter and nine months ended December 31, 2025, 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: February 7, 2026 For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Pallavi Sharma (Partner) --...:::::=~ (Membership No. 113861) (UDIN: 26113 S 6/RHDBA1434-I )
Page 11
Sr. No. I ii Ill IV V VI Vil Viii IX X XI XII Xiii XIV xv MAHANAGAR GAS LIMITED CIN : L40200MH1995PLC088133 Registered Office : MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Statement of Unaudited Consolidated Financial Results for the quarter and nine months ended December 31, 2025 For three months ended For nine months ended Particulars 31.12.2025 30.09.2025 31.12.2024 31.12.2025 31.12.2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Revenue from Operations 2,267.93 2,256.36 2,031.51 6,806.36 5,826.53 Other Income 29.60 29.02 41.98 90.77 124.57 Total Income (I + II) 2,297.S3 2,28S.38 2,073.49 6,897.13 5,951.10 Expenses: Cost of Materials Consumed 1,417.51 1,425.86 1,268.58 4,154.88 3,399.64 Changes in Inventories (0.03) (0.12) (0.52) (0.56) (0.81) Excise Duty 207.69 205.96 184.10 612.71 527.11 Employee Benefits Expense 47.55 48.88 35.51 133.57 111.51 Finance Costs 6.40 5.12 3.49 16.09 9.89 Depreciation and Amortisation Expenses 103.55 103.98 90.17 303.62 256.81 Other Expenses 243.13 237.92 219.05 715.14 614.12 Total Expenses 2,025.80 2,027.60 1,800.38 5,935.45 4,918.27 Sha re of loss of Associates (0.77) (1.87) - (3.42) - Profit Before Tax for the period (Ill- IV-V) 270.96 255.91 273.11 958.26 1,032.83 Income Tax Expense : (i) Current Tax 58.98 55.93 44.79 208.62 204.82 (iii) Deferred Tax 10.88 8.73 5.48 38.71 29.24 Total Income Tax Expense (i+ii) 69.86 64.66 50.27 247.33 234.06 Profit After Tax for the period (VI - VII) 201.10 191.25 222.84 710.93 798.77 Other Comprehensive Income/ (Loss) Items that will not be reclassified to profit or loss 2.59 (0.23) (0.89) 1.64 0.93 Income tax relating to items that will not be reclassified to profit or loss (0.65) 0.06 0.23 (0.41) (0.23) Other Comprehensive Income/ (Loss) 1.94 (0.17) (0.66) 1.23 0.70 Total Comprehensive Income for the period (VIII + IX) 203.04 191.08 222.18 712.16 799.47 Profit / (Loss) for the period attributable to: Owners of the Company 201.15 191.37 222.91 711.20 798.86 Non-controlling interest (0.05) (0.12) (0.07) (0.27) (0.09) Total Other Comprehensive Loss attributable to: Owners of the Company 1.94 (0.17) (0.66) 1.23 0.70 Non-controlling interest - - - - - Total Comprehensive Income/ (Loss) attributable to: Owners of the Company 203.09 191.20 222.25 712.43 799.56 Non-controlling interest (0.05) (0.12) (0.07) (0.27) (0.09) Paid up Equity Share Capital 98.78 98.78 98.78 98.78 98.78 (Equity Shares of "10 each fully paid up) Other Equity Excluding Revaluation Reserve Earnings per equity share (EPS) (Face value of" 10/- each) Basic and Diluted (")* 20.36 19.37 22.57 72.00 80.87 * Not annualised for the interim periods There were no exceptional item(s) and discontinued operation(s) during the periods presented. (" in Crore) For the year ended 31.03.2025 (Audited) 7,978.97 166.59 8,145.56 4,680.30 (0.62) 715.17 146.81 14.06 352.05 867.34 6,775.11 (0.86) 1,369.59 277.19 52.25 329.44 1,040.15 (3.15) 0.79 (2.36) 1,037.79 1,040.27 (0.12) (2.36) - 1,037.91 (0.12) 98.78 5,778.71 105.31
Page 12
Notes to Consolidated Financial Results Notes: 1. The aforesaid consolidated financial results of Mahanagar Gas Limited ("the Company/ Holding Company") and its subsidiaries 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 February 07, 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 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 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 utilisation 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 transportation 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, which was deposited with GAIL on February 14, 2023. The Hon'ble High Court has rescheduled the next hearing to February 25, 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. 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 23, ~ 5, Unison Enviro Private Limited a wholly owned subsidiary of the Holding Company has been l ~a~'fl~amated with the Holding Company, the appointed date being February 01, 2024. In terms of the , ;g e, the assets and liabilities of UEPL have been vested with the Holding Company and have been ,\ % ed at their respective fair values as of appointed date, as per Indian Accounting Standards i.e, IND AS '~0 O Business Combinations. Accordingly, the comparative financial information for quarter and nine * onths ended December 31, 2024 and year ended March 31, 2025 have been res ted to give effect to the said amalgamation. <,f>-R G,q.r ~ <:.. 1'1' ~ i MUMBAI~ \~/ '?I, . * cf'
Page 13
~ 6. During the financial year 2024-25 the Holding Company increased their stake in 3EV Industries Private Limited to 24.54%, which subsequently reduced to 23.51% as on reporting date and acquired 44% stake in International Battery Company India Private Limited. 7. Figures for the comparative period, prior to the investments in Associates are not comparable. 8. 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 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 is in process of filling an appeal before the GST tribunal to contest the said order. 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. 9. On November 21, 2025, the Government of India notified four Labour Codes. These Labour Codes consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during and post-employment and, among other things, introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The implementation of the Labour Codes has resulted in an increase in gratuity liability arising from past service cost of Rs. 9.94 Crore. This amount has been included under Employee Benefit Expenses in the standalone unaudited financial results for the quarter and nine months ended December 31, 2025. The Holding Company continues to monitor the developments relating to the Labour Codes and will evaluate any additional impact. 10. The Board of Directors at their meeting held on February 07, 2026, has declared an interim dividend of Rs. 12.00 per share i.e. 120 % on the face value of Rs. 10 per share. The Company has fixed February 13, 2026, as record date for ascertaining the eligible shareholders for payment of interim dividend. / / ! ' . Place: Nashik Date: February 07, 2026 I ' \ For and on behalf of the Board of Directors of Mahanagar Gas Limited k l:g:1. Managing Director DIN: 08268176 ~ .• -;,c --