Slides
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N o v e m b e r - 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 8,542 Kms Pipeline with 528 CNG filing stations Robust Financials 3 years Revenue CAGR 9.39% RoE (FY26): 13.76% Commitment to HSE Strong focus on Health, Safety and Environment Secured Gas Availability APM, NWG, HPHT, Term RLNG Consistent Track Record > 30 years of consistent growth Strong Customer Base CNG 1.34mn Vehicles PNG 3.27mn + households One of the largest CGD Companies in India
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5 www.mahanagargas.com 4.8 million Urban Households 45,691 Area (sq Km) Areas of Operation 7,780 PE Pipeline Length (Km) 762 Steel Pipeline Length (Km) 528 CNG Stations (No) 6,409 Industrial Commercial Customers 13,40,629 CNG Vehicles (No) 32,72,624 PNG Household Connections MGL’s existing Geographical Areas (GA) GAs of erstwhile UEPL GA4 GA5 GA6
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6 www.mahanagargas.com Infrastructure 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 1,560 1,511 129 26 8 39 GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Cumulative 3,273 Domestic Household Connections in ‘000 4,163 2,068 58 93 12 15 GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Industrial & Commercial Customers – Nos. Cumulative 6,409 569 153 652 184 37 7728 3337 4917 32 CNG Vehicles CNG Stations GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 CNG Vehicles (‘000) & Stations (Nos.) Cumulative CNG Vehicles – 1,341 CNG Stations - 528 246 3,466 286 3,410 164 377 17 15640 889 283 Steel PE GA 1 GA 2 GA 3 GA 4 GA 5 GA 6 Cumulative Steel - 762 PE – 7,780 Pipeline (Steel & PE) in Km
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Operational & Financial Performance
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8 www.mahanagargas.com P/L Highlights - Standalone ₹ Crore Net Revenue for H1 of FY 26 includes reversal of OMC Trade Margin provided earlier Particulars Q2 FY26-27 Q2 FY25-26 YoY Q1 FY26-27 QoQ H1 FY26-27 H1 FY25-26 YoY Revenues (Net) 2,537.08 2,049.33 23.80% 2,371.71 -6.52% 4,908.79 4,130.71 18.84% Gross Profit 626.79 624.59 0.35% 639.24 1.99% 1,266.02 1,396.26 -9.33% EBITDA 304.76 337.95 -9.82% 342.98 12.54% 647.73 838.66 -22.77% EBIDTA Margins 12.01% 16.49% - 14.46% - 13.20% 20.30% - PBT 187.08 258.01 -27.49% 259.07 38.48% 446.14 690.23 -35.36% PAT 137.04 193.36 -29.13% 193.70 41.35% 330.73 512.92 -35.52% EPS Basic and Diluted (₹) Not annualised for the interim periods 13.87 19.58 -29.13% 19.61 41.35% 33.48 51.93 -35.52%
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9 www.mahanagargas.com Balance Sheet - Standalone ₹ Crore Particulars As at As at Particulars As at As at 30th September 2026 31st March 2026 30th September 2026 31st March 2026 ASSETS EQUITY AND LIABILITIES Non-current Assets 7,664 7,135 Equity 6,588 6,434 Property, Plant and Equipment 4,953 4,674 Equity Share Capital 99 99 Capital Work-in-Progress (CWIP) 1,438 1,259 Other Equity 6,489 6,335 Right of Use Assets 400 292 Goodwill 11 11 Liabilities Intangible Assets 383 396 Non-current Liabilities 747 576 Financial Assets 233 242 Lease Liabilities 275 137 Other Non-current Assets 246 260 Other Financial Liabilities 5 2 Provisions 74 63 Current assets 1,850 1,831 Deferred Tax Liabilities (net) 394 374 Inventories 71 63 Investments 892 1,036 Current Liabilities 2,179 1,955 Trade Receivables 570 458 Lease Liabilities 54 81 Cash and Cash Equivalents 42 57 Trade Payables 571 476 Bank balances other than (iii) above 73 57 Other Financial Liabilities 1,348 1,311 Other Financial Assets 171 132 Other Current Liabilities 170 63 Other current assets 30 28 Provisions 31 23 Income Tax Liabilities (net) 5 1 Total Liabilities 2,926 2,531 Total Assets 9,514 8,965 Total Equity and Liabilities 9,514 8,965 The comparative financial information for FY 2024-25 have been restated to give effect to the amalgamation between MGL and erstwhile UEPL, appointed date being 01.02.2024
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10 www.mahanagargas.com Financial Performance ₹ Crore Net Revenue - PY H1 includes reversal of OMC Trade Margin provided earlier 2,049 2,372 2,537 4,131 4,909 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 Revenues (Net) 625 639 627 1,396 1,266 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 Gross Profit (Gas Sales Less Gas Cost) 338 343 305 839 648 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 EBIDTA & Margins % 12.01%14.46%16.49% 20.30% 13.20% 193 194 137 513 331 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 PAT
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11 www.mahanagargas.com Operational Metrics INR/SCM Net Revenue - PY H1 Revenue includes reversal of OMC Trade Margin provided earlier 48.22 54.35 56.11 49.59 55.25 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 Gas Sales Revenues (Net) 14.57 14.50 13.77 16.65 14.13 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 Gross Profit (Gas Sales Less Gas Cost) 33.65 39.85 42.34 41.12 32.94 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 Gas Cost 8.00 7.91 6.77 10.13 7.33 Q2 FY26 Q1 FY27 Q2 FY27 H1 FY 2026 H1 FY 2027 EBIDTA
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12 www.mahanagargas.com Volumes - MMSCMD 0.631 0.576 0.639 0.623 0.582 H1 2026-27H1 2025-26Q2 FY 27Q1 FY 27Q2 FY 26 DPNG 3.524 3.220 3.552 3.496 3.255 H1 2026-27H1 2025-26Q2 FY 27Q1 FY 27Q2 FY 26 CNG 0.6740.7270.7000.648 0.757 H1 2026-27H1 2025-26Q2 FY 27Q1 FY 27Q2 FY 26 Industrial and Commercial 4.829 4.524 4.892 4.766 4.593 H1 2026-27H1 2025-26Q2 FY 27Q1 FY 27Q2 FY 26 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 Domestic PNG offers convenience and highest safety 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/Ltr INR/Ltr INR/kg (INR per year) (INR per MMBTU) Assuming 12 cylinders per year 111.21 111.21 97.83 97.83 88.00 89.00 Sep-26 Oct-26 Petrol Diesel CNG 45.64% 10.05% 45.02% 9.03% 141.66 142.16 107.25 102.25 Sep-26 Oct-26 Commercial LPG PNG 11,298 11,298 11,369 11,369 Sep-26 Oct-26 Domestic LPG Domestic PNG (INR per year) 3,180 3,191 3,180 3,031 Sep-26 Oct-26 Commercial LPG Commercial PNG
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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 and NWG allocation and balance from Market determined price Term & SPOT Non-Priority Segment • Gas for I&C - Market determined price Term & SPOT 72.62% 13.07% 3.27% 11.04% Sales Volume Composition – Q2 FY 27 CNG Domestic Commercial Industrial
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15 www.mahanagargas.com Shareholding, Dividend and Market Capitalisation GAIL 32.50% Government of Maharashtra 10.00% FPIs/NRIs 24.16% Domestic Institutional Investors 22.26% Public, IEPF, Others 11.07% 23 25 26 30 30 30 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 Dividend Per Share (Rs) 13,700 14,651 12,793 11,222 9,164 11,597 10,451 Mar-25 Jun-25 Sep-25 Dec' 25 Mar-26 Jun-26 Sep-26 Market Capitalisation (Rs cr.)
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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