Interim report
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MAHANA GAR GAS Ref: MGL/CS/SE/2026/733 To, Head, Listing Compliance Department BSE Limited P. J. Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 539957 Dear Sir/ Madam, MAHANAGAR GAS LIMITED Date: November 03, 2026 Head, Listing Compliance Department National Stock Exchange of India Limited Exchange Plaza, Bandra - Kurla Complex, Bandra (East), Mumbai - 400 051 Svmbol: MGL Sub: Outcome of Board Meeting held on Tuesday, November 03, 2026 In continuation to our letter dated October 26, 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 and half year ended September 30, 2026, along with Independent Auditor's Limited Review Report thereon. The said Financial Results were duly reviewed and approved by the Board of Directors of the Company at its meeting held today, pursuant to the recommendations of the Audit Committee. The Board Meeting commenced at 1100 hours and concluded at \ ~ 2-D hours. The above information is also available on the website of the Company at www.mahanagariias.com You are requested to take the above information on your records. Thanking you, Yours sincerely, Atul Prabhu Company Secretary & Compliance Officer Encl.: As above Regd. Office: MGL House, Block G-33, Bandra - Kurla Complex, Bandra (East}, Mumbai - 400 OS 1 T + 91 22 6678 5000 I Einfo@mahanagargas.comIWwww.mahanagargas.com I CIN L40200MHT 995PLC088133 An ISO 9001, 14001 & 45001 Certified Company
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Deloitte Haskins & Sells LIP Chartered Accountants One International Center, Tower 3, 31 st Floor, Senapati Bapat Marg Elphinstone Road Owest) Mumbai -400 013 Maharashtra, India Tel: +91 22 6185 6000 Fax: +91 22 6185 4101 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 six months ended September 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 0f 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. For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No.117366W/W-100018) \wlgiv4Pallavi Sharma (Partner) (Membership No.113861) (UDIN: 2G`\38C\QM2AK`SD2-S-) place: Mumbai Date: November 3, 2026 +` Regd. Office: One International Center, Tower 3, 31 st floor, Senapati Bapat Marg, Elphinstone Road Owest), Mumbai-400 013, Maharashtra, 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 XII XIII MAHANAGAR GAS LIMITED CIN : L40200MH199SPLC088133 Registered Office: MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 4000S1 Part - I : Statement of Unaudited Standalone Financial Results for the quarter and sbc months ended September 30, 2026 for three months ended For six months ended Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 !Unaudited) {Unaudited) (Unaudited) (Unaud lted) (Unaudited) Revenue from Operations 2,776.74 2,597.89 2,255.29 5,374.63 4,535.73 Other Income 23.51 30.37 28.87 53.88 60.80 Total Income {I+ II) 2 800.25 2 628.26 2 284.16 SA28.51 4 S96.53 Expenses: Purchase of Natural Gas and Traded Items 1,913.55 1,733.38 1,424.88 3,646.93 2,734.95 Changes in Inventories (3.25) (0.91) (0.14) (4.16) (0.50) Excise Duty 239.66 226.18 205.96 465.84 405.02 Employee Benefits Expense 60.47 46.34 48.84 106.81 85.91 Fin an ce Costs 7.59 S.73 5.01 13.32 9.50 Depreciation and Amortisation Expenses 116.27 108.55 103.80 224.82 199.73 Other Expenses 261.56 249.92 237.80 511.48 471.69 Total Expe n,ses 2,595.85 2,369.19 2,026.15 4,965.04 3,906.30 Profit Before Exceptional Items and Tax for the period {Ill- IVI 204.40 259.07 258.01 463.47 690.23 Exceptional Items (refer note 6) 17.33 - - 17.33 - Profit Before Tax for the period {V-VI) 187.07 259.07 258.01 446.14 690.23 Income Tax Expense: (i) Current Tax 47.44 48.02 55.93 95.46 149.64 (ii) Excess Provision for earlier years - - - - - (iii) Deferred Tax 2.60 17.35 8.71 19.95 27.66 Total Income Tax Expense (i+ii+iii) 50.04 65.37 64.64 115.41 177.30 Profit After Tax for the period (VII - VIII) 137.03 193.70 193.37 330.73 512.93 Other Comprehensive Income/ (Loss) Items that will not be reclassified to profit or loss {1.44) 1.78 (0.23) 0.34 (0.94) Income tax relating to items that will not be reclassified to 0.36 (0.45) 0.06 (0.09) 0.24 profit or loss Total Other Comprehensive Income/ (Loss) (1.08) 1.33 (0.17) 0.25 10.701 Total Comprehensive Income for the period {JX + XJ 135.95 195.03 193.20 330.98 512.23 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 'I: 10/- each) Basic and Diluted {")• 13.87 19.61 19.58 33.48 51.93 * Not annualised for the interim periods There were no discontinued operation(s) during the periods presented. ('!: in Crorel 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 1140.S2 - 1,140.S2 232.92 (0.22) 61.00 293.70 846.82 7.11 (1.80) 5.31 8S2.13 98.78 6,335.48 85.73
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MAHANAGAR GAS LIMITED CIN: L40Z00MH1995PLC088133 Registered Office: MGL House, G-33 Block, Bandra-Kurla Complex, Bandra !East), Mumbai - 400051 Part - II : Statement of Unaudited Standalone Assets and Liabilities (at in Crore) Asat Asat Partk:ulars september30,2026 March 31, 2026 {Unaudited) {Audited) ASSETS I. Non-current Assets (a) Property, Plant and Equipment 4,952.80 4,674.43 (b) Capital Work-in-Progress 1,438.40 1,259.25 (c) Right of Use Assets 399.73 291.74 (d) Goodwill 10.92 10.92 (e) Other Intangible Assets 383.47 396.23 (f) Financial Assets (i) Investments 126.79 133.66 (iil Other Financial Assets 105.84 108.78 (g) Non-current Tax Assets (net) 120.93 134.66 (h) Other Non-current Assets 124.66 125.07 Total Non-current Assets {I) 7,663.54 7134.74 II. Current assets (a) Inventories 71.27 62.50 (b) Financial Assets (i) Investments 891.68 1,035.64 (ii) Trade Receivables 569.80 458.36 (iii) Cash and Cash Equivalents 42.22 56.56 (iv) Bank balances other than (iii) above 73.38 57.06 (v) Other Financial Assets 171.27 131.99 (c) Other current assets 30.48 28.39 Total Current assets (II) 1850.10 1,830.50 Total Assets (1-tll) 9,513.64 8,965.24 EQUITY AND LIABILITIES I. Equity (a) Equity Share Capital 98.78 98.78 (b) Other Equity 6,488.66 6,335.48 Total Equity (I) 6,587.44 6,434.26 II. Liabilities A. Non-current Liabilities (a} Financial Liabilities (i) Lease Liabilities 274.93 137.23 (ii) Other Financial Liabilities 4.79 2.47 {b) Provisions 73.68 62.88 (c) Deferred Tax Liabilities (net) 393.89 373.85 Total Non-current Liabilities (A} 747.29 576.43 B. Current Liabilities (a) Financial Liabilities (i) Lease Liabilities S3.83 81.50 (ii) Trade Payables - outstanding dues of micro enterprises and small enterprises 7.39 11.25 - outstanding dues other than micro enterprises and small enterprises 563.36 464.37 (iii) Other Financial Liabilities 1,347.91 1,311.00 (b) Other Current Liabilities 170.34 62.80 (c) Provisions 30.8S 23.06 (d) Current Tax Liabilities (net) 5.23 O.S7 Total Current Liabilities (B) 2,178.91 1,954.55 Total Liabilities (II = A+B) 2,926.20 2,530.98 Total - Equitv and Liabilities (1+11) 9,513.64 8,965.24
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MAHANAGAR GAS LIMITED CIN : L40200MH1995PLC088133 Registered Office : MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai • 400051 Part· Ill : Statement of Unaudited Standalone Cash Flow Statement Particulars I. CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax Adju stments for: Depredation and Amortisation Expense Finance Costs (including interest on lease liabilities) Intere st Income Realised Gain on sale of Investments Unreali sed Gain on Investments Loss on Disposal of Capital Work in Progress and Property , Plant and Equipment (Net) Allow ance for inventory obsolescence Loss on fair value changes of financi al assets measured at cost Expected credit loss allowance and write off on Financial Assets (Net) Operating Profit Before Working Capital Changes Movemen ts in workin g capital : (Increase) in Inventori es (Increase) in Trade Receivables {Increase) in Other Financial Assets (Increase) / Decrease in Other Non Current Assets (Increase) in Other Current Assets Increase/ (Decrease) In Other Financial Liabilit ies Increase in Provisions Increase/ (Decrease) in Trade Payables Increase ln Other Current Liabilities Cash Generated from Operations Income Taxes Paid (Net of refund) Net Cash Generate d from Operating Activities II. CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant and Equipment, CWIP and Intangibl e Assets (includes capita l advances) Proceeds from sale of Property, Plant and Equipment Purchase of Investments in unit5 of M utual Funds Proceeds from sale/ redemption of Investments in units of Mutual Funds Investment In Equity Shares of Sub5idlary Invest ment in Optionally Convertible Debentures of Associate Purchase of Investment s Movements in Bank Balances other than Cash and Cash Equivalents (Net) Interest Received Net Cash Used in Investing Activities Ill. CASH FLOW FROM FINANCING ACTIVITIES Payment of Lease Uabilltles Dividend Paid Net Cash Used in Financing Activities Net (Decrease) in Cash and Cash Equivalents (1+11+111) Cash and Cash Equivalents at the beginning of the period Cash and Cash E uivalents at the end of the eriod For the 1ix months ended September 30, 2026 (Unaudited) 446.14 224.82 13.32 (3.51) (53.24) 20.23 1.77 1.22 17.33 (0.13) 667.95 (8.76) (111.45) (33.12) (0.85) (2.09) 39.28 18.93 95.13 107.54 772.56 (77.08) 695.48 (642.8 3) 1.03 (4,044.45) 4,168.65 (5.10) (1.46) (3.89) (11.50) 45.79 493.76 (38.19) (177.8 7 216.06 (14.34) 56.56 (t In Crore) For sil( month s ended September 30, 2025 (Unaudited) 690.23 199.73 . 9.50 (8.12) (23.25) (13.01) 0.18 0.42 2.16 857.84 (8.42) (123.91) (14.61) 0.29 (2.65) (73.81) 9.42 (35.92) 60.04 668.27 (138.92) 529.35 (457.28) 0.86 (3,216.11) 3,193.50 33.07 4.97 440.99) (28.53) 177.80 206.33 (117.97] 151.68 33.71
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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 on November 02, 2026 and subsequently approved by the Board of Directors at their meeting held on November 03, 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 (APTE L) 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 December 15, 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 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. ff-
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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 of3-wheeler cargo and passenger electric vehicles. Pursuant to the terms and conditions of the SSA, the Company has invested in multiple tranches in Compulsorily Convertible Preference Shares (CCPS) an amount of Rs. 82.95 Crore, in Equity Shares an amount of Rs. 0.05 crore and in Optionally Convertible Debentures (OCD) an amount of Rs. 1.46 Crore, aggregating to Rs.84.46 Crore. During the quarter the Company made assessment of the fair value of its investment in 3EV Industries Private Limited and accordingly an impairment loss of Rs.17.33 crore has been recognised as an exceptional item in its Statement of Profit and Loss. 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 judice and the outcome of the proceedings is awaited. The Hon'ble High Court has rescheduled the next hearing to December 15, 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 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 period 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: November 03, 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 FOR THE QUARTER ENDED SEPTEMBER 30, 2026 VIS JU NE 30, 2026 Particulars UOM For the quarter ended For the quarter ended % Increase I September 30, 2026 June 30, 2026 {Decrease) SALES VO LUM ES: CNG SCM Million 326.82 318.09 2.74% PNG • Domestic SCM Million 58.80 56.67 3.75% PNG- Industry/ Commercial SCM Million 64.40 58.94 9.26% PNG • TOTAL SCM Million 123.20 115.61 6.56% TOTAL VOLUMES SCM Million 450.02 433.71 3.76% TOTAL VOLUMES MMSCMD 4.892 4.766 2.63% NET REVENUE FROM OPERATIONS : Net Sales CNG (Net of Excise Duty) Rs. Crores 1,716.88 1,618.51 6.08% PNG Rs. Crores 808.22 738.56 9.43% LNG Rs. Crores 1.16 0.89 30.34% Traded Items Rs. Crores 4.10 3.82 Total Sales Rs. Crores 2,530.36 2,361.78 7.14% Other Operating Income Rs. Crores 6.72 9.93 -32.34% TOTAL NET REVENUE FROM OPERATIONS Rs. Crores 2,537.08 2,371.71 6.97% REVENUE FROM OPERATIONS (Gross) Rs. Crores 2,776.74 2,597.89 6.88% Less: Excise Duty Rs. Crores 239.66 226.18 5.96% REVENUE FROM OPERATIONS (Net) Rs. Crores 2,537.08 2,371.71 6.97% EBIDTA before Exceptional Items Rs. Crores 304.76 342.98 -11.14% % of EBIDTA (before Exceptional Items) to Net % 12.01% 14.46% Revenue from Operation NET PROFIT (after tax) Rs. Crores 137.03 193.70 -29.25% % of PAT to Net Revenue from Operation % 5.40% 8.17% EARNINGS PER SHARE Rs. 13.87 19.61 -29.25 %
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MAHANAGAR GAS LIMITED {STANDALONE) PERFORMANCE FOR THE SIX MONTHS ENDED SPETEMBER2026 Vs SEPTEMBER 2025 For the six months enclecl For the six months ended % Increase I Particulars UOM Septmber 30, 2026 Septmber 30, 2025 !Decrease) SALES VOLUMES: CNG SCM Million 644.92 589.30 9.44% PNG - Domestic SCM Million 115.47 105_48 9.47% PNG - Industry/ Commercial SCM Million 123.34 133.09 -7.32% PNG -TOTAL SCM Million 238.81 238.57 0.10% TOTAL VOLUMES SCMMillion 883.73 827.87 6.75% TOTAL VOLUMES MMSCMD 4.829 4.524 6.75% NET REVENUE FROM OPERATIONS: ' Net Sales CNG (Net of Excise Duty) Rs. Crores 3,335.39 2,974.42 12.14% PNG Rs. Crores 1,546.78 1,130.93 36.77% LNG Rs. Crores 2.04 3.69 -44.72% Traded Items Rs. Crores 7.93 5.35 Total Sales Rs. Crores 4,892.14 4,114.39 18.90% Other Operating Income Rs. Crores 16.65 16.32 2.02% TOTAL NET REVENUE FROM OPERATIONS Rs. Crores 4,908.79 4,130.71 18.84% REVENUE FROM OPERATIONS (Gross) Rs. Crores 5,374.63 4,535.73 18.50% Less: Excise Duty Rs.Crores 465.84 405.02 15.02% REVENUE FROM OPERATIONS {Net) Rs. Crores 4,908.79 4,130.71 18.84% EBIDTA before Exceptional Items Rs. Crores 647.73 838.66 -22.77% % of EBIDTA (before Exceptional Items) to Net % 13.20% 20.30% Revenue from Operation NET PROFIT (after tax) Rs. Crores 330.73 512.93 -35.52% % of PAT to Net Revenue from Operation % 6.74% 12.42% EARNINGS PER SHARE Rs. 33.48 51.93 -35.52% Note : Net Revenue includes ~112.87 Crore reversed during the previous year six months ended September 30, 2025. on signing of agreement with OMC provided in the past [April 2019 to March 2023) for Trade Margin relating to Mumbai [Class of Market Metro city), in accordance with lnd AS 115-"Revenue from Contracts with Customers".
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Deloitte Haskins & Sells LIP Chartered Accountants One International Center, Tower 3, 31 st Floor, Senapati Bapat Marg Elphinstone Road Owest) Mumbai -400 013 Maharashtra, India Tel: +9122 6185 6000 Fax: +91 22 6185 4101 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 and six months ended September 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 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 frRegd. Office: One International Center, Tower 3, 31 st floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India. Deloitte Haskins & Sells LLP is registered with Limited Liability having LLP identification No: AAB-8737
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Deloitte Haskins & Sells LIP 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 1 subsidiary included in the unaudited consolidated financial results, whose interim financial results reflecttotal assets of Rs. 49.92 crore as at September 30, 2026, total revenue of Rs. 1.31 crore and Rs. 2.32 crore for the quarter and six months ended September 30, 2026 respectively, total net loss after tax of Rs. 0.45 and Rs. 1.19 crore for the quarter and six months ended September 30, 2026 respectively and total comprehensive loss of Rs. 0.45 crore and Rs. 1.19 crore forthe quarter and six months ended September 30, 2026 and net cash outflow of Rs. 0.52 crore for the six months ended September 30, 2026, as considered in the Statement. This interim f inancial 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 faras 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.1.18 crore and Rs.1.49 crore for the quarter and six months ended September 30, 2026 and total comprehensive loss of Rs. 1.18 crore and Rs. 1.49 crore for the quarter and six months ended September 30, 2026, as considered in the Statement, in respect of 2 associates, based on their interim f inancial information. These interim f inancial information have not been reviewed by their auditors and have 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 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 f inancial results are not material to the Group. Our conclusion on the Statement is not modif ied in respect of our reliance on the interim financial information certified by the Management. For Deloitte Haskins & Sells LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) \w#ogiv^Pallavi Sharma (Partner) (Membership No. 113861) (UDIN: 2€| | 3gc\ DPoWCH4 4 qo ) Place: Mumbai Date: November 3, 2026 qu
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MAHANAGAR GAS LIMITED CIN : L40200MH1995PLC088133 Registered Office: MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Part I : Statement of Unaudited Consolidated Financial Results for six months ended September 30, 2026 Sr, Particulars For three monttis endN For ax mondls llftded No. 30.09.2026 30.06.2026 10.09.2025 30.o9.2026 30.09.2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) I Revenue from Operations 2,778.05 2,598.90 2,256.36 5,376.95 4,538.43 II Other Income 23.55 30.43 29.02 53.98 61.17 Ill Total Income (I+ 11) 2,801.60 2,629,33 2,285.38 S 430.93 4,599.60 IV Expenses: Purchase of Natural Gas and Traded Items 1,914.85 1,734.25 1,425.86 3,649.10 2,737.37 Changes in Inventories (3.34) (0.84) (0.12) (4.18) (0.53) Excise Outy 239.67 226.18 205.96 465.85 405.02 Employee Benefits Expense 60.42 46.42 48.88 106.84 86.02 finance Costs 7.83 5.93 5.12 13.76 9.69 Depreciat ion and Amortisation Expenses 116.65 108.96 103.98 225.61 200.07 Other Expenses 261.61 250.11 237.92 511.72 472.01 Total Expenses 2,597.69 2,371.01 2,027.60 4,968.70 3 909.65 V Share of loss of Associates (1.18) (0.31) (1.87) {1.49) (2.65) VI Profit Before Exceptional Items and Tax for the period (Ill• IV+V} 202.73 258.01 255.91 460.74 687.30 VII EKceptional Items (refer note 6) 17.33 - 17.33 - VIII Prof"lt Before Tax for the period (VI-VU) 185.40 258.01 255.91 443.41 687.30 IX Income Tax Expense: {i) Current Tax 47.44 48.02 55.93 95.46 149.64 (ii) Excess Provision for earlier years/ period - - - (iii) Deferred Tax 2.56 17.3S 8.73 19.91 27.83 Total Income Tax Expense (l+li -+iii) 50.00 65.37 64.66 115.37 177.47 X Profit After Tax for the period {VIII-IX) 135.40 192.64 191.25 328.04 S09.83 XI Other Comprehensive Income / {Loss) Items that will not be reclassified to profit'o r loss (1.44) 1.78 (0.23) 0.34 (0.95) Income tax relating to items that will not be reclassified to profit or loss 0.36 (0.45 0.06 /0.091 0.24 Other Comprehensive Income/ (Loss) (1.08) 1.33 /0.171 0,25 10.711 XII Total Comprehensive Income for the period (X+XI) 134.32 193.97 191.08 328.29 509.12 XIII Profit/ (Loss) for the period attributable to: Owners of the Company 135.62 193.00 191.37 328.62 510.0S Non-controlling interest (0.22) (0.36) (0,12) (0.58) (0.22) XIV Other Comprehensive Income/ (Loss) attributable to: Owner s of the Company {1.08) 1.33 (0.17) 0.25 (0.71) Non-contro lling interest - - - - - xv Total Comprehensive Income/ (Loss) attributable to: owner s ofthe Company 134.54 194.33 191.20 328.87 509.34 Non-controlli ng intere st (0.22) (0.36) (0.12) (0.58) (0.22) XVI Paid up Equity Share Capital 98.78 98.78 98.78 98.78 98.78 {Equity Shares of 'llO each fully paid up) Other Equity Excluding Revaluation Reserve XVII Earnings per ~ uity share (EPS) (Face value of 'l 10/- each) Basic and Diluted {'l)* 13.73 19.54 19.37 33.27 51.63 * Not annualised for the interim periods There were no discontinu ed operation(s) during t he periods presented. \Y '" in Crore l For the year ndecl 31.03.2026 (Audited) 9,065.26 119.87 9185.13 5,637.15 (1.10) 819.56 176.65 20.96 409.88 982.41 8 045.51 (5.03) 1134.59 - 1,134.59 232.91 (0.22) 61.34 294.04 840.55 7.11 ,1.s01 5.31 845.86 841.14 (0.61) 5.31 . 846.46 (0.61) 98.78 6,328.83 85.15
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MAHANAGAR GAS LIMITED CIN: L40Z0OMH199SPLC088133 Registered Office : MGL House, G-33 Block, Bandra-Kurla Comple14 Bandra (East), Mumbai • 400051 Part • II : Statement of Unaudited Consolidated Assets and Liablllrles Panlc;ulars ASSETS I. Non-current Assets (a) Property, Plant and Equipment (b) Capital Work-in-Progress (c) Right of Use Assets (d) Goodwlll (el Other Intangible Assets (f) Flnanclal Assets (i) Investments . (ii) Other Financial Assets (gJ Non current Tax Assets (net) (h) Other Non-current Assets Total Non-curr ent Assets (I) II. Current assets (al Invento ries (bl Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and cash Equivalents (iv) Bank balances other than (ill) above (v) Other Financial Assets (c) Other current assets • Total Current assets (II) Total Assets {1+11) EQUITY ANO llABllffiE:S I. Equity (a) Equity Share Capital (b) Other Equity Equity attributable to owners of the Company Non-cont rollin g Interest Total Equity {I) 11. l iabiliti es A. Non-current Lia bllltles (a) Financlal Liabilities (i) Lease Liabiliti es (ii) other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilit ies (net) Total Non-cur rent Liabiliti es {A) B. Current Uabilities (al Financial Liabilities (i) Lease Liabilities (11) Trade Payables - outstanding dues of micro enterprises and small enter prises - outst anding dues other than micro enterprises and small enterpri ses (iii) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions (d) Current Tax Liabilities (net) Total current Uabllities (8) Total Uabilltle s {II "' A+B) Total - Equ itv ·and Liabiliti es U+II) Asat S•ptember 30, ZOZ6 (Unaudited) 4,966.64 1,453.38 409.82 10.92 383.48 99.01 106.32 121.04 125.06 7,675.67 71.36 891.68 570.10 42.34 73.38 180.57 30.50 1,859.93 9 535.60 98.78 6 479.91 6,578 .. 69 18.29 6 596.98 284.93 4.79 73.68 394.26 757.66 54.00 9.07 563.42 1,347.99 170.40 30.85 5.23 2,180.96 Z,938.62 9 535.60 '" In Crorel Asat Marth 31, 2026 !Audited) 4,688.69 1,2695 2 296.19 10.92 396.23 112.47 109.39 134.73 126.47 7 144.61 62.S8 1,035.64 458.65 S7.20 57.06 136.99 28.39 1836.Sl 8,981.lZ 98.78 6,328.83 6,427.61 13.98 6,441.59 141.37 2.47 62,88 374.27 580.99 81.56 14.90 464.S8 1,311.00 62.87 23.06 0.57 1958 .54 2,539.53 8 981.12
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MAHANAGAR GAS LIMITED CIN: l40200MH1995PLC088133 Registered Office : MGL House, G-33 Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051 Part - Ill : Statement of Unaudited Con so If dated Cash Flow Statement Partlcufars I. CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax Adjustments for: Depreciation and Amortisation Expense Finance Costs (including interest on lease liabilities) Interest Income Realised Gain on sale of Investments Unrealised Gain on Investments Share of Loss of Associates Loss on Disposal of Capita I Work in Progress (CWIP) and Property, Pl,mt and Equipment ( Net) Allowance for inventory obsolescence Loss on fair value changes offinancial assets measured at cost Expected credit loss allowance and write off on Financial Assets (Net) Operating Profit Before Working capital Changes Movements in working capital : ( Increase) in Inventories (Increase) in Trade Receivables {Increase) in Other Financial Assets (Increase)/ Decrease in Other Non Current Assets (Increase) in Other Current Assets Increase / (Decrease) in Other Financial Liabilities Increase in Provisions Increase / ( Decrease) in Trade Payables Increase in Other Current Liabilities cash Generated from Operations Income Taxes Paid (Net of refund) Net Cash Generated from Operating Activities II. CASH FLOW FROM INVESTING ACTIVITIES Purchase of Property, Plant and Equipment, CWIP and Intangible Assets (includes capital advances) Proceeds from sale of Property, Plant and Equipment Purchase of Investments in units of Mutual Funds Proceeds from sale/ redemption of Investments in units of Mutual Funds Investment in Optionally Convertible Debentures of Associate Purchase of Investments Movements in Bank Balances other than Cash and Cash Equivalents !Net) Interest Received Net cash Used in investing Activities Ill. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issue of equity shares Payment of Lease Liabilities Dividend Paid Net cash Used in Financing Activities Net (Decrease) in Cash and Cash Equivalents {1+11+111) Cash and Cash Equivalents at the beginning of the period Cash and Cash Equivalents at the end of the period For the s1x months ended September 30, 2026 (Unaudited ) 443.42 225.61 13.76 (3.86) (53.24) 20.23 1.49 1.77 1.22 17.33 (0.13) 667.60 (8.78) (111.46) (36.90) (0.85) (2.10) 39.47 18.74 93.11 107.52 98.75 766.35 (77.19) 689.16 (646.54) 1.03 (4,044.45) 4,168.65 (1.46) (3.89) (11.50) 45.79 !492.371 4.90 (38.68) 1177.87 1211.651 (14.86) 57.20 42.34 \Y MUMBAI For the six months ended September 30, 2025 (Unaudited ) 687.30 200.07 9.69 (8.50) {23.25) (10.36} - 0.18 0.42 2.16 857.71 (8.42) (123.54) (9.01) 0.29 (1.96) (73.88) 9.39 (36.02) 60.04 (183.11) 674.60 (138.92} 535.68 (462.85) 0.86 (3,216.11) 3,193.50 - - 33.07 4.97 (446.56) - (28.75) (177.80 1206.55: (117.43) 151.75 34.32 ~/ ~ .,, ~
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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 on November 02, 2026 and subsequently approved by the Board of Directors at their meeting held on November 03, 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 a re 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 PNG RB 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 December 15, 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 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 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.
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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. Pursuant to the terms and conditions of the SSA, the Company has invested in multiple tranches in Compulsorily Convertible Preference Shares (CCPS) an amount of Rs. 82.95 Crore, in Equity Shares an amount of Rs. 0.05 crore and in Optionally Convertible Debentures {OCD) an amount of Rs. 1.46 Crore, aggregating to Rs.84.46 Crore. During the quarter the Holding Company made assessment of the fair value of its investment in 3EV Industries Private Limited and accordingly an impairment loss of Rs.17.33 crore has been recognised as an exceptional item in its Statement of Profit and Loss. 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 December 15, 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 year 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: November 03, 2026 For and on behalf of the Board of Directors of Mahanagar Gas Limited Praveer Kumar Srivastava Managing Director DIN: 10874166