Mahanagar Gas Limited’s standalone profit declined 29.1% in the quarter ended Sept. 30, 2026, while the increase in its gas-purchase expense was almost as large as its net-revenue gain, a company filing showed.
The natural-gas distributor reported ₹137.03 crore in standalone net profit after tax for July-September. That compared with ₹193.37 crore in the year-earlier quarter and ₹193.70 crore in April-June, a sequential decline of 29.25%. The board approved the unaudited standalone and consolidated results on Nov. 3, according to the filing submitted to the National Stock Exchange of India (NSE).
Revenue from operations rose 23.1% from a year earlier to ₹2,776.74 crore. After ₹239.66 crore in excise duty, net revenue from operations was ₹2,537.08 crore, up from ₹2,049.33 crore a year earlier. Purchases of natural gas and traded items totaled ₹1,913.55 crore, compared with ₹1,424.88 crore. The ₹488.67 crore increase, or 34.3%, nearly matched the ₹487.75 crore rise in net revenue.
Earnings before interest, taxes, depreciation and amortization (EBITDA), before exceptional items, came to ₹304.76 crore, down 11.14% from April-June. The EBITDA margin on net revenue from operations was 12.01%, compared with 14.46% in the prior quarter. The September-quarter accounts also included a ₹17.33 crore exceptional impairment loss on the company’s investment in 3EV Industries Private Limited. Standalone profit before tax was ₹204.40 crore before that item and ₹187.07 crore after it.
Consolidated net profit was ₹135.40 crore, down from ₹191.25 crore a year earlier. Total sales volume increased 3.76% sequentially to 450.02 million standard cubic meters (SCM). Compressed natural gas volume rose 2.74% to 326.82 million SCM, while piped natural gas volume gained 6.56% to 123.20 million SCM.
A company notice to the NSE scheduled a call with analysts and investors for 5:30 a.m. ET (10:30 UTC) Wednesday, Nov. 4, to discuss the quarter and half-year results.
