Mahanagar Gas Limited (MGL) announced its financial and operational performance for the quarter and year ended March 31, 2025.

Key Highlights:

• Q4 FY25 Performance:
  • Average sales volume: 4.194 mmscmd (up from 4.116 mmscmd in Q3 FY25).
  • EBITDA from operations: ₹378 crore (up 20% YoY from ₹314 crore in Q4 FY24).
  • Net Profit After Tax (PAT): ₹252 crore (up 12% YoY from ₹225 crore in Q4 FY24).
• Full Year FY25 Performance:
  • Average sales volume: 4.045 mmscmd (up 12.27% YoY from 3.609 mmscmd in FY24).
  • Volume Breakup FY25:
    • CNG: 2.878 mmscmd (up 11.08% YoY).
    • Domestic PNG: 0.554 mmscmd (up 6.53% YoY).
    • Industrial & Commercial (I&C) PNG: 0.621 mmscmd (up 24.46% YoY).
  • EBITDA from operations: ₹1,510 crore (compared to ₹1,843 crore in FY24, decrease attributed mainly to reduced APM allocation and higher gas costs impacting margins).
  • Net Profit After Tax (PAT): ₹1,045 crore (compared to ₹1,289 crore in FY24).
  • Added 1,50,142 domestic households in Q4, taking total connectivity to nearly 2.83 million households by 31 March 25.
  • Laid 236.07 km of pipelines in Q4, total length over 7,459 km.
  • Added 24 CNG stations in Q4, total 385 stations by 31 March 25.
  • Added 164 I&C customers in Q4, total 5,105 customers by 31 March 25.
  • Added 98,215 CNG vehicles during FY25 (highest since inception), total over 1.1 million CNG vehicles by 31 March 25.
• Raigad GA Progress (by March 25):
  • Connected 95,714 domestic households.
  • 65 CNG stations operational.
  • Laid 466.9 km of pipeline.
• UEPL (Wholly Owned Subsidiary) Performance FY25:
  • Added 26 CNG stations (total 82).
  • Added 12,002 domestic households (total connectivity nearly 39,000).
  • Added 9 I&C customers.
  • Laid 95.63 km of pipeline (total over 361 km).
  • Added 13,678 CNG vehicles (total 54,000).
  • Average sales volume FY25: 0.182 mmscmd (up 41% YoY).
• Consolidated Entity (MGL + UEPL) FY25: Achieved total sales volume of 4.235 mmscmd.
• Dividend: Board approved a final dividend of ₹18 per equity share for FY25. Total dividend for the year (including interim) is ₹30 per share (300%).
• Gas Sourcing Mix (Q4 FY25 Average): Roughly 2 mmscmd APM, 0.5 mmscmd HPHT, 1.35-1.4 mmscmd Term Contracts (mostly Henry Hub, some Brent), balance from IGX (mostly spot HPHT).
• Current Gas Sourcing (April 25): Around 1.67 mmscmd APM and 0.65 mmscmd New Well Gas. Incremental volumes sourced from other sources (HPHT, Term Contracts, IGX spot).
• Operating Expenses (OPEX): Q4 FY25 OPEX included marketing scheme costs (around ₹11 crore), CSR expenditure (around ₹10 crore), and higher maintenance activities. FY25 total marketing spend on promotional schemes for vehicles was around ₹32-34 crore. Annual CSR expenditure increased to around ₹22-23 crore.
• FY26 Guidance:
  • Volume growth: Expected in the range of 10% (+/-1%).
  • EBITDA margin: Guided around ₹9 to ₹11 per scm (FY25 margin was around ₹10 per scm).
• FY26 CAPEX Plan: Expected around ₹1,300 crore (including around ₹150 crore in UEPL). Broad breakup: Around ₹300 crore for CNG, around ₹500 crore for PNG (including pipelines), around ₹200 crore for pipelines, around ₹100 crore for operational CAPEX, and replacement CAPEX.
• Joint Ventures Update:
  • 3EV: Committed 32% equity (around ₹96 crore). Paid three tranches (₹23 crore balance). Producing around 200 vehicles/month, aiming to ramp up capacity.
  • International Battery Company (IBC): Committed for 1 GW initially, scaling up to 5 GW. Company formed, land acquired, site work started. Plant expected in 12-15 months. MGL contributing 40% equity, IBC USA 60%. Seeding market by importing cells and making packs in India.
• Regulatory/Legal Updates: Discussions ongoing with Bombay High Court committee on EV transition and pollution control. PNGRB committee on open access is internal, subject to Delhi High Court decision; potential for infrastructure exclusivity extension and mixed impact from marketing exclusivity ending.
• LNG Trucking: Running station at Savroli (selling around 4 tons/day). JV (MLPL) started station in Aurangabad, commissioned one at Seoni (MP), constructing at Amravati, JNPT station expected by Q3 FY26. Seeing good potential and customer demand.
• GA-wise Volume Breakup (Average): GA-1: 1.93 mmscmd, GA-2: 1.88 mmscmd, GA-3: 0.25 mmscmd.