Buy Or Sell Opportunity • May 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to ₹1,043. The fair value is estimated to be ₹1,311, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.7%. For the next 3 years, revenue is forecast to grow by 6.4% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. New Risk • May 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.2% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (342% cash payout ratio). Profit margins are more than 30% lower than last year (9.2% net profit margin). Duyuru • May 04
Mahanagar Gas Limited to Report Q4, 2026 Results on May 07, 2026 Mahanagar Gas Limited announced that they will report Q4, 2026 results on May 07, 2026 Duyuru • Mar 10
Mahanagar Gas Limited (NSEI:MGL) entered into an agreement to acquire an unknown minority stake in Fpel Reliant Energy Private Limited from Fpel Saur Vidyut Private Limited. Mahanagar Gas Limited (NSEI:MGL) entered into an agreement to acquire an unknown minority stake in Fpel Reliant Energy Private Limited from Fpel Saur Vidyut Private Limited on March 9, 2026. The consideration will be paid in cash. In related transactions Mahanagar Gas Limited entered into share subscription and shareholders agreement to acquire combined 26% stake in FPEL Reliant Energy Private Limited and its holding company FPEL Saur Vidyut Private Limited for INR 38.9 million.
As of March 31, 2025, Fpel Reliant Energy Private Limited reported net liabilities of INR 0.47 million.
The expected completion of the transaction is within 6 month after the execution of agreement. Declared Dividend • Feb 11
Dividend of ₹12.00 announced Dividend of ₹12.00 is the same as last year. Ex-date: 13th February 2026 Payment date: 9th March 2026 Dividend yield will be 2.5%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 7.1% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Third quarter 2026 earnings released: EPS: ₹20.36 (vs ₹22.39 in 3Q 2025) Third quarter 2026 results: EPS: ₹20.36 (down from ₹22.39 in 3Q 2025). Revenue: ₹23.0b (up 24% from 3Q 2025). Net income: ₹2.01b (down 9.1% from 3Q 2025). Profit margin: 8.8% (down from 12% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 1.6% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 9% per year. Duyuru • Feb 07
Mahanagar Gas Limited Announces Interim Dividend for the Financial Year 2025-26 The board of directors of Mahanagar Gas Limited at its meeting held on February 7, 2026, considered and approved Declaration of Interim Dividend of INR 12/- per equity share having face value of INR 101/- each for the Financial Year 2025-26 and fixed 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. Duyuru • Jan 29
Mahanagar Gas Limited to Report Q3, 2026 Results on Feb 07, 2026 Mahanagar Gas Limited announced that they will report Q3, 2026 results at 12:08 PM, Indian Standard Time on Feb 07, 2026 Buy Or Sell Opportunity • Jan 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ₹1,028. The fair value is estimated to be ₹1,287, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 13%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 9.9% in the next 2 years. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: ₹19.37 (vs ₹28.70 in 2Q 2025) Second quarter 2026 results: EPS: ₹19.37 (down from ₹28.70 in 2Q 2025). Revenue: ₹22.9b (up 28% from 2Q 2025). Net income: ₹1.91b (down 33% from 2Q 2025). Profit margin: 8.4% (down from 16% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 3.5% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Duyuru • Oct 22
Mahanagar Gas Limited to Report Q2, 2026 Results on Oct 29, 2025 Mahanagar Gas Limited announced that they will report Q2, 2026 results on Oct 29, 2025 Declared Dividend • Aug 03
Dividend of ₹18.00 announced Dividend of ₹18.00 is the same as last year. Ex-date: 14th August 2025 Payment date: 21st September 2025 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not covered by cash flows (134% cash payout ratio). The dividend has increased by an average of 13% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jul 29
Mahanagar Gas Limited, Annual General Meeting, Aug 22, 2025 Mahanagar Gas Limited, Annual General Meeting, Aug 22, 2025, at 15:00 Indian Standard Time. Reported Earnings • Jul 23
First quarter 2026 earnings released: EPS: ₹32.18 (vs ₹29.23 in 1Q 2025) First quarter 2026 results: EPS: ₹32.18 (up from ₹29.23 in 1Q 2025). Revenue: ₹23.1b (up 39% from 1Q 2025). Net income: ₹3.18b (up 10% from 1Q 2025). Profit margin: 14% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 4.6% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 15
Mahanagar Gas Limited to Report Q1, 2026 Results on Jul 22, 2025 Mahanagar Gas Limited announced that they will report Q1, 2026 results on Jul 22, 2025 New Risk • May 10
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 134% Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (134% cash payout ratio). Profit margins are more than 30% lower than last year (13% net profit margin). Reported Earnings • May 10
Full year 2025 earnings released: EPS: ₹105 (vs ₹129 in FY 2024) Full year 2025 results: EPS: ₹105 (down from ₹129 in FY 2024). Revenue: ₹81.5b (up 30% from FY 2024). Net income: ₹10.4b (down 19% from FY 2024). Profit margin: 13% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 23% per year. Duyuru • May 01
Mahanagar Gas Limited to Report Q4, 2025 Results on May 06, 2025 Mahanagar Gas Limited announced that they will report Q4, 2025 results on May 06, 2025 Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Non-Independent Nominee Director P. Anbalagan was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Mar 20
Mahanagar Gas Limited Appoints Dr. P. Anbalagan as Non-Executive Director Mahanagar Gas Limited announced the appointment of Dr. P. Anbalagan as a Non-Executive, Non-Independent, and Nominee Director on the Board of the Company. This appointment was approved by the shareholders through a resolution passed on March 18, 2025, as part of the Postal Ballot Notice dated January 28, 2025. Dr. P. Anbalagan, an officer of the Indian Administrative Service (IAS) from the Maharashtra cadre (2001 batch), holds a Bachelor of Veterinary Science (BVSc) from Madras Veterinary College, Chennai, and a Master in Dairying from the National Dairy Research Institute, Karnal, Haryana. He is currently serving as the Secretary of the Industries Department, Government of Maharashtra, responsible for overall industrial development and policy implementation in the state. Dr. Anbalagan has previously held significant roles such as Chairman & Managing Director of Maharashtra State Power Generation Company Limited, Joint CEO of Maharashtra Industrial Development Corporation, and Member Secretary of Maharashtra Pollution Control Board. His appointment is effective from January 28, 2025, and he is liable to retire by rotation, subject to further orders from the Government of Maharashtra. Duyuru • Jan 29
Mahanagar Gas Limited Approves the Interim Dividend for the Financial Year 2024-25 Mahanagar Gas Limited Board of Directors at its meeting held, January 28, 2025 has considered and approved the declaration of Interim Dividend of INR 12/- per equity share having face value of INR 10/- each for the Financial Year 2024-25. Further, pursuant to Regulation 42 of Listing Regulations, the Board has fixed, February 03, 2025 as the Record Date for the purpose of determining the entitlement of shareholders to the Interim Dividend. The Interim Dividend for the Financial Year 2024-25 shall be paid to the entitled shareholders within 30 days from the date of its declaration. Duyuru • Jan 20
Mahanagar Gas Limited to Report Q3, 2025 Results on Jan 28, 2025 Mahanagar Gas Limited announced that they will report Q3, 2025 results on Jan 28, 2025 Duyuru • Jan 06
Mahanagar Gas Limited Announces Cessation of Dr. Harshadeep Kamble from the Board Mahanagar Gas Limited has received a communication from Government of Maharashtra (`GOM') on 06th January 2025, regarding withdrawal of GOM, Nominee Director Dr. Harshadeep Kamble (DIN No. 07183938) from the Board of Mahanagar Gas Limited, due to change in his assignment. Accordingly, Dr. Harshadeep Kamble (DIN No. 07183938) has ceased to hold the office of the Nominee Director of Mahanagar Gas Limited with effect from 06 January 2025. Board Change • Dec 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Mahesh Gupta was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Nov 22
Now 21% overvalued Over the last 90 days, the stock has fallen 35% to ₹1,157. The fair value is estimated to be ₹958, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 26%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 3.6% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹1,131, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Gas Utilities industry in India. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹814 per share. Price Target Changed • Oct 29
Price target decreased by 7.0% to ₹1,721 Down from ₹1,850, the current price target is an average from 28 analysts. New target price is 22% above last closing price of ₹1,416. Stock is up 37% over the past year. The company is forecast to post earnings per share of ₹108 for next year compared to ₹129 last year. Reported Earnings • Oct 25
Second quarter 2025 earnings released: EPS: ₹28.70 (vs ₹34.27 in 2Q 2024) Second quarter 2025 results: EPS: ₹28.70 (down from ₹34.27 in 2Q 2024). Revenue: ₹20.1b (up 28% from 2Q 2024). Net income: ₹2.84b (down 16% from 2Q 2024). Profit margin: 14% (down from 22% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.0% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹1,533, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Gas Utilities industry in India. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹932 per share. Duyuru • Oct 18
Mahanagar Gas Limited to Report Q2, 2025 Results on Oct 24, 2024 Mahanagar Gas Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Duyuru • Aug 26
Mahanagar Gas Limited Approves Final Dividend for the Financial Year Ended on March 31, 2024 Mahanagar Gas Limited at the Annual General Meeting held on August 23, 2024 approved to declare the final dividend of INR 18 per equity share for the financial year ended on March 31, 2024. Duyuru • Aug 23
Mahanagar Gas Limited Announces Cessation of Venkatraman Srinivasan and Rajeev Bhaskar Sahi as Independent Directors and Chairman / Member of Various Committees Mahanagar Gas Limited announced based on recommendation of the Nomination and Remuneration Committee, the Board of Directors in its meeting held on August 23, 2024, considered, noted and approved cessation of Mr. Venkatraman Srinivasan as an Independent Director of the Company upon completion of his first term of 3 consecutive years with effect from on August 23, 2024 and consequently cessation as a chairman /member of various committees of the Board and cessation of Mr. Rajeev Bhaskar Sahi as an Independent Director of the Company upon completion of his first term of 3 consecutive years with effect from on August 23, 2024 and consequently cessation as a chairman /member of various committees of the Board. Duyuru • Aug 02
Mahanagar Gas Limited, Annual General Meeting, Aug 23, 2024 Mahanagar Gas Limited, Annual General Meeting, Aug 23, 2024, at 11:30 Indian Standard Time. Declared Dividend • Aug 02
Dividend increased to ₹18.00 Dividend of ₹18.00 is 13% higher than last year. Ex-date: 14th August 2024 Payment date: 22nd September 2024 Dividend yield will be 1.6%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 15% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 4.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Aug 01
Mahanagar Gas Limited Proposes Final Dividend for the Financial Year Ended March 31, 2024 Mahanagar Gas Limited in its AGM to be held on August 23, 2024 proposed the final dividend of INR 18/- i.e. 180% per equity share of INR 10/- each fully paid up, for the financial year ended March 31, 2024. The Record Date: August 14, 2024. if approved at the said AGM, will be paid within 30 days of its approval, to those Members whose names appears in the Register of Members of the Company and/or Register of Beneficial Owners maintained by the Depositories, as on the Record Date. Price Target Changed • Jul 29
Price target increased by 14% to ₹1,732 Up from ₹1,525, the current price target is an average from 29 analysts. New target price is 5.9% below last closing price of ₹1,842. Stock is up 65% over the past year. The company is forecast to post earnings per share of ₹115 for next year compared to ₹129 last year. Price Target Changed • Jul 28
Price target increased by 8.4% to ₹1,592 Up from ₹1,468, the current price target is an average from 29 analysts. New target price is 14% below last closing price of ₹1,847. Stock is up 66% over the past year. The company is forecast to post earnings per share of ₹116 for next year compared to ₹129 last year. Reported Earnings • Jul 26
First quarter 2025 earnings released: EPS: ₹29.23 (vs ₹37.30 in 1Q 2024) First quarter 2025 results: EPS: ₹29.23 (down from ₹37.30 in 1Q 2024). Revenue: ₹18.7b (up 22% from 1Q 2024). Net income: ₹2.89b (down 22% from 1Q 2024). Profit margin: 16% (down from 24% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.2% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 18
Mahanagar Gas Limited to Report Q1, 2025 Results on Jul 25, 2024 Mahanagar Gas Limited announced that they will report Q1, 2025 results on Jul 25, 2024 Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹1,746, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Gas Utilities industry in India. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹904 per share. Reported Earnings • May 10
Full year 2024 earnings released: EPS: ₹129 (vs ₹79.98 in FY 2023) Full year 2024 results: EPS: ₹129 (up from ₹79.98 in FY 2023). Revenue: ₹70.9b (up 13% from FY 2023). Net income: ₹12.8b (up 62% from FY 2023). Profit margin: 18% (up from 13% in FY 2023). The increase in margin was driven by higher revenue. Revenue is expected to fall by 2.4% p.a. on average during the next 3 years compared to a 5.3% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • May 10
Mahanagar Gas Limited Approves Final Dividend for the Financial Year 2023-24 Mahanagar Gas Limited at the SBM held on May 9, 2024, the board has approved final dividend of INR 18 per equity share having face value of INR 10 each (i.e.180%) for the financial year 2023-24. This is in addition to the Interim Dividend of INR 12 per equity share (i.e. 120%) paid to all the eligible equity shareholders, as declared by the Board of Directors at its meeting held on 23rd January 2024. Accordingly, the total dividend for the financial year 2023-24 will be INR 30 per equity share having face value of INR 10 each (i.e. 300%). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹1,276, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Gas Utilities industry in India. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹1,408 per share. Duyuru • Feb 01
Mahanagar Gas Limited (NSEI:MGL) completed the acquisition of Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.6 billion. Mahanagar Gas Limited (NSEI:MGL) entered into share purchase agreement to acquire Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.3 billion on March 3, 2023. As of March 31, 2022, Unison Enviro Private Limited from Ashoka Buildcon Limited generated revenue of INR 894.4 million, net worth of INR 834.4 and loss after tax of INR 249.4 million.The transaction is subject to customary approvals from regulatory authorities. As of December 13, 2023, Petroleum and Natural Gas Regulatory Board (PNGRB) has approved the transaction. As of January 25, 2024, the Company has entered into agreement for creation of pledge of up to 51% of paid-up share capital (post acquisition) of UEPL (originally pledged by the existing shareholder of UEPL). HDFC Bank Investment Banking was transaction Advisor to MGL. Kotak Investment Banking was exclusive Financial Advisor to Ashoka Buildcon and the investment fund managed by Morgan Stanley India Infrastructure on this transaction.Mahanagar Gas Limited (NSEI:MGL) completed the acquisition of Unison Enviro Private Limited from Ashoka Buildcon Limited (NSEI:ASHOKA) and North Haven India Infrastructure Fund, managed by Morgan Stanley Investment Management Private Limited for INR 5.6 billion on February 1, 2024. Upcoming Dividend • Jan 29
Upcoming dividend of ₹12.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 05 February 2024. Payment date: 22 February 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.0%. Within top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (1.6%). Price Target Changed • Jan 26
Price target increased by 7.5% to ₹1,344 Up from ₹1,250, the current price target is an average from 28 analysts. New target price is approximately in line with last closing price of ₹1,374. Stock is up 62% over the past year. The company is forecast to post earnings per share of ₹126 for next year compared to ₹79.98 last year. Reported Earnings • Jan 24
Third quarter 2024 earnings released: EPS: ₹32.11 (vs ₹17.42 in 3Q 2023) Third quarter 2024 results: EPS: ₹32.11 (up from ₹17.42 in 3Q 2023). Revenue: ₹17.7b (up 6.0% from 3Q 2023). Net income: ₹3.17b (up 84% from 3Q 2023). Profit margin: 18% (up from 10% in 3Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.8% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 23
Mahanagar Gas Limited Approves Interim Dividend for the Financial Year 2024 Mahanagar Gas Limited informed that the Board of Directors of the Company at its meeting held January 23, 2024 has approved the interim dividend of INR 12 per equity share having face value of INR 10 each (i.e. 120%) for the Financial Year 2023-2024 and fixed 5% February 2024 as the Record Date for the purpose of determining the eligibility of shareholders for the Interim Dividend. The Interim Dividend for the Financial Year 2023-2024 shall be paid to all the eligible shareholders within 30 days from the date of declaration. Duyuru • Jan 16
Mahanagar Gas Limited to Report Q3, 2024 Results on Jan 23, 2024 Mahanagar Gas Limited announced that they will report Q3, 2024 results on Jan 23, 2024 Duyuru • Nov 01
Mahanagar Gas Limited Announces Cessation of M. V. Iyer as Director and Chairman Mahanagar Gas Limited announced Mr. M. V. Iyer has ceased to be the Director and Chairman of the Company, with immediate effect, pursuant to GAIL nomination withdrawal letter dated October 31, 2023. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Oct 30
Second quarter 2024 earnings released: EPS: ₹34.27 (vs ₹16.60 in 2Q 2023) Second quarter 2024 results: EPS: ₹34.27 (up from ₹16.60 in 2Q 2023). Revenue: ₹17.7b (up 13% from 2Q 2023). Net income: ₹3.39b (up 106% from 2Q 2023). Profit margin: 19% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 6.8% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 21
Mahanagar Gas Limited to Report First Half, 2024 Results on Oct 27, 2023 Mahanagar Gas Limited announced that they will report first half, 2024 results on Oct 27, 2023 Duyuru • Aug 25
Mahanagar Gas Limited Approves the Final Dividend for the Financial Year Ended on March 31, 2023 Mahanagar Gas Limited approved the final Dividend of INR 16 per equity share for the Financial Year ended on March 31, 2023. Upcoming Dividend • Aug 07
Upcoming dividend of ₹16.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 23 September 2023. Payout ratio is a comfortable 33% and the cash payout ratio is 98%. Trailing yield: 2.4%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (2.0%). New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. High level of non-cash earnings (31% accrual ratio). Minor Risk Dividend is not well covered by cash flows (100% cash payout ratio). Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: ₹37.30 (vs ₹18.75 in 1Q 2023) First quarter 2024 results: EPS: ₹37.30 (up from ₹18.75 in 1Q 2023). Revenue: ₹17.3b (up 19% from 1Q 2023). Net income: ₹3.68b (up 99% from 1Q 2023). Profit margin: 21% (up from 13% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to fall by 1.4% p.a. on average during the next 3 years compared to a 7.8% decline forecast for the Gas Utilities industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Duyuru • Aug 03
Mahanagar Gas Limited Proposes Final Dividend for the Financial Year Ended on March 31, 2023 Mahanagar Gas Limited at the Annual General Meeting to be held on August 24, 2023 proposed to declare the Final Dividend of INR 16 per equity share for the Financial Year ended on March 31, 2023. Duyuru • Aug 01
Mahanagar Gas Limited, Annual General Meeting, Aug 24, 2023 Mahanagar Gas Limited, Annual General Meeting, Aug 24, 2023, at 15:00 Indian Standard Time. Agenda: To consider Final Dividend for the financial year ended March 31, 2023. Duyuru • Jul 28
Mahanagar Gas Limited to Report Q1, 2024 Results on Aug 03, 2023 Mahanagar Gas Limited announced that they will report Q1, 2024 results on Aug 03, 2023 Price Target Changed • May 10
Price target increased by 7.3% to ₹1,159 Up from ₹1,080, the current price target is an average from 24 analysts. New target price is 5.4% above last closing price of ₹1,099. Stock is up 44% over the past year. The company posted earnings per share of ₹79.98 last year. Duyuru • May 09
Mahanagar Gas Limited Recommends Final Dividend for the Financial Year 2022-2023 Mahanagar Gas Limited at the SBM, the board has recommended a final dividend of INR 16 per equity share having face value of INR 10 each (i.e.160%) for the financial year 2022-2023. This is in addition to the Interim Dividend of INR 10 per equity share (i.e. 100%) paid to all the eligible equity shareholders, as declared by the Board of Directors at its meeting held on 02nd February 2023. Accordingly, the total dividend for the Financial Year 2022- 2023 will be INR 26 per equity share having face value of INR 10 each (i.e. 260%). Reported Earnings • May 09
Full year 2023 earnings released: EPS: ₹79.98 (vs ₹60.43 in FY 2022) Full year 2023 results: EPS: ₹79.98 (up from ₹60.43 in FY 2022). Revenue: ₹70.3b (up 98% from FY 2022). Net income: ₹7.90b (up 32% from FY 2022). Profit margin: 11% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 07
Upcoming dividend of ₹10.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 14 February 2023. Payment date: 04 March 2023. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Within top quartile of Indian dividend payers (1.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹17.42 (vs ₹5.75 in 3Q 2022) Third quarter 2023 results: EPS: ₹17.42 (up from ₹5.75 in 3Q 2022). Revenue: ₹16.7b (up 63% from 3Q 2022). Net income: ₹1.72b (up 203% from 3Q 2022). Profit margin: 10% (up from 5.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 10% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in India are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Duyuru • Feb 03
Mahanagar Gas Limited Approves Interim Dividend for the Financial Year 2022-2023 Mahanagar Gas Limited announced that at the board meeting held on February 2, 2023, the company approved the interim dividend of INR 10/- per equity share having face value of INR 10/- each (i.e. 100%) for the Financial Year 2022-2023 and fixed 14 February 2023 as the Record Date for the purpose of determining the eligibility of shareholders for the Interim Dividend. The Interim Dividend for the Financial Year 2022-2023 shall be paid to all the eligible shareholders within 30 days from the date of declaration. Duyuru • Jan 24
Mahanagar Gas Limited to Report Q3, 2023 Results on Feb 02, 2023 Mahanagar Gas Limited announced that they will report Q3, 2023 results at 4:00 PM, Indian Standard Time on Feb 02, 2023 Duyuru • Dec 20
Mahanagar Gas Limited Announces to Cease Sanjib Datta as Managing Director Mahanagar Gas Limited at the Board of Directors meeting held on 19th December, 2022, approved Mr. Sanjib Datta shall cease to be Managing Director of the Company with effect from closure of business hours of 23rd December, 2022 due to repatriation order of GAIL on account of reaching his age of superannuation. Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Non-Independent Chairman Mahesh Vishwanathan Iyer was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹16.60 (vs ₹20.68 in 2Q 2022) Second quarter 2023 results: EPS: ₹16.60 (down from ₹20.68 in 2Q 2022). Revenue: ₹17.4b (up 110% from 2Q 2022). Net income: ₹1.64b (down 20% from 2Q 2022). Profit margin: 9.4% (down from 25% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Duyuru • Oct 28
Mahanagar Gas Limited to Report Q2, 2023 Results on Nov 11, 2022 Mahanagar Gas Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Duyuru • Oct 20
Mahanagar Gas Limited Appoints Mahesh Vishwanathan Iyer as Non-Executive, Non-Independent Director Mahanagar Gas Limited announced the appointment Mr. Mahesh Vishwanathan Iyer, Nominee of GAIL (India) Limited, as the Non-Executive, Non-Independent Director, designated as Chairman of the Company. Age is 59 years. Qualification is Electrical Engineer. Duyuru • Sep 02
Mahanagar Gas Limited Announces Board Changes Mahanagar Gas Limited announced that Mr. Manoj Jain has ceased to be the Chairman of the Company, with effect from the close of business hours of August 31, 2022, on account of superannuation. The Board of Directors through Circular Resolution passed on 31st August 2022 has appointed Mr. M.V. Iyer nominee of GAIL (India) Limited ("GAIL"), as the Non- Executive Non-Independent Director (Additional), designated as Chairman of the Company, with effect from 1st September, 2022, until further orders from GAIL, based on recommendation of Nomination and Remuneration Committee, till approval of shareholders of the Company. Mr. Iyer is an Electrical Engineer with more than 36 years of rich and diverse experience inexecution of projects in the areas of gas pipelines, LNG terminals, renewables etc, amounting to INR 400,000 million. As a target-oriented professional, he has consistently delivered results in Projects and O&M roles. Duyuru • Aug 27
Mahanagar Gas Limited Announces Cessation of Baldev Singh from the Board Mahanagar Gas Limited informed that, Government of Maharashtra (GOM) have infomed the Company vide letter dated 26th August 2022 regarding withdrawal of GOM, Nominee Director - Mr. Baldev Singh from the Board of Mahanagar Gas Limited on account of his superannuation as Additional Chief Secretary (Industries), GOM. Accordingly, Mr. Baldev Singh has ceased to hold the office of Non- Executive, Non- Independent Director of Mahanagar Gas Limited effective from 26 August, 2022. Duyuru • Aug 26
Mahanagar Gas Limited Approves Interim and Final Dividend for the Financial Year Ended on March 31, 2022 Mahanagar Gas Limited at its AGM held on August 24, 2022 approved the payment of Interim Dividend of INR 9.50 per equity share, already paid and to declare the final dividend of INR 15.50 per equity share for the financial year ended on March 31, 2022. Upcoming Dividend • Aug 04
Upcoming dividend of ₹15.50 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 23 September 2022. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Within top quartile of Indian dividend payers (1.7%). Higher than average of industry peers (1.1%). Duyuru • Aug 03
Mahanagar Gas Limited to Report Q1, 2023 Results on Aug 06, 2022 Mahanagar Gas Limited announced that they will report Q1, 2023 results at 3:30 PM, Indian Standard Time on Aug 06, 2022 Reported Earnings • Aug 01
Full year 2022 earnings released: EPS: ₹60.43 (vs ₹62.72 in FY 2021) Full year 2022 results: EPS: ₹60.43 (down from ₹62.72 in FY 2021). Revenue: ₹35.6b (up 65% from FY 2021). Net income: ₹5.97b (down 3.7% from FY 2021). Profit margin: 17% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 13
Full year 2022 earnings released: EPS: ₹60.43 (vs ₹62.72 in FY 2021) Full year 2022 results: EPS: ₹60.43 (down from ₹62.72 in FY 2021). Revenue: ₹35.6b (up 65% from FY 2021). Net income: ₹5.97b (down 3.7% from FY 2021). Profit margin: 17% (down from 29% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • May 12
Mahanagar Gas Limited Recommends Final Dividend for the Financial Year Ended March 31, 2022 Mahanagar Gas Limited announced that the Board of Directors of in its meeting held on May 10, 2022 has recommended a final dividend of INR 15.50 per equity share having face value of INR 10 each for the financial year ended March 31, 2022, subject to the approval of shareholders at the upcoming Annual General Meeting. Duyuru • May 03
Mahanagar Gas Limited to Report Q4, 2022 Results on May 10, 2022 Mahanagar Gas Limited announced that they will report Q4, 2022 results on May 10, 2022 Board Change • Apr 27
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. MD & Executive Director Sanjib Datta is the most experienced director on the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Price Target Changed • Feb 15
Price target decreased to ₹1,157 Down from ₹1,270, the current price target is provided by 1 analyst. New target price is 45% above last closing price of ₹799. Stock is down 30% over the past year. The company posted earnings per share of ₹62.72 last year. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹5.75 (down from ₹21.99 in 3Q 2021). Revenue: ₹11.4b (up 72% from 3Q 2021). Net income: ₹567.9m (down 74% from 3Q 2021). Profit margin: 5.0% (down from 33% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Feb 09
Mahanagar Gas Limited Approves Interim Dividend for the Financial Year 2021-2022 Mahanagar Gas Limited at its board meeting held on February 08, 2022, approved an Interim Dividend of INR 9.50 per equity share having face value of INR 10 each (that is 95 %) for the Financial Year 2021-2022 and, February 18, 2022 as the record date for the purpose of determining the eligibility of shareholders for the Interim Dividend. The Interim Dividend for the Financial Year 2021-2022 shall be paid to all the eligible shareholders within 30 days from the date of declaration. Reported Earnings • Oct 27
Second quarter 2022 earnings released: EPS ₹20.68 (vs ₹14.61 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: ₹9.30b (up 84% from 2Q 2021). Net income: ₹2.04b (up 42% from 2Q 2021). Profit margin: 22% (down from 28% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Upcoming Dividend • Sep 10
Upcoming dividend of ₹14.00 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 28 October 2021. Trailing yield: 1.7%. Within top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Reported Earnings • Jul 30
First quarter 2022 earnings released: EPS ₹20.66 (vs ₹4.58 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹6.15b (up 135% from 1Q 2021). Net income: ₹2.04b (up 351% from 1Q 2021). Profit margin: 33% (up from 17% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • May 25
Full year 2021 earnings released: EPS ₹62.72 (vs ₹80.33 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹24.2b (down 19% from FY 2020). Net income: ₹6.20b (down 22% from FY 2020). Profit margin: 26% (down from 27% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Executive Departure • Apr 24
Independent Director has left the company On the 20th of April, Premesh Jain's tenure as Independent Director ended after 3.0 years in the role. We don't have any record of a personal shareholding under Premesh's name. A total of 5 executives have left over the last 12 months. Executive Departure • Apr 13
Independent Director has left the company On the 31st of March, Raj Tiwari's tenure as Independent Director ended after 6.1 years in the role. We don't have any record of a personal shareholding under Raj's name. A total of 4 executives have left over the last 12 months. Executive Departure • Apr 13
Deputy MD & Additional Whole Time Director has left the company On the 5th of April, Deepak Sawant's tenure as Deputy MD & Additional Whole Time Director ended after 1.9 years in the role. We don't have any record of a personal shareholding under Deepak's name. A total of 4 executives have left over the last 12 months. Is New 90 Day High Low • Feb 25
New 90-day high: ₹1,198 The company is up 13% from its price of ₹1,063 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Gas Utilities industry, which is up 37% over the same period. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS ₹21.99 (vs ₹18.84 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹6.66b (down 11% from 3Q 2020). Net income: ₹2.17b (up 17% from 3Q 2020). Profit margin: 33% (up from 25% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. 
