MGL · Oil Gas & Consumable Fuels
Mahanagar Gas Ltd. reported revenue of ₹1,758 cr for October to December 2024, +12.0% on the year and −1.6% on the quarter.
Operating profit (EBITDA) was ₹314 cr, a margin of 17.9%, −1,076 bps on the year and −526 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 17.9% to 33.9%). Operating costs grew +28.9%, faster than revenue at +12.0%, so operating profit grew less than sales.
Net profit was ₹225 cr, −29.0% on the year and −21.6% on the quarter, with earnings per share of ₹22.82. Profit before other income, one-offs and tax fell 38.6%, so 10 points of the headline growth came from outside the core business. The tax rate was 19% against an average of 25% over the previous 6 quarters, which lifted profit this quarter.
Refining and marketing profits swing with crude and product margins, and inventory gains or losses can move a single quarter sharply. The quarterly statements do not carry refining margins, throughput and inventory gains or losses; those come with the filing read.
On earnings per share of ₹107.49 over the last four quarters, the stock at ₹1,055.50 trades at 9.8 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Oil, gas and energy: Margins move with crude and inventory gains each quarter. EBITDA margin 17.9%, −1,076 bps on the year (−526 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,571 cr | ₹1,569 cr | ₹1,567 cr | ₹1,590 cr | ₹1,786 cr | ₹1,758 cr | ₹1,963 cr | ₹2,081 cr | ₹2,049 cr | ₹2,058 cr | ₹2,051 cr | ₹2,372 cr |
| YoY | — | — | — | +3% | +14% | +12% | +25% | +31% | +15% | +17% | +4% | +14% |
| EBITDA margin | 30.5% | 28.6% | 25.1% | 26.3% | 23.1% | 17.9% | 20.1% | 24.1% | 16.5% | 17.1% | 12.7% | 14.5% |
| Other income, % of PBT | 10% | 11% | 13% | 10% | 13% | 17% | 12% | 7% | 11% | 11% | 16% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 26% | 26% | 26% | 23% | 19% | 28% | 26% | 25% | 26% | 26% | 25% |
| Net profit | ₹338 cr | ₹317 cr | ₹265 cr | ₹285 cr | ₹287 cr | ₹225 cr | ₹242 cr | ₹320 cr | ₹193 cr | ₹202 cr | ₹132 cr | ₹194 cr |
| YoY | — | — | — | −23% | −15% | −29% | −9% | +12% | −33% | −10% | −45% | −39% |
| Core profit YoY | — | — | — | −25% | −20% | −39% | −5% | +16% | −30% | +5% | −50% | −43% |
| EPS | ₹34.27 | ₹32.11 | ₹26.83 | ₹28.81 | ₹29.03 | ₹22.82 | ₹24.53 | ₹32.35 | ₹19.58 | ₹20.45 | ₹13.36 | ₹19.61 |
| Flags | · | · | · | 1 | 1 | 1 | 1 | ✓ | 1 | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Mahanagar Gas Ltd. reported revenue of ₹1,758 cr (+12.0% on the year) and net profit of ₹225 cr (−29.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −38.6% on the year, against −29.0% for reported profit.
None of the 6 checks that could run raised a question.
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