{"id":83837,"date":"2026-05-08T13:54:58","date_gmt":"2026-05-08T08:24:58","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=83837"},"modified":"2026-05-08T13:54:59","modified_gmt":"2026-05-08T08:24:59","slug":"mahanagar-gas-q4-pat-130-crore","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/","title":{"rendered":"Mahanagar Gas Q4 PAT Rs 130 Crore EBITDA Margin at 12.7 Percent on Cost Pressure"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p><a href=\"https:\/\/univest.in\/user\/stocks\/mgl\/mahanagar-gas-ltd-share-price-today\">Mahanagar Gas<\/a> Q4 results for FY26 announced on 7 May 2026 showed consolidated net profit of Rs 130 crore in the March 2026 quarter, down 35.4% compared to Rs 201 crore reported in the December 2025 quarter. The Mahanagar Gas Q4 results reflect weaker operational margins with EBITDA declining 26.1% quarter on quarter to Rs 260 crore and EBITDA margin contracting to 12.7% from 17.1% in Q3 FY26.<\/p>\n<p>Investors tracking Mahanagar Gas Q4 results FY26 should note that the revenue for the quarter stood at Rs 2,052 crore, registering a marginal decline of 0.4% from Rs 2,060 crore in Q3 FY26. The Mahanagar Gas Q4 PAT and margin weakness is attributed to rising operating costs and softening profitability despite relatively stable revenue, reflecting input gas cost pressures on the Mumbai city gas distribution business.<\/p>\n<p><a href=\"https:\/\/univest.in\/user\/log-in\"><strong>Get Free Stock Recommendations on Univest<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Mahanagar_Gas_Q4_FY26_Results_at_a_Glance\" title=\"Mahanagar Gas Q4 FY26 Results at a Glance\">Mahanagar Gas Q4 FY26 Results at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Key_Highlights_from_Mahanagar_Gas_Q4_FY26\" title=\"Key Highlights from Mahanagar Gas Q4 FY26\">Key Highlights from Mahanagar Gas Q4 FY26<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Operating_Margin_Pressure_in_Q4\" title=\"Operating Margin Pressure in Q4\">Operating Margin Pressure in Q4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#CNG_and_PNG_Volume_Stability\" title=\"CNG and PNG Volume Stability\">CNG and PNG Volume Stability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Margin_Recovery_Potential_in_FY27\" title=\"Margin Recovery Potential in FY27\">Margin Recovery Potential in FY27<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Risks_to_Monitor\" title=\"Risks to Monitor\">Risks to Monitor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#What_was_the_Mahanagar_Gas_Q4_FY26_PAT\" title=\"What was the Mahanagar Gas Q4 FY26 PAT?\">What was the Mahanagar Gas Q4 FY26 PAT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Why_did_Mahanagar_Gas_Q4_PAT_decline\" title=\"Why did Mahanagar Gas Q4 PAT decline?\">Why did Mahanagar Gas Q4 PAT decline?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#What_is_Mahanagar_Gas_Q4_FY26_EBITDA_margin\" title=\"What is Mahanagar Gas Q4 FY26 EBITDA margin?\">What is Mahanagar Gas Q4 FY26 EBITDA margin?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#What_does_Mahanagar_Gas_distribute\" title=\"What does Mahanagar Gas distribute?\">What does Mahanagar Gas distribute?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#What_is_Mahanagar_Gas_Q4_FY27_margin_outlook\" title=\"What is Mahanagar Gas Q4 FY27 margin outlook?\">What is Mahanagar Gas Q4 FY27 margin outlook?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/mahanagar-gas-q4-pat-130-crore\/#Recent_Article\" title=\"Recent Article\">Recent Article<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Mahanagar_Gas_Q4_FY26_Results_at_a_Glance\"><\/span><strong>Mahanagar Gas Q4 FY26 Results at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table>\n<tbody>\n<tr>\n<th>Metric<\/th>\n<th>Q4 FY26 \/ FY26<\/th>\n<th>Change<\/th>\n<\/tr>\n<tr>\n<td>Q4 Revenue<\/td>\n<td>Rs 2,052 crore<\/td>\n<td>-0.4% QoQ<\/td>\n<\/tr>\n<tr>\n<td>Q4 Net Profit<\/td>\n<td>Rs 130 crore<\/td>\n<td>-35.4% QoQ<\/td>\n<\/tr>\n<tr>\n<td>Q3 FY26 Net Profit (comparison)<\/td>\n<td>Rs 201 crore<\/td>\n<td>Previous quarter<\/td>\n<\/tr>\n<tr>\n<td>Q4 EBITDA<\/td>\n<td>Rs 260 crore<\/td>\n<td>-26.1% QoQ<\/td>\n<\/tr>\n<tr>\n<td>Q4 EBITDA Margin<\/td>\n<td>12.7%<\/td>\n<td>vs 17.1% in Q3<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Track live financials and analyst ratings on the <a href=\"https:\/\/univest.in\/screeners\"><strong>Univest Screener<\/strong><\/a>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Highlights_from_Mahanagar_Gas_Q4_FY26\"><\/span><strong>Key Highlights from Mahanagar Gas Q4 FY26<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Operating_Margin_Pressure_in_Q4\"><\/span><strong>Operating Margin Pressure in Q4<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Mahanagar Gas Q4 results reflect a challenging operating environment with EBITDA margin contracting sharply to 12.7% from 17.1% in Q3 FY26. The Mahanagar Gas Q4 margin compression is attributed to rising gas procurement costs and operating expenses that could not be fully passed through to CNG and PNG retail prices in the quarter. This represents the primary earnings risk for the company in the near term.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"CNG_and_PNG_Volume_Stability\"><\/span><strong>CNG and PNG Volume Stability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Despite the margin pressure, the Mahanagar Gas Q4 revenue remained relatively stable at Rs 2,052 crore, reflecting steady CNG and PNG volumes in the Mumbai metropolitan region. The Mahanagar Gas Q4 distribution network covers Mumbai, Thane, Mira Bhayander, and surrounding areas, serving over 10 lakh compressed natural gas vehicles and PNG household connections.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Margin_Recovery_Potential_in_FY27\"><\/span><strong>Margin Recovery Potential in FY27<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Mahanagar Gas Q4 management is expected to provide guidance on margin recovery initiatives for FY27, including potential CNG price adjustments, cost reduction measures, and volume growth to improve operating leverage. The Mahanagar Gas Q4 EBITDA margin of 12.7% is significantly below historical averages of 18 to 22%, suggesting meaningful recovery potential if gas input costs moderate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Monitor\"><\/span><strong>Risks to Monitor<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Gas input cost increases:<\/strong> Higher APM gas costs or spot LNG price spikes can further compress Mahanagar Gas Q4 distribution margins below current levels.<\/li>\n<li><strong>CNG retail price sensitivity:<\/strong> Any government pressure to hold CNG prices despite rising input costs would prevent Mahanagar Gas Q4 from recovering margins through price increases.<\/li>\n<li><strong>EV adoption in Mumbai:<\/strong> Increasing electric vehicle penetration in the Mumbai metropolitan area could gradually reduce Mahanagar Gas Q4 CNG vehicle demand over the medium term.<\/li>\n<li><strong>Competition from piped electricity:<\/strong> Competitive energy sources for household cooking and commercial applications could limit Mahanagar Gas Q4 PNG volume growth.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Mahanagar Gas Q4 results FY26 present a challenging quarterly outcome with PAT at Rs 130 crore down 35.4% QoQ and EBITDA margin contracting to 12.7% from 17.1% in Q3. The Mahanagar Gas Q4 results reflect operating cost pressures on the Mumbai city gas distribution franchise.<\/p>\n<p>For FY27, the most important variable for Mahanagar Gas Q4 investors is whether gas input costs moderate enough to support EBITDA margin recovery toward historical levels of 18 to 22%, and whether any CNG price adjustments can be implemented to restore the distribution economics.<\/p>\n<p>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Univest iOS App<\/strong><\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&amp;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Univest Android App<\/strong><\/a> for live Q4 results tracking and expert research.<\/p>\n<p><strong>Disclaimer:<\/strong> This article is for educational and informational purposes only and does not constitute investment advice. Univest analysts are SEBI-registered research analysts (SEBI RA: INH000012449). Investments in the securities market are subject to market risk. Consult a SEBI-registered financial advisor before making any investment decisions.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_was_the_Mahanagar_Gas_Q4_FY26_PAT\"><\/span><strong>What was the Mahanagar Gas Q4 FY26 PAT?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mahanagar Gas Q4 FY26 net profit was Rs 130 crore, down 35.4% quarter on quarter from Rs 201 crore in Q3 FY26. Revenue was Rs 2,052 crore, marginally down 0.4% QoQ.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_did_Mahanagar_Gas_Q4_PAT_decline\"><\/span><strong>Why did Mahanagar Gas Q4 PAT decline?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Mahanagar Gas Q4 PAT declined 35.4% QoQ due to rising gas input costs that compressed EBITDA margin to 12.7% from 17.1% in Q3, reflecting operating pressure on the city gas distribution business.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Mahanagar_Gas_Q4_FY26_EBITDA_margin\"><\/span><strong>What is Mahanagar Gas Q4 FY26 EBITDA margin?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mahanagar Gas Q4 FY26 EBITDA margin contracted to 12.7% from 17.1% in Q3 FY26, with EBITDA declining 26.1% QoQ to Rs 260 crore, indicating significant operating cost pressure in the March 2026 quarter.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Mahanagar_Gas_distribute\"><\/span><strong>What does Mahanagar Gas distribute?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mahanagar Gas Q4 distributes compressed natural gas to vehicles and piped natural gas to households and commercial establishments across Mumbai, Thane, Mira Bhayander, and surrounding areas in Maharashtra.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_Mahanagar_Gas_Q4_FY27_margin_outlook\"><\/span><strong>What is Mahanagar Gas Q4 FY27 margin outlook?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Mahanagar Gas Q4 FY27 margin recovery depends on gas input cost moderation, potential CNG retail price adjustments, and volume growth to improve operating leverage from the current depressed 12.7% EBITDA margin level.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Recent_Article\"><\/span><strong>Recent Article<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p class=\"text-xl font-bold font-Inter mb-4\"><a href=\"https:\/\/univest.in\/blogs\/why-is-liberty-shoes-share-price-falling\">Why Is Liberty Shoes Share Price Falling: Key Reasons and Investor Analysis 2026<\/a><\/p>\n<p class=\"text-xl font-bold font-Inter mb-4\"><a href=\"https:\/\/univest.in\/blogs\/why-is-shemaroo-entertainment-share-price-falling\">Why Is Shemaroo Entertainment Share Price Falling: Key Reasons and Investor Analysis 2026<\/a><\/p>\n<p class=\"text-xl font-bold font-Inter mb-4\"><a href=\"https:\/\/univest.in\/blogs\/why-is-orchid-pharma-share-price-falling\">Why Is Orchid Pharma Share Price Falling: Key Reasons and Investor Analysis 2026<\/a><\/p>\n<p class=\"text-xl font-bold font-Inter mb-4\"><a href=\"https:\/\/univest.in\/blogs\/why-is-bajaj-holdings-and-investment-share-price-falling\">Why Is Bajaj Holdings and Investment Share Price Falling: Key Reasons and Investor Analysis 2026<\/a><\/p>\n<p class=\"text-xl font-bold font-Inter mb-4\"><a href=\"https:\/\/univest.in\/blogs\/why-is-prism-johnson-share-price-falling\">Why Is Prism Johnson Share Price Falling: Key Reasons and Investor Analysis 2026<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mahanagar Gas Q4 FY26 net profit Rs 130 crore down 35.4% QoQ. Revenue Rs 2,052 crore. EBITDA margin contracted to 12.7% from 17.1% on rising gas input costs. Recovery potential in FY27.<\/p>\n","protected":false},"author":28,"featured_media":83952,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[3802,3858,3983],"class_list":["post-83837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-news","tag-q4-results","tag-q4-results-2026"],"metadata":{"rank_math_internal_links_processed":["1"],"_edit_lock":["1778228702:28"],"_last_editor_used_jetpack":["block-editor"],"rank_math_primary_category":["842"],"rank_math_seo_score":["73"],"rank_math_title":["Mahanagar Gas Q4 FY26 Results PAT Rs 130 Crore EBITDA Margin 12.7 Percent"],"rank_math_description":["Mahanagar Gas Q4 FY26 net profit Rs 130 crore down 35.4% QoQ on operating pressure. Revenue Rs 2,052 crore. 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