Integrated Filing — IndAS



General information about company

Scrip Code 539957
NSE Symbol MGL
MSEI Symbol NOTLISTED
ISIN INE002S01010
Name of company Mahanagar Gas Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 07-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 29-01-2026
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Third quarter
Nature of report standalone or consolidated Standalone
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment Sale of Natural Gas
Start date and time of board meeting 07-02-2026   11:30:00
End date and time of board meeting 07-02-2026   15:00:00
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter? No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity? No
There are no Default on Loans and Debt Securities as on December 31, 2025 of the Company.



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
1 Income
Revenue from operations 2,26,597.00 6,80,170.00
Other income 2,941.00 9,021.00
Total income 2,29,538.00 6,89,191.00
2 Expenses
(a) Cost of materials consumed 1,41,573.00 4,15,068.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 2.00 (48.00)
(d) Employee benefit expense 4,747.00 13,338.00
(e) Finance costs 630.00 1,580.00
(f) Depreciation, depletion and amortisation expense 10,337.00 30,310.00
(f) Other Expenses
1 Excise Duty 20,769.00 61,271.00
2 Other Expenses 24,299.00 71,468.00
Total other expenses 45,068.00 1,32,739.00
Total expenses 2,02,357.00 5,92,987.00
3 Total profit before exceptional items and tax 27,181.00 96,204.00
4 Exceptional items 0.00 0.00
5 Total profit before tax 27,181.00 96,204.00
6 Tax expense
7 Current tax 5,898.00 20,862.00
8 Deferred tax 1,086.00 3,852.00
9 Total tax expenses 6,984.00 24,714.00
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 20,197.00 71,490.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 20,197.00 71,490.00
17 Other comprehensive income net of taxes 193.00 123.00
18 Total Comprehensive Income for the period 20,390.00 71,613.00
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent
Total profit or loss, attributable to non-controlling interests
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent
Total comprehensive income for the period attributable to owners of parent non-controlling interests
21 Details of equity share capital
Paid-up equity share capital 9,878.00 9,878.00
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 20.45 72.37
Diluted earnings (loss) per share from continuing operations 20.45 72.37
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 20.45 72.37
Diluted earnings (loss) per share from continuing and discontinued operations 20.45 72.37
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) Notes: 1. The above standalone financial results are submitted by the Company pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The above standalone financial results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on February 07, 2026. 2. The above standalone financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) prescribed under section 133 of the Companies Act, 2013 read with rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended. 3. The Company is in the business of selling and distribution of natural gas. There are no separate reportable segments, other than selling of natural gas, as per IND AS 108- Operating Segments. 4. GAIL (India) Limited (GAIL) raised demand in April 2014 for transportation tariff with respect to ONGC's Uran Trombay Natural Gas Pipeline (UTNGPL) pursuant to demand on them by Oil and Natural Gas Corporation Limited (ONGC), based on the Petroleum and Natural Gas Regulatory Board (PNGRB) order dated December 30, 2013, determining tariff for ONGC's UTNGPL as a common carrier. The total demand raised by GAIL for the period from November 2008 till July 2021 was Rs. 331.80 Crore. The Company disputed the demand with GAIL based on contractual provisions and since the transportation charges are to be paid by a third-party user for utilisation of UTNGPL to ONGC as common carrier and not for transportation of its own gas by ONGC. The Company filed an appeal with the PNGRB in February 2015, the same was dismissed in October 2015. The Company filed a writ petition, in November 2015, with the Hon'ble High Court of Delhi. The Court advised the Company to file an appeal with Appellate Tribunal for Electricity (APTEL) being Appellate Authority of the PNGRB in November 2016. The matter was heard by APTEL and remanded back to the PNGRB on technical grounds in September 2019. PNGRB in March 2020, had passed an Order which directed the Company and GAIL to pay the disputed transportation tariff to ONGC. The Company filed an Appeal before APTEL against the PNGRB order in April 2020. The matter was heard by APTEL in October 2020. APTEL remanded back the case in July 2021 to PNGRB for proper adjudication. The matter was heard by PNGRB in April 2022 and an order was passed in September 2022 directing the Company to pay the disputed transportation tariff for the period 2014 to 2021 as per the transportation tariff fixed by PNGRB for UTNGPL. The Company had filed a writ before the Hon'ble High Court of Delhi challenging the PNGRB's September 2022 order. The Hon'ble High Court of Delhi vide its order dated December 13, 2022 has stayed the recovery against the PNGRB order and has directed the Company to deposit a sum of Rs. 50 Crore with GAIL by February 15, 2023, which was deposited with GAIL on February 14, 2023. The Hon'ble High Court has rescheduled the next hearing to February 25, 2026. Based on the legal opinions obtained, the Company believes that it has a strong case and does not expect any outflow of resources. Hence, no provision has been recognised. 5. Pursuant to the scheme of Amalgamation (the Scheme) under Section 230 to 232 of the Companies Act, 2013 sanctioned by the Hon'ble National Company Law Tribunal, Mumbai bench, vide order dated July 23, 2025, Unison Enviro Private Limited (UEPL) a wholly owned subsidiary of the Company has been amalgamated with the Company, the appointed date being February 01, 2024. In terms of the Scheme, the assets and liabilities of UEPL have been vested with the Company and have been recorded at their respective fair values as of appointed date, as per Indian Accounting Standards i.e, IND AS 103 - Business Combinations. Accordingly, the comparative financial information quarter and nine months ended December 31, 2024 and year ended March 31, 2025 have been restated to give effect to the said amalgamation. 6. On January 09, 2025, The Joint commissioner CGST and Central Excise Mumbai East Commissionerate, had passed an order (received by the Company on January 18, 2025) demanding GST liability under Reverse Charge Mechanism (RCM) towards road re-instatement (Rasta Nuksan Bharpai) charges paid to the Local Authorities by the Company while laying underground pipelines, amounting to Rs. 54.33 Crore plus applicable penalty and interest under Section 74 (1) of CGST Act, 2017. In response to the appeal filed by the Company against the aforesaid order, a hearing before the First Appellate Authority (Commissioner of Appeals) was held on April 30, 2025. The order from the Commissioner (Appeals), confirming the demand, was received on August 25, 2025. The Company is in process of filling an appeal before the GST tribunal to contest the said order. Based on the legal opinion obtained, the Company believes that it has a strong case and does not expect any outflow of economic resources. 7. On November 21, 2025, the Government of India notified four Labour Codes. These Labour Codes consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during and postemployment and, among other things, introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The implementation of the Labour Codes has resulted in an increase in gratuity liability arising from past service cost of Rs. 9.94 Crore. This amount has been included under Employee Benefit Expenses in the standalone unaudited financial results for the quarter and nine months ended December 31, 2025. The Company continues to monitor the developments relating to the Labour Codes and will evaluate any additional impact. 8. The Board of Directors at their meeting held on February 07, 2026, has declared an interim dividend of Rs. 12.00 per share i.e. 120 % on the face value of Rs. 10 per share. The Company has fixed February 13, 2026, as record date for ascertaining the eligible shareholders for payment of interim dividend.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-10-2025 01-04-2025
Date of end of reporting period 31-12-2025 31-12-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Standalone Standalone
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-10-2025 01-04-2025
B Date of end of reporting period 31-12-2025 31-12-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Standalone Standalone
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Items that will not be reclassified to profit or loss 258.00 164.00
Total Amount of items that will not be reclassified to profit and loss 258.00 164.00
2 Income tax relating to items that will not be reclassified to profit or loss 65.00 41.00
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 0.00 0.00
5 Total Other comprehensive income 193.00 123.00