Mahanagar Gas Limited

MGL.NS

Regulated Gas · Utilities

Price

₹1139.60

+15.90 (+1.41%)

Market Cap

₹112.57B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Mahanagar Gas Limited (MGL) is a natural gas distribution company based in Mumbai, India. It delivers piped natural gas (PNG) to homes, businesses, and industrial customers, and compressed natural gas (CNG) to vehicles like auto-rickshaws, taxis, and buses. MGL is one of India's largest city gas distribution companies and holds an exclusive license to supply gas across Mumbai and surrounding districts in Maharashtra.

MGL makes money by buying natural gas from suppliers and selling it to customers at a regulated markup, earning revenue from both volume sold and connection fees. It operates almost entirely within its licensed geographic zones in the Mumbai metropolitan region, giving it a natural monopoly within those areas — a strong competitive moat. However, the main risk is regulatory: government bodies control the prices MGL can charge, and changes to gas pricing policy or sourcing costs can directly squeeze its profit margins.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-47.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

42.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$13.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Mahanagar Gas Limited is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 98.8M (2022) → 98.8M (2026)

Score breakdown

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Quality

Gross Margin

26.9%

Modest — 26.9% gross margin

Operating Margin

9.9%

Modest — 9.9% operating margin

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+11.7%

Steady sales growth (+11.7% YoY)

EPS YoY

-33.1%

Earnings shrinking (-33.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

75%

Modest — 75% of profit becomes cash

FCF Margin

0.9%

Thin free cash flow (0.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

39.36x

Comfortably covers interest (39.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

15.7x

Fair value — P/E 15.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+1.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.70%

Moderate income — 2.70% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+12.1%

Dividend growing fast (12.1% YoY)

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