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Mahanagar Gas Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,051.41Fairly Valued by 6.95%vs CMP ₹1,130.00

P/E (11.5) × ROE (17.7%) × BV (₹629.00) × DY (2.65%)

₹1,152.75Fairly Valued by 2.01%vs CMP ₹1,130.00
MoS: +2% (Thin)Confidence: 46/100 (Moderate)Models: 3 Under, 2 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,157.9422%Fair (+2.5%)
Graham NumberEarnings₹1,177.1516%Fair (+4.2%)
Earnings PowerEarnings₹858.1111%Over (-24.1%)
DCFCash Flow₹1,613.5313%Under (+42.8%)
Net Asset ValueAssets₹628.937%Over (-44.3%)
EV/EBITDAEnterprise₹1,448.769%Under (+28.2%)
Earnings YieldEarnings₹979.107%Over (-13.4%)
ROCE CapitalReturns₹1,291.289%Under (+14.3%)
Revenue MultipleRevenue₹700.905%Over (-38%)
Consensus (9 models)₹1,152.75100%Fairly Valued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 10.1%

*Investments are subject to market risks

Analyst Summary

Mahanagar Gas Ltd operates in the LPG/CNG/PNG/LNG Bottling/Distribution segment, NSE: MGL | BSE: 539957, current market price is ₹1,130.00, market cap is 11,163 Cr.. At a glance, stock P/E is 11.5, ROE is 17.7 %, ROCE is 22.9 %, book value is 629, dividend yield is 2.65 %. The latest intrinsic value estimate is ₹1,152.75, which is broadly in line with the current market price. On operating trend, latest reported sales are about ₹6,924 Cr versus the prior period change of 10.9%, while latest net profit is about ₹1,045 Cr with a prior-period change of -18.9%. The 52-week range shown on this page is 1,587/900, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisMahanagar Gas Ltd. is a Public Limited Listed company incorporated on 08/05/1995 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L40…

This summary is generated from the stock page data available for Mahanagar Gas Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

70
Mahanagar Gas Ltd scores 70/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health83/100 · Strong
ROCE 22.9% ExcellentROE 17.7% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 1.13% (6mo) AccumulatingDII holding down 2.99% MF sellingPromoter holding at 32.5% Stable
Earnings Quality65/100 · Strong
OPM expanding (23% → 26%) Improving
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +20% YoY AcceleratingProfit (4Q): -9% YoY Declining
Industry Rank75/100 · Strong
P/E 11.5 vs industry 33.5 Cheaper than peersROCE 22.9% vs industry 19.4% Average3Y sales CAGR: 25% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 25, 2026, 11:19 pm

Market Cap 11,163 Cr.
Current Price 1,130
Intrinsic Value₹1,152.75
High / Low 1,587/900
Stock P/E11.5
Book Value 629
Dividend Yield2.65 %
ROCE22.9 %
ROE17.7 %
Face Value 10.0
PEG Ratio1.13

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Mahanagar Gas Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mahanagar Gas Ltd 11,163 Cr. 1,130 1,587/90011.5 6292.65 %22.9 %17.7 % 10.0
Confidence Petroleum India Ltd 1,822 Cr. 54.8 63.7/27.021.6 41.40.18 %9.33 %7.24 % 1.00
Indraprastha Gas Ltd 23,045 Cr. 165 229/14216.0 70.02.58 %20.8 %15.7 % 2.00
Petronet LNG Ltd 41,018 Cr. 273 326/23511.5 1373.66 %26.2 %21.4 % 10.0
Adani Total Gas Ltd 68,942 Cr. 627 798/454107 41.00.04 %17.5 %16.8 % 1.00
Industry Average29,198.00 Cr449.9633.52183.681.82%19.35%15.77%4.80

All Competitor Stocks of Mahanagar Gas Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,6711,6101,5381,5711,5691,5671,5901,7861,7581,8652,0812,0492,058
Expenses 1,4151,2211,0171,0921,1201,1731,1711,3731,4431,4861,5811,7111,706
Operating Profit 256390521479449394418413314378501338352
OPM % 15%24%34%30%29%25%26%23%18%20%24%16%17%
Other Income 32343944484540474646322929
Interest 2232343334456
Depreciation 5964626668787284798296104103
Profit before tax 227357496454426357384373278339432258272
Tax % 24%25%26%25%26%26%26%23%19%26%26%25%26%
Net Profit 172269368338317265285287225252320193202
EPS in Rs 17.4227.2137.3034.2732.1126.8328.8129.0322.8225.5332.3519.5820.45

Last Updated: March 4, 2026, 12:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 10:46 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,8852,0952,0782,0342,2332,7912,9722,1533,5606,2996,2456,9248,054
Expenses 1,3971,6051,5691,3901,4531,9061,9191,2192,6365,1154,4025,4146,485
Operating Profit 4884905096447808851,0539349241,1841,8431,5101,569
OPM % 26%23%24%32%35%32%35%43%26%19%30%22%19%
Other Income 344147535878998186112175184137
Interest 0121007789121320
Depreciation 81808395111126162174196231274306385
Profit before tax 4424494726017278379848348061,0561,7331,3741,301
Tax % 33%33%34%34%34%35%19%26%26%25%26%24%
Net Profit 2973013113934785467946205977901,2891,045967
EPS in Rs 33.2733.6934.8039.8348.3855.3280.3362.7260.4379.98130.50105.7897.91
Dividend Payout % 53%52%50%48%39%36%44%37%41%20%23%28%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)1.35%3.32%26.37%21.63%14.23%45.42%-21.91%-3.71%32.33%63.16%-18.93%
Change in YoY Net Profit Growth (%)0.00%1.98%23.04%-4.74%-7.40%31.20%-67.34%18.20%36.04%30.84%-82.09%

Mahanagar Gas Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:18%
3 Years:25%
TTM:16%
Compounded Profit Growth
10 Years:13%
5 Years:4%
3 Years:18%
TTM:-10%
Stock Price CAGR
10 Years:%
5 Years:7%
3 Years:14%
1 Year:-31%
Return on Equity
10 Years:22%
5 Years:20%
3 Years:21%
Last Year:18%

Last Updated: September 5, 2025, 10:10 am

Balance Sheet

Last Updated: December 10, 2025, 3:02 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 89898999999999999999999999
Reserves 1,2081,3181,6391,7411,9972,3002,8543,1343,4994,0355,0445,7916,114
Borrowings 81653106774103115139164216
Other Liabilities 6647436377829141,0421,1091,2951,5341,7831,9442,1502,220
Total Liabilities 1,9692,1662,3702,6243,0103,4414,1284,6015,2346,0327,2268,2048,649
Fixed Assets 9911,0641,1291,3051,5321,7632,0492,1692,6143,0263,5434,1045,022
CWIP 3453804294123573704875606167097749741,163
Investments 3423713934676886541,1211,0251,0881,3101,6361,7401,237
Other Assets 2903504194414346544718479169881,2731,3851,228
Total Assets 1,9692,1662,3702,6243,0103,4414,1284,6015,2346,0327,2268,2048,649

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3984274195326526859858069049691,5631,368
Cash from Investing Activity + -200-261-222-263-419-439-755-444-539-649-1,267-1,001
Cash from Financing Activity + -185-176-191-284-226-235-242-349-310-285-312-336
Net Cash Flow 13-105-15812-11135435-1532
Free Cash Flow 221229204278383322559466256257793300
CFO/OP 108%116%112%112%113%108%116%108%121%104%108%108%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow480.00474.00504.00641.00779.00885.00-66.00860.00821.00-114.00-138.00-163.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 21171617141382219171618
Inventory Days 5558855115344
Days Payable 343233433940357648263434
Cash Conversion Cycle -8-10-12-18-16-22-21-44-24-7-13-12
Working Capital Days -77-80-59-79-86-78-97-152-106-63-72-70
ROCE %35%33%30%34%37%37%37%27%23%27%34%23%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 32.50%32.50%32.50%32.50%32.50%32.50%32.50%32.50%32.50%32.50%32.50%32.50%
FIIs 30.95%32.38%30.51%30.85%30.54%31.49%34.20%25.75%23.76%25.48%23.59%24.89%
DIIs 14.93%15.15%16.10%17.23%17.40%16.67%15.46%21.10%23.82%22.52%22.89%20.83%
Government 10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%10.00%
Public 11.60%9.96%10.89%9.43%9.55%9.32%7.84%10.64%9.92%9.50%11.01%11.79%
No. of Shareholders 1,67,7171,54,3831,53,5821,41,6171,49,7181,47,5401,42,7381,73,9051,67,6501,66,5891,78,5761,79,761

Shareholding Pattern Chart

No. of Shareholders

Mahanagar Gas Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Multi Cap Fund 1,184,799 0.65 124.74884,7992026-02-23 02:51:1533.91%
Axis Small Cap Fund 1,157,462 0.48 121.86918,1392025-12-08 02:14:0526.07%
UTI Value Fund 799,175 0.86 84.14550,0002025-12-08 02:14:0545.3%
Canara Robeco Small Cap Fund 747,746 0.62 78.72N/AN/AN/A
Aditya Birla Sun Life PSU Equity Fund 707,043 1.3 74.44403,4432025-12-08 02:14:0575.25%
ICICI Prudential Energy Opportunities Fund 703,884 0.75 74.1653,8842026-02-23 02:51:157.65%
Aditya Birla Sun Life Value Fund 508,440 0.86 53.53N/AN/AN/A
UTI Dividend Yield Fund 429,412 1.17 45.21400,0002025-12-08 02:14:057.35%
UTI ELSS Tax Saver Fund 399,652 1.16 42.08N/AN/AN/A
Franklin India Dividend Yield Fund 275,000 1.2 28.95N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23
FaceValue 10.0010.0010.00
Basic EPS (Rs.) 105.33129.2179.98
Diluted EPS (Rs.) 105.33129.2179.98
Cash EPS (Rs.) 141.06157.95103.38
Book Value[Excl.RevalReserv]/Share (Rs.) 595.28519.85418.53
Book Value[Incl.RevalReserv]/Share (Rs.) 595.28519.85418.53
Revenue From Operations / Share (Rs.) 735.35636.78637.71
PBDIT / Share (Rs.) 175.80204.37131.21
PBIT / Share (Rs.) 140.16175.63107.81
PBT / Share (Rs.) 138.74174.29106.86
Net Profit / Share (Rs.) 105.42129.2179.98
NP After MI And SOA / Share (Rs.) 105.34129.2179.98
PBDIT Margin (%) 23.9032.0920.57
PBIT Margin (%) 19.0627.5816.90
PBT Margin (%) 18.8627.3616.75
Net Profit Margin (%) 14.3320.2912.54
NP After MI And SOA Margin (%) 14.3220.2912.54
Return on Networth / Equity (%) 17.6924.8719.11
Return on Capital Employeed (%) 21.6430.5323.81
Return On Assets (%) 12.5817.2913.09
Asset Turnover Ratio (%) 0.920.930.00
Current Ratio (X) 1.041.121.28
Quick Ratio (X) 1.011.101.26
Inventory Turnover Ratio (X) 153.930.000.00
Dividend Payout Ratio (NP) (%) 28.4721.6631.88
Dividend Payout Ratio (CP) (%) 21.2717.7224.66
Earning Retention Ratio (%) 71.5378.3468.12
Cash Earning Retention Ratio (%) 78.7382.2875.34
Interest Coverage Ratio (X) 123.51151.79138.03
Interest Coverage Ratio (Post Tax) (X) 75.0696.9785.14
Enterprise Value (Cr.) 13377.5413047.439495.54
EV / Net Operating Revenue (X) 1.842.071.51
EV / EBITDA (X) 7.706.467.33
MarketCap / Net Operating Revenue (X) 1.892.141.54
Retention Ratios (%) 71.5278.3368.11
Price / BV (X) 2.332.632.35
Price / Net Operating Revenue (X) 1.892.141.54
EarningsYield 0.070.090.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mahanagar Gas Ltd. is a Public Limited Listed company incorporated on 08/05/1995 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L40200MH1995PLC088133 and registration number is 088133. Currently Company is involved in the business activities of Manufacture of gas; distribution of gaseous fuels through mains. Company's Total Operating Revenue is Rs. 6923.68 Cr. and Equity Capital is Rs. 98.78 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
LPG/CNG/PNG/LNG Bottling/DistributionMGL House, Block No : G-33, Bandra-Kurla Complex, Mumbai Maharashtra 400051Contact not found
Management
NamePosition Held
Mr. Sandeep Kumar GuptaChairman
Mr. Ashu ShinghalManaging Director
Mr. Sanjay ShendeDeputy Managing Director
Mr. Mahesh Kumar GuptaIndependent Director
Ms. Malvika SinhaIndependent Director
Mr. Syed S HussainIndependent Director
Mr. Harish Kumar AgarwalIndependent Director
Dr. P AnbalaganNominee Director

FAQ

What is the intrinsic value of Mahanagar Gas Ltd and is it undervalued?

As of 28 April 2026, Mahanagar Gas Ltd's intrinsic value is ₹1152.75, which is 2.01% higher than the current market price of ₹1,130.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (17.7 %), book value (₹629), dividend yield (2.65 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Mahanagar Gas Ltd?

Mahanagar Gas Ltd is trading at ₹1,130.00 as of 28 April 2026, with a FY2026-2027 high of ₹1,587 and low of ₹900. The stock is currently in the middle of its 52-week range. Market cap stands at ₹11,163 Cr..

How does Mahanagar Gas Ltd's P/E ratio compare to its industry?

Mahanagar Gas Ltd has a P/E ratio of 11.5, which is below the industry average of 33.52. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Mahanagar Gas Ltd financially healthy?

Key indicators for Mahanagar Gas Ltd: ROCE of 22.9 % indicates efficient capital utilization; ROE of 17.7 % shows strong shareholder returns. Dividend yield is 2.65 %.

Is Mahanagar Gas Ltd profitable and how is the profit trend?

Mahanagar Gas Ltd reported a net profit of ₹1,045 Cr in Mar 2025 on revenue of ₹6,924 Cr. Compared to ₹597 Cr in Mar 2022, the net profit shows an improving trend.

Does Mahanagar Gas Ltd pay dividends?

Mahanagar Gas Ltd has a dividend yield of 2.65 % at the current price of ₹1,130.00. This is a relatively attractive yield for income-seeking investors.

Last Updated: April 25, 2026, 11:19 pm
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 539957 | NSE: MGL
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Mahanagar Gas Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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