Board approves September quarter and half-year results; auditor review conclusion unmodified
Board met on November 03, 2026 (1100–1420 hours) and approved the unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, on the Audit Committee's recommendation.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,778.05 | 2,256.36 | +23.1% | 2,598.90 | +6.9% |
| Total income | 2,801.60 | 2,285.38 | +22.6% | 2,629.33 | +6.6% |
| Profit before tax | 185.40 | 255.91 | −27.6% | 258.01 | −28.1% |
| Profit after tax | 135.40 | 191.25 | −29.2% | 192.64 | −29.7% |
| Total comprehensive income | 134.32 | 191.08 | −29.7% | 193.97 | −30.8% |
| Basic EPS | 13.73 | 19.37 | −29.1% | 19.54 | −29.7% |
- Total income
- Latest 2,801.60; Year ago 2,285.38 (+22.6%); Prev qtr 2,629.33 (+6.6%)
- Profit after tax
- Latest 135.40; Year ago 191.25 (−29.2%); Prev qtr 192.64 (−29.7%)
- Period
- 30.09.2026
Auditor's review
Conclusion: Unmodified
Notes to the results
- Exceptional item: impairment loss of Rs.17.33 crore recognised on fair value assessment of investment in 3EV Industries Private Limited during the quarter.
- GAIL transportation tariff demand of Rs. 331.80 Crore for UTNGPL disputed; Rs. 50 Crore deposited; no provision recognised based on legal opinion.
- GST demand under RCM on road re-instatement charges of Rs. 54.33 Crore plus penalty and interest contested via writ in High Court; no outflow expected.
- Unison Enviro Private Limited amalgamated with the Company under NCLT-sanctioned scheme, appointed date February 01, 2024.
Board outcome
Mahanagar Gas Ltd's board met on November 03, 2026 from 1100 hours to 1420 hours and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, on the recommendation of the Audit Committee. The figures below are standalone, which is the company's own business excluding its subsidiary and associates.
Auditor's review conclusion
Deloitte Haskins & Sells LLP reviewed both the standalone and the consolidated interim results. Both review reports carry an unmodified conclusion: nothing came to the auditor's attention that causes it to believe the statements contain a material misstatement or fail to disclose what the regulations require. A review is narrower in scope than a full audit.
Standalone quarter (July to September 2026)
- Revenue from operations: Rs. 2,776.74 crore, against Rs. 2,255.29 crore in the same quarter last year
- Total income: Rs. 2,800.25 crore
- EBITDA before Exceptional Items: Rs. 304.76 crore, or 12.01% of net revenue from operations, against Rs. 342.98 crore (14.48%) in the June 2026 quarter
- Profit before tax: Rs. 187.07 crore
- Profit after tax: Rs. 137.03 crore, against Rs. 193.37 crore a year earlier and Rs. 193.70 crore in the June 2026 quarter
- Earnings per share: Rs. 13.87
Standalone half year (April to September 2026)
- Revenue from operations: Rs. 5,374.63 crore, against Rs. 4,535.73 crore
- EBITDA before Exceptional Items: Rs. 647.73 crore (13.20% of net revenue) against Rs. 838.66 crore (20.30%)
- Profit after tax: Rs. 330.73 crore, against Rs. 512.93 crore
- Earnings per share: Rs. 33.48
Volumes
- Total volumes in the September quarter: 450.02 SCM Million, against 433.71 SCM Million in the June quarter
- Within that, CNG 325.82 SCM Million and total PNG 123.20 SCM Million
- Half-year total volumes: 883.73 SCM Million, against 827.87 SCM Million
What pulled profit down
- An exceptional item of Rs. 17.33 crore was recognised in the quarter's statement of profit and loss as impairment of the company's investment in 3EV Industries Private Limited.
- The company has put Rs. 84.46 crore into 3EV across compulsorily convertible preference shares (Rs. 82.95 crore), equity shares (Rs. 0.05 crore) and optionally convertible debentures (Rs. 1.46 crore), under a share subscription agreement signed in February 2024 and amended in May 2026.
- A note explains that net revenue for the six months ended September 30, 2025 included Rs. 112.87 crore reversed for trade margin relating to Mumbai, which affects how the year-on-year comparison reads.
Disputes and other notes
- GAIL (India) Ltd raised a demand of Rs. 331.80 crore for transport tariff on ONGC's Uran Trombay pipeline for November 2008 to July 2021. The company disputes it; the Delhi High Court has stayed recovery, and the matter was last listed for hearing on December 15, 2026. Based on legal opinions, no provision has been recognised.
- A GST demand of Rs. 54.33 crore plus penalty and interest, on reverse charge mechanism for road re-instatement charges, is under challenge before the High Court, with the next hearing on December 15, 2026.
- Unison Enviro Private Limited, a wholly owned subsidiary, was amalgamated into the company with an appointed date of February 01, 2024.
- The company signed a share subscription and shareholders' agreement with FPEL Reliant Energy Private Limited to hold 26% as a captive user, investing Rs. 3.89 crore during the period.
Balance sheet and cash flow
- Total assets: Rs. 9,513.64 crore as at September 30, 2026, against Rs. 8,965.24 crore as at March 31, 2026
- Net cash generated from operating activities in the half year: Rs. 695.48 crore
- Spend on property, plant and equipment, capital work-in-progress and intangibles: Rs. 642.83 crore
- Dividend paid during the half year: Rs. 177.87 crore
How to read it
Revenue from operations grew while profit after tax fell, as the EBITDA margin came off its earlier level and a one-time impairment was booked. The auditor's review reports on both standalone and consolidated results are unmodified.
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More numbers
- Revenue from operations, standalone, September 2026 quarter2,776.74 (₹ in Crore)
- Profit after tax, standalone, September 2026 quarter137.03 (₹ in Crore)
- Profit after tax, standalone, half year ended September 2026330.73 (₹ in Crore)
- Exceptional item - impairment of investment in 3EV17.33 (₹ in Crore)
- EBITDA before Exceptional Items, September 2026 quarter304.76 (Rs. Crores)
- GAIL transport tariff demand disputed by the companyRs. 331.80 Crore
- GST demand under reverse charge mechanismRs. 54.33 Crore
- Investment in 3EV Industries (CCPS, equity and OCD)Rs. 84.46 Crore
- Total income, latest quarter2,801.60 (₹ in Crore)
- Total income, year-ago quarter2,285.38 (₹ in Crore)
- Total income, previous quarter2,629.33 (₹ in Crore)
- Total comprehensive income, latest quarter134.32 (₹ in Crore)
- Total comprehensive income, year-ago quarter191.08 (₹ in Crore)
- Total comprehensive income, previous quarter193.97 (₹ in Crore)
- Profit after tax, latest quarter135.40 (₹ in Crore)
- Profit after tax, year-ago quarter191.25 (₹ in Crore)
- Profit after tax, previous quarter192.64 (₹ in Crore)
- Revenue from operations, latest quarter2,778.05 (₹ in Crore)
- Revenue from operations, year-ago quarter2,256.36 (₹ in Crore)
- Revenue from operations, previous quarter2,598.90 (₹ in Crore)
- Profit before tax, latest quarter185.40 (₹ in Crore)
- Profit before tax, year-ago quarter255.91 (₹ in Crore)
- Profit before tax, previous quarter258.01 (₹ in Crore)
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