Stock MGL MAHANAGAR GAS LIMITED
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Financials Mahanagar Gas Limited

Equities

MGL

INE002S01010

Natural Gas Utilities

Market Closed - NSE India S.E.
Other stock markets
 07:43:48 2024-04-26 am EDT 		5-day change 1st Jan Change
1,461 INR +0.81% Intraday chart for Mahanagar Gas Limited +5.00% +21.70%
Mar. 21 Jefferies Adjusts Mahanagar Gas’s Price Target to INR1,540 From INR1,515, Keeps at Buy MT
Feb. 27 Mahanagar Gas to Buy 31% Stake in Electric Vehicles Maker 3EV For INR960 Million MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 104,215 80,845 115,466 76,953 97,143 144,309 - -
Enterprise Value (EV) 1 101,227 78,550 110,348 61,418 81,766 132,615 131,235 125,229
P/E ratio 19.1 x 10.2 x 18.6 x 12.9 x 12.3 x 11.4 x 13 x 12.6 x
Yield 1.9% 4.28% 1.97% 3.21% 2.64% 3.19% 2.84% 3.01%
Capitalization / Revenue 3.73 x 2.72 x 5.36 x 2.16 x 1.54 x 2.34 x 2.29 x 2.15 x
EV / Revenue 3.63 x 2.64 x 5.13 x 1.73 x 1.3 x 2.15 x 2.08 x 1.87 x
EV / EBITDA 11.4 x 7.46 x 11.8 x 6.64 x 6.9 x 7.16 x 7.96 x 7.29 x
EV / FCF 31.4 x 14.3 x 23.7 x 27.1 x 31.9 x 15.5 x 19.1 x 15.1 x
FCF Yield 3.18% 6.97% 4.22% 3.69% 3.14% 6.46% 5.22% 6.63%
Price to Book 4.34 x 2.74 x 3.57 x 2.14 x 2.35 x 2.93 x 2.58 x 2.28 x
Nbr of stocks (in thousands) 98,778 98,778 98,778 98,778 98,778 98,778 - -
Reference price 2 1,055 818.4 1,169 779.0 983.4 1,461 1,461 1,461
Announcement Date 5/9/19 6/10/20 5/24/21 5/10/22 5/8/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 27,911 29,721 21,523 35,602 62,993 61,683 63,152 67,035
EBITDA 1 8,854 10,528 9,340 9,243 11,842 18,522 16,478 17,188
EBIT 1 7,595 8,911 7,603 7,280 9,530 15,806 13,696 14,129
Operating Margin 27.21% 29.98% 35.32% 20.45% 15.13% 25.62% 21.69% 21.08%
Earnings before Tax (EBT) 1 8,369 9,835 8,336 8,063 10,555 17,283 14,997 15,770
Net income 1 5,464 7,935 6,196 5,970 7,900 12,940 11,068 11,585
Net margin 19.58% 26.7% 28.79% 16.77% 12.54% 20.98% 17.53% 17.28%
EPS 2 55.31 80.33 62.72 60.43 79.98 128.7 112.2 116.3
Free Cash Flow 1 3,219 5,477 4,660 2,264 2,566 8,573 6,856 8,304
FCF margin 11.53% 18.43% 21.65% 6.36% 4.07% 13.9% 10.86% 12.39%
FCF Conversion (EBITDA) 36.36% 52.02% 49.89% 24.49% 21.67% 46.29% 41.6% 48.31%
FCF Conversion (Net income) 58.92% 69.03% 75.21% 37.92% 32.48% 66.25% 61.94% 71.68%
Dividend per Share 2 20.00 35.00 23.00 25.00 26.00 46.60 41.44 44.02
Announcement Date 5/9/19 6/10/20 5/24/21 5/10/22 5/8/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 15,411 7,685 6,664 7,177 6,155 8,301 - 11,229 10,868 14,548 15,627 18,384 16,105 15,378 15,987 15,615 15,614 -
EBITDA 1 5,502 3,011 3,167 3,162 3,040 3,018 6,058 1,031 2,155 2,856 2,528 2,561 3,897 5,213 4,930 4,307 4,257 -
EBIT 1 - - 2,726 2,713 2,587 2,298 - 548.9 1,600 2,319 1,977 1,976 3,259 4,592 4,070 3,325 3,528 -
Operating Margin - - 40.91% 37.81% 42.03% 27.68% - 4.89% 14.72% 15.94% 12.65% 10.75% 20.23% 29.86% 25.46% 21.29% 22.59% -
Earnings before Tax (EBT) 1 5,144 - 2,913 2,866 2,756 2,750 - 751.8 1,804 2,496 2,212 2,274 3,573 4,957 4,595 3,964 3,953 -
Net income 1 4,409 - 2,172 2,128 2,041 2,043 - 567.9 1,318 1,852 1,640 1,721 2,688 3,684 3,279 2,982 3,035 -
Net margin 28.61% - 32.59% 29.65% 33.16% 24.61% - 5.06% 12.13% 12.73% 10.49% 9.36% 16.69% 23.96% 20.51% 19.09% 19.44% -
EPS 2 44.63 - 21.99 21.54 20.66 20.68 - 5.750 13.34 18.75 16.60 17.42 27.21 37.30 32.04 27.62 30.96 -
Dividend per Share 2 - - 9.000 14.00 14.00 9.500 - 9.500 15.50 - 10.00 - - 7.310 7.310 7.310 13.16 11.17
Announcement Date 11/11/19 11/12/20 2/9/21 5/24/21 7/28/21 10/26/21 10/26/21 2/8/22 5/10/22 8/6/22 11/11/22 2/2/23 5/8/23 8/3/23 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 2,988 2,295 5,119 15,535 15,377 11,695 13,075 19,081
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 3,219 5,477 4,660 2,264 2,566 8,573 6,856 8,304
ROE (net income / shareholders' equity) 24.3% 29.7% 20% 17.5% 20.4% 28.3% 21% 18.9%
ROA (Net income/ Total Assets) 16.9% 19.2% 14.2% 12.1% 14% 17.9% 14.5% 14.2%
Assets 1 32,256 41,285 43,647 49,175 56,331 72,414 76,477 81,578
Book Value Per Share 2 243.0 299.0 327.0 364.0 419.0 498.0 567.0 641.0
Cash Flow per Share 2 32.60 110.0 96.40 74.80 98.10 167.0 129.0 145.0
Capex 1 3,625 4,232 3,395 6,773 7,127 7,691 7,202 6,774
Capex / Sales 12.99% 14.24% 15.77% 19.02% 11.31% 12.47% 11.4% 10.1%
Announcement Date 5/9/19 6/10/20 5/24/21 5/10/22 5/8/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mahanagar Gas Limited

Trading Rating
Investor Rating
ESG Refinitiv
D-
More Ratings

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Natural Gas Distribution

1st Jan change Capi.
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