Who are Mahanagar Gas's main competitors?

Named competitors: Indraprastha Gas (IGL.NS), Gujarat Energy (GUJENERGY.NS), Adani Total Gas (ATGL.NS). The cockpit's measured peer set (industry) also includes Indraprastha Gas (IGL.NS), Gujarat Energy (GUJENERGY.NS), Petronet Lng (PETRONET.NS), Adani Total Gas (ATGL.NS), GAIL (India) (GAIL.NS), Oneok (OKE).

How has Mahanagar Gas stock performed?

Over six months to 6 Nov 2026 the shares returned -4.2% against 0.0% for the median peer; over one year -11.2%.

← CockpitCompetitor Analysis › MGL.NS Mahanagar GasOpen in the cockpit ↗

Mahanagar GasMGL.NSCompetitor analysis, valuation and peers

India · INR·Oil & Gas›Gas Distributors

City gas distribution company supplying CNG and piped natural gas across Mumbai and surrounding areas.

Momentum strong 64

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.18B

US dollars, full cap

Free float

58%

of shares outstanding

$/day

$2.38M

20-day average traded

Fwd P/E

15.3×

forward earnings

ROIC−WACC

-7.6 pp

WACC 18.1%

Hurdle

-6 pp

Req g minus delivered

Next earnings

95 days

9 Feb 2027

Close · INR₹1,130

1D+2.1%

1W+7.7%

1M+8.4%

3M+0.5%

6M-4.2%

YTD-0.6%

1Y-11.2%

ATR %2.8%

Beta0.93

52w lowhigh12.2% off high

What Mahanagar Gas does

City gas distribution company supplying CNG and piped natural gas across Mumbai and surrounding areas.

Sells gas through its own pipeline and station network, buying it partly at government-allocated domestic prices and the rest at market-linked prices, so the gap between purchase cost and selling price carries earnings. CNG for vehicles is the larger of the two main lines. GAIL, the state gas company, and the Maharashtra government are its promoters.

Products and services

CNG (vehicle fuel)
Piped natural gas (domestic)
Industrial/commercial PNG

Customers

CNG vehicle owners/fleets in Mumbai
Households
Industrial/commercial gas users

Where it sits in the supply chain

Energy infrastructure
City gas distribution
CNG & piped natural gas

What could go right

Mumbai vehicle CNG demand
Household PNG penetration growth

What could go wrong

Natural gas cost pass-through risk
EV adoption threatening CNG demand

Moat: wide (regulatory licence, installed base). Exclusive city gas distribution authorization for Mumbai with an established CNG station network.

Headquarters: Mumbai, India · Founded: 1995 · Employees: 3,070

Named competitors

Indraprastha Gas IGL.NS
Gujarat Energy GUJENERGY.NS
Adani Total Gas ATGL.NS

Mahanagar Gas at a glance

Size Mahanagar Gas (MGL.NS) is an India Energy company (Gas Distributors) with a market value of $1.18B, the 548th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,130 on 6 Nov 2026.

Performance Over six months the shares fell 4.2%, against 0.0% for the median peer and 0.0% for the India market (cap-weighted) — 4th lowest of 8 in its peer set.

Growth Revenue grew 13.6% over the last twelve months (peer median +14.6%); the operating margin is 9.2% (peer median 13.9%).

Valuation It trades at 15.3× forward earnings against a peer median of 14.3× (4th most expensive of 8).

Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -6 pp: the price already allows for a slowdown.

Capital Return on invested capital runs 7.6 points below its cost of capital (18.1% WACC).

Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Mahanagar Gas against the median of its 7 peers (local-currency closes).

Mahanagar Gas financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹90.2B	₹82.5B	₹72.6B	₹62.9B	₹63.0B
Revenue growth	—	+14%	+15%	0%	—
Gross profit	₹18.5B	₹14.7B	₹15.8B	₹19.5B	₹12.6B
EBITDA	₹12.7B	₹14.9B	₹16.0B	₹18.7B	₹12.1B
Net income	₹6.60B	₹8.41B	₹10.4B	₹12.8B	₹7.90B
Free cash flow	n/a	₹1.03B	₹2.61B	₹8.33B	₹3.02B
Capital expenditure	n/a	₹10.8B	₹11.8B	₹7.83B	₹7.13B
Total debt	₹3.39B	₹2.23B	₹2.01B	₹1.41B	₹1.15B

Quarterly statements and history in the cockpit →

Mahanagar Gas competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Mahanagar Gas is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Mahanagar Gas is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. Mahanagar Gas is the large dot.

Mahanagar Gas competitors and peer comparison

Head to head with its named competitors (MGL.NS vs IGL.NS vs GUJENERGY.NS vs ATGL.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Mahanagar Gas MGL.NS	$1.18B	-4%	+14%	9%	15.3×	24.5%
Indraprastha Gas IGL.NS	$2.10B	-16%	+15%	3%	19.3×	27.0%
Gujarat Energy GUJENERGY.NS	$2.15B	-46%	+43%	10%	7.6×	8.7%
Adani Total Gas ATGL.NS	$6.69B	-11%	+24%	14%	27.9×	n/a

How Mahanagar Gas compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Mahanagar Gas against its 7 peers (data as of 6 Nov 2026)
Measure	MGL.NS	Peer median	Rank in peer set
1-month return	+8.4%	-3.0%	2nd highest of 8
6-month return	-4.2%	0.0%	4th lowest of 8
Distance from 52-week high	-12.2%	-16.4%	3rd highest of 8
Revenue growth (TTM)	+13.6%	+14.6%	4th lowest of 8
Operating margin	9.2%	13.9%	2nd lowest of 8
Forward P/E	15.3×	14.3×	4th most expensive of 8
Growth the price implies (Req g, 7 yrs)	24.5%	7.9%	2nd most demanding of 7
Growth delivered (Del g)	+30.8%	+19.4%	2nd highest of 7
Hurdle (Req g minus delivered)	-6.3 pp	-9.2 pp	3rd most demanding of 7
ROIC minus cost of capital	-7.6 pp	-5.8 pp	3rd lowest of 8
EV / EBITDA	8.3×	11.2×	4th cheapest of 8
Net debt / EBITDA	-0.5×	1.2×	3rd least indebted of 8

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Mahanagar Gas MGL.NS	India	$1.18B	-4%	+14%	9%	15.3×	24.5%	+30.8%
Indraprastha Gas IGL.NS	India	$2.10B	-16%	+15%	3%	19.3×	27.0%	+26.8%
Gujarat Energy GUJENERGY.NS	India	$2.15B	-46%	+43%	10%	7.6×	8.7%	+19.1%
Petronet Lng PETRONET.NS	India	$5.02B	+12%	-30%	16%	11.3×	0.9%	+10.8%
Adani Total Gas ATGL.NS	India	$6.69B	-11%	+24%	14%	27.9×	n/a	n/a
GAIL (India) GAIL.NS	India	$12.9B	+11%	+10%	9%	8.7×	16.9%	+19.8%
Oneok OKE	United States	$53.7B	0%	+38%	15%	14.3×	4.2%	+31.8%
Targa Resources TRGP	United States	$56.7B	+7%	-1%	25%	21.7×	7.2%	+15.8%

Questions

Who are Mahanagar Gas's main competitors?: Named competitors: Indraprastha Gas (IGL.NS), Gujarat Energy (GUJENERGY.NS), Adani Total Gas (ATGL.NS). The cockpit's measured peer set (industry) also includes Indraprastha Gas (IGL.NS), Gujarat Energy (GUJENERGY.NS), Petronet Lng (PETRONET.NS), Adani Total Gas (ATGL.NS), GAIL (India) (GAIL.NS), Oneok (OKE).
Is Mahanagar Gas expensive compared with its peers?: On forward p/e it trades at 15.3× against a peer median of 14.3×, 4th most expensive of 8 in its peer set. For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +31%, so the hurdle is -6 pp: the price already allows for a slowdown.
How has Mahanagar Gas stock performed?: Over six months to 6 Nov 2026 the shares returned -4.2% against 0.0% for the median peer; over one year -11.2%.