NSE: MGL | BSE: 539957

Mid-range Performer

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1043.70 -1.70 (-0.16%)

78,086 NSE+BSE Volume

NSE 05 Oct, 2026 3:31 PM (IST)

10,309.4

Market Cap

Above industry Median

Beta 1Year

Average volatility

Mahanagar Gas Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MGL, BSE:539957 Mahanagar Gas Ltd.

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Mahanagar Gas Ltd.

01 Aug 2026

1043.70

-0.16%

Resilient 1QFY27 amid headwinds

Buy: Mahanagar Gas Ltd.

Target

Motilal Oswal

Mahanagar Gas (MAHGL)’s 1QFY27 EBITDA/scm came in 43% above our estimate at INR7.9/scm. Total volumes were in line at 4.8mmscmd (+7% YoY).

Number of FII/FPI investors decreased from 279 to 258 in Jun 2026 qtr

Mahanagar Gas Ltd.

22 Jun 2026

1043.70

-0.16%

Pick of the Week:Mahanagar Gas

Buy: Mahanagar Gas Ltd.

Target

Axis Direct

We recommend a BUY with a target price of Rs 1,331/share, implying an upside of ~10% from the CMP.

Number of FII/FPI investors decreased from 279 to 258 in Jun 2026 qtr

Mahanagar Gas Ltd.

11 Jun 2026

1043.70

-0.16%

D-PNG growth inflecting sharply; margin headwinds manageable

Buy: Mahanagar Gas Ltd.

Target

Motilal Oswal

Mahanagar Gas’ (MAHGL) stock has corrected 13% over the last three and a half months, primarily due to elevated input gas costs (Brent at USD102/bbl in 1QFY27’td vs USD69/bbl in FY26; Spot LNG at USD18/mmbtu in 1QFY27’td vs USD12/mmbtu in FY26) and rupee depreciation (11% YoY in 1QFY27’td), which contracted margins.

Mahanagar Gas Ltd. is trading below all available SMAs

Mahanagar Gas Ltd.

27 May 2026

1043.70

-0.16%

MAHANAGAR GAS LIMITED

Buy: Mahanagar Gas Ltd.

Recommendation Target

Geojit BNP Paribas

*over or under performance to benchmark index Mahanagar Gas Limited (MGL) distributes natural gas to households, commercial establishments and industries in India. In Q4FY26, the company's consolidated revenue rose 4.9% YoY to Rs. 2,259cr, as higher gas sales and calibrated price actions more than offset the curtailment of supplies to industrial and commercial amid a disruption in liquified natural gas (LNG) supplies due to the conflict in West Asia. Gas sales volume increased 6.2% YoY to 4.672 mmscmd on the back of growth in compressed natural gas (CNG) volume of 7.2% to 3.349 mmscmd, domestic piped...

Mahanagar Gas Ltd. has an average target of 1391.83 from 6 brokers.

Mahanagar Gas Ltd.

08 May 2026

1043.70

-0.16%

Mahanagar Gas (HOLD): Results lower than expectations on volumes & higher costs

Hold: Mahanagar Gas Ltd.

Target

BOB Capital Markets Ltd.

Revenue grew by 10.0%YoY, on volume growth of 14.1%YoY in CNG and 5.1%YoY in PNG. However, higher costs led to decline in EBITDA

Number of FII/FPI investors decreased from 279 to 258 in Jun 2026 qtr

Mahanagar Gas Ltd.

10 Feb 2026

1043.70

-0.16%

Result Update:Mahanagar Gas

Buy: Mahanagar Gas Ltd.

Axis Direct

We maintain our BUY rating on the stock.

Mahanagar Gas Ltd. has an average target of 1391.83 from 6 brokers.

Mahanagar Gas Ltd.

09 Feb 2026

1043.70

-0.16%

Mahanagar Gas (MAHGL IN) Q3FY26 Result Update Strong volume growth guidance Downgrade to Accumulate'

Accumulate: Mahanagar Gas Ltd.

Recommendation Target

Prabhudas Lilladhar

from CNG buses to EVs, while upcoming large CNG stations provide medium- volumes, partly offset by a decline in PNG indus/comm volume due to pipeline damage in Mumbai. Full benefit of the Sep'25 price hike and lower Brent-linked gas costs, partly offset by slight increase in HH prices, lifted adj EBITDA/scm...

Mahanagar Gas Ltd. has an average target of 1391.83 from 6 brokers.

Mahanagar Gas Ltd.

03 Feb 2026

1043.70

-0.16%

Cost pressure easing; valuations attractive

Buy: Mahanagar Gas Ltd.

Target

Motilal Oswal

MAHGL’s stock has corrected 21% in the last six months primarily due to the increased cost of Henry Hub (HH)-linked gas (Oct’25-Jan’26 average: USD4.6/mmbtu vs 1HFY26 average: USD3.1/mmbtu), rupee depreciation (6% YoY in 3QFY26), and the increase in Zone-1 tariff (est. impact of INR0.3/scm), which compressed margins.

Number of FII/FPI investors decreased from 279 to 258 in Jun 2026 qtr

Mahanagar Gas Ltd.

10 Dec 2025

1043.70

-0.16%

Weak margins a dampener, but volume prospects to remain peer-leading over FY26-28E

Buy: Mahanagar Gas Ltd.

Target

ICICI Securities Limited

Mahanagar Gas’ (MGL) EBITDA/scm declined to a 13-quarter low in Q2FY26. We believe margins are likely to remain under pressure due to INR depreciation and a jump in HH (US Henry Hub) prices in Q3FY26 (~30% of sourcing, at USD 5/MMbtu vs. <USD4/MMbtu in Q2).

Mahanagar Gas Ltd. has an average target of 1391.83 from 6 brokers.

Mahanagar Gas Ltd.

25 Nov 2025

1043.70

-0.16%

MAHANAGAR GAS LIMITED

Hold: Mahanagar Gas Ltd.

Recommendation Target

Geojit BNP Paribas

Gas volume rose 9.2% YoY to 4.593 million metric standard cubic metres per day (mmscmd), comprising the supply of 3.255 mmscmd compressed natural gas (CNG; +7.1% YoY) and 0.582 mmscmd domestic piped natural gas (PNG; +9.8%),...

Mahanagar Gas Ltd. is trading below all available SMAs

Is Mahanagar Gas Ltd. worth buying?

543 Votes:

Buy 86.37%

Sell 7.73%

Hold 5.89%

RESEARCH REPORTS

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