NSE: MGL | BSE: 539957

Falling Comet

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1170.00 -1.10 (-0.09%)

New 52W Low in past week

94,570 NSE+BSE Volume

NSE 05 Dec, 2025 3:49 PM (IST)

11,557

Market Cap

Above industry Median

Beta 1Year

Very High 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.

Mahanagar Gas Ltd.

01 Jan 2020

1170.00

-0.09%

Ashika - Stock Picks - Mahanagar Gas Ltd. - January 2020

Buy: Mahanagar Gas Ltd.

Target

Ashika Research

Number of FII/FPI investors decreased from 366 to 343 in Sep 2025 qtr

Mahanagar Gas Ltd.

30 Dec 2019

1170.00

-0.09%

Mahanagar Gas

Buy: Mahanagar Gas Ltd.

Recommendation Target

ICICI Securities Limited

MGL has a strong gas pipeline infrastructure of 5393 km in Mumbai and its adjoining areas. CNG and domestic PNG penetration in geographical areas (GA1 & GA2) is at ~35%. Additionally, MGL's planned capex in Pen, Uran and Karjat areas provides visibility for volume growth in the medium to long term. In the CNG segment, MGL plans to add 25 CNG stations per year for the next three years to the existing network of 244 CNG stations. We expect MGL's volumes to increase at ~5% CAGR in FY19-21E. Given the cost economics of natural gas over other alternative fuels in conjunction with...

Mahanagar Gas Ltd. is trading below all available SMAs

Mahanagar Gas Ltd.

13 Nov 2019

1170.00

-0.09%

Mahanagar Gas (2QFY20): Higher margins drive profitability. Maintain BUY

Buy: Mahanagar Gas Ltd.

Target

HDFC Securities

MGL did not win any new GAs in ninth or tenth rounds of CGD biddings. This factor may weigh on its long-term growth. Its loyal customer base of CNG and commercial establishments (who together comprise 81% of total sales mix), that are less price sensitive than industrial customers enable it to maintain per unit margins higher than peers. Moreover, we do not foresee any significant regulatory adversity in its CGD business either through a change in gas allocation or capping returns. We maintain BUY on MGL despite muted volume growth owing to its remarkable pricing power (hence, better spreads) and inexpensive valuations (14.5/13.7x FY21/22E PER) versus its peers (IGL 25.3/22.6x and GGL 16.2/14.2x). Our TP is Rs 1,355/sh (19x Sep-21E EPS).

Mahanagar Gas Ltd. has an average target of 1553.67 from 6 brokers.

Mahanagar Gas Ltd.

13 Nov 2019

1170.00

-0.09%

Mahanagar Gas

Hold: Mahanagar Gas Ltd.

Recommendation Target

ICICI Securities Limited

Volume growth subdued on account of CNG segment MGL reported lower volume growth of 1.3% YoY against our expectation of 4.1% YoY. Lower growth in CNG volume at 1% YoY (our estimate: 5.5%) to 2.2 mmscmd mainly led to disappointing volume growth. On the PNG front, volumes also decelerated, which increased 2.1% YoY to 0.8 mmscmd. We marginally lower MGL's volume outlook to 5-6% CAGR in coming years due to lower CNG growth assumptions. Given the cost economics of natural gas over other alternative fuels in conjunction with rising pollution concerns,...

Geojit BNP Paribas upgraded Mahanagar Gas Ltd. to Hold with a price target of 1326.0 on 25 Nov, 2025.

Mahanagar Gas Ltd.

13 Nov 2019

1170.00

-0.09%

Volume growth concerns intensify

Neutral: Mahanagar Gas Ltd.

Target

Motilal Oswal

13 November 2019 EBITDA/scm came in line with our estimate at INR9.9 (+22% YoY) in 2QFY20, mainly due to better price realization (MAHGL took a price hike in the first week of July) and lower spot prices. Reported EBITDA was up 23% YoY at INR2.7b. Depreciation stood at INR3.9b and interest cost at INR15m on account of adoption of Ind-AS 116. PBT was up 23% YoY at INR2.6b. The company has re-measured its DTL and recorded a reduction of INR567m as deferred tax. Reported PAT was at INR2.7b versus INR1.4b in 2QFY19. , EBITDA was up 27% YoY, with EBITDA/scm at INR10.1 versus INR8.1 in 1HFY19.

Mahanagar Gas Ltd. is trading below all available SMAs

Mahanagar Gas Ltd.

13 Nov 2019

1170.00

-0.09%

Mahanagar Gas-2QFY20 Result Update

Mahanagar Gas Ltd.

Reliance Securities

Mahanagar Gas Ltd. is trading below all available SMAs

Mahanagar Gas Ltd.

12 Nov 2019

1170.00

-0.09%

Mahanagar Gas (SELL): Volumes drag and margins peak out downgrade to SELL

Sell: Mahanagar Gas Ltd.

Target

BOB Capital Markets Ltd.

Mahanagar Gas's (MAHGL) Q2FY20 adj. PAT underperformed estimates at Rs 2.1bn (+57% YoY).

Mahanagar Gas Ltd. has an average target of 1553.67 from 6 brokers.

Mahanagar Gas Ltd.

31 Oct 2019

1170.00

-0.09%

Mahanagar Gas Ltd

Buy: Mahanagar Gas Ltd.

Recommendation Target

CD Equisearch

and decline in CNG sold to state transport (8% of total CNG volume) due to scrappage of old buses without induction of new ones explain subdued CNG volume growth. However, better price realization across all customer...

Mahanagar Gas Ltd. has an average target of 1553.67 from 6 brokers.

Mahanagar Gas Ltd.

26 Sep 2019

1170.00

-0.09%

Model Trading Portfolio - Mahanagar Gas Limited

Mahanagar Gas Ltd.

Edelweiss

Mahanagar Gas Limited is a city gas distribution company.

Mahanagar Gas Ltd. is trading below all available SMAs

Mahanagar Gas Ltd.

28 Aug 2019

1170.00

-0.09%

MAHANAGAR GAS LIMITED

Accumulate: Mahanagar Gas Ltd.

Recommendation Target

Geojit BNP Paribas

Mahanagar Gas Limited reported 22.9% YoY increase in revenue in Q1FY20 to reach Rs. 831 cr. primarily driven by 24.3% YoY CNG segment. (Contributing 68.3% to total revenue) and 17.8% YoY growth in PNG segment (Contributing 30.7% to total revenue). Q1FY20 EBITDA rose 31.2% YoY to Rs 276.8 cr. CNG sales volume were up by 2.0% YoY to 196.9 SCM million. PNG domestic sales volume have grown at a faster rate of 9.4% YoY to 36.4 SCM million and is the only segment to grow in terms of volume on QoQ basis. EBITDA grew to Rs. 277 cr. up 31.2% YoY from Rs. 211 cr. in Q1FY20, and margin came in at 33.3% (+210bps y-o-y) helped by higher volumes of...

Mahanagar Gas Ltd. is trading below all available SMAs

Is Mahanagar Gas Ltd. worth buying?

525 Votes:

Buy 86.48%

Sell 7.81%

Hold 5.71%

RESEARCH REPORTS

Hold SEE REPORTS >

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Buy SEE REPORTS >

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