NSE: MGL | BSE: 539957

Mid-range Performer

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1353.90 -28.10 (-2.03%)

31.90% Fall from 52W High

294.6K NSE+BSE Volume

NSE 22 May, 2025 3:31 PM (IST)

13,373.5

Market Cap

Above industry Median

1.3

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.

09 Feb 2022

1353.90

-2.03%

MAHANAGAR GAS LTD.

Buy: Mahanagar Gas Ltd.

Target

Prabhudas Lilladhar

We lower our FY22E estimates by 31% to factor in weak Q3 performance and reduce FY23/24E by ~7%, as we lower our margin assumption to Rs10.2/scm reduced domestic gas supplies. Q3 blended gas cost/scm was Rs25.2 (+90%Q/Q) which led to drop in gross margins at Rs11.8/scm (-36%Q/Q). Currently, government is working on revised gas allocation to better address reliance on high cost spot LNG prices. MGL remains a play on increased gas usage from rising vehicle and PNG penetration and we like the business, given its dominating share in growing...

Mahanagar Gas Ltd. has an average target of 1769.00 from 6 brokers.

Mahanagar Gas Ltd.

09 Feb 2022

1353.90

-2.03%

Sustainable volumes; margin recovery may be slower

Buy: Mahanagar Gas Ltd.

Target

Motilal Oswal

Sustainable volumes; margin recovery may be slower Mahanagar Gas (MAHGL) reported a miss on our estimates. Although, volumes were in-line at 3.1mmscmd (+13% YoY, flat QoQ), while EBITDA/scm was lower at INR3.4 (v/s our estimate of INR10 and INR10.5 in 2QFY22). Thus, EBITDA was at INR1b (-66% est., -67% YoY). The EBITDA margin contraction in 3QFY22 was attributable to a reduction in the APM gas allocation (due to supply cuts) and high LNG prices. The average cost of spot LNG stood at ~USD28/mmBtu for the company in 3Q....

Mahanagar Gas Ltd. has an average target of 1769.00 from 6 brokers.

Mahanagar Gas Ltd.

28 Oct 2021

1353.90

-2.03%

Mahanagar Gas

Hold: Mahanagar Gas Ltd.

Recommendation Target

ICICI Securities Limited

Mahanagar Gas Ltd. has an average target of 1769.00 from 6 brokers.

Mahanagar Gas Ltd.

27 Oct 2021

1353.90

-2.03%

Q2FY22 Result Update - High gas prices dent profits - BUY

Buy: Mahanagar Gas Ltd.

Target

Prabhudas Lilladhar

Around 500 new CNG buses to be added in next two months; MGL in talks about retrofitting 185 BEST buses to CNG. We lower our estimates for FY23/24E by 3-10% as we lower our margin assumption to Rs11/scm (earlier Rs12.8-13) and increase our volumes by...

Mahanagar Gas Ltd. is trading below its 200 day SMA of 1460.2

Mahanagar Gas Ltd.

11 Aug 2021

1353.90

-2.03%

UPDATE : TECHNICAL REPORT MGL

Buy: Mahanagar Gas Ltd.

IDBI Capital

Considering all the above reasoning discussed, we recommend buying the stock in the range of 1090-1140, for...

Mahanagar Gas Ltd. is trading below its 200 day SMA of 1460.2

Mahanagar Gas Ltd.

03 Aug 2021

1353.90

-2.03%

MAHANAGAR GAS LIMITED

Accumulate: Mahanagar Gas Ltd.

Recommendation Target

Geojit BNP Paribas

Q1FY22 revenue grew 140.3% YoY (-14.9% QoQ) on higher volumes (currently surpassed pre-COVID levels) of 115.5% YoY to 218.3 Standard Cubic Meter (SCMmn) and improved realization of Rs. 30.6/SCM in industrial and commercial sales. MGL however saw a sequential dip owing to COVID-19 impact on volumes. PNG/CNG revenue stood at Rs. 255cr/Rs. 354cr with a sales volume of 141.1SCMmn (>70% of total volume)/~42.6SCMmn (+9.2% YoY) whereas PNG Industry/commercial volumes were 34.5SCMmn (+86.0% YoY). Blended volume was at 2.398MMSCMD with increasing domestic PNG demand (+2.4% QoQ) to 0.468MMSCMD (vs. 0.457MMSCMD...

Mahanagar Gas Ltd. is trading below its 200 day SMA of 1460.2

Mahanagar Gas Ltd.

02 Aug 2021

1353.90

-2.03%

Mahanagar Gas

Buy: Mahanagar Gas Ltd.

ICICI Securities Limited

...

Mahanagar Gas Ltd. is trading above its 150 day SMA of 1332.1

Mahanagar Gas Ltd.

31 Jul 2021

1353.90

-2.03%

Mahanagar Gas Ltd

Buy: Mahanagar Gas Ltd.

Recommendation Target

CD Equisearch

recovery in the second half got reflected in later quarters, however the second round of restrictions, though less severe, affected Q1FY22 revenues as it decreased by 14.2% on a sequential basis to Rs. 615.49 cr. As a result operating profit declined by 3.8% q-o-q q at Rs. 303.99 cr. In a higher operational cost environment, the management has hinted of successful...

Mahanagar Gas Ltd. has an average target of 1769.00 from 6 brokers.

Mahanagar Gas Ltd.

29 Jul 2021

1353.90

-2.03%

Q1FY22 Result Update - Impressive performance amidst restrictions - BUY

Buy: Mahanagar Gas Ltd.

Target

Prabhudas Lilladhar

Benign gas prices, private vehicle conversion to drive volumes and earnings. margins even as we leave volume assumptions unchanged. Record margins (-16% QoQ), due to lockdown restrictions. MGL remains a play on increased gas usage from rising vehicle and PNG penetration in a benign gas price environment. We continue to like MGL's business, given its dominating share...

Mahanagar Gas Ltd. has gained 20.31% in the last 6 Months

Mahanagar Gas Ltd.

26 May 2021

1353.90

-2.03%

Mahanagar Gas

Buy: Mahanagar Gas Ltd.

Target

ICICI Securities Limited

MGL reported volume growth of 3.8% YoY on a lower base. CNG volume grew 2.2% YoY to 2 mmscmd in line with estimate. On the PNG front, volumes grew 7.9% YoY to 0.9 mmscmd. While industrial and domestic PNG segments reported growth of 21.7% YoY, 8.9% YoY, commercial PNG volumes were still down 11.6% YoY. Given the cost economics of natural gas over other alternative fuels in conjunction with rising pollution concerns, achieving higher growth over the long term should not be a concern. The management said that CNG sales volume dipped up to 25-30% in the current...

Mahanagar Gas Ltd. has gained 20.31% in the last 6 Months

Is Mahanagar Gas Ltd. worth buying?

514 Votes:

Buy 86.38%

Sell 7.78%

Hold 5.84%

RESEARCH REPORTS

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