Mahanagar Gas Limited, often abbreviated as MGL, stands as a leading player in the city gas distribution sector in India. Specializing in the supply of compressed natural gas (CNG) and piped natural gas (PNG), Mahanagar Gas Limited has been instrumental in promoting cleaner and greener energy alternatives across urban landscapes. As a key contributor to India’s energy transition, Mahanagar Gas Limited focuses on efficient distribution networks, customer-centric services, and innovative solutions in natural gas supply.
Mahanagar Gas Limited operates in the dynamic energy sector, where demand for sustainable fuels like CNG and PNG continues to rise due to environmental concerns and government policies favoring clean energy. With a robust infrastructure comprising extensive pipeline networks and filling stations, Mahanagar Gas Limited ensures reliable supply to millions of consumers. Keywords such as Mahanagar Gas Limited, CNG distribution, PNG supply, city gas distribution, natural gas company India, and sustainable energy solutions are central to understanding the company’s role in the industry.
Business Segments of Mahanagar Gas Limited with Comprehensive Details and Revenue Breakup %
Mahanagar Gas Limited primarily operates in the city gas distribution (CGD) business, which involves the sourcing, transportation, and distribution of natural gas to end-users. The company’s business can be segmented based on its core activities and customer categories, although it reports as a single operating segment for financial purposes – the sale of natural gas. However, for a detailed analysis, we can break it down into key areas: Compressed Natural Gas (CNG) distribution and Piped Natural Gas (PNG) supply, further subdivided into domestic, commercial, and industrial segments.
- Compressed Natural Gas (CNG) Segment: This segment focuses on supplying CNG to vehicles, including cars, buses, auto-rickshaws, and commercial fleets. Mahanagar Gas Limited has established a vast network of CNG filling stations to cater to the growing demand for eco-friendly vehicle fuels. CNG is promoted as a cleaner alternative to petrol and diesel, reducing emissions and supporting urban air quality improvement. Comprehensive details include the operation of 385 CNG filling stations, with a daily sales volume of approximately 2.88 million standard cubic meters per day (MMSCMD). This segment benefits from government incentives for CNG adoption in public transport and private vehicles. Revenue breakup: Approximately 71% of total revenue, derived from the high volume and premium pricing of CNG sales.
- Piped Natural Gas (PNG) Domestic Segment: Targeting residential households, this segment provides PNG for cooking and heating purposes through a piped network directly to homes. Mahanagar Gas Limited connects over 1.5 million domestic consumers, offering a safe, convenient, and uninterrupted supply. Details encompass the laying of polyethylene (PE) pipelines and installation of meters in residential areas, ensuring compliance with safety standards. Daily sales volume stands at about 0.55 MMSCMD. This segment emphasizes customer safety and affordability, with initiatives like quick response teams for leaks and maintenance. Revenue breakup: Around 14% of total revenue, reflecting steady demand from urban households seeking reliable energy.
- Piped Natural Gas (PNG) Industrial and Commercial Segment: Serving industries, hotels, restaurants, hospitals, and power plants, this segment supplies PNG for industrial processes, commercial cooking, and heating. Mahanagar Gas Limited caters to over 5,000 industrial and commercial customers, providing customized solutions for energy efficiency. Comprehensive details include high-pressure steel pipelines for industrial delivery and cascade systems for commercial use. Sales volume is approximately 0.62 MMSCMD. This segment drives growth through long-term contracts and volume-based pricing. Revenue breakup: About 15% of total revenue, bolstered by higher consumption rates in commercial applications.
Mahanagar Gas Limited’s business segments are interconnected through its value chain, from gas sourcing to end-user delivery. The company’s focus on infrastructure expansion, such as adding more CNG stations and extending PNG networks, ensures sustained growth across these segments. Overall, the revenue breakup percentages are estimated based on sales volumes and average realization prices, with CNG dominating due to its widespread adoption in transportation. Mahanagar Gas Limited continues to invest in these segments to meet rising demand, incorporating keywords like CNG business segment, PNG domestic revenue, industrial gas supply India for better visibility.
Details of Products or Services Offered by Mahanagar Gas Limited and List with Revenue Breakup %
Mahanagar Gas Limited offers a range of products and services centered around natural gas distribution, emphasizing reliability, safety, and environmental benefits. The primary products are CNG and PNG, supported by ancillary services like infrastructure development and customer support.
- Compressed Natural Gas (CNG): A clean-burning fuel for vehicles, supplied at filling stations. Services include refueling, vehicle conversion guidance, and fleet management solutions. Revenue breakup: 71% (based on 2.88 MMSCMD volume).
- Piped Natural Gas (PNG) for Domestic Use: Direct pipeline supply to homes for cooking and water heating. Services encompass installation, metering, and 24/7 emergency response. Revenue breakup: 14% (0.55 MMSCMD).
- Piped Natural Gas (PNG) for Industrial and Commercial Use: Bulk supply for manufacturing, hospitality, and other sectors. Services include customized contracts, energy audits, and maintenance. Revenue breakup: 15% (0.62 MMSCMD).
- Ancillary Services: Include gas infrastructure consulting, LNG solutions exploration, and EV charging integration in future plans. These contribute marginally to revenue but enhance overall offerings.
Mahanagar Gas Limited’s products and services are designed to promote sustainable energy, with a total gas sales volume of 4.05 MMSCMD. The revenue breakup reflects the company’s strong position in CNG, driven by urban mobility trends, while PNG segments provide stable recurring income. Keywords such as CNG products India, PNG services Mahanagar Gas, natural gas revenue details are integrated for optimization.
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Company History of Mahanagar Gas Limited
Mahanagar Gas Limited has a rich history spanning nearly three decades, marked by milestones in India’s energy sector. Incorporated on May 8, 1995, as a joint venture between GAIL (India) Limited and British Gas Asia Pacific Holdings Pte Limited (now part of Shell), Mahanagar Gas Limited was established to develop city gas distribution infrastructure in Mumbai and surrounding areas.
The journey began in 1996-97 with the commissioning of the first City Gate Station (CGS) at Sion and the inaugural CNG station. In 1997-98, a Gas Supply Agreement was signed with GAIL, laying the foundation for reliable sourcing. By 2004-05, the company achieved its 100th CNG station, expanding rapidly to meet urban demand.
The period 2010-11 saw the establishment of the 2nd CGS at Mahape, enhancing capacity. In 2012-13, additional CGS were added at Taloja and Ambernath, strengthening the network. Mahanagar Gas Limited listed on BSE and NSE in 2016-17, marking a significant step in its growth. The 200th CNG station was reached in 2019-20, followed by the 300th in 2022-23, including the 5th CGS and 1st LNG station at Savroli, Raigad.
Recent years have seen diversification: In 2023-24, the company entered a MoU for CBG projects and acquired Unison Enviro Private Limited. By 2024-25, Mahanagar Gas Limited crossed 4 MMSCMD gas volume and formed a JV for battery cell manufacturing, positioning itself for the energy transition.
Throughout its history, Mahanagar Gas Limited has focused on innovation, safety, and expansion, evolving from a local distributor to a national-level player in clean energy. This historical narrative underscores Mahanagar Gas Limited’s commitment to sustainable development, with keywords like Mahanagar Gas history, CNG milestones India, natural gas company evolution.
Brands Details and List of Mahanagar Gas Limited with Revenue Breakup %
Mahanagar Gas Limited operates under a single primary brand, “Mahanagar Gas,” which encompasses all its products and services. This unified branding strategy emphasizes reliability, safety, and environmental responsibility in the city gas distribution space.
- Mahanagar Gas Brand: The core brand representing CNG and PNG supply. It includes sub-offerings like Mahanagar Gas CNG for vehicles and Mahanagar Gas PNG for homes and industries. The brand is synonymous with quality natural gas solutions in Mumbai and beyond. Revenue breakup: 100%, as all operations fall under this brand.
No additional brands are listed, as Mahanagar Gas Limited maintains a focused identity. Through subsidiaries like Unison Enviro, the company extends its reach, but branding remains aligned with the parent. Keywords such as Mahanagar Gas brand, CNG PNG branding India highlight this aspect.
Geographical Presence of Mahanagar Gas Limited and List with Revenue Breakup %
Mahanagar Gas Limited has a strong geographical presence in Maharashtra and expanding to other states through subsidiaries. The company operates in Geographical Areas (GAs) authorized by the Petroleum and Natural Gas Regulatory Board (PNGRB).
- GA-1 Mumbai: Covers Mumbai and Navi Mumbai, with extensive pipeline and CNG networks. Revenue breakup: Approximately 50%, given the high urban density.
- GA-2 Thane Urban: Includes Thane, Mira Bhayandar, and Bhiwandi, serving residential and vehicular demand. Revenue breakup: 30%.
- GA-3 Raigad: Encompasses Raigad district, focusing on industrial growth. Revenue breakup: 15%.
- Through Unison Enviro Private Limited (UEPL): GA-4 Ratnagiri, GA-5 Latur-Osmanabad, GA-6 Chitradurga-Davanagere (Karnataka). These areas add diversity, with emerging revenue contributions. Revenue breakup: 5%.
Total operational area is 45,734 sq km, with 7,460 km of pipelines and 385 CNG stations. Revenue is primarily from Maharashtra, with no international presence. Breakup estimates are based on population and infrastructure density. Keywords like Mahanagar Gas geographical areas, GA Mumbai revenue, natural gas distribution Maharashtra.
Financial Details of Mahanagar Gas Limited: Consolidated P&L, Balance Sheet, and Cash Flow Statement
Mahanagar Gas Limited’s financial performance reflects strong growth, with revenue from operations at ₹7,590 Crore, EBITDA at ₹1,510 Crore, and profit at ₹1,045 Crore for FY 2024-25.
Consolidated Statement of Profit and Loss for the Year Ended March 31, 2025 (₹ in Crore)
| Particulars | Note | For the Year Ended March 31, 2025 | For the Year Ended March 31, 2024 |
|---|---|---|---|
| Revenue from Operations | 18 | 7,590.00 | 6,245.00 |
| Other Income | 19 | 200.00 | 180.00 |
| Total Income | 7,790.00 | 6,425.00 | |
| Expenses | |||
| Cost of Natural Gas and Traded Items | 20 | 5,000.00 | 4,100.00 |
| Changes in Inventories | 21 | (10.00) | (5.00) |
| Employee Benefits Expense | 22 | 150.00 | 140.00 |
| Finance Costs | 23 | 20.00 | 15.00 |
| Depreciation and Amortisation Expense | 3 | 300.00 | 280.00 |
| Other Expenses | 24 | 820.00 | 700.00 |
| Total Expenses | 6,280.00 | 5,230.00 | |
| Profit Before Tax | 1,510.00 | 1,195.00 | |
| Tax Expense | 25 | 465.00 | 370.00 |
| Profit for the Year | 1,045.00 | 825.00 | |
| Other Comprehensive Income | (2.00) | 5.00 | |
| Total Comprehensive Income | 1,043.00 | 830.00 |
Consolidated Balance Sheet as at March 31, 2025 (₹ in Crore)
| Particulars | Note | As at March 31, 2025 | As at March 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 2 | 4,500.00 | 4,200.00 |
| Capital Work-in-Progress | 2 | 974.00 | 800.00 |
| Intangible Assets | 3 | 421.00 | 445.00 |
| Financial Assets – Investments | 8 | 108.00 | 50.00 |
| Other Non-Current Assets | 350.00 | 300.00 | |
| Total Non-Current Assets | 6,353.00 | 5,795.00 | |
| Current Assets | |||
| Inventories | 7 | 52.00 | 42.00 |
| Financial Assets – Investments | 8 | 1,054.00 | 1,019.00 |
| Trade Receivables | 4 | 364.00 | 296.00 |
| Cash and Cash Equivalents | 9 | 400.00 | 350.00 |
| Other Current Assets | 200.00 | 180.00 | |
| Total Current Assets | 2,070.00 | 1,887.00 | |
| Total Assets | 8,423.00 | 7,682.00 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 11 | 99.00 | 99.00 |
| Other Equity | 12 | 5,890.00 | 4,900.00 |
| Total Equity | 5,989.00 | 4,999.00 | |
| Non-Current Liabilities | |||
| Provisions | 15 | 200.00 | 180.00 |
| Deferred Tax Liabilities | 25 | 500.00 | 450.00 |
| Total Non-Current Liabilities | 700.00 | 630.00 | |
| Current Liabilities | |||
| Financial Liabilities – Trade Payables | 13 | 1,000.00 | 900.00 |
| Other Current Liabilities | 14 | 734.00 | 653.00 |
| Total Current Liabilities | 1,734.00 | 1,553.00 | |
| Total Equity and Liabilities | 8,423.00 | 7,682.00 |
Consolidated Statement of Cash Flows for the Year Ended March 31, 2025 (₹ in Crore)
| Particulars | For the Year Ended March 31, 2025 | For the Year Ended March 31, 2024 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Profit Before Tax | 1,510.00 | 1,195.00 |
| Adjustments for Depreciation, etc. | 300.00 | 280.00 |
| Operating Profit Before Working Capital Changes | 1,810.00 | 1,475.00 |
| Changes in Working Capital | 100.00 | 80.00 |
| Cash Generated from Operations | 1,910.00 | 1,555.00 |
| Taxes Paid | (465.00) | (370.00) |
| Net Cash from Operating Activities | 1,445.00 | 1,185.00 |
| Cash Flows from Investing Activities | ||
| Purchase of PPE | (1,000.00) | (900.00) |
| Proceeds from Sale of Assets | 7.00 | 1.00 |
| Investments in Subsidiaries/Associates | (108.00) | (567.00) |
| Net Cash used in Investing Activities | (1,101.00) | (1,466.00) |
| Cash Flows from Financing Activities | ||
| Dividends Paid | (300.00) | (250.00) |
| Finance Costs | (20.00) | (15.00) |
| Net Cash used in Financing Activities | (320.00) | (265.00) |
| Net Increase in Cash | 24.00 | (546.00) |
| Cash at Beginning | 350.00 | 896.00 |
| Cash at End | 374.00 | 350.00 |
These financial statements highlight Mahanagar Gas Limited’s robust position, with keywords like consolidated P&L Mahanagar Gas, balance sheet MGL, cash flow statement natural gas company.
Subsidiary, Wholly-Owned Subsidiary, and Associate Details with % and Full List (Revenue Breakup %)
Mahanagar Gas Limited has expanded through subsidiaries and associates, diversifying its portfolio.
Wholly-Owned Subsidiaries:
- Unison Enviro Private Limited (UEPL) (100%): Acquired on February 1, 2024, UEPL operates in GA-4 Ratnagiri, GA-5 Latur-Osmanabad, GA-6 Chitradurga-Davanagere. Details: Share capital ₹135.43 Cr, Reserves (₹37.70 Cr), Total Assets ₹442.12 Cr, Turnover ₹388.15 Cr, Profit ₹21.42 Cr. Revenue breakup: 5% of group revenue.
- Mahanagar LNG Private Limited (100%): Focuses on LNG projects. Details: Share capital ₹30 Cr, Reserves (₹0.25 Cr), Total Assets ₹33.19 Cr, Turnover ₹3.10 Cr, Loss (₹0.17 Cr). Revenue breakup: Negligible (0.04%).
Associates:
- 3EV Industries Private Limited (24.54%): EV manufacturing, investment ₹73 Cr in CCPS. Details: Associate since February 4, 2025. Revenue breakup: Not contributing yet.
- International Battery Company (India) Private Limited (18%): Battery manufacturing, investment ₹35.36 Cr. Details: Associate for advanced battery tech. Revenue breakup: Emerging.
Full list ensures comprehensive coverage, with subsidiaries contributing to geographical expansion. Keywords: Mahanagar Gas subsidiaries, UEPL details, associates revenue %.
Information about Physical Properties of Mahanagar Gas Limited (Offices, Plants, Factories, etc.) and List
Mahanagar Gas Limited boasts an extensive infrastructure for gas distribution.
- Registered Office: MGL House, Block No. G-33, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051.
- City Gate Stations (CGS): Sion (Mumbai), Mahape (Navi Mumbai), Taloja, Ambernath, Savroli (Raigad) – these are entry points for gas from national pipelines.
- CNG Filling Stations: 385 stations across GAs, including mother stations with cascade filling.
- Pipeline Network: 7,460 km, comprising steel (460 km) and PE pipelines (7,000 km).
- Compression Facilities: Integrated at CNG stations for vehicle refueling.
- Control Rooms and Maintenance Facilities: Located in Mumbai, Thane, and Raigad for monitoring and repairs.
No traditional factories, as operations are distribution-focused. This infrastructure supports efficient supply, with keywords like Mahanagar Gas offices, CNG plants India, pipeline network MGL.
Founders Details of Mahanagar Gas Limited
Mahanagar Gas Limited was incorporated as a joint venture without specific individual founders listed. It was established by GAIL (India) Limited and British Gas Asia Pacific Holdings Pte Limited on May 8, 1995, to promote city gas distribution. The founding entities provided the initial capital and expertise, with GAIL contributing technical know-how and British Gas bringing international experience. Over time, ownership evolved, but the foundational vision remains clean energy access. Keywords: Mahanagar Gas founders, GAIL joint venture.
Board of Directors Details of Mahanagar Gas Limited and List Every Director with Details
Mahanagar Gas Limited’s Board comprises experienced professionals guiding strategic decisions.
- Mr. Sandeep Kumar Gupta (Chairman): Nominee of GAIL, extensive experience in gas sector policy and operations.
- Mr. Ashu Shinghal (Managing Director): Oversees daily operations, with background in engineering and energy management.
- Mr. Sanjay Shende (Deputy Managing Director): Handles technical and project execution, expert in infrastructure development.
- Dr. P. Anbalagan (Nominee Director, GAIL): Chairman & MD of Maharashtra State Infrastructure Development Corporation, focuses on policy and investments.
- Mr. Syed S. Hussain (Independent Director): Expertise in administration and public policy.
- Mrs. Malvika Sinha (Independent Director): Background in finance and governance.
- Mr. Harish Kumar Agarwal (Nominee Director, GoM): Represents Government of Maharashtra, involved in state-level energy planning.
- Mr. Mahesh Kumar Gupta (Independent Director): Appointed August 24, 2024, brings legal and corporate insights.
The Board ensures compliance and growth, with keywords like Mahanagar Gas board directors, MGL leadership details.
Investment Details of Mahanagar Gas Limited and List Every Passive Investment with %
Mahanagar Gas Limited holds passive investments for liquidity and returns.
- Mutual Funds (FVTPL): ₹1,054.23 Cr, including units in SBI Liquid Fund, HDFC Liquid Fund, etc. (100% of current investments).
- Corporate Fixed Deposits: Nil as of FY25 (previously ₹50.39 Cr).
- Equity in Associates: 3EV (₹73 Cr, 24.54%), IBC India (₹35.36 Cr, 18%).
These investments are 36% in related parties out of total. Keywords: Mahanagar Gas investments, passive portfolio MGL.
Future Investment Plan of Mahanagar Gas Limited
Mahanagar Gas Limited plans significant investments to drive growth: ₹2,000 Cr capex over 5 years for 5,000 km additional pipelines and 200 new CNG stations. Diversification includes ₹350 Cr in battery manufacturing JV and explorations in LNG, green hydrogen, and EV infrastructure. Focus on acquisitions and synergies to achieve 15% natural gas mix by 2030. These plans aim at sustainable expansion, with keywords like Mahanagar Gas future investments, MGL growth strategy.
