Mahanagar Gas

** Nomura touts Indian oil marketing companies, city gas distributors and Petronet LNG as biggest beneficiaries if Strait of Hormuz reopens, crude prices continue to ease

** Says crude could fall below $70 per barrel over the next few months if sanctions on Iran are lifted and oil flows normalise

** On Tuesday, IOC shares rise 0.27%, BPCL gains 0.13%, HPCL up 0.49%, PLNG advances 0.49%, RELI up 1.64% and ONGC up 0.88%

KEY STOCK IMPACT OF IRAN PEACE DEAL

Source: Nomura Research

(Reporting by Surbhi Misra in Bengaluru)

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** Shares of Mahanagar Gas MGAS.NS down 1.7% to 1,159.6 rupees

** Natural gas distributor's Q4 profit nearly halves to 1.32 billion rupees ($13.97 million); rev from ops up 10.7% to 22.58 billion rupees

** Co's total expenses climbed 13.7% during the quarter

** J.P. Morgan ("Neutral"; PT: 980 rupees) notes gas costs rose more than expected in the March qtr and are likely to climb further in the June qtr, creating near-term margin pressure

** Stock rated as "Buy" on average by 29 analysts; median PT at 1,420 rupees, as per data compiled by LSEG

** YTD, stock up 2.3%

($1 = 94.5163 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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May 7 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• MAHANAGAR GAS Q4 PAT 1.32 BILLION RUPEES

• MAHANAGAR GAS Q4 REVENUE FROM OPERATIONS 22.58 BILLION RUPEES

• MAHANAGAR GAS - DIVIDEND 18 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: MGAS.NS

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April 10 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• MAHANAGAR GAS - APPOINTS PRAVEER KUMAR SRIVASTAVA AS MANAGING DIRECTOR

• MAHANAGAR GAS - ASHU SHINGHAL TO CEASE AS MANAGING DIRECTOR

Source text: ID:nBSEWnhYF

Further company coverage: MGAS.NS

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By Nidhi Verma

NEW DELHI, April 2 (Reuters) - India is using a cooking gas crisis triggered by the Iran war to plug leaks in its local distribution chain and strengthen infrastructure to expedite a shift towards piped gas as it looks to reduce liquefied petroleum gas imports and spending on subsidies.

The government has invoked emergency powers to ensure that limited LPG supplies are directed toward actual household use and will halt supplies after three months for customers linked to piped gas connections.

Last month, India issued an order setting timelines for new pipeline approvals, with permissions deemed granted if authorities fail to respond in time, while requiring landowners and local authorities to allow pipeline access.

"Witness rapid expansion of CGD (city gas distribution) network across the country ... a crisis turned into an opportunity", said Neeraj Mittal, the secretary of the Ministry of Petroleum and Natural Gas, on social media.

In March, India added 580,000 new households to its piped gas supply network, the government said on Tuesday, compared with 342,300 a year earlier.

India is the world's No. 2 importer of LPG, meeting about 60% of its needs with overseas purchases. It shipped in about 22 million metric tons of LPG in 2025, mostly from the Middle East, spending nearly $12 billion.

LPG DISRUPTION EXPOSES IMPORT DEPENDENCE

The world's most populous country has been hit hard by LPG supply disruptions, exposing vulnerabilities in its import-dependent energy system and prompting officials to take steps to manage supply and demand.

India's LPG imports could decline by about 10% to 15% by 2030 due to the measures, including the expansion of piped gas, said Prashant Vashist of credit-rating agency ICRA.

India satisfies half of its natural gas consumption with imports of liquefied natural gas.

"This (shift to natural gas) would cut the companies' revenue losses on the sale of domestic LPG and would also reduce the subsidy burden," he said.

Shifting consumers to piped gas, which is sold closer to market rates, would help contain fiscal pressures while improving supply efficiency.

Retailers sell LPG to commercial users at market prices, while selling cooking fuel to households at subsidised rates that are about 56% cheaper. Last year, a limited compensation to retailers cost the government $3.4 billion.

Since the start of the war, suppliers including Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, GAIL Gas and Bharat Petroleum Corp BPCL.NS have offered incentives such as reductions in installation charges for piped gas connections.

India has 333.7 million household LPG customers including 106 million low-income families receiving subsidised gas.

Local gas suppliers have been connecting about 2 million to 2.5 million consumers annually, bringing the total to 16.3 million at the end of December.

The recent policy changes should raise that pace to about 7.5 million connections annually, said Gajendra Singh, former member of the Petroleum and Natural Gas Regulatory Board, bringing the national total to 35 million to 40 million by 2030.

"This expansion would cut LPG imports and offer a safer, more convenient alternative for households," he said.

(Reporting by Nidhi Verma; Editing by Tony Munroe and Thomas Derpinghaus)

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** Adani Total Gas ADAG.NS jumps 14%; Gujarat Gas GGAS.NS, Indraprastha Gas IGAS.NS up 3.4% and 7.2%, respectively

** Petronet LNG PLNG.NS, Mahanagar Gas MGAS.NS, GAIL (India) GAIL.NS gain as much as 3.5%, 3.5% and 3.1%, respectively

** India invokes emergency measures to divert LNG supplies to priority users after disruptions through Strait of Hormuz, prompting review of gas allocations across sectors

** Government orders supplies to be rerouted to households, autos, fertiliser plants

** Macquarie remains positive on midstream and downstream gas firms on expectations of volume recovery in FY27

** But warns Q1 FY27 earnings may be hit and recovery in volumes could be delayed due to supply disruption

(Reporting by Yagnoseni Das in Bengaluru)

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March 9 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• TO BUY 26% STAKE IN FPEL RELIANT FOR 38.9 MILLION RUPEES

Source text: ID:nBSE2jwqbl

Further company coverage: MGAS.NS

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** Indian city gas distributor (CGD) Mahanagar Gas MGAS.NS up 3.8% to 1,381 rupees

** Antique Stock Broking says co's forecast of more than 10% volume growth over next 2-3 years backed by visible drivers; co better placed on volume growth vs peers

** Peers Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS up 1% and 0.2%, respectively

** Citi "encouraged by management's optimistic outlook, especially given solid execution over the last two years"

** Says Mahanagar "remains our preferred CGD pick"

** Antique, Citi retain "hold" and "buy" calls, keep PTs unchanged at 1,444 rupees and 1,700 rupees, respectively

** Stock rated "buy" on avg; median PT is 1,575 rupees - per LSEG-compiled data

** IGAS and GGAS rated "buy" and "hold" on an avg

** YTD, MGAS up ~8% vs IGAS's 2.5% rise and GGAS's ~4% fall

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS up 4% at 185.70 rupees
** City gas distributor on Sunday reported 9% fall in Q4 profit from a year ago, hurt by one-off expenses of 1.14 billion rupees
** Co on Monday told CNBC-TV18 it is looking at medium-term margins of 7-8 rupees on possible price hikes, despite a fall to 4 rupees this quarter
** City gas distributors such as IGAS have suffered margin erosion due to lower allocation of subsidized gas from government, buying gas at spot markets at higher rates
* IGAS down 14% YTD, while rivals Adani Total Gas ADAG.NS is down 18% and Mahanagar Gas MGAS.NS up ~ 4% YTD

(Reporting by Sethuraman NR in Bengaluru)

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April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

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Updates

** Shares of Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS down 4.4%, 2% and 0.5%, respectively

** Government cuts administered price mechanism (APM) gas allocation to city gas distributors, effective April 16

** Antique Stock Broking says estimated de-allocation at about 3 mmscmd vs market expectations of about 0.8 mmscmd to 1 mmscmd

** Adds, assuming APM fully meets domestic PNG needs, CNG allocation drops to 38% for IGAS/MGAS (from 50%–51%) and to 34% for GGAS (from 48%)

** Estimates CNG gross margin hit of 0.9 to 1 rupees/scm, along with varying EBITDA impacts

** Jefferies says, for MGAS, APM gas allocation cut translates to a 26% drop in CNG volume which is sharper then its estimate of 20% reduction in APM availability for CNG in FY26

** See sharp compression in return on capital employed for MGAS to 13% over FY26-27 vs 22% over FY23-25 - Jefferies

** YTD, IGAS down 15.8%, MGAS down 2.7%, GGAS down 13.9%

(Reporting by Ashish Chandra in Bengaluru)

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April 15 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• APM GAS ALLOCATION TO MAHANAGAR GAS REDUCED BY 18% EFFECTIVE APRIL 16

• REDUCTION OF APM VOLUME REPLACED WITH NEW WELL GAS

• REDUCTION IN APM GAS ALLOCATION TO ADVERSELY IMPACT PROFITABILITY

Source text: ID:nBSE3gv3xN

Further company coverage: MGAS.NS

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** Shares of city gas distributor Mahanagar Gas MGAS.NS rise as much as 4.2% to 1,388.90 rupees, highest since November 12

** Axis Capital initiates coverage with "buy" rating, TP of 1,580 rupees - 18.6% higher than Wednesday's close

** MGAS has increased its capex in FY25 to 10.5 bln rupees ($121.6 mln) and has guided annual capex at 10 bln-11 bln rupees in coming years - Axis

** Brokerage expects 10% CAGR in co's volumes over FY25-27, which should drive a 10.4% CAGR in PAT; calls Mahanagar Gas its preferred pick in the sector

** Avg rating of 28 analysts equivalent of "buy", median PT is 1,461 rupees - LSEG data

** Stock up 6.7% YTD

($1 = 86.3570 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of Indraprastha Gas IGAS.NS rise 4.7% to 203 rupees

** Analysts at Jefferies say stock's risk-reward is "favourable;" maintains "buy" rating and PT of 252 rupees

** Expect near-term price hike, which should restore confidence in margin outlook, supported by steady volume growth and controlled feedstock costs, the analysts say

** Weakening Indian rupee will hurt Q4, but lower feedstock cost will compensate, they add

** Expect 9% EPS growth over FY25-27- Jefferies

** Analysts' avg rating on stock "hold", same as rival Hindustan Petroleum Corp Ltd HPCL.NS, while Mahanagar Gas MGAS.NS rated "buy" on avg - LSEG data

** Stock gained ~10% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

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Jan 28 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• Q3 PAT 2.25 BILLION RUPEES

• Q3 REVENUE FROM OPERATIONS 19.29 BILLION RUPEES

Source text: [ID:]

Further company coverage: MGAS.NS

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** Shares of city gas distributor Mahanagar Gas MGAS.NS rise as much as 5.7% to 1,297.60 rupees

** Morgan Stanley initiates coverage of stock with "overweight" rating, PT of 1,606 rupees - ~31% higher than Monday's close

** Morgan Stanley expects MGAS' market cap to more than double as CNG takes further market share in and around Mumbai

** MGAS operates in Mumbai and neighbouring Thane and Raigad districts of Maharashtra state and as of Sept. 30, Mumbai and Thane accounted for 99.2% of co's CNG vehicle customers

** Avg rating of 30 analysts on the stock equivalent of "hold", median PT is 1,375 rupees - data compiled by LSEG

(Reporting by Ashish Chandra in Bengaluru)

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Jan 9 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• DOMESTIC GAS ALLOCATION TO MGL INCREASED BY 26% EFFECTIVE JAN 16, 2025

Source text: ID:nBSE2JV2mW

Further company coverage: MGAS.NS

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** India's benchmark indexes NSE Nifty 50 .NSEI and BSE Sensex .BSESN rise ~0.2% each

** Nine of 13 major sectors advance; auto .NIFTYAUTO gains ~0.8%, set to snap six-session losing streak

** Tata Motors TAMO.NS advances 2% to top Nifty 50 gainers

** Oil and gas index .NIFOILGAS adds 0.9%; city gas distributors Mahanagar Gas MGAS.NS and Indraprastha Gas IGAS.MS rise ~3% on reports that oil ministry has re-submitted a proposal to halve excise duty on CNG to 7%

** Broader, more domestically-focussed smallcaps .NIFSMCP100 and midcaps .NIFMDCP100 gain 0.4% and 0.2%, respectively

** Analysts expect Indian markets to see marginal moves between now and early January ahead of corporate earnings, due to lack of major triggers

** Among individual stocks, drugmaker Biocon BION.NS gains 4% on European Union nod for generic diabetes, weight-loss medication

** Consumer durables firm Amber Enterprises AMBE.NS jumps 7.5% to record high on report of potential demerger of its electronics division

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, Adani Total Gas ADAG.NS and Gujarat Gas GGAS.NS fall after Indian government cuts allocation of lower-priced domestic gas by 18%-20% for city gas distributors

** Reduction in gas allocation the second time during qtr; comes after ~20% cut in mid-October

** IGAS's ~19% slump the biggest, trailed by MGAS's 13%; ADAG and GGAS drop 6% and 3%, respectively

** Pricing decision by the companies and impact of government's action will be key focus over coming months, says CLSA

** Revised domestic gas allocation will have an adverse impact on profitability of co, IGAS said

** Jefferies downgrades MGAS, IGAS to "underperform" from "buy" and "hold", respectively, citing potential sharp reduction in profit margin

** All cos log YTD losses with IGAS's 21% YTD decline the biggest

(Reporting by Kashish Tandon in Bengaluru)

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Nov 7 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• MAHANAGAR GAS - ENTERED AGREEMENT WITH INTERNATIONAL BATTERY CO, INTERNATIONAL BATTERY CO INDIA

• MAHANAGAR GAS - CO WILL HOLD NOT LESS THAN 40% OF IBC INDIA, PER DEAL

• MAHANAGAR GAS - VENTURES INTO CELL MANUFACTURING

• MAHANAGAR GAS - SUM OF 2.3 BILLION RUPEES WILL BE INVESTED BY CO IN IBC INDIA

Source text: ID:nNSE99kD8n

Further company coverage: MGAS.NS

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** Shares of Mahanagar Gas MGAS.NS fall as much as 4.4% to 1,475.65 rupees, hitting lowest level since June 24

** The city-gas distributor reports 16.5% Y/Y fall in Q2 profit

** While rev from ops rose 8.6%, it was outdone by an 18% jump in expenses due to higher natural gas costs

** Avg rating of 29 analysts equivalent of "hold", median PT is 1,934.50 rupees - LSEG data

** Stock last down 2.7%, cutting YTD gains to 25.3%

(Reporting by Ashish Chandra in Bengaluru)

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Oct 24 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• APPROVED SCHEME OF AMALGAMATION OF UNISON ENVIRO PRIVATE LIMITED WITH MGL

Source text for Eikon: ID:nBSE4782tz

Further company coverage: MGAS.NS

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Updates

** Shares of Indraprastha Gas IGAS.NS down 10.6% at 450.85 rupees, Mahanagar Gas MGAS.NS falls 12.2% to 1,547.50 rupees

** IGAS says there has been around 21% reduction in domestic gas allocation to co, effective Oct. 16, which will have an adverse impact on its profitability

** MGAS says allocation to co for compressed natural gas (transport) has been reduced by around 20%, which will impact profitability

** IGAS and MGAS among top pct losers in NIFTY 500 Index .NIFTY500

** Relative strength index of IGAS and MGAS falls to 21 and 25, respectively, suggesting these stocks might be oversold

** Day's losses trim IGAS' YTD gains to around 8% and MGAS' YTD gains to around 29%; NIFTY500 up around 20% YTD

(Reporting by Vijay Malkar)

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Oct 17 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• MAHANAGAR GAS - ALLOCATION TO CO FOR CNG REDUCED BY ABOUT 20%, EFFECTIVE OCT 16

• MAHANAGAR GAS - CNG ALLOCATION REDUCTION WILL HAVE ADVERSE IMPACT ON PROFITABILITY OF CO

• MAHANAGAR GAS - EXPLORING OPTIONS OF SOURCING GAS VIA DOMESTICALLY PRODUCED HPHT, NWG

Source text for Eikon: ID:nnAPN2APKGM

Further company coverage: MGAS.NS

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** Shares of Adani Total Gas Ltd ADAG.NS up 5.6% at 833 rupees

** The city gas distributor said it secured $375 mln financing from global lenders to expand network

** ADAG trims YTD losses to 16%, while rivals including Gujarat Gas GGAS.NS and Mahanagar Gas MGAS.NS are up between 28% and 58% this year

(Reporting by Nandan Mandayam in Bengaluru)

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** Mahanagar Gas MGAS.NS jumps 6.1% to a record high of 1,932.3 rupees, set for best day since late-June

** UBS sets Street-high PT of 2,400 rupees, retains "buy"

** PT, at ~32% premium on last close, factors in higher earnings expectations

** UBS says MGAS posted 12.6% y/y vol growth in H1CY24 and the elevated growth trajectory could sustain in coming quarters

** Adds acquired areas of unit Unison Enviro (UEPL) will also drive growth

** Expects higher volume CAGR over FY24-27 on accelerated CNG station network expansions, higher CNG vehicle additions

** Stock's avg rating is "buy"; median PT is 1,934.5 rupees - LSEG

** Around 2.9 mln shares traded, 6.5x the 30-day avg

** MGAS up ~61% YTD

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Mahanagar Gas MGAS.NS climb ~3% to 1,797.30 rupees

** City gas distributor reported 23% drop in Q1 consol net profit but Jefferies analysts say MGAS' volume growth "superior" compared to peers such as Indraprastha Gas IGAS.NS

** Says operating profit was ahead of its estimates, due to lower gas costs and rise in overall volumes

** Jefferies maintains "buy"; raises PT to 1,990 rupees, a Street-high per LSEG, from 1,600 rupees, citing valuation discount to IGAS

** Brokerage, however, flags margin pressure due to fall in administered price mechanism, which is the gas price set by the government

** Avg rating on MGAS at "buy", while IGAS rated "hold" - LSEG data

** MGAS up ~50% YTD vs IGAS' ~28% climb

(Reporting by Kashish Tandon in Bengaluru)

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July 25 (Reuters) - Mahanagar Gas Ltd MGAS.NS:

• MAHANAGAR GAS JUNE-QUARTER PAT 2.85 BILLION RUPEES

• MAHANAGAR GAS JUNE-QUARTER REVENUE FROM OPERATIONS 17.45 BILLION RUPEES

Source text for Eikon: ID:nBSE2cHLLK

Further company coverage: MGAS.NS

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** Shares of most city gas distributors rise after local media reported after Tuesday's close that India government in budget is likely to reduce central excise duty on compressed natural gas to 5%-7% from 14%

** Indraprastha Gas IGAS.NS and Mahangar Gas MGAS.NS up 1.5% and 2.5%, respectively

** On the day, broader markets down 0.7% .BO; Gujarat Gas GGAS.NS unchanged

** YTD, GGAS, IGAS, MGAS have risen between 27% and 42%

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

** Shares of Mahanagar Gas Ltd MGAS.NS up 3.4% at 1,427.95 rupees

** Multiple analysts maintain their "buy" call on city gas distributor as they see scope for higher volume growth on retail outlets expansion, rise in CNG vehicle sales

** Jefferies ("buy"; PT: 1,600 rupees) sees MGAS' CNG volumes rising 7% in FY25, says aggressive retail outlet expansion could result in faster volume growth "in near to medium term"

** Emkay ("buy"; PT: 1,680 rupees) believes MGAS' volume expansion could hurt margins, but would remain ahead of rivals thanks to operating efficiencies, high population density in areas where co operates

** Motilal Oswal ("buy"; PT: 1,565 rupees) prefers MGAS over costlier rival Indraprastha Gas IGAS.NS as both stocks offer similar growth profile in the medium-term

** Twenty-nine analysts tracking MGAS rate it "buy" on avg; median PT is 1,535.50 rupees - LSEG data

** MGAS up 18.3% in 2024 so far vs 12.6% rise in IGAS

(Reporting by Nandan Mandayam in Bengaluru)

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