Intimation of Earnings Conference Call Transcript
• Event Type: Q2 FY27 Earnings Conference Call hosted by PhillipCapital India Private Limited
• Date and Time: November 04, 2026 (time zone not specified)
• Purpose: Discussion of Unaudited Standalone and Consolidated Financial Results and Operational performance for the quarter and half year ended September 30, 2026
• Management Participants:
- Mr. Praveer Kumar Srivastava – Managing Director
- Mr. Ajay Sinha – Deputy Managing Director
- Mr. Rajesh Patel – Chief Financial Officer
• Moderator: Mr. Nitin Tiwari – PhillipCapital India Private Limited
• Availability: Transcript made available on company website at www.mahanagargas.com
• Financial Period Discussed: Q2 FY27 (quarter ended September 30, 2026) and H1 FY27 (half year ended September 30, 2026)
• Forward-Looking Statements: Management indicated expectations of 8-9% volume growth for FY27/28 once gas availability and pricing normalize
• Operational Highlights for Q2 FY27:
- Overall sales volume: 4.892 MMSCMD (up 6.49% YoY)
- CNG sales: 3.552 MMSCMD (up 9.14% YoY)
- Domestic PNG sales: 0.639 MMSCMD (up 9.84% YoY)
- Industrial & Commercial sales: 0.70 MMSCMD (down 7.48% YoY)
- 70,501 domestic PNG conversions achieved (cumulative 2.24 million)
- 65 km of steel and PE pipeline laid (total over 8,500 km)
- 9 CNG stations added (total 528 stations)
- 248 industrial and commercial customers added (total 6,409)
- 29,524 CNG vehicles added (total over 1.34 million)
• Financial Performance:
- Q2 EBITDA: INR287 crores (vs INR343 crores previous quarter)
- H1 EBITDA: INR630 crores (vs INR839 crores previous year H1)
- Q2 Net Profit: INR137 crores (vs INR194 crores previous quarter)
- H1 Net Profit: INR331 crores (vs INR513 crores previous year H1)
• Gas Sourcing Details:
- Domestic PNG: 100% APM gas
- CNG: 60% domestically produced gas (40% APM+NWG, 40% HPHT), 40% term RLNG
- Spot LNG: ~4% of CNG volumes (~2.5% of total company volumes)
- LNG prices: $22-$23 range during quarter
- New term contracts: 40,000 MMBTU signed (Henry Hub and Brent-linked)
• HPHT Allocation Policy Changes:
- New formula allocates HPHT based on CNG+domestic consumption proportion
- Phased implementation: Nov-Dec 25% new formula, Jan-Mar 50%, Apr-Jun 75%, July 100%
- Expected allocation increase from 5,000-6,000 MMBTU to 16,000-18,000 MMBTU
• Capex Guidance: INR1,500-1,800 crores for FY27 (H1 capex: INR643 crores)
• Marketing Initiatives: Commercial vehicle incentive scheme with ~800 vehicles committed, INR3.5-4 crores spent in Q2
• Compliance Statement: The transcript contains forward-looking statements subject to risks and uncertainties
Additional Notes Section
• Attachment: Transcript of earnings conference call enclosed
• Financial Data: Extensive financial and operational data was disclosed in the announcement
• Geopolitical Context: Management noted West Asia conflicts and Strait of Hormuz uncertainties affecting global LNG availability and prices