Mahanagar Gas

What Mahanagar Gas does

Mahanagar Gas Limited (MGL) is a publicly listed, state-controlled City Gas Distribution (CGD) company headquartered in Bandra, Mumbai, operating the largest CGD network in India across the Mumbai Metropolitan Region (Mumbai, Thane, Mira-Bhayander, Navi Mumbai) and parts of Karnataka under exclusive Petroleum and Natural Gas Regulatory Board (PNGRB) licenses. The company sells Compressed Natural Gas (CNG) for vehicles through a network of company-operated and franchise filling stations, and Piped Natural Gas (PNG) for household, commercial, and industrial use through a dedicated pipeline network that serves over 32 lakh (3.2 million) households and 12.5 lakh (1.25 million) vehicles.

MGL generates revenue on a usage-based unit-pricing model: CNG is sold at Rs/kg (recently raised to Rs 86/kg in May 2026) to auto-rickshaw, taxi, bus, and private vehicle operators, while PNG is sold at Rs/SCM (domestic Rs 52/SCM as of May 2026) to residential, commercial, and industrial customers on monthly billing cycles. Pricing has been adjusted multiple times in 2026 to pass through global LNG cost increases linked to Middle East geopolitical tensions. The company is also expanding into adjacent clean-energy verticals: a 350 tonnes-per-day Compressed Biogas (CBG) plant at Mankhurd developed with the Brihanmumbai Municipal Corporation, a renewable energy MoU with Fourth Partner Energy for commercial and industrial customers, and hydrogen blending capability inherited from the new Managing Director's tenure at GAIL (India). Capex of Rs 1,060 crore in FY26 and Rs 1,000 crore planned for FY27 funds ongoing pipeline and CNG station expansion. The Government of India is the parent shareholder, and MGL trades on NSE/BSE under the ticker MGL.

Name

Mahanagar Gas

Legal name

Mahanagar Gas Limited

Website

https://mahanagargas.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Mahanagar Gas Limited is a publicly listed, state-controlled city gas distribution company operating the largest CGD network in India, selling CNG fuel and piped natural gas to 32 lakh households and 12.5 lakh vehicles across the Mumbai Metropolitan Region and Karnataka under exclusive PNGRB licenses.

Ownership category

akta.pro rank

Product category

City Gas Distribution

NAICS

Natural Gas Distribution (22121)

SIC

Natural Gas Distribution (4924), Natural Gas Transmisison & Distribution (4923)

akta.pro primary industry

Gas Distribution Operations (Day-to-Day Field & System Operations) (EUAJAAAB)

akta.pro secondary industry

Local Distribution Company (LDC) Natural Gas Distribution Utilities (TLAGADAA)

Keywords

• City gas distribution
• CNG fuel supply
• PNG pipeline networks
• Compressed biogas production
• Natural gas distribution

Headquarters

HQ city

Bandra

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. CNG Sales: Compressed natural gas sold to vehicles including auto-rickshaws, taxis, buses, and private vehicles across Mumbai Metropolitan Region. Volume-based pricing with frequent adjustments due to input cost changes.
2. Domestic PNG Sales: Piped natural gas supplied to residential households for cooking purposes. Rates increased to Rs 52/SCM from May 30, 2026. Serves 32 lakh connected households.
3. Commercial PNG Sales: PNG supply to commercial establishments including restaurants, hotels, and small manufacturing units. All commercial support schemes discontinued in May 2026 citing geopolitical crisis impact.
4. Acquisition Revenue Synergies: Potential revenue synergies from 100% acquisition of Unison Enviro Pvt Ltd expanding service capabilities in environmental solutions.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Mahanagar Gas Limited (MGL) is a city gas distribution company that sells Compressed Natural Gas (CNG) to vehicles and Piped Natural Gas (PNG) to households, commercial establishments, and industrial customers across the Mumbai Metropolitan Region and parts of Karnataka. The company operates an extensive PNG pipeline network, company-run and franchise CNG filling stations, and is expanding into Compressed Biogas (CBG) production through a 350 TPD plant at Mankhurd, Mumbai. It serves over 32 lakh households and 12+ lakh CNG vehicles as India's largest CGD operator in its licensed area.

Product overview

Mahanagar Gas Limited (MGL) is a city gas distribution company providing natural gas solutions primarily in the Mumbai Metropolitan Region. The company's core offerings include CNG (Compressed Natural Gas) for transportation serving over 12 lakh vehicles, Domestic PNG for household cooking across 32 lakh households, and Commercial PNG for industrial and commercial establishments. MGL also operates in parts of Karnataka. Recent initiatives include compressed biogas production and renewable energy partnerships. The company operates under a regulated framework with pricing subject to geopolitical and market conditions.

Differentiator

Problem solved

Functional benefit

Products and services

• CNG (Compressed Natural Gas)
• Domestic PNG (Piped Natural Gas)
• Commercial PNG
• Compressed Biogas (CBG)

Quantifiable outcome

• 8% CNG volume growth projected over next 12 months
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Brihanmumbai Municipal Corporation (BMC)coreStrategic or Co-development Partner · 3 June 2026MGL and BMC signed agreement to develop 350 tonnes per day capacity Compressed Biogas (CBG) plant at Mankhurd, Mumbai. Project will process organic waste from designated sources to produce renewable biogas, representing a key green energy initiative for the city.
• Fourth Partner Energy Pvt. Ltd. (FPEL)coreStrategic or Co-development Partner · 1 June 2026MGL and FPEL signed MoU to jointly explore renewable energy generation and supply opportunities for commercial and industrial customers within MGL's geographical areas. FPEL has commissioned over 3.6 GW of clean energy projects and is developing more than 800 MW of wind-solar hybrid projects. Agreement signed by MGL VP Manas Das and FPEL CEO Jay Kumar Waghela.
• Unison Enviro Pvt LtdminorOthers · 6 March 2023Mahanagar Gas Ltd signed share purchase agreement to acquire 100% stake in Unison Enviro Pvt Ltd, expanding service capabilities in environmental solutions sector.

Scale indicators9 records

Recent moves1 record

Expansion highlights6 records

Direct peers

• Indraprastha Gas Limited (IGL): India's largest listed CGD company by volume, serving Delhi NCR with PNG and CNG under PNGRB licensing. Most direct comparable to MGL given similar regulatory model, customer mix (residential + transport), and tariff structure.
• Torrent Gas Private Limited: Part of Torrent Group, expanding CGD presence across multiple states with both CNG and PNG offerings. Comparable in customer model and regulatory framework to MGL.
• Adani Total Gas Limited (ATGL): Pan-India CGD operator with growing footprint across multiple states. Competes with MGL through license overlap in some geographies and aggressive expansion; closest private-sector peer in scale and ambition.
• Gujarat Gas Limited: Major CGD player in Gujarat with both industrial PNG and CNG exposure. Comparable business model to MGL though with greater industrial customer concentration. Direct competitor for licensed CGD areas.

Broad incumbents

• Indian Oil Corporation (IOCL): Major oil marketing company with its own CGD arm. Competes in CNG retail and PNG distribution in overlapping geographies, and participates in joint CGD bids. Comparable as fuel retailer with CGD exposure.
• GAIL (India) Limited: India's largest state-owned natural gas company with transmission pipelines, LNG import, and gas trading. Historically a promoter of MGL and natural upstream supplier/partner. Compares on gas utility exposure but operates at a different level (transmission vs. distribution).
• Hindustan Petroleum Corporation Limited (HPCL): Public-sector OMC with CGD joint ventures and own gas marketing operations. Competes indirectly in CNG and PNG; comparable in product offering across petroleum and gas retail.

Others

• Petronet LNG Limited: India's largest LNG importer and regasification operator. Not a direct CGD competitor but a key upstream supplier of natural gas to MGL; comparable as listed natural gas infrastructure play with related value chain exposure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/mahanagargas
• Facebookfacebook.com/mglltd
• LinkedInlinkedin.com/company/mahanagar-gas-limited-mumbai

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mahanagar Gas