Analysts/Institutional Investor Meet/Con. Call Updates

Ref: MGL/CS/SE/2026/737 Date: November 06, 2026 Head, Listing Compliance Department Head, Listing Compliance Department BSE Limited National Stock Exchange of India Limited P. J. Towers, Exchange Plaza, Bandra – Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 539957 Symbol: MGL Dear Sir / Madam, Sub: Transcript of Earnings Conference Call for the quarter and half year ended September 30, 2026 Pursuant to Regulation 30 and Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the transcript of the Earnings Conference Call held on November 04, 2026 on the Unaudited Standalone and Consolidated Financial Results and Operational performance of the Company for the quarter and half year ended September 30, 2026. The said transcript is also available on the website of the Company at www.mahanagargas.com. You are requested to take the above information on record. Thanking you, Yours sincerely, For Mahanagar Gas Limited Atul Prabhu Company Secretary & Compliance Officer Encl.: as above Mahanagar Gas Limited Q2 FY27 Earnings Conference Call November 04, 2026 MANAGEMENT: 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 Page 1 of 13 Mahanagar Gas Limited November 04, 2026 Moderator: Ladies and gentlemen, good day and welcome to Mahanagar Gas Q2 FY27 Earnings Conference Call hosted by PhillipCapital India Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nitin Tiwari from PhillipCapital India Private Limited. Thank you, and over to you, sir. Nitin Tiwari: Thank you, Nitesh. Good day, ladies and gentlemen. Best wishes to everyone in advance for Diwali. On behalf of PhillipCapital India Limited, I welcome everyone to Mahanagar Gas Limited's Q2 FY27 earnings call. Today, we have the pleasure of having with us the senior management of MGL led by Mr. Praveer Kumar Srivastava, Managing Director, Mr. Ajay Sinha, Deputy Managing Director, and Mr. Rajesh Patel, Chief Financial Officer. Before we begin, I would like to mention that some of the statements made in today's discussion may be forward-looking in nature, and we believe that expectations contained in the statement are reasonable. However, these statements involve a number of risks and uncertainties that may lead to different results. We urge you to consider that quarterly numbers are not a reflection of long-term trends or indication of full-year results. With that said, I will now hand over the call to the management. Over to you, sir. Praveer Srivastava: Thank you. A very good day and best wishes in advance for Diwali and welcome to the earnings call of Mahanagar Gas Limited for the second quarter of the financial year 2026-27. I would like to thank all of you for attending our earnings call today. The ongoing West Asia conflicts and uncertainties surrounding the Strait of Hormuz continue to affect global LNG availability and prices. India's natural gas supply situation is gradually improving, though with the LNG imports showing signs of recovery. However, 100% of our domestic PNG, DPNG requirement and the major portion of our CNG requirements are sourced from domestically produced natural gas ensuring uninterrupted supply to our domestic PNG customers and continued reliable supply to our CNG consumers. Gas supplies to industrial and commercial customers are partly curtailed. Gas prices may remain volatile in the near term, but are expected to gradually decline as geopolitical tensions ease. We continue to closely monitor the situation and remain committed to maintain uninterrupted gas supply to our customers. Currently, we are into PNG Drive 3.0 that builds on the achievements of PNG Drive 2.0, focusing on accelerating domestic PNG connections, activating dormant connections, improving infrastructure utilization, and expanding PNG adoptions through strong stakeholder coordination. MGL continues to create CGD infrastructure across its business segments in the licensed area. Page 2 of 13 Mahanagar Gas Limited November 04, 2026 During the quarter, 70,501 DPNG conversions were achieved taking the cumulative DPNG conversions to 2.24 million as on 30th September 2026. We have laid 65 km of steel and PE pipeline, taking the total length to over 8,500 km. We added 9 CNG stations during this quarter and with this, we have 528 stations as on 30th September 2026. We added 248 industrial and commercial customers during this quarter. As on 30th September 2026, we have 6,409 industrial and commercial customers. During the quarter, there is an addition of 29,524 CNG vehicles and now we have more than 1.34 million CNG vehicles registered in our geographies as of 30th September 2026. Coming to MGL's operations compared to the corresponding quarter of the last year, overall sales volumes has increased by 6.49% and that is from 4.59 to 4.89 million standard cubic meter per day. Sales volume of CNG has increased by 9.14% from 3.26 MMSCMD to 3.55 MMSCMD. Sales volume for domestic DPNG has increased by 9.84% from 0.58 MMSCMD to 0.64 MMSCMD. In case of industrial and commercial, mainly due to the supply restrictions and higher Brent, there is a decrease in sales volume of 7.48% from 0.76 MMSCMD to 0.70 MMSCMD. During the quarter, we achieved overall sales volume of 4.892 MMSCMD as against 4.766 MMSCMD in the previous quarter, which is an increase of 2.63%. Sales volume in case of CNG has increased from 3.496 MMSCMD to 3.552 MMSCMD, which is an increase of 1.63%. Sales for domestic DPNG have increased from 0 .623 MMSCMD to 0 .639 MMSCMD, which is an increase of 2.62%. In case of industrial and commercial sales, volume were 0.70 MMSCMD as compared to 0.648 MMSCMD in the previous quarter, an increase of 8.07%. EBITDA from operations for this quarter is INR287 crores as compared to previous quarter's EBITDA of INR343 crores. H1 EBITDA is INR630 crores compared to previous year H1 EBITDA of INR839 crores. Net profit after tax for the quarter is INR137 crores as compared to previous quarter net profit after tax of INR194 crores. Net profit after tax is INR331 crores for the H1 as compared to INR513 crores in the H1 of previous year. With this, I conclude and would like to now like to open the floor for the questions. Thank you very much for your patient listening and once again wish you a very Happy Diwali. Thank you. Moderator: Thank you very much. We will now begin the question and answer session. We have first question from the line of Mr. Probal Sen from ICICI Securities. Sir, please go ahead. Probal Sen: Yes. Sir, very Happy Diwali to all of you in advance, first of all. Two or three questions from my side. Firstly, as far as the sourcing is concerned, sir, can we get a sense of how much was spot LNG as a percentage of our total volume sourcing for this quarter and what was sort of the blended price of the same in this quarter? Rajesh Patel: Our at the company level volume, if you compare spot was around 4%. When I'm saying spot, I'm referring to other than HPHT spot, which comes through IGX. If we include spot through IGX HPHT also, then it was around 11%. Okay? Page 3 of 13 Mahanagar Gas Limited November 04, 2026 Probal Sen: So, 11% including exchange spot volumes, but pure spot LNG per se was only about 4% for the quarter. Rajesh Patel: Yes. And that too I'm saying with respect to, CNG volumes, this is 4% is with respect to CNG volume. If you take it at company level, then it is hardly 2.5% of the overall company volumes. Pure spot RLNG. [Showing first 8,000 characters — download PDF for full document]