Transcript of Earnings Conference Call for the quarter ended June 30, 2026

Ref: MGL/CS/SE/2026/720 Date: August 07, 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 ended June 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 July 31, 2026 on the Unaudited Standalone and Consolidated Financial Results and Operational performance of the Company for the Quarter ended June 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 Q1 FY27 Earnings Conference Call July 31, 2026 MANAGEMENT: MR. PRAVEER KUMAR SRIVASTAVA, MANAGING DIRECTOR MR. AJAY SINHA, DEPUTY MANAGING DIRECTOR MR. RAJESH PATEL – CHIEF FINANCIAL OFFICER MODERATOR: MR. INDRAKUMAR GUPTA – PRABHUDAS LILLADHER INDIA PRIVATE LIMITED Page 1 of 16 Mahanagar Gas Limited July 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Mahanagar Gas Limited’s Q1 FY27 Earnings Conference Call hosted by Prabhudas Lilladher India 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 this conference call, please signal an operator by pressing star than zero on a touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Indrakumar Gupta from Prabhudas Lilladher India Private Limited. Thank you, and over to you, sir. Indrakumar Gupta: Thank you, Nisha. On behalf of PL Capital, we would like to welcome all the participants. Representing the management, we have 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 the 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 now hand over the call to the management. Over to you, sir. Praveer K. Srivastava: A very good afternoon, and welcome to the earnings call of Mahanagar Gas Limited for the first quarter of the financial year 2026-27. I would like to thank all of you for attending our earnings call today. The ongoing geopolitical conflict in West Asia has triggered a global energy crisis, significantly affecting the availability and pricing of natural gas in India. There are initial signs of a gradual resumption of LNG shipments through the Strait of Hormuz. Supply conditions remain uncertain and global LNG markets continue to experience volatility. However, 100% of our domestic PNG, DPNG requirements and the major portion of our CNG requirements are sourced from domestically produced natural gas, ensuring uninterrupted supply to our DPNG customers and continued reliable supply to our CNG customers. Gas supplies to industrial and commercial customers are partly curtailed. Prices may be affected due to global indices in the near term. Once the war situation deescalates, the prices are expected to reduce over a period. We continue to closely monitor the situation and remain committed to maintain uninterrupted gas supply to our customers. PNG Drive 2.0 has enabled MGL to substantially enhance the pace of domestic PNG conversions through focused operational improvements, resource augmentation and stronger coordination with government agencies and other stakeholders. The initiative has laid a strong foundation for sustained growth, improved infrastructure utilization and continued expansion of the PNG network while maintaining high safety standards and quality. MGL continues to create CGD infrastructure across its business segments in the licensed area. During the quarter, 97,461 DPNG conversions were achieved, taking the cumulative DPNG conversions to 2.17 million as on 30th June 2026. We have laid 156.57 kilometers of steel and PE pipeline, taking the total length to over 8,477.01 kilometres. Page 2 of 16 Mahanagar Gas Limited July 31, 2026 We added 1 CNG station during this quarter. And with this, we have 519 stations as on 30th June 2026. We added 291 industrial and commercial customers during this quarter. As on 30th June 2026, we have 6,198 industrial and commercial customers. During the quarter, there is an addition of 26,007 CNG vehicles, and now we have more than 1.31 million CNG vehicles registered in our geographies as of 30th June 2026. Coming to MGL's operations compared to the corresponding quarter of last year, average overall sales volume has increased from 4.456 to 4.766 mmscmd, which is an increase of 7.01% sales volume. Sales volume of the CNG has increased from 3.185 mmscmd to 3.496 mmscmd, which is an increase of 9.74%. Sales for domestic DPNG has increased from 0.571 mmscmd to 0.623 mmscmd, which is an increase of 9.09%. In case of industrial and commercial, sales volume has decreased from 0.698 mmscmd to 0.648 mmscmd, a decrease of 7.15%. During the quarter, we achieved overall average sales volume of 4.766 mmscmd as against 4.672 mmscmd in the previous quarter, which is an increase of 2.01%. Sales volume in case of CNG has increased from 3.349 mmscmd to 3.496 mmscmd, which is an increase of 4.39%. Sale of domestic DPNG has increased from 0.605 mmscmd to 0.623 mmscmd, which is an increase of 2.98%. In case of industrial and commercial, a 20% cut was implemented as per government directive. However, sales volume achieved is 0.648 mmscmd as compared to 0.719 mmscmd in the previous quarter. EBITDA from operation for the quarter is INR343 crores as compared to the previous quarter EBITDA of INR260 crores, an increase of 31.74%. Net profit after tax for the quarter is INR194 crores as compared to previous quarter net profit after tax of INR132 crores, an increase of 46.83%. During the quarter, we have successfully completed the transition from SAP ECC to SAP S/4HANA, achieving a key milestone in our digital transformation initiative. With this, I conclude and would now like to open the floor for questions. Thank you very much for your patience. Thank you. Moderator: Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Probal Sen from ICICI Securities. Probal Sen: Just want to appreciate that volume growth was probably lower primarily because of the decline that one has seen in the industrial and commercial segment. Now while there is a 20% cut in terms of domestic gas or available gas allocation, just wanted to understand what our sourcing mix was for this quarter? And how are we looking at Q2 in terms of our sourcing requirements and supply availability? If you can break it down in terms of various sources, that will be great. That was my first question. Rajesh Patel: Are you only referring to sourcing for industrial and commercial, Probal? Probal Sen: Sir, overall will also be fine. You can give me an overall color on what the overall sourcing looks like today, either percentage volumes, whatever you can share. Page 3 of 16 Mahanagar Gas Limited July 31, 2026 Rajesh Patel: At a company level, roughly 30% is available through APM and maybe around 21%, 22% is available through NWG a [Showing first 8,000 characters — download PDF for full document]