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Mahanagar Gas Valuation Multiples

Discover revenue and EBITDA valuation multiples for Mahanagar Gas and similar public comparables like Chrysos Corp., APA Group, and AGL Energy.

Mahanagar Gas Overview

About Mahanagar Gas

Mahanagar Gas Ltd is an India-based natural gas distribution company. It distributes natural gas through the City Gas Distribution network of pipelines. It distributes compressed natural gas (CNG) for use in vehicles and piped natural gas (PNG) for domestic household, commercial, and industrial use, and to transport sector customers as well. The company operates under the business segment of the sale of natural gas. Its business operations are principally carried out in India. The company generates revenue by selling natural gas, of which the sale of CNG accounts majorly for the total gas sales revenue.


Founded

1995

HQ

India
Employees

532

Financials

LTM Revenue $824M

LTM EBITDA $176M

EV

$1.4B

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Mahanagar Gas Financials

Mahanagar Gas has a last 12-month revenue (LTM) of $824M and a last 12-month EBITDA of $176M.

In the most recent fiscal year, Mahanagar Gas achieved revenue of $851M and an EBITDA of $203M.

Mahanagar Gas expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Mahanagar Gas P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $824M XXX $851M XXX XXX XXX
Gross Profit $293M XXX $303M XXX XXX XXX
Gross Margin 36% XXX 36% XXX XXX XXX
EBITDA $176M XXX $203M XXX XXX XXX
EBITDA Margin 21% XXX 24% XXX XXX XXX
EBIT $143M XXX $143M XXX XXX XXX
EBIT Margin 17% XXX 17% XXX XXX XXX
Net Profit $121M XXX $122M XXX XXX XXX
Net Margin 15% XXX 14% XXX XXX XXX
Net Debt XXX XXX n/a XXX XXX XXX

Financial data powered by Morningstar, Inc.

Mahanagar Gas Stock Performance

As of May 30, 2025, Mahanagar Gas's stock price is INR 1325 (or $16).

Mahanagar Gas has current market cap of INR 131B (or $1.5B), and EV of INR 118B (or $1.4B).

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Mahanagar Gas Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$1.4B $1.5B XXX XXX XXX XXX $1.23

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Mahanagar Gas Valuation Multiples

As of May 30, 2025, Mahanagar Gas has market cap of $1.5B and EV of $1.4B.

Mahanagar Gas's trades at 1.7x EV/Revenue multiple, and 6.5x EV/EBITDA.

Equity research analysts estimate Mahanagar Gas's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Mahanagar Gas has a P/E ratio of 12.6x.

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Mahanagar Gas Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $1.5B XXX $1.5B XXX XXX XXX
EV (current) $1.4B XXX $1.4B XXX XXX XXX
EV/Revenue 1.7x XXX 1.7x XXX XXX XXX
EV/EBITDA 7.9x XXX 6.5x XXX XXX XXX
EV/EBIT 9.7x XXX 9.0x XXX XXX XXX
EV/Gross Profit 4.7x XXX n/a XXX XXX XXX
P/E 12.6x XXX 11.9x XXX XXX XXX
EV/FCF 33.5x XXX 32.5x XXX XXX XXX

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Mahanagar Gas Margins & Growth Rates

Mahanagar Gas's last 12 month revenue growth is 12%

Mahanagar Gas's revenue per employee in the last FY averaged $1.6M, while opex per employee averaged $0.3M for the same period.

Mahanagar Gas's rule of 40 is 37% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Mahanagar Gas's rule of X is 50% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Mahanagar Gas Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 12% XXX 9% XXX XXX XXX
EBITDA Margin 21% XXX 26% XXX XXX XXX
EBITDA Growth 10% XXX -2% XXX XXX XXX
Rule of 40 37% XXX 37% XXX XXX XXX
Bessemer Rule of X XXX XXX 50% XXX XXX XXX
Revenue per Employee XXX XXX $1.6M XXX XXX XXX
Opex per Employee XXX XXX $0.3M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 19% XXX XXX XXX

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Mahanagar Gas Public Comps

See public comps and valuation multiples for Utilities and Energy Services comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
TAQA XXX XXX XXX XXX XXX XXX
New Sources Energy XXX XXX XXX XXX XXX XXX
AGL Energy XXX XXX XXX XXX XXX XXX
APA Group XXX XXX XXX XXX XXX XXX
Chrysos Corp. XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

Valuation data powered by FactSet, Inc.

Mahanagar Gas M&A and Investment Activity

Mahanagar Gas acquired  XXX companies to date.

Last acquisition by Mahanagar Gas was  XXXXXXXX, XXXXX XXXXX XXXXXX . Mahanagar Gas acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Mahanagar Gas

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Mahanagar Gas

When was Mahanagar Gas founded? Mahanagar Gas was founded in 1995.
Where is Mahanagar Gas headquartered? Mahanagar Gas is headquartered in India.
How many employees does Mahanagar Gas have? As of today, Mahanagar Gas has 532 employees.
Is Mahanagar Gas publicy listed? Yes, Mahanagar Gas is a public company listed on NSE.
What is the stock symbol of Mahanagar Gas? Mahanagar Gas trades under MGL ticker.
When did Mahanagar Gas go public? Mahanagar Gas went public in 2016.
Who are competitors of Mahanagar Gas? Similar companies to Mahanagar Gas include e.g. TAQA, New Sources Energy, AGL Energy, APA Group.
What is the current market cap of Mahanagar Gas? Mahanagar Gas's current market cap is $1.5B
What is the current revenue of Mahanagar Gas? Mahanagar Gas's last 12 months revenue is $824M.
What is the current revenue growth of Mahanagar Gas? Mahanagar Gas revenue growth (NTM/LTM) is 12%.
What is the current EV/Revenue multiple of Mahanagar Gas? Current revenue multiple of Mahanagar Gas is 1.7x.
Is Mahanagar Gas profitable? Yes, Mahanagar Gas is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Mahanagar Gas? Mahanagar Gas's last 12 months EBITDA is $176M.
What is Mahanagar Gas's EBITDA margin? Mahanagar Gas's last 12 months EBITDA margin is 21%.
What is the current EV/EBITDA multiple of Mahanagar Gas? Current EBITDA multiple of Mahanagar Gas is 7.9x.
What is the current FCF of Mahanagar Gas? Mahanagar Gas's last 12 months FCF is $41.3M.
What is Mahanagar Gas's FCF margin? Mahanagar Gas's last 12 months FCF margin is 5%.
What is the current EV/FCF multiple of Mahanagar Gas? Current FCF multiple of Mahanagar Gas is 33.5x.

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