About the Mahanagar Gas Limited

Mahanagar Gas Limited (MGL), incorporated on May 8, 1995, is one of India’s leading City Gas Distribution companies, supplying Compressed Natural Gas (CNG) for vehicles and Piped Natural Gas (PNG) to homes, commercial establishments and industries across the Mumbai Metropolitan Region and Raigad district. MGL holds exclusivity for CGD infrastructure in Mumbai, Urban Thane and Raigad, and serves a large consumer base through a network that stood at 7,460 km of pipelines, 385 CNG stations, ~2.83 million domestic PNG connections and ~1.11 million CNG vehicles as of March 31, 2025.

The company is expanding into adjacencies such as LNG retail for long-haul mobility, compressed biogas (CBG), electric mobility and battery cell manufacturing, alongside renewable energy and hydrogen pilots. Initiatives include a JV for lithium-ion battery cell manufacturing (commencing with a 1 GWh plant) and a ~25% strategic stake in an electric three-wheeler company. MGL is also progressing CBG projects and hydrogen blending pilots, and has initiated a 6.5 MW renewable power project to supply its COCO CNG stations.

Its core operations span three geographical areas: GA-1 Mumbai (465 sq. km), GA-2 Thane Urban (990 sq. km) and GA-3 Raigad. Via an acquired CGD subsidiary, the footprint also extends to Ratnagiri and Latur-Osmanabad (Maharashtra) and Chitradurga & Davanagere (Karnataka). The company has two subsidiaries as of March 31, 2025.

Key milestones over nearly three decades include: first City Gate Station and first CNG station (1996-97), 100th CNG station (2004-05), 2nd CGS at Mahape (2010-11), 3rd CGS at Taloja (2016-17), 4th CGS at Ambernath (2019-20), 200th CNG station (2022-23), and in 2024-25 the 300th CNG station, a 5th CGS and the first LNG station at Savroli, Raigad. The period also featured the battery cell JV, acquisition of a CGD subsidiary, and MoUs for CBG projects.

Business Segment of Mahanagar Gas Limited

• City Gas Distribution (CNG + PNG) – 100% of turnover.

Mahanagar Gas Limited’s Key Management Team

• Sandeep Kumar Gupta – Non-Executive Director (Chairman).

• Ashu Shinghal – Managing Director.

• Sanjay Shende – Deputy Managing Director.

• Rajesh Patel – Chief Financial Officer.

• Atul Prabhu – Company Secretary & Compliance Officer.

Latest Updates on Mahanagar Gas Limited

• Expansion and connections: MGL added 40 new CNG stations during the year, laid 491 km of additional pipelines, and connected 3,43,000 new households, taking the network to 7,460 km and 385 CNG stations by March 31, 2025.

• LNG retail: Through its LNG subsidiary, the first retail LNG station was commissioned in Aurangabad, with a second site technically commissioned in Seoni; commercial sales began on October 9, 2024. Additional locations are in the pipeline.

• Strategic investments: MGL entered a JV with International Battery Company (IBC US), holding 44% with a committed investment of Rs 350 crore to set up a 1 GWh battery cell plant (scalable to 5 GWh) from FY 2025-26, and invested ~25% in an EV three-wheeler manufacturer to support last-mile mobility.

• Biofuels: MoU signed with the Davanagere Municipal Corporation for a 150 TPD CBG plant; MGL is also awaiting land from the Brihanmumbai Municipal Corporation for a planned Mumbai CBG project.

• Technology and retail enhancements: Key initiatives included crossing 100+ exclusive MGL-branded CNG outlets, rolling out the Empower dealer management app across outlets, upgrading multiple sites to mother stations, and revamping the MGL-Tez app for customers and dealers.

• Recognitions: The company received “Four Golden Stars” from the National Safety Council of India for OHS at CGS Mahape, multiple safety and CSR awards, and Bronze awards for its Annual Report 2024 from PRCI and PRSI. CFO Rajesh Patel was named CFO of the Year by CEO Insights.