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Mahanagar Gas shares rise as analysts say Q3 results beat estimatesWhile JPMorgan has a 'neutral' rating on MGL, CLSA has an 'outperform' recommendation.By Shloka Badkar  February 9, 2026, 10:08:21 AM IST (Updated)2 Min ReadShares of Mahanagar Gas Ltd. (MGL) gained 2% on Monday, February 9, as brokerages JPMorgan and CLSA have projected up to a 35.3% upside on the stock, as it reported its third quarter earnings.

While JPMorgan is 'neutral' on MGL, CLSA has an 'outperform' rating.

JPMorgan

The analyst has a 'neutral' rating on MGL with a target price of 1,270 apiece, an upside of 10% from its previous close of ₹1,152.6 apiece.

It said the company's third quarter earnings beat estimates, driven primarily by lower gas costs, resulting in better-than-expected gross spreads.

It said MGL's volumes were also up 12% from last year, contributing positively to beat.

Its near-term margin risks look limited, although long-term concerns regarding growth still remain, JPMorgan said.

CLSA

CLSA has an 'outperform' rating on MGL with a target price of ₹1,560 per share.

It said the company's third quarter net profit was 4% ahead of estimates due to a beat in both volumes and margins.

Its overall volumes were a 3% beat to estimates, primarily driven by higher CNG demand along with strong annual growth in both, commercial and residential PNG.

It said 12% growth in CNG volume from last year was better than estimates of an 8% increase.

Domestic PNG demand increased by a strong 10% from the year-ago period and 4% sequentially. It was up 2% from estimates, CLSA said.

It added that industrial/commercial volumes increased 14% from last year but declined 3% sequentially.

MGL's profit after tax in the third quarter increased 4.6% to ₹202 crore from ₹193 crore in the previous quarter.

Its revenue was flat at ₹2,048 crore from ₹2,049 crore from the September quarter.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) increased 4% sequentially to ₹351 crore from ₹338 crore.

MGL's operating margin expanded to 17% from 16.4% in the preceding quarter.

Its total volumes increased 9% to 4.5 million metric standard cubic meter per day (mmscmd), its CNG volumes were up 7.2% and PNG volumes were up 7.5%.

MGL shares were trading 1.9% up at ₹1,174.9 apiece around 9.25 am on Monday. The stock has gained 11% in the past month and declined 11% in the past year.

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