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![Sharad9Dubey Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1077676619349712896.png) Sharad Dubey [@Sharad9Dubey](/creator/twitter/Sharad9Dubey) on x 45.3K followers
Created: 2025-07-24 04:15:18 UTC

MGL STOCK DOWN X%

Management has cut FY26E volume growth guidance on below-par Q1 for CNG while also seeing INR0.6–0.7/kg adverse impact of higher gas pipe transportation cost due to restructuring of unified tariff zones.

Takeaways: i) MGL's Q1FY26 adjusted EBITDA (ex-one off amounting to INR1.1bn) missed our/consensus estimate by 6%/12%. ii) EBITDA/scm (ex-one-off) dipped XX% YoY due to an XX% rise in gas costs and XX% opex increase. iii) Volumes expanded XX% YoY with CNG/PNG growth at 8%/15%. iv) Q1 CNG vehicle adds fell XX% QoQ due to a one–third fall in passenger vehicle adds. Retain ‘REDUCE’ on sector multiples’ de-rating due to ad-hoc government policies causing uncertainty (similar to OMCs, which trade at a considerable discount).


XXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948235517809811877/c:line.svg)

**Related Topics**
[tariffs](/topic/tariffs)
[chapter 11](/topic/chapter-11)

[Post Link](https://x.com/Sharad9Dubey/status/1948235517809811877)