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Maharashtra Natural Gas Limited
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Registered Details

MAHARASHTRA NATURAL GAS LIMITED

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Maharashtra ›

Mining & Quarrying ›

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Updated: 05 Sep 2026

Maharashtra Natural Gas Limited is a leading city gas distribution company that operates in India, primarily focused on the supply of natural gas to residential, commercial, and industrial sectors. It provides pipeline and compressed natural gas (CNG) services, facilitating cleaner energy solutions and promoting sustainable practices across several districts in Maharashtra.

Maharashtra Natural Gas Limited, is an unlisted public company incorporated on 13 January, 2006. It is classified as a public limited company and is located in Pune, Maharashtra. It's authorized share capital is INR 100.00 cr and the total paid-up capital is INR 100.00 cr.

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Industry and products

Mining and Quarrying

Natural Gas

Company size

Auth Capital

₹ 100.0 Cr

Paidup Capital

₹ 100.0 Cr

Revenue

₹ 3000-3250 cr

Key Metrics

** All rupee values in INR crores. Based on March 2024 numbers.

Total Revenue

11.08%

₹ 3,001.9

EBITDA

40.27%

₹ 953.2

Net Profit

44.89%

₹ 610.1

Networth

30.29%

₹ 1,850.4

Borrowings

20.88%

₹ 516.9

Assets

24.35%

₹ 3,039.2

Gross Margin

7.89

48.0 %

Operating Margin

6.67

31.8 %

Net Profit Margin

4.74

20.3 %

Return on Equity

3.32

33.0 %

ROCE

3.96

33.2 %

Debt to Equity

-0.02

0.3

Sales

Mar 2024

Net worth

Mar 2024

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Locations

India (19)

State	Type	Address

Locations on Map

People

Designation	Name	DIN/PAN	Tenure
Director	Bageshree Milind Manthalkar	07914288	5 years
Whole-Time Director	Shankar Nagappa Karajagi	10702631	2 years
Nominee Director	Rajeev Kumar Singhal	09230386	2 years
Nominee Director	Mohit Bhatia	10603296	2 years
Managing Director	Kumar Shanker	09533240	0 years
Additional Director	Thotapalayam Vedanarayanan Pandiyan	09581136	0 years
Additional Director	Girija Shankar	10676061	0 years

Financial Highlights

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	1,074.5	799.9	1,381.4	2,700.2	2,993.5
Operating profit	355.1	323.5	530.0	679.5	953.2
Net profit	223.3	173.0	332.6	421.1	610.1
Gross margin	50.8	58.7	54.8	40.1	48.0
Operating margin	33.0	40.5	38.4	25.2	31.8
Net margin	20.7	21.6	24.0	15.6	20.3
Networth	712.5	825.5	1,098.1	1,420.2	1,850.4
Borrowings	164.8	210.7	270.3	427.6	516.9
Assets	1,221.4	1,496.1	1,923.2	2,444.2	3,039.2
Debt to equity	0.2	0.3	0.2	0.3	0.3
Current ratio	0.5	0.4	0.6	0.7	0.9
ROE	31.4	21.0	30.3	29.6	33.0
Days payable	33.0	84.0	67.0	20.0	40.0
WC days	-39.0	-85.0	-49.0	-15.0	-8.0

Margins

Gross margin

Operating margin

Net margin

Balance Sheet

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	100.0	100.0	100.0	100.0	100.0
Reserves	612.5	725.5	998.1	1,320.2	1,750.4
Borrowings +	164.8	210.7	270.3	427.6	516.9
Long term borrowings	164.8	210.7	224.0	419.6	516.9
Short term borrowings	-	-	46.3	8.0	-
Trade payables +	47.8	76.0	114.1	90.0	172.7
Days payable	33.0	84.0	67.0	20.0	40.0
Other liabilities +	296.4	384.1	440.7	506.3	499.3
Other non-current liabilities	93.8	134.4	181.7	187.4	175.0
Other current liabilities	202.6	249.7	259.0	318.9	324.3
Total liabilities	1,221.4	1,496.1	1,923.2	2,444.2	3,039.2
Fixed Assets +	1,071.0	1,340.7	1,675.1	2,115.3	2,596.9
Tangible assets	937.5	982.6	1,121.6	1,289.3	1,635.8
CWIP	132.4	353.9	548.6	823.2	960.1
Intangible assets	1.0	4.2	4.9	2.8	1.0
LT loans and advances	-	-	-	-	-
Other non-current assets	14.1	16.5	15.6	23.1	10.0
Current assets +	136.3	138.9	232.6	305.8	432.3
Inventories	0.4	0.5	1.8	2.3	10.0
Trade receivables	72.0	100.4	139.9	123.8	135.1
Cash and cash equivalents	13.1	30.7	75.1	94.2	119.1
ST loans and advances	-	-	-	-	-
Other current assets	50.8	7.4	15.9	85.4	168.2
Total assets	1,221.4	1,496.1	1,923.2	2,444.2	3,039.2

Percentage of assets	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	8.19	6.68	5.2	4.09	3.29
Reserves	50.15	48.49	51.9	54.01	57.59
Borrowings +	13.49	14.08	14.05	17.5	17.01
Long term borrowings	13.49	14.08	11.65	17.17	17.01
Short term borrowings	0.0	0.0	2.41	0.33	0.0
Trade payables	3.91	5.08	5.93	3.68	5.68
Other liabilities +	28.18	30.75	28.85	24.4	22.11
Other non-current liabilities	7.68	8.98	9.45	7.67	5.76
Other current liabilities	16.58	16.69	13.47	13.05	10.67
Total liabilities
Fixed Assets +	87.68	89.61	87.1	86.54	85.45
Tangible assets	76.76	65.68	58.32	52.75	53.82
CWIP	10.84	23.66	28.53	33.68	31.59
Intangible assets	0.08	0.28	0.25	0.11	0.03
LT loans and advances	0.0	0.0	0.0	0.0	0.0
Other non-current assets	1.16	1.11	0.81	0.95	0.33
Current assets +	11.16	9.28	12.09	12.51	14.23
Inventories	0.03	0.03	0.09	0.09	0.33
Trade receivables	5.9	6.71	7.27	5.07	4.44
Cash and cash equivalents	1.07	2.05	3.9	3.86	3.92
ST loans and advances	0.0	0.0	0.0	0.0	0.0
Other current assets	4.16	0.49	0.83	3.49	5.54
Total assets

Total assets

Profit & Loss

₹

** All numbers in INR crores

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales +	1,074.5	799.9	1,381.4	2,700.2	2,993.5
Sales growth %	18.09	-25.55	72.7	95.47	10.86
Expenses +	794.8	563.9	939.7	2,136.5	2,184.0
Cost of goods	528.3	330.0	623.9	1,617.8	1,557.2
Employee cost	19.1	17.3	21.8	23.7	21.8
Other costs	171.9	129.1	205.6	379.2	461.3
Operating profit +	355.1	323.5	530.0	679.5	953.2
Operating margin %	33.0	40.5	38.4	25.2	31.8
Other income	2.3	0.7	4.4	2.2	8.3
Interest	24.5	23.3	17.6	22.8	31.6
Depreciation	51.0	64.2	70.7	93.0	112.1
Exceptional items	-	-	-	-	-
Profit before tax	282.0	236.7	446.1	565.9	817.9
Tax	58.7	63.8	113.5	144.8	207.7
Profit - disc. ops	-	-	-	-	-
Net profit	223.3	173.0	332.6	421.1	610.1
Net margin %	20.7	21.6	24.0	15.6	20.3

Precentage of total income	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Sales	99.79	99.91	99.68	99.92	99.72
Expenses +	73.81	70.43	67.81	79.06	72.76
Cost of goods	49.07	41.22	45.02	59.86	51.87
Employee cost	1.78	2.16	1.57	0.88	0.73
Other costs	15.96	16.12	14.84	14.03	15.37
Operating profit	32.98	40.41	38.25	25.15	31.75
Other income	0.21	0.09	0.32	0.08	0.28
Interest	2.27	2.9	1.27	0.84	1.05
Depreciation	4.74	8.02	5.1	3.44	3.73
Exceptional items	0.0	0.0	0.0	0.0	0.0
Profit before tax	26.19	29.57	32.19	20.94	27.24
Tax	5.45	7.96	8.19	5.36	6.92
Profit - disc. ops	0.0	0.0	0.0	0.0	0.0
Net profit	20.74	21.61	24.0	15.58	20.32

Revenue from operations

Ratios

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Solvency +
Total Debt/Equity	0.2	0.3	0.2	0.3	0.3
Net Debt/Equity	0.2	0.2	0.2	0.2	0.2
Total Debt/Assets	0.1	0.1	0.1	0.2	0.2
Total Assets/Equity	1.7	1.8	1.8	1.7	1.6
Liquidity +
Current Ratio	0.5	0.4	0.6	0.7	0.9
Quick Ratio	0.5	0.4	0.6	0.7	0.8
Interest Coverage	14.5	13.9	30.1	29.8	30.2
Performance
Gross Margin	50.8	58.7	54.8	40.1	48.0
Operating Margin	33.0	40.5	38.4	25.2	31.8
Net Margin	20.7	21.6	24.0	15.6	20.3
Return +
Return on Equity	31.4	21.0	30.3	29.6	33.0
Pre-tax ROCE	31.8	22.5	30.9	29.3	33.2
Return on Assets	18.3	11.6	17.3	17.2	20.1
Pre-tax ROIC	35.2	25.8	35.5	33.5	37.4
Efficiency +
Days Payable	33.0	84.0	67.0	20.0	40.0
Days Inventory	0.0	1.0	1.0	1.0	2.0
Days Receivable	24.0	46.0	37.0	17.0	16.0
Fixed Asset Turnover	1.0	0.6	0.8	1.3	1.1
Total Asset Turnover	0.9	0.5	0.7	1.1	1.0
Working Capital
Cash Conversion Cycle	-9.0	-37.0	-29.0	-2.0	-22.0
Working Capital Days	-39.0	-85.0	-49.0	-15.0	-8.0

Ratios

Current ratio

Debt/equity ratio

Charges on assets

As per information available, the company has no registered charges.

Company Network

Companies connected through Directors

Name	Status	Paid up Capital	Common Directors	Address
BOW HORIZON PRIVATE LIMITED	Strike Off	1.0 L	1	Maharashtra
AYUSHGLOBAL MEDICARE LLP	Active	50,000.0	1	Maharashtra
COAL GAS INDIA LIMITED	Active	1.0 L	1	West Bengal
GAIL (INDIA) LIMITED	Active	6,575.1 Cr	1	Delhi
INDRAPRASTHA GAS LIMITED	Active	280.0 Cr	2	Delhi
HARIDWAR NATURAL GAS PRIVATE LIMITED	Active	87.2 Cr	1	Uttarakhand
CENTRAL U.P. GAS LIMITED	Active	60.0 Cr	1	Uttar Pradesh
GREEN GAS LIMITED	Active	50.6 Cr	1

Tofler Score

Very Good

Poor

Fair

Good

Very Good

Excellent

Risk

Severe Risk

No risks identified

Moderate Risk

No risks identified

Low Risk

LOW INVENTORY

About Tofler Score

Tofler Score measures the quality of performance and integrity of a company. It is dependent on three key factors - Sustainability, Governance, and Growth.

CIN

U11102PN2006PLC021839

Incorporation

2006, 20.7 years

Company Email

SHREYA.PRABHUDESAI@MNGL.IN

Paid up Capital

₹ 100.0 Cr

Authorised Capital

₹ 100.0 Cr

AGM

Sep 2025

Type

Public

Others

FAQ - MAHARASHTRA NATURAL GAS LIMITED

What is the incorporation date of MAHARASHTRA NATURAL GAS LIMITED?

The incorporation date of MAHARASHTRA NATURAL GAS LIMITED is 13 January, 2006

What is the authorized share capital of MAHARASHTRA NATURAL GAS LIMITED?

The authorized share capital of MAHARASHTRA NATURAL GAS LIMITED is INR ₹ 100.0 Cr.

What is the paid-up capital of MAHARASHTRA NATURAL GAS LIMITED?

The paid-up capital of MAHARASHTRA NATURAL GAS LIMITED is INR ₹ 100.0 Cr.

What is the registered address of MAHARASHTRA NATURAL GAS LIMITED?

The registered address of MAHARASHTRA NATURAL GAS LIMITED is PLOT NO 27, NARVEER TANAJI WADI, PMT BUS DEPOT, COMMERCIAL BUILDING, FIRST FLOOR, SHIVAJ I NAGAR PUNE Maharashtra - 411005

What is the CIN number of MAHARASHTRA NATURAL GAS LIMITED?

The CIN number of MAHARASHTRA NATURAL GAS LIMITED is U11102PN2006PLC021839.

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