Mahanagar GasNSE:MGL -1.29%98 PS Ratio is 1.35 as of Jul. 06, 2026, which is 55% below its 10-year median of 2.99. GuruFocus rates NSE:MGL with a GF Score™ of 98/100 and a GF Value™ of ₹1,560.48 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 501 Utilities - Regulated companies, Mahanagar Gas ranks better than 51.5% on this metric.
The PS Ratio, or Price-to-Sales ratio, or Price/Sales, is a financial ratio used to compare a company's market price to its Revenue per Share. As of today, Mahanagar Gas's share price is ₹1128.60.
Mahanagar Gas's Revenue per Share for the trailing twelve months (TTM) ended in Mar. 2026 was ₹834.60. Hence, Mahanagar Gas's PS Ratio for today is 1.35.
The historical rank and industry rank for Mahanagar Gas's PS Ratio or its related term are showing as below:
NSE:MGL'
s PS Ratio Range Over the Past 10 Years
Min: 1.14 Med: 2.99 Max: 5.98
Current: 1.35
During the past 13 years, Mahanagar Gas's highest PS Ratio was 5.98. The lowest was 1.14. And the median was 2.99.
NSE:MGL's PS Ratio is ranked better than 51.5% of 501
companies
in the Utilities - Regulated industry
Industry Median: 1.44
vs NSE:MGL: 1.35
Mahanagar Gas Ltd revenue growth has slowed down over the past 12 months.
During the past 12 months, the average Revenue per Share Growth Rate of Mahanagar Gas was 13.50% per year.
During the past 3 years, the average Revenue per Share Growth Rate was 9.50% per year.
During the past 5 years, the average Revenue per Share Growth Rate was 29.00% per year.
During the past 10 years, the average Revenue per Share Growth Rate was 16.70% per year.
During the past 13 years, Mahanagar Gas's highest 3-Year average Revenue per Share Growth Rate was 43.20% per year. The lowest was -1.20% per year. And the median was 10.80% per year.
Back to Basics: PS Ratio
Mahanagar Gas (NSE:MGL) PS Ratio Explanation
The PS Ratio is an excellent valuation indicator if you want to compare a stock with its historical valuation or with the stocks in the same industry. The PS Ratio works especially well when you want to compare the stock's current valuation with its historical valuation. The PS Ratio is a great valuation tool for evaluating cyclical businesses where the PE Ratio works poorly. It works the best when comparing the current valuation with the historical valuation because over time, a company's profit margin tends to revert to the mean.
When the PS Ratio is applied to the whole stock market, it can be used to evaluate the current market valuation and projected returns. In this case, the price is the total market cap of all stocks that are traded, and sales are the GDP of the country. This is how Warren Buffett estimates the broad market valuation and project future returns.
The PS Ratio does not tell you how cheap or expensive the stock is. It cannot be used to compare companies in different industries. It works better for companies within the same industry because these companies tend to have similar capital structures and profit margins. It works the best when comparing a company with itself in the past.
Mahanagar Gas PS Ratio Related Terms
Mahanagar Gas PS Ratio Historical Data
* Premium members only.
The historical data trend for Mahanagar Gas's PS Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Utilities - Regulated Gas subindustry, Mahanagar Gas's PS Ratio, along with its competitors' market caps and PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Mahanagar Gas PS Ratio vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Mahanagar Gas's PS Ratio distribution charts can be found below:
* The bar in red indicates where Mahanagar Gas's PS Ratio falls into.
The PS Ratio, or Price-to-Sales ratio, or Price/Sales, is a financial ratio used to compare a company's market price to its Revenue per Share. It is a ratio widely used to value stocks and it was first used by Ken Fisher.
Mahanagar Gas's Share Price of today is ₹1128.60. Mahanagar Gas's Revenue per Share for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ₹834.60.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
Mahanagar Gas (NSE:MGL) has a PS Ratio of 1.35 as of Jul. 06, 2026. Price-to-Sales ratio is the ratio of share price to a company's revenue per share. View historical data on Mahanagar Gas and its competitors. This is 55% below median its historical median of 2.99. Over the past decade, Mahanagar Gas' PS Ratio has ranged from 1.14 to 5.98. According to the industry distribution chart, Mahanagar Gas ranks #243 out of 501 companies in the Utilities - Regulated industry, placing it in the top 48.5%.
Is Mahanagar Gas' PS Ratio too high?
Mahanagar Gas' current PS Ratio of 1.35 is 55% below median its 10-year median of 2.99. Over the past 10 years, this metric has ranged from a low of 1.14 to a high of 5.98. The Utilities - Regulated industry median PS Ratio is 1.44. Mahanagar Gas' value of 1.35 is 6.2% below this industry median. Based on the distribution chart, Mahanagar Gas ranks #243 out of 501 companies in the Utilities - Regulated industry, which is above the industry midpoint. Overall, Mahanagar Gas has a GF Score™ of 98/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mahanagar Gas' PS Ratio compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Mahanagar Gas ranks #243 out of 501 companies for PS Ratio. This puts Mahanagar Gas in the upper half of its industry. The industry median PS Ratio is 1.44. Mahanagar Gas' value of 1.35 is 6.2% below this benchmark. Historically, Mahanagar Gas' own PS Ratio has ranged from 1.14 to 5.98 over the past decade. While the company's 10-year median is 2.99 vs. the industry median of 1.44, Mahanagar Gas has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PS Ratio for an Utilities - Regulated company?
The median PS Ratio among Utilities - Regulated companies is 1.44, based on 501 companies in the industry. Companies in the top quartile (top 25%) have a PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mahanagar Gas's current PS Ratio of 1.35 is 6.2% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PS Ratio mean?
A high PS Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Sales ratio is the ratio of share price to a company's revenue per share. View historical data on Mahanagar Gas and its competitors. For the Utilities - Regulated industry, the median PS Ratio is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mahanagar Gas's current PS Ratio is 1.35, which is 55% below median its own 10-year median of 2.99. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mahanagar Gas stock overvalued right now?
Based on GuruFocus' analysis, Mahanagar Gas (NSE:MGL) is currently considered Modestly Undervalued. The stock's GF Value™ is ₹1,560.48, compared to a current price of ₹1,128.60 — trading 27.7% below its estimated fair value. The current PS Ratio is 1.35, which is 55% below median its 10-year median of 2.99 and 6.2% below the Utilities - Regulated industry median of 1.44. Mahanagar Gas' overall GF Score™ is 98/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PS Ratio calculated?
PS Ratio is calculated from a company's financial statements. For Mahanagar Gas (NSE:MGL), the current PS Ratio is 1.35 as of Jul. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Mahanagar Gas (NSE:MGL) Overvalued in 2026?
Based on GuruFocus' analysis, Mahanagar Gas stock appears to be undervalued.
The current stock price of ₹1,128.60 is trading 27.7% below its estimated GF Value™ of ₹1,560.48.
GuruFocus considers Mahanagar Gas to be Modestly Undervalued.
Key valuation signals for NSE:MGL:
PS Ratio: 1.35 (55% below median its 10-year median of 2.99)
GF Value™: ₹1,560.48 vs. price of ₹1,128.60 (27.7% below fair value)
Industry Position: 6.2% below the Utilities - Regulated median (#243 of 501)
No single metric tells the full story. See the NSE:MGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
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