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Mahanagar GasNSE:MGL -1.06%98 ROC (Joel Greenblatt) % is 11.59% as of Mar. 2026, which is 66% below its 10-year median of 33.80. GuruFocus rates NSE:MGL with a GF Score™ of 98/100 and a GF Value™ of ₹1,567.61 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 505 Utilities - Regulated companies, Mahanagar Gas ranks better than 70.69% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Mahanagar Gas's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 11.59%.
The historical rank and industry rank for Mahanagar Gas's ROC (Joel Greenblatt) % or its related term are showing as below:
NSE:MGL'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 19.54 Med: 33.8 Max: 41.88
Current: 19.68
During the past 13 years, Mahanagar Gas's highest ROC (Joel Greenblatt) % was 41.88%. The lowest was 19.54%. And the median was 33.80%.
NSE:MGL's ROC (Joel Greenblatt) % is ranked better than 70.69% of 505
companies
in the Utilities - Regulated industry
Industry Median: 10.78
vs NSE:MGL: 19.68
Mahanagar Gas's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was -5.90% per year.
Mahanagar Gas (NSE:MGL) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Mahanagar Gas ROC (Joel Greenblatt) % Related Terms
Mahanagar Gas ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Mahanagar Gas's ROC (Joel Greenblatt) % 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.
NSE:MGL vs ATO, NI, UGI: ROC (Joel Greenblatt) % Comparison
For the Utilities - Regulated Gas subindustry, Mahanagar Gas's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Mahanagar Gas's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Mahanagar Gas's ROC (Joel Greenblatt) % falls into.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 11.59% mean?
Mahanagar Gas (NSE:MGL) has a ROC (Joel Greenblatt) % of 11.59% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Mahanagar Gas and its competitors. This is 66% below median its historical median of 33.80. Over the past decade, Mahanagar Gas' ROC (Joel Greenblatt) % has ranged from 19.54 to 41.88. According to the industry distribution chart, Mahanagar Gas ranks #148 out of 505 companies in the Utilities - Regulated industry, placing it in the top 29.3%.
Is Mahanagar Gas' ROC (Joel Greenblatt) % too high?
Mahanagar Gas' current ROC (Joel Greenblatt) % of 11.59% is 66% below median its 10-year median of 33.80. Over the past 10 years, this metric has ranged from a low of 19.54 to a high of 41.88. The Utilities - Regulated industry median ROC (Joel Greenblatt) % is 10.78. Mahanagar Gas' value of 11.59% is 7.5% above this industry median. Based on the distribution chart, Mahanagar Gas ranks #148 out of 505 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' ROC (Joel Greenblatt) % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Mahanagar Gas ranks #148 out of 505 companies for ROC (Joel Greenblatt) %. This puts Mahanagar Gas in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 10.78. Mahanagar Gas' value of 11.59% is 7.5% above this benchmark. Historically, Mahanagar Gas' own ROC (Joel Greenblatt) % has ranged from 19.54 to 41.88 over the past decade. While the company's 10-year median is 33.80 vs. the industry median of 10.78, Mahanagar Gas has consistently been above 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 ROC (Joel Greenblatt) % for an Utilities - Regulated company?
The median ROC (Joel Greenblatt) % among Utilities - Regulated companies is 10.78, based on 505 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mahanagar Gas's current ROC (Joel Greenblatt) % of 11.59% is 7.5% above 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Mahanagar Gas and its competitors. For the Utilities - Regulated industry, the median ROC (Joel Greenblatt) % is 10.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mahanagar Gas's current ROC (Joel Greenblatt) % is 11.59%, which is 66% below median its own 10-year median of 33.80. 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 ₹1,567.61, compared to a current price of ₹1,114.40 — trading 28.9% below its estimated fair value. The current ROC (Joel Greenblatt) % is 11.59%, which is 66% below median its 10-year median of 33.80 and 7.5% above the Utilities - Regulated industry median of 10.78. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Mahanagar Gas (NSE:MGL), the current ROC (Joel Greenblatt) % is 11.59% as of Mar. 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 ₹1,114.40 is trading 28.9% below its estimated GF Value™ of ₹1,567.61.
GuruFocus considers Mahanagar Gas to be Modestly Undervalued.
Key valuation signals for NSE:MGL:
ROC (Joel Greenblatt) %: 11.59% (66% below median its 10-year median of 33.80)
GF Value™: ₹1,567.61 vs. price of ₹1,114.40 (28.9% below fair value)
Industry Position: 7.5% above the Utilities - Regulated median (#148 of 505)
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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