Mahanagar Gas (NSE:MGL) ROCE %: 10.32% (As of Mar. 2026)


NSE:MGL Mahanagar Gas Ltd NSE:MGL
97 GF Score
Price ₹1,174.60
GF Value ₹1,552.53
Valuation Modestly Undervalued
! 5 Warning Signs
View Full Analysis

What is Mahanagar Gas ROCE %?

Mahanagar Gas NSE:MGL -1.79% 97 ROCE % is 10.32% as of Mar. 2026. GuruFocus rates NSE:MGL with a GF Score™ of 97/100 and a GF Value™ of ₹1,552.53 (Modestly Undervalued). The stock has 5 warning signs investors should review.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Mahanagar Gas's annualized ROCE % for the quarter that ended in Mar. 2026 was 10.32%.

Mahanagar Gas  (NSE:MGL) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Mahanagar Gas ROCE % Related Terms

Mahanagar Gas ROCE % Historical Data

* Premium members only.

The historical data trend for Mahanagar Gas's ROCE % 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.

Mahanagar Gas ROCE % Chart

Mahanagar Gas Annual Data
Trend Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
ROCE %
Get a 7-Day Free Trial Premium Member Only Premium Member Only 22.00 25.42 34.74 23.16 17.22

Mahanagar Gas Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
ROCE % Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 21.32 27.27 15.34 16.30 10.32
NSE:MGL
97GF Score
Mahanagar Gas Ltd NSE:MGL
ROCE % is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Mahanagar Gas ROCE % Calculation

Mahanagar Gas's annualized ROCE % for the fiscal year that ended in Mar. 2026 is calculated as:

ROCE %=EBIT/( (Capital Employed+Capital Employed)/ count )
(A: Mar. 2026 )  (A: Mar. 2025 )(A: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(A: Mar. 2026 )  (A: Mar. 2025 )(A: Mar. 2026 )
=11555.5/( ( (82702.1 - 18749.7) + (89811.2 - 19585.4) )/ 2 )
=11555.5/( (63952.4+70225.8)/ 2 )
=11555.5/67089.1
=17.22 %

Mahanagar Gas's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %=EBIT (1)/( (Capital Employed+Capital Employed)/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=EBIT/( ( (Total Assets - Total Current Liabilities)+(Total Assets - Total Current Liabilities) )/ count )
(Q: Mar. 2026 )  (Q: Dec. 2025 )(Q: Mar. 2026 )
=7248/( ( (0 - 0) + (89811.2 - 19585.4) )/ 1 )
=7248/( ( 0 + 70225.8 )/ 1 )
=7248/70225.8
=10.32 %

(1) 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.

Frequently Asked Questions Learn more about ROCE % →
What does a ROCE % of 10.32% mean?
Mahanagar Gas (NSE:MGL) has a ROCE % of 10.32% as of Mar. 2026.
Is Mahanagar Gas' ROCE % too high?
Mahanagar Gas' current ROCE % is 10.32%. The Utilities - Regulated industry median ROCE % is 6.95. Mahanagar Gas' value of 10.32% is 48.5% above this industry median. Overall, Mahanagar Gas has a GF Score™ of 97/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mahanagar Gas' ROCE % compare to ATO and NI?
Mahanagar Gas' ROCE % of 10.32% can be compared against companies in the Utilities - Regulated industry. The industry median ROCE % is 6.95. Mahanagar Gas' value of 10.32% is 48.5% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROCE % for an Utilities - Regulated company?
The median ROCE % among Utilities - Regulated companies is 6.95, based on 505 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mahanagar Gas's current ROCE % of 10.32% is 48.5% 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 ROCE % mean?
A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Utilities - Regulated industry, the median ROCE % is 6.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mahanagar Gas's current ROCE % is 10.32%. 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 ₹1,552.53, compared to a current price of ₹1,174.60 — trading 24.3% below its estimated fair value. The current ROCE % is 10.32% and 48.5% above the Utilities - Regulated industry median of 6.95. Mahanagar Gas' overall GF Score™ is 97/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROCE % calculated?
ROCE % is calculated from a company's financial statements. For Mahanagar Gas (NSE:MGL), the current ROCE % is 10.32% 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 ₹1,174.60 is trading 24.3% below its estimated GF Value™ of ₹1,552.53. GuruFocus considers Mahanagar Gas to be Modestly Undervalued.

Key valuation signals for NSE:MGL:

  • ROCE %: 10.32%
  • GF Value™: ₹1,552.53 vs. price of ₹1,174.60 (24.3% below fair value)
  • GF Score™: 97/100 with 5 warning signs
  • Industry Position: 48.5% above the Utilities - Regulated median

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 Business Description

Other Exchanges 539957:India
Address Block No. G-33, Bandra-Kurla Complex, MGL House, Bandra (East), Mumbai, MH, IND, 400051
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.
97GF Score

Get the complete analysis for NSE:MGL

ROCE % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹1,174.60
Price
₹1,552.53
GF Value