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Mahanagar GasNSE:MGL -1.06%98 3-Year ROIIC % is 1.43 as of Mar. 2026, which is 91% below its 10-year median of 15.54. 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 477 Utilities - Regulated companies, Mahanagar Gas ranks worse than 61.84% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Mahanagar Gas's 3-Year ROIIC % for the quarter that ended in Mar. 2026 was 1.43%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Mahanagar Gas's 3-Year ROIIC % or its related term are showing as below:
NSE:MGL's 3-Year ROIIC % is ranked worse than 61.84% of 477
companies
in the Utilities - Regulated industry
Industry Median: 4.02
vs NSE:MGL: 1.43
Mahanagar Gas (NSE:MGL) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Mahanagar Gas 3-Year ROIIC % Related Terms
Mahanagar Gas 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Mahanagar Gas's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Utilities - Regulated Gas subindustry, Mahanagar Gas's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Mahanagar Gas's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Mahanagar Gas's 3-Year ROIIC % falls into.
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Mahanagar Gas (NSE:MGL) has a 3-Year ROIIC % of 1.43 as of Mar. 2026. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Mahanagar Gas and its competitors. This is 91% below median its historical median of 15.54. According to the industry distribution chart, Mahanagar Gas ranks #295 out of 477 companies in the Utilities - Regulated industry, placing it in the top 61.8%.
Is Mahanagar Gas' 3-Year ROIIC % too high?
Mahanagar Gas' current 3-Year ROIIC % of 1.43 is 91% below median its 10-year median of 15.54. The Utilities - Regulated industry median 3-Year ROIIC % is 4.02. Mahanagar Gas' value of 1.43 is 64.4% below this industry median. Based on the distribution chart, Mahanagar Gas ranks #295 out of 477 companies in the Utilities - Regulated industry, which is below 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' 3-Year ROIIC % compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Mahanagar Gas ranks #295 out of 477 companies for 3-Year ROIIC %. This places Mahanagar Gas in the lower half of its industry. The industry median 3-Year ROIIC % is 4.02. Mahanagar Gas' value of 1.43 is 64.4% below this benchmark. While the company's 10-year median is 15.54 vs. the industry median of 4.02, 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 3-Year ROIIC % for an Utilities - Regulated company?
The median 3-Year ROIIC % among Utilities - Regulated companies is 4.02, based on 477 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Mahanagar Gas's current 3-Year ROIIC % of 1.43 is 64.4% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Mahanagar Gas and its competitors. For the Utilities - Regulated industry, the median 3-Year ROIIC % is 4.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mahanagar Gas's current 3-Year ROIIC % is 1.43, which is 91% below median its own 10-year median of 15.54. 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 3-Year ROIIC % is 1.43, which is 91% below median its 10-year median of 15.54 and 64.4% below the Utilities - Regulated industry median of 4.02. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Mahanagar Gas (NSE:MGL), the current 3-Year ROIIC % is 1.43 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:
3-Year ROIIC %: 1.43 (91% below median its 10-year median of 15.54)
GF Value™: ₹1,567.61 vs. price of ₹1,114.40 (28.9% below fair value)
Industry Position: 64.4% below the Utilities - Regulated median (#295 of 477)
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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