Adani Total Gas Limited has informed the Exchange about Transcript
ATGL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Adani Total Gas reported 16% YoY volume growth in Q2 FY26, with CNG volumes up 18% and PNG up 11%. Revenue from operations rose 19% to INR 1,569 crore, EBITDA was INR 302 crore, and profit after tax was INR 162 crore (H1 FY26 PAT: INR 324 crore). The company crossed the 1 million home PNG consumer milestone, expanded its CNG station network to 662, and grew steel pipeline infrastructure to 14,524 inch-km. Three credit rating agencies (ICRA, CARE, CRISIL) upgraded ATGL to AA+ with stable outlook. Management discussed the Gujarat VAT realignment benefit (2% CST vs 15% VAT effective Oct 1, 2025), which will be passed through to consumers via calibrated pricing. Combined APM and new well gas allocation moderated from 60% in Q1 to 57% in Q2 FY26, mitigated by a diversified sourcing portfolio (Henry Hub ~17%, Brent ~13%, HPHT, RLNG). PNGRB Zone 1 tariff notification has been issued but implementation is awaited.
Strong operational metrics and AA+ credit rating upgrade across three agencies should boost investor confidence. However, the Gujarat VAT benefit will be passed to consumers rather than retained as margin, and the steady decline in cheaper APM gas allocation remains a structural margin headwind, though management is offsetting this through diversified gas sourcing and volume growth.