NSE: ATGL · BSE: 542066
ADANI TOTAL GAS LIMITED
Distributes natural gas to Indian households, vehicles, and businesses through city gas distribution networks, with the combined ATGL and IOAGPL joint venture footprint covering 53 geographic areas across 125 districts and 14% of India's population. The CNG business retails compressed natural gas at company-operated stations while the PNG business delivers piped natural gas to households and to industrial and commercial users. A third line is electric vehicle charging, which is being scaled up toward a stated 10,000-point target. Gas volumes grew 13% year-on-year in Q1 FY27, with CNG +18% and PNG +4%. Gas is sourced 62% from domestic fields and 38% from imported RLNG, with about 15% of volumes now bought on the spot market after the pooled gas mechanism was withdrawn. Materials (predominantly gas procurement) account for 62.9% of revenue, making sourcing cost the dominant cost driver and the principal cause of recent margin compression. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. CNG (Compressed Natural Gas), PNG (Piped Natural Gas), EV charging. Asset-heavy city gas distribution with policy-linked gas sourcing and high capex intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,206 | 4,683 | 4,816 | 5,412 | 6,409 |
| EBITDA (ex other income) | 773 | 870 | 1,104 | 1,133 | 1,195 |
| margin % | 24.1 | 18.6 | 22.9 | 20.9 | 18.6 |
| Owners' profit | 509 | 546 | 668 | 654 | 656 |
| EPS, as reported (₹) | 4.63 | 4.97 | 6.07 | 5.95 | 5.96 |
| ROE % · ROCE % | 21.1 · 24.8 | 18.6 · 23.0 | 18.6 · 20.7 | 15.6 · 15.7 | 13.5 · 13.5 |
| Debt / equity (x) | 0.43 | 0.47 | 0.41 | 0.44 | 0.45 |
| Cash from operations | 736 | 853 | 955 | 964 | 1,149 |
| Capex | (951) | (1,175) | (799) | (941) | (988) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,318 | 1,401 | 1,453 | 1,498 | 1,576 | 1,639 | 1,695 | 1,907 |
| Profit before tax | 238 | 191 | 197 | 218 | 216 | 211 | 215 | 177 |
| Net profit | 186 | 142 | 155 | 165 | 163 | 159 | 168 | 142 |
| EPS (₹) | 1.69 | 1.30 | 1.41 | 1.50 | 1.49 | 1.44 | 1.53 | 1.29 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED ◆ | 59,039 | 93.4 | 12.14 | 49.5 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 44,400 | 10.6 | 1.99 | 6.9 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 20,063 | 9.6 | 1.06 | 6.4 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 19,635 | 14.4 | 1.70 | 8.8 | 13.4 | 13.8 | 26.8 | 7.8 |
| MAHANAGAR GAS LTD. | 10,402 | 14.5 | 1.61 | 6.6 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,298 | 14.8 | 1.49 | 7.3 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED | 998 | 13.7 | 1.00 | 7.3 | 5.3 | 7.1 | — | 18.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 93.4 | 14.4 | 9 of 9 | 0% |
| P/B | 12.1 | 1.6 | 9 of 9 | 0% |
| ROCE | 11.8 | 11.8 | 5 of 9 | 50% |
| ROE | 13.5 | 12.6 | 2 of 9 | 88% |
| Debt / Equity | 0.5 | 0.2 | 9 of 9 | 0% |
| EBITDA margin | 14.8 | 16.1 | 6 of 9 | 38% |
| Revenue growth | 27.3 | 24.3 | 4 of 9 | 63% |
| Profit growth | (14.2) | 96.1 | 7 of 9 | 25% |
| Market cap | 59039 | 20063 | 2 of 9 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Adani Total Gas shares Q2 FY27 analyst call audio | investor communications | low | — | — |
| 22 Oct 2026 · Adani Total Gas Q2 FY27 Results: Revenue up 34%, EBITDA up 12% YoY | investor communications | high | — | — |
| 22 Oct 2026 · ATGL Q2 results: ED Manglani retires, Pandita named Executive Director and CEO | management changes | high | — | — |
| 22 Oct 2026 · Adani Total Gas Q2 results; ED retires, CEO elevated to Executive Director | management changes | medium | — | — |
| 22 Oct 2026 · Revenue rises 34% but margins ease in September quarter | results | high | — | — |
| 22 Oct 2026 · Q2 FY27 results: revenue up 34% YoY, CEO Pandita elevated to Executive Director | results | high | — | — |
| 13 Oct 2026 · Adani Total Gas sets Oct 23, 2026 call to discuss Q2FY27 results | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Quarterly RTA compliance certificate submitted for Q2 FY26 | compliance | minimal | — | — |
| 1 Oct 2026 · Adani Total Gas board meeting on Oct 22 to approve Q2 FY27 results | results | low | — | — |
| 28 Sept 2026 · Adani Total Gas closes trading window ahead of Q2 FY27 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.