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and 38% from imported RLNG, with about 15% of volumes now bought on the spot market after the pooled gas mechanism was withdrawn.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
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI TOTAL GAS LIMITED ◆ | 65,602 | 103.8 | 13.49 | 54.8 | 13.5 | 11.8 | 29.1 | 14.8 |
| PETRONET LNG LIMITED | 43,080 | 10.2 | 1.93 | 6.7 | 17.6 | 20.3 | 10.8 | 31.4 |
| GUJARAT ENERGY LIMITED | 22,629 | 10.8 | 1.20 | 7.2 | 8.9 | 10.4 | 19.5 | 16.1 |
| INDRAPRASTHA GAS LTD | 21,245 | 15.6 | 1.84 | 9.5 | 13.4 | 13.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Adani Total Gas appoints Mr Preyash Jhaveri as Chief Financial Officer | management changes | high | — | — |
| 20 Aug 2026 · Clarification on significant volume movement in scrip | regulatory legal | medium | — | — |
| 20 Aug 2026 · BSE seeks clarification from Adani Total Gas on volume movement | regulatory legal | low | — | — |
| 14 Aug 2026 · Investor meet at Motilal Oswal conference on Aug 19 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Adani Total Gas gets 'Leader' ESG rating of 75 from NSE Sustainability | business updates | medium | — | — |
| 7 Aug 2026 · ICRA reaffirms ATGL credit ratings at AA plus stable, A1 plus | credit debt | medium | — | — |
| 7 Aug 2026 · ICRA reaffirms AA+ rating with stable outlook | credit debt | medium | — | — |
| 31 Jul 2026 · CARE Ratings reaffirms Adani Total Gas ratings at AA+ with stable outlook | credit debt | medium | — | — |
| 28 Jul 2026 · Adani Total Gas Q1 FY27 Earnings Call - Revenue Up 27%, Margins Pressured | investor communications | medium | — | — |
| 22 Jul 2026 · Audio Recording of Q1 FY27 Analyst/Investor Call Submitted | investor communications | medium | — | — |
| 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 |
| 26.8 |
| 7.8 |
| MAHANAGAR GAS LTD. | 10,724 | 15.0 | 1.66 | 6.8 | 13.0 | 16.2 | — | 14.4 |
| CONFIDENCE PETRO IND LTD. | 2,964 | 19.1 | 1.92 | 9.0 | 6.3 | 5.9 | 40.4 | 6.1 |
| IRM ENERGY LIMITED | 1,170 | 16.0 | 1.17 | 8.6 | 5.3 | 7.1 | — | 18.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 103.8 | 15.6 | 9 of 9 | 0% |
| P/B | 13.5 | 1.8 | 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 | 65602 | 22629 | 2 of 9 | 88% |
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| 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 |
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