Adani Total Gas Q2 FY27 results: net profit up 6.0% to ₹173.27 crore, revenue up 33.8%

How did Adani Total Gas perform in Q2 FY27?

Adani Total Gas reported consolidated revenue of ₹2,110 crore in Q2 FY27, up 33.8% from ₹1,576 crore in Q2 FY26 and 10.6% from ₹1,907 crore in Q1 FY27. EBITDA rose 10.9% year on year to ₹327.53 crore and increased 21.3% from Q1 FY27. EBITDA margin was 15.5%, compared with 18.7% in Q2 FY26 and 14.2% in Q1 FY27.

Consolidated profit before tax was ₹233.34 crore, up 8.0% from ₹216.07 crore in Q2 FY26 and 31.6% from ₹177.33 crore in Q1 FY27. Profit after tax was ₹173.27 crore, against ₹163.49 crore a year earlier and ₹141.72 crore in Q1 FY27. Basic EPS was ₹1.58, compared with ₹1.49 in Q2 FY26 and ₹1.29 in Q1 FY27.

On a standalone basis, revenue was ₹2,102.09 crore and profit after tax was ₹166.88 crore in Q2 FY27, against standalone profit before tax of ₹161.68 crore. The consolidated results include subsidiaries and joint ventures, while the filing also presents the standalone and consolidated results for the quarter and half year ended 30 September 2026.

What changed in Adani Total Gas' costs and profit?

The main movement in profit came from higher operating costs. Consolidated total expenses rose 38.1% year on year to ₹1,890 crore, led by cost of materials, which increased 44.7% to ₹1,446 crore. Other expenses increased 22.7% to ₹334.32 crore, employee cost rose 14.1% to ₹13.77 crore, finance costs rose 38.7% to ₹36.46 crore and depreciation increased 16.3% to ₹71.74 crore. There was no exceptional item.

Other income increased 61.2% to ₹14.01 crore from ₹8.69 crore in Q2 FY26, while total income rose 34.0% to ₹2,123.66 crore from ₹1,585.07 crore. Tax expense increased 23.5% to ₹68.49 crore from ₹55.44 crore. The company said cost of natural gas rose 43% in Q2 FY27 because of volume growth, elevated Brent-linked prices, withdrawal of pooled-gas support and the prolonged West Asia crisis; it also cited currency depreciation and lower APM allocation as factors affecting the operating environment.

How did the first half of FY27 go?

For H1 FY27, Adani Total Gas reported consolidated revenue of ₹4,016.44 crore, up 30.6% from ₹3,074.7 crore in H1 FY26, while total income rose 30.8% to ₹4,043.43 crore from ₹3,091.5 crore. The company attributed the revenue increase in its presentation to sustained volume growth.

Profit before tax declined 5.4% to ₹410.67 crore from ₹434.15 crore in H1 FY26, and profit after tax fell 4.2% to ₹314.99 crore from ₹328.73 crore. Basic EPS was ₹2.86, compared with ₹2.99 in H1 FY26. Total expenses increased during the first half, with the company reporting higher natural-gas costs in its results commentary.

What do the balance sheet and cash flow show?

At 30 September 2026, consolidated total assets were ₹10,056.77 crore, compared with ₹9,548.62 crore at 31 March 2026, while total equity was ₹5,176.8 crore against ₹4,864.81 crore. Borrowings rose to ₹2,342.08 crore from ₹2,168.12 crore, and cash fell to ₹109.86 crore from ₹253.05 crore. Inventories increased to ₹140.07 crore from ₹110.99 crore, trade receivables to ₹521.39 crore from ₹418.54 crore and trade payables to ₹422.5 crore from ₹374.03 crore.

H1 FY27 operating cash flow was ₹456.36 crore, compared with ₹460.29 crore in H1 FY26. Investing cash flow was negative ₹629.61 crore against negative ₹560.61 crore, financing cash flow was ₹30.06 crore against ₹38.57 crore, and capital expenditure was ₹450.44 crore compared with ₹426.44 crore. The company did not report closing cash in the cash-flow figures provided.

How has Adani Total Gas done over the last 8 quarters?

Revenue rose in each of the last eight quarters. It reached ₹2,109.65 crore in Q2 FY27, above ₹1,694.61 crore in Q4 FY26 and the earlier peak of ₹1,639.22 crore in Q3 FY26. The lowest revenue in the period shown was ₹1,400.88 crore in Q3 FY25, so the latest quarter extended the upward revenue sequence.

Profit after tax was ₹173.27 crore in Q2 FY27, above ₹168.34 crore in Q4 FY26, while the lowest was ₹141.72 crore in Q1 FY27. EBITDA margin improved to 15.5% from 14.2% in Q1 FY27, but remained below 19.6% in Q1 FY26. The latest quarter therefore showed higher revenue and profit than the preceding quarter, while the margin remained below the earlier peak shown in the series.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 22 October 2026. The company also submitted a media release and investors’ presentation relating to those results. No dividend or fund-raising decision was stated in the same-day filings provided.

The board noted the cessation of Suresh P. Manglani as Executive Director and Key Managerial Personnel upon superannuation, effective from the close of business hours on 31 October 2026. It approved Sanjay Pandita’s appointment as an Additional Director and Whole-time Director designated as Executive Director, effective from 1 November 2026 for three years, subject to shareholder approval; he was to be designated Executive Director and Chief Executive Officer.

What did Adani Total Gas' management say?

Management said Q2 FY27 volumes rose 12% year on year to 315 MMSCM and EBITDA increased 12% to INR340 cr despite 43% higher gas costs. It said the gas-cost increase was driven by higher Brent crude, domestic gas availability shifts and withdrawal of pooled gas support, and described these issues as temporary. The company’s consolidated EBITDA was ₹327.53 crore, while the management figure cited on the earnings call relates to its reported presentation.

Management targeted close to 80-90 new CNG stations in FY27 and said additions for FY28 could be similar or more aggressive. It aimed for more than 2 lakh PNG household connections in FY27, compared with approximately 70,000 connected in H1 FY27, and said Barsana CBG output was expected to double from approximately 5-6 tons within the next 5-6 months. It said CNG volumes were growing at 17-18% against industry growth of around 20%.

Management said the EBITDA margin was approximately 16.2%, compared with 23%+ historically, but gave no timeline for recovery. It cited calibrated pricing, operating-expense and capital-expenditure control and longer-term contracts as levers. Management also said EV charging had expanded to 5,513 points and 63 MW across 225 cities, with B2B fleet deals leading, while spot-gas exposure had fallen to 7-8% of the portfolio from approximately 15% before the Term agreement.

How did Adani Total Gas shares react?

After the filing, Adani Total Gas fell 0.9% on the reaction day from its pre-results close of ₹560.45 to ₹552.45. By the next day’s close, the stock was down 5.5% from that pre-results close, and by the fifth session it was down 2.2%. The industry median moved down 1.5% on the reaction day, down 3.4% by the next day and down 1.3% by five sessions; the stock’s relative move was 0.6 percentage points, -2.1 percentage points and -1.0 percentage points, respectively.