Adani Total Gas Limited (ATGL)
🎯 Key Takeaways
- Adani Total Gas Limited is in a growth phase driven by expanding infrastructure and rising demand for cleaner fuels. Management is prioritizing network expansion, ESG initiatives, and diversification into EV charging and biogas, signaling a strategic shift beyond core gas distribution.
- Revenue grew 6.3% QoQ to ₹1,401 in Q3FY25.
- ⚠️ 1) Regulatory uncertainty around city gas network authorizations and ongoing US legal matter involving a non-executive director, despite company's ass
📖 The Story
Adani Total Gas Limited is in a growth phase driven by expanding infrastructure and rising demand for cleaner fuels. Management is prioritizing network expansion, ESG initiatives, and diversification into EV charging and biogas, signaling a strategic shift beyond core gas distribution. The company demonstrates strong revenue growth and margin resilience, supported by volume increases and operational scale, though elevated P/E suggests premium valuation expectations.
📰 What's Happening
In Q1 FY27, ATGL reported 27% YoY revenue growth to ₹1910 crores and PAT of ₹133 crores, up from ₹168 crores in the prior quarter, driven by 13% volume growth to 218 MMSCM. The company expanded its CNG network to 1,167 stations and added 38,000 PNG connections. Management highlighted progress on EV charging and biogas projects, with plans to plant 50,000 trees as part of sustainability goals. Credit rating was reaffirmed at AA+ (Stable Outlook) by CARE Ratings, reinforcing financial stability.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,197 | 1,135 | 1,179 | 1,244 | 1,258 | 1,239 | 1,318 | 1,401 |
| Operating Profit | 205 | 255 | 289 | 300 | 303 | 305 | 312 | 272 |
| OPM % | 16.3% | 21.8% | 23.8% | 23.1% | 22.9% | 23.9% | 23.2% | 18.9% |
| Net Profit | 98 | 150 | 173 | 177 | 168 | 172 | 186 | 142 |
| EPS | ₹0.89 | ₹1.37 | ₹1.57 | ₹1.61 | ₹1.53 | ₹1.56 | ₹1.69 | ₹1.30 |
Quarterly revenue has shown consistent growth from ₹1,135 crores in Q4FY23 to ₹1,910 crores in Q1FY27, with operating margins holding firm around 22-24% despite input cost pressures. Profitability trends reflect strong operational efficiency, with PAT peaking at ₹186 crores in Q2FY25 before moderating to ₹133 crores in Q1FY27, likely due to strategic investments. EPS has risen from ₹0.89 in Q4FY23 to ₹1.30 in Q3FY25, indicating improving earnings power. The company maintains robust operating performance with no signs of margin erosion from volume-driven growth.
🔮 Management Outlook & What's Next
Management emphasized continued infrastructure investment, network expansion, and sustainability initiatives including EV charging and biogas development. They reiterated focus on long-term ESG leadership, targeting 50,000 trees planted and expanding renewable gas sourcing. No formal financial guidance was provided in the latest filings, but strategic priorities were clearly outlined during the investor call and board review. Expansion of CNG stations and household connections remains central to growth plans.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Gas
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GAIL (India) Limited | 1.07 L Cr | 8.6 | — | — | — |
| Adani Total Gas Limited | 67,776 | 101.4 | — | — | — |
| Petronet LNG Limited | 39,540 | 10.9 | — | — | — |
| Gujarat Gas Limited | 25,464 | 20.1 | — | — | — |
| Aegis Logistics Limited | 23,663 | 24.4 | 15.7% | 16.6% | 0.62 |
| Indraprastha Gas Limited | 21,297 | 12.6 | — | — | — |
| Gujarat State Petronet Limited | 15,141 | 7.8 | — | — | — |
| Mahanagar Gas Limited | 10,743 | 10.3 | — | — | — |
| Confidence Petroleum India Limited | 2,047 | 26.1 | — | — | — |
| IRM Energy Limited | 1,176 | 23.6 | — | — | — |
⚠️ Risk Factors
1) Regulatory uncertainty around city gas network authorizations and ongoing US legal matter involving a non-executive director, despite company's assertion of no financial impact. 2) High valuation multiples (P/E of 101.4) may limit upside if growth moderates. 3) Input cost volatility in natural gas prices could pressure margins if not fully passed on. 4) Execution risks in scaling new ventures like EV charging and biogas amid capital intensity.
📋 Recent Filings
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Announcement 11 August 2026Adani Total Gas Limited announced that NSE Sustainability assigned an overall ESG rating of 75 for FY2026, placing it in the 'Leader' category, reflec...
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🔴 Announcement 31 July 2026Adani Total Gas Limited announced that CARE Ratings reaffirmed its long-term rating at CARE AA+ with a Stable Outlook and short-term rating at CARE A1...
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🔴 Financial Results 22 July 2026Adani Total Gas Limited announced an audio recording of its analysts and investor call discussing unaudited financial results for the quarter ended Ju...
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🔴 Financial Results 21 July 2026Adani Total Gas Limited reported unaudited Q1 FY27 results with revenue of **₹1910 crores**, up 27% YoY, driven by 13% volume growth to 303 MMSCM. Pro...
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🟡 Board Meeting 21 July 2026Adani Total Gas Limited announced the outcome of its board meeting held on July 21, 2026, where it approved unaudited standalone and consolidated fina...
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Announcement 3 July 2026Adani Total Gas Limited announced that CRISIL ESG Ratings upgraded its overall ESG rating from CRISIL ESG 61 to CRISIL ESG 66 and Core ESG rating from...
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Financial Results 29 June 2026Adani Total Gas Limited announced that its trading window for securities will close on July 1, 2026, remaining shut until 48 hours after the unaudited...
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Announcement 27 June 2026Adani Total Gas Limited disclosed that CARE ESG Ratings upgraded its ESG score from 83.3 to 84.0, maintaining the 'Care Edge – ESG 1+' rating, reflect...
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🟡 Board Meeting 26 June 2026Adani Total Gas Limited announced voting results for its 21st Annual General Meeting held on June 25, 2026, where all six proposed resolutions were pa...
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🟡 Board Meeting 25 June 2026Adani Total Gas Limited held its 21st Annual General Meeting on June 25, 2026 via video conference, with 615,889 shareholders on record. 4 promoter sh...
🧠 Analyst's Read
ATGL is executing a clear growth strategy with strong operational momentum, supported by volume expansion and ESG positioning. Investors should monitor management's ability to sustain margins amid input cost pressures and the pace of capital deployment into new initiatives. The next catalyst will be updates on network expansion progress and any formal guidance on long-term growth targets.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-13.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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