Adani Total Gas Ltd (ATGL)

Oil Gas & Consumable Fuels · Gas Distribution · NSE · Updated 16 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹579.95 ↓ 4.24% (1Y)

🎯 Key Takeaways

Adani Total Gas Ltd is in a clear growth phase, driven by expanding infrastructure and volume-led demand in the gas distribution segment. Management is executing a capital-intensive expansion strategy, evidenced by network growth and strategic investments in EV charging and biogas, while maintaining strong ESG credentials and credit ratings.
Revenue grew 12.6% QoQ to ₹1,754 in Q1FY27.
⚠️ Regulatory uncertainty in city gas network authorizations could delay expansion and impact revenue visibility.

Market Cap

₹63,783

P/E Ratio

100.9

P/B Ratio

13.11

ROE

13.0%

ROCE

14.0%

Debt/Equity

0.45

Div Yield

0.04%

Promoter

74.8%

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📖 The Story

Adani Total Gas Ltd is in a clear growth phase, driven by expanding infrastructure and volume-led demand in the gas distribution segment. Management is executing a capital-intensive expansion strategy, evidenced by network growth and strategic investments in EV charging and biogas, while maintaining strong ESG credentials and credit ratings. The company demonstrates consistent financial resilience with low leverage and improving profitability, underpinned by operational scale and regulatory stability.

📰 What's Happening

In Q1 FY27 (June 2026), ATGL reported a 27% YoY revenue increase to ₹1,910 crores and PAT of ₹133 crores, supported by 13% volume growth to 218 MMSCM. The company added 5 new CNG stations and 38,000 households, bringing total CNG stations to 1,167 and PNG connections to 13.75 lakhs. Management highlighted ongoing investments in infrastructure, EV charging, and biogas initiatives, with a target to plant 50,000 trees as part of sustainability goals. Credit rating reaffirmation by CARE (AA+ Stable Outlook) and strong ESG ratings (CRISIL 66, CareEdge 84) underscore institutional confidence. Board approved the unaudited results and confirmed no material impact from pending legal matters, including a US case involving a non-executive director.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	1,451	1,507	1,557	1,754
Operating Profit	234	243	238	203
OPM %	16.1%	16.1%	15.3%	11.6%
Net Profit	163	159	168	142
EPS	₹1.49	₹1.44	₹1.53	₹1.29

ATGL has delivered sequential revenue growth from ₹1,451 crores (Sep 2025) to ₹1,754 crores (Jun 2026), with OPM holding steady at 11.6% in June 2026 despite margin pressure in prior quarters. Profit after tax declined slightly to ₹142 crores in June 2026 from ₹168 crores in March 2026, but remains robust on a YoY basis. The company has maintained healthy operating cash flow (₹1,149 crores in Mar 2026), though net cash flow turned negative (₹29 crores) due to capital investments. Balance sheet trends show steady asset growth and controlled leverage (D/E of 0.45), with equity and reserves expanding alongside network investments.

🔮 Management Outlook & What's Next

Management emphasized continued infrastructure investment, expansion of EV charging and biogas projects, and sustainability initiatives including tree plantation targets. No formal forward guidance on revenue or margins was provided in the latest investor call, but strategic focus remains on volume growth, network scalability, and ESG leadership. The company is actively pursuing long-term value creation through regulated asset growth and clean energy transitions, with no indication of strategic pivot or capital reallocation away from core gas distribution.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	110	110	110	110
Reserves	3,801	4,097	4,399	4,755
Borrowings	1,457	1,834	2,007	2,168
Total Liabilities	6,842	7,665	8,743	9,549
Fixed Assets	3,366	3,606	3,930	4,314
Investments	922	811	1,460	1,690
Total Assets	6,842	7,665	8,743	9,549

The balance sheet reflects a capital-intensive growth phase, with total assets rising from ₹7,665 crores (Mar 2025) to ₹9,549 crores (Mar 2026), driven by investments in infrastructure and network expansion. Borrowings increased moderately to ₹2,168 crores, but equity and reserves have grown steadily, indicating self-financed expansion with prudent leverage management. The stable promoter holding (74.8%) and consistent reserve growth suggest long-term capital planning aligned with sector development goals.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+1,149
Investing	-1,236
Financing	+117
Net Cash Flow	+29

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	74.8%	74.8%	74.8%	74.8%
FII	12.9%	12.8%	12.8%	12.8%
DII	6.2%	6.3%	6.3%	6.3%
Public	5.5%	5.6%	5.7%	5.5%
# Shareholders	6,34,539	6,18,119	6,36,149	5,96,758

Promoter holding remains stable at 74.8%, indicating confidence in long-term prospects. FII and DII ownership have shown slight fluctuations but remain elevated — FII at 12.76% and DII at 6.35% in Q1FY27 — with no signs of significant exit. The growing number of shareholders (5,96,758 in Q1FY27) and consistent retail participation suggest broadening institutional and retail interest. No pledging or selling signals have emerged from regulatory disclosures.

⚖️ Peer Comparison — Gas Distribution

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
GAIL	1.12 L Cr	11.3	12.9%	11.1%	0.22
ATGL	63,783	100.9	14.0%	13.0%	0.45
PETRONET	42,450	10.1	25.7%	18.4%	0.00
GUJENERGY	22,841	10.9	30.3%	20.1%	0.00
IGL	21,021	15.4	15.3%	11.8%	0.00
MGL	10,595	14.8	15.3%	11.1%	0.00
IRMENERGY	1,095	15.0	11.3%	8.2%	0.13
509449	9	3.2	54.9%	74.5%	0.40
POSITRON	—	—	—	—	0.69
GSPL	—	—	18.8%	13.6%	0.00

🔗 Peer Stock Analyses

GAIL PETRONET GUJENERGY IGL MGL

⚠️ Risk Factors

1. Regulatory uncertainty in city gas network authorizations could delay expansion and impact revenue visibility. 2. Rising gas input costs may pressure margins if not fully passed on to consumers. 3. Exposure to a US legal case involving a non-executive director, though currently deemed non-material, introduces reputational and compliance risk. 4. Intensifying competition in the CNG/PNG space could erode pricing power if new entrants disrupt the market.

📋 Recent Filings

🧠 Analyst's Read

ATGL is executing a stable, infrastructure-led growth strategy with strong volume momentum and improving scale, supported by solid credit ratings and ESG credentials. The near-term outlook hinges on regulatory clearances and cost management, but the core business remains resilient. Investors should monitor upcoming regulatory decisions and capital allocation trends as key near-term catalysts.

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 2026-09-16.

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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