Adani Total Gas (ATGL) — concall transcript

📢 Key Event
ATGL reported 13% YoY gas sales volume growth to 303 MMSCM in Q1 FY27, driven by 18% growth in CNG and 4% in PNG, with 38,000 new households added.

🔄 What Changed
Operating margins compressed from 25% to 15% despite double-digit revenue growth, with flat operating and net profit, primarily due to spot purchases and APM allocation pressures.

🔮 What's Next
Margins expected to improve once Middle East supply stabilizes, with mid-term gas procurement planned to reduce spot market reliance and protect margins.

💡 Investor Takeaway
Shareholders should note that margin pressure is temporary and tied to external gas pricing, not structural issues, with recovery anticipated as supply stabilizes.

Adani Total Gas reported 13% YoY gas sales volume growth to 303 MMSCM in Q1 FY27, driven by 18% growth in CNG and 4% in PNG, with 38,000 new households added. Revenue rose 27% YoY to INR1,908 crores and EBITDA to INR281 crores, while ESG ratings improved. Management cited spot purchases and APM allocation as key margin pressure factors, expecting recovery once Middle East supply stabilizes, and outlined plans for mid-term gas procurement and infrastructure expansion.

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About Adani Total Gas Ltd (ATGL)

Oil Gas & Consumable Fuels · Gas Distribution · Listed on BSE

Market Cap: ₹64,487.36 Cr P/E: 102.0 ROE: 13.0% ROCE: 14.0% Div Yield: 0.04%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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