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ATGL - Adani Total Gas

📊 NSE: ATGL 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 17:51

📢 Recent Corporate Announcements

Adani Total Gas Clarifies Recent Stock Price Movement as Market-Driven

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 09:04 PM

Adani Total Gas Limited (ATGL) has responded to clarification requests from both BSE and NSE regarding significant movement in its stock price on March 13, 2026. The company stated that the price fluctuations are purely market-driven and influenced by prevailing market conditions. Management clarified they have no control over the price movement and are unaware of any specific undisclosed information that could be causing it. The company reaffirmed its commitment to making all necessary disclosures under SEBI Regulation 30.

BSE and NSE issued surveillance inquiries to ATGL on March 13, 2026, regarding price volatility.
Company confirms that price movement is 100% market-driven with no internal catalysts.
Management states they have no knowledge of specific reasons for the recent significant price change.
ATGL maintains full compliance with SEBI Listing Obligations and Disclosure Requirements (LODR) 2015.

💡 As the company has confirmed no undisclosed material events, investors should treat the recent volatility as market-driven and focus on long-term fundamentals. No immediate action is required based on this routine regulatory clarification.

ATGL Reports Gas Supply Disruptions; Govt Issues Priority Order for CNG and Domestic PNG

🔵 WATCH ⭐ 8/10

REGULATORY 📅 11 Mar 2026, 01:11 PM

Adani Total Gas Limited (ATGL) has reported gas supply curtailments from its suppliers due to escalating geopolitical tensions in the Middle East and disruptions in the Strait of Hormuz. In response, the Ministry of Petroleum and Natural Gas has issued the Natural Gas (Supply Regulation) Order, 2026, to prioritize essential sectors. While Domestic PNG and CNG for transport will receive 100% of their 6-month average consumption, industrial and commercial customers are capped at 80%. ATGL is currently assessing the impact on its industrial segment, which is facing supply reductions.

Geopolitical conflict in the Middle East has led to force majeure by LNG suppliers, impacting ATGL's industrial supply.
New government order mandates 100% priority supply for Domestic PNG and CNG for transport based on 6-month averages.
Industrial and Commercial consumers in CGD networks will see gas supply limited to 80% of their 6-month average.
Fertilizer plants are allocated 70% of their past 6-month average gas consumption to manage the shortage.
A pooled pricing mechanism will be notified by PPAC for natural gas diverted from non-priority sectors like petrochemicals.

💡 Investors should monitor the duration of the Middle East conflict as a prolonged 20% supply cap on industrial customers could hurt volume growth and margins. Keep a close watch on the 'pooled price' notifications which will determine the cost of diverted gas for ATGL.

Adani Total Gas Re-appoints Suresh P Manglani as Executive Director for 1 Year

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Feb 2026, 03:15 PM

Adani Total Gas Limited (ATGL) has approved the re-appointment of Mr. Suresh P Manglani as a Whole-time Director, designated as Executive Director, for a one-year term starting February 9, 2026. Mr. Manglani has been with the company since 2018 and brings over 30 years of experience in the oil and gas industry, including roles at GAIL and Reliance Industries. The decision, recommended by the Nomination & Remuneration Committee, ensures leadership continuity for the company's city gas distribution operations. The appointment remains subject to the final approval of the company's shareholders.

Re-appointment of Suresh P Manglani as Executive Director for a 1-year term effective February 9, 2026
Mr. Manglani has over 30 years of experience in the oil and gas sector, including 17 years in CGD businesses
He previously served in senior leadership roles at GAIL, Mahanagar Gas, and Reliance Industries
The board meeting approving the appointment concluded on February 7, 2026, at 2:50 p.m.

💡 This is a routine management continuity move that provides stability to the leadership team. Investors should view this as a neutral development with no immediate impact on the stock's fundamentals.

ATGL Q3 FY26: Revenue Rises 17% to ₹1,631 Cr; CNG Volume Growth Strong at 17%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 30 Jan 2026, 12:03 PM

Adani Total Gas reported a robust 17% YoY increase in Q3 FY26 revenue to ₹1,631 crores, driven by an 18% growth in CNG volumes over the nine-month period. EBITDA for the quarter rose 15% to ₹313 crores, although nine-month PAT saw a marginal 3% decline to ₹481 crores due to specific cost impacts. The company expanded its infrastructure significantly, reaching 680 CNG stations and 1.05 million domestic PNG connections. Regulatory shifts, including a simplified two-zone transmission tariff, are expected to improve cost frameworks and affordability for consumers.

Revenue from operations grew 17% YoY to ₹1,631 crores in Q3 FY26.
CNG volumes increased by 17% YoY in Q3 and 18% for the nine-month period.
Network expanded to 680 CNG stations and 1.05 million domestic PNG connections.
E-mobility segment reached nearly 5,000 charge points across 226 cities.
S&P Dow Jones Sustainability Index score improved to 72, ranking 9th globally in gas utilities.

💡 Investors should monitor the impact of the new 2-zone transmission tariff on margins and the continued rapid scaling of the EV charging network. The strong volume growth in CNG suggests high market penetration, making it a solid long-term play in the energy transition space.

Adani Total Gas Clarifies on US Legal Summons Media Reports

🔵 WATCH ⭐ 7/10

LEGAL 📅 24 Jan 2026, 12:02 AM

Adani Total Gas Limited (ATGL) has responded to stock exchange queries regarding media reports about US regulators seeking to serve legal summons to Gautam and Sagar Adani. The company clarified that it is not a party to these legal proceedings and no allegations have been made against the company itself. ATGL maintains that the news does not trigger any mandatory disclosure requirements under SEBI Regulation 30. This response follows a similar clarification provided by the company previously on November 21, 2024.

ATGL clarified it is not a party to the US legal proceedings mentioned in media reports dated January 23, 2026.
The company stated that no allegations have been made against Adani Total Gas Limited specifically.
Management confirmed that the news item does not trigger disclosure requirements under SEBI Listing Regulations.
The response refers back to a previous clarification issued on November 21, 2024, regarding similar matters.

💡 Investors should monitor the broader legal developments involving the Adani Group promoters in the US, as these can impact sentiment and stock volatility. Since the company itself is not directly involved, the fundamental impact remains limited for now.

Adani Total Gas Submits Q3 FY26 Investor Call Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jan 2026, 09:19 PM

Adani Total Gas Limited (ATGL) has released the audio recording of its analyst and investor call held on January 23, 2026. The call focused on the company's standalone and consolidated unaudited financial results for the third quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement to ensure transparency for all shareholders. Investors can access the recording via the company's website to hear management's detailed commentary on operational performance.

Audio recording of the Q3 FY26 earnings call is now available for public access.
The call pertains to financial results for the quarter and nine months ended December 31, 2025.
The investor meeting was conducted on January 23, 2026, following the results announcement.
The recording provides insights into management's perspective on the company's growth and market conditions.

💡 Investors should listen to the recording to understand management's guidance on volume growth and margin sustainability. No immediate action is required as this is a routine compliance filing.

Adani Total Gas Shareholders Approve K Jairaj as Independent Director with 99.85% Majority

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 23 Jan 2026, 08:40 PM

Adani Total Gas Limited (ATGL) has successfully passed a special resolution for the appointment of Mr. K Jairaj as an Independent Director (Non-Executive). The resolution, conducted via postal ballot, received overwhelming support with 99.85% of the total votes cast in favor. A total of 90.60 crore valid votes were polled, representing approximately 82.38% of the company's paid-up equity capital. This appointment is part of the company's ongoing commitment to corporate governance and board independence.

Special resolution for the appointment of Mr. K Jairaj passed with a 99.85% majority of votes cast.
Total valid votes polled were 90,60,53,599, covering 82.38% of the total paid-up equity capital.
Promoter and Promoter Group voted 100% in favor of the resolution with 82.26 crore votes.
Public Institutional investors supported the move with 98.40% of their votes cast in favor.
The voting process was conducted via electronic means from December 25, 2025, to January 23, 2026.

💡 This is a routine governance update and requires no immediate action from investors. The high approval rate reflects strong shareholder confidence in the company's board-level decisions.

ATGL Q3 FY26 Results: PAT Rises 10% to INR 157 Cr; Revenue Up 17% on Strong Volume Growth

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 06:41 PM

Adani Total Gas Limited (ATGL) reported a steady Q3 FY26 with standalone revenue growing 17% YoY to INR 1,631 crore, driven by a 12% increase in total sales volume. While Q3 PAT grew 10% to INR 157 crore, the 9-month PAT saw a marginal decline of 4% due to lower APM gas allocation (41%) and higher costs of imported R-LNG. The company is aggressively expanding its infrastructure, reaching 680 CNG stations and nearly 5,000 EV charging points. Regulatory tailwinds like the transition to 2% CST and simplified transmission tariffs are expected to support future cost structures.

Standalone Revenue for Q3 FY26 grew 17% YoY to INR 1,631 Cr, while EBITDA rose 15% to INR 313 Cr.
Total sales volume increased 12% YoY to 289 MMSCM, with CNG volumes specifically jumping 17%.
CNG network expanded to 680 stations and PNG household connections reached 10.5 lakh.
Adani TotalEnergies E-mobility footprint grew to 4,908 EV charge points across 226 cities.
APM gas allocation for CNG remained low at 41%, necessitating costlier sourcing from NWG and R-LNG.

💡 Investors should monitor ATGL's ability to maintain margins as APM gas allocation remains low, forcing reliance on costlier imported gas. The rapid expansion in EV charging and biomass segments offers long-term diversification value beyond traditional gas distribution.

ATGL Q3 Results: Net Profit Rises 11.4% YoY to ₹158.65 Crore; Revenue Up 17%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 05:59 PM

Adani Total Gas reported a steady performance for the quarter ended December 31, 2025, with consolidated revenue from operations growing 17% YoY to ₹1,639.22 crore. Net profit for the quarter increased by 11.4% to ₹158.65 crore, supported by higher sales volumes despite rising gas procurement costs. However, finance costs saw a significant jump of 48% YoY to ₹40.63 crore, impacting overall margins. The company continues to navigate regulatory challenges regarding geographical area authorizations in Noida and Faridabad.

Revenue from operations increased 17% YoY to ₹1,639.22 crore in Q3 FY26.
Consolidated Net Profit grew 11.4% YoY to ₹158.65 crore compared to ₹142.38 crore in Q3 FY25.
Finance costs surged to ₹40.63 crore from ₹27.47 crore in the same quarter last year.
Nine-month revenue stands at ₹4,713.92 crore, up from ₹3,958.31 crore in the previous year.
Company continues to contest PNGRB orders regarding GA authorizations in Noida and Faridabad.

💡 Investors should monitor the impact of rising finance costs and the resolution of regulatory disputes over new geographical areas. The steady revenue growth suggests strong demand, making it a suitable hold for long-term energy transition portfolios.

Adani Total Gas Schedules Q3 FY26 Earnings Conference Call for January 23, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 15 Jan 2026, 01:54 PM

Adani Total Gas Limited (ATGL) has scheduled its post-results conference call for January 23, 2026, at 11:00 AM IST. The call will follow the board meeting for the approval of unaudited financial results for the quarter and nine months ended December 31, 2025. Senior management, including the CEO and Interim CFO, will discuss the financial performance and provide a business outlook. This is a standard procedure for the company to engage with analysts and institutional investors regarding its operational progress.

Conference call scheduled for January 23, 2026, at 11:00 AM IST following Q3 FY26 results.
Management representation includes ED & CEO Suresh P. Manglani and Interim CFO Preyash Jhaveri.
The discussion will focus on financial results for the quarter and nine months ended December 31, 2025.
The call will include a session on the business outlook and strategic growth plans.

💡 Investors should listen to the call for updates on volume growth, gas sourcing strategies, and the progress of new geographical areas. Key focus should be on management's commentary regarding margin sustainability and infrastructure expansion.

Adani Total Gas Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jan 2026, 09:11 PM

Adani Total Gas Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by MUFG Intime India Private Limited, confirms the processing of dematerialization requests for the quarter ended December 31, 2025. It verifies that share certificates received were mutilated, cancelled, and the names of depositories were updated in the company's records. This is a standard administrative filing required by all listed Indian companies to ensure the integrity of shareholding data.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited
Confirms that dematerialized securities are listed on the BSE and NSE
Verification of the mutilation and cancellation of physical share certificates completed within prescribed timelines

💡 No action is required from investors as this is a routine regulatory filing. Monitor the company's upcoming quarterly financial results for material performance updates.

Adani Total Gas Clarifies Significant Trading Volume Spurt as Market Driven

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 01 Jan 2026, 06:46 PM

Adani Total Gas Limited (ATGL) has responded to a clarification request from the National Stock Exchange regarding a significant increase in trading volume on January 1, 2026. The company stated that the volume movement is purely market-driven and influenced by prevailing market conditions. Management clarified they have no undisclosed information or control over these volume changes. ATGL reaffirmed its commitment to SEBI Regulation 30 for all necessary disclosures, ensuring transparency for the marketplace.

NSE requested clarification on January 1, 2026, at 5:48 PM regarding a significant spurt in trading volume.
ATGL management officially stated the volume increase is purely market-driven with no internal knowledge of specific causes.
The company confirmed full compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
No material information or event remains undisclosed that would impact the price or volume of the scrip.

💡 Investors should treat this as a routine regulatory filing and focus on fundamental performance rather than short-term volume spikes. No immediate action is required as the company has confirmed no undisclosed material developments.

Adani Total Gas to Close Trading Window from Jan 1, 2026, for Q3 FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Dec 2025, 08:31 PM

Adani Total Gas Limited (ATGL) has announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's quarterly financial disclosure. The window will remain closed until 48 hours after the announcement of the unaudited financial results for the quarter ending December 31, 2025. This is a standard regulatory procedure intended to prevent insider trading during the period when sensitive financial information is being finalized.

Trading window closure effective from January 1, 2026.
Closure pertains to the unaudited financial results for the quarter ended December 31, 2025.
Window will reopen 48 hours after the official declaration of the quarterly results.
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
The notification was issued to both BSE and NSE on December 29, 2025.

💡 No action is required as this is a routine regulatory filing. Investors should await the announcement of the Q3 FY26 results for actual performance data.

Adani Total Gas Seeks Shareholder Approval for Appointment of K Jairaj as Independent Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 24 Dec 2025, 07:32 PM

Adani Total Gas Limited (ATGL) has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. K Jairaj as an Independent Director for a three-year term starting November 3, 2025. The company is also seeking a special resolution to allow him to continue his directorship after he reaches the age of 75 on May 24, 2027. The e-voting process for shareholders will be open from December 25, 2025, to January 23, 2026. This move is part of the company's compliance with SEBI Listing Regulations regarding board composition and independent oversight.

Appointment of Mr. K Jairaj as Independent Director for a 3-year term effective Nov 3, 2025.
Special resolution proposed for continuation of directorship beyond age 75 (attained on May 24, 2027).
E-voting period scheduled from Dec 25, 2025, to Jan 23, 2026.
Cut-off date for voting eligibility established as Dec 19, 2025.

💡 This is a routine governance matter; shareholders may cast their votes during the specified period, but no immediate impact on stock price is expected.

Adani Total Gas Appoints Preyash Jhaveri as Interim CFO

🟡 NEUTRAL ⭐ 6/10

MANAGEMENT 📅 22 Dec 2025, 12:28 PM

Adani Total Gas Limited (ATGL) has appointed Mr. Preyash Jhaveri as the Interim Chief Financial Officer and Key Managerial Personnel, effective December 22, 2025. Mr. Jhaveri, who has been with the company since 2007 and currently serves as Financial Controller, brings over 30 years of experience in finance, taxation, and audits. This interim appointment ensures continuity in financial leadership while the board searches for a permanent CFO. The board meeting for this decision concluded within 40 minutes, reflecting a swift transition process.

Mr. Preyash Jhaveri appointed as Interim CFO effective December 22, 2025
Appointee has over 30 years of experience across sectors like Energy, Gas, and Wind Power
Mr. Jhaveri has been a part of ATGL since 2007, currently serving as Financial Controller
The appointment is valid until a permanent CFO is selected by the Board of Directors

💡 Investors should view this as a routine administrative transition given the appointee's long tenure with the company. Monitor for the announcement of a permanent CFO to understand the long-term financial leadership direction.

View All ATGL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 11.5% YoY to INR 4,986.1 Cr in FY25 from INR 4,471.7 Cr in FY24. Q1FY26 revenue reached INR 1,498 Cr, a 20.9% increase YoY. Volume growth is the primary driver, with a CAGR of 18% from FY21 to FY25, reaching 993-1,000 MMSCM.

Geographic Revenue Split

Highly concentrated with 4 matured Geographical Areas (GAs) contributing ~70% of total sales volume in FY25. The Ahmedabad GA alone accounts for ~38% of total sales volume.

Profitability Margins

Operating margins are among the highest in the industry but showing compression. PAT margin stood at 13.06% in FY25 (INR 648-653 Cr) compared to 14.6% in FY24. The drop is attributed to lower APM gas allocations and higher reliance on costlier RLNG.

EBITDA Margin

PBILDT margin was 22.80% in FY25, down 245 basis points from 24.68% in FY24. Q1FY26 margins further compressed to 19.50% due to reduced domestic gas allocation. EBITDA per SCM is approximately INR 10.

Capital Expenditure

Planned capex of INR 8,000-9,000 Cr over the next 5-6 years starting FY26. Specific near-term outlays include INR 1,000 Cr for FY26 and INR 1,400-1,500 Cr for FY27 to develop 34 GAs.

Credit Rating & Borrowing

Maintains a strong credit profile with ratings from CRISIL (Stable), CARE, and ICRA. Interest coverage ratio improved to 11.3x in FY25 from 9.92x in FY24. Gearing remains low at 0.42x to 0.44x.

⚙️ Operational Drivers

Raw Materials

Natural Gas, specifically Administered Pricing Mechanism (APM) gas (46% of total requirement), Regasified Liquefied Natural Gas (RLNG), and High Pressure High Temperature (HPHT) gas.

Import Sources

Sourced domestically from Indian gas fields (APM/HPHT) and imported as RLNG from global markets through long-term contracts to minimize spot price volatility.

Key Suppliers

GAIL India Limited (supplies APM and NWG gas) and Reliance Industries Limited (supplies HPHT gas). RLNG is procured from multiple suppliers under long-term contracts.

Capacity Expansion

Currently operates in 34 GAs with 647-650 CNG stations and ~9.72-9.9 lakh PNG domestic connections. Expansion plans target the full operationalization of 29 new GAs won in the 9th, 10th, and 11th bidding rounds.

Raw Material Costs

Raw material mix shifted significantly; APM gas sourcing dropped to 46% in FY25 from 58% in FY24. This 12% shift toward costlier RLNG and HPHT gas increases the weighted average cost of gas.

Manufacturing Efficiency

Operational efficiency is driven by high scale and a strategic mix of 67% CNG (high margin) and 33% PNG sales.

Logistics & Distribution

Distribution is managed through a 25-year infrastructure exclusivity period for its city gas carrier networks, preventing competition from laying parallel infrastructure.

📈 Strategic Growth

Expected Growth Rate

10-15%

Growth Strategy

Execution of the Minimum Work Programme (MWP) across 29 new GAs. The company is leveraging its 50:50 JV with Indian Oil (IOAGPL) to access an additional 19 GAs. Growth is driven by increasing penetration in newer regions and the modular nature of capex where revenue starts shortly after infrastructure is laid.

Products & Services

Compressed Natural Gas (CNG) for vehicles, Piped Natural Gas (PNG) for domestic households, and PNG for industrial and commercial consumers.

Brand Portfolio

Adani Total Gas (ATGL), Indian Oil Adani Gas Private Limited (IOAGPL - Joint Venture).

New Products/Services

Expansion into newer GAs from the 11th bidding round is expected to contribute the majority of incremental volume growth in FY26.

Market Expansion

Targeting 34 GAs across 13 states including Gujarat, Rajasthan, Haryana, and Maharashtra. Expansion is focused on the 14 GAs won in the 11th round.

Market Share & Ranking

Ranked as the 5th largest CGD player in India by volume.

Strategic Alliances

Strategic 50:50 Joint Venture with Indian Oil Corporation Limited (IOCL) and a partnership between the Adani Family (37.4%) and TotalEnergies (37.4%).

🌍 External Factors

Industry Trends

The industry is shifting toward cleaner fuels; however, increasing EV penetration (target 30% by sales) poses a long-term threat to the CNG segment which currently drives 67-70% of ATGL's volume.

Competitive Landscape

Key competition arises from alternative fuels (petrol, diesel, LPG) and the potential entry of new players after marketing exclusivity periods expire.

Competitive Moat

Strong moat through 8-year marketing exclusivity and 25-year infrastructure exclusivity in authorized GAs. This creates a legal monopoly for the duration of the exclusivity period.

Macro Economic Sensitivity

Sensitive to Government of India policy to increase natural gas share in the energy basket from 6% to 15% by 2030.

Consumer Behavior

Shift toward environmentally cleaner fuels is driving a 15% YoY growth in gas sales volumes.

Geopolitical Risks

Global LNG price volatility due to geopolitical tensions affects the 54% of gas requirements met through RLNG and HPHT sources.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by the Petroleum and Natural Gas Regulatory Board (PNGRB). Must meet Minimum Work Programme (MWP) targets for pipeline length and CNG stations or face penalties and performance guarantee encashment.

Environmental Compliance

Low environmental risk as natural gas is a cleaner fuel. ATGL has implemented water conservation and solar energy adoption across sites.

Taxation Policy Impact

Not specifically detailed beyond standard corporate rates; however, the company benefits from favorable government impetus on cleaner fuels.

Legal Contingencies

Potential penalties for delays in MWP targets across new GAs. Specific case values for pending litigation were not disclosed in the provided documents.