🔍

Adani Total Gas Limited (ATGL)

₹579.35 +0.44% last close, 16 Oct

📊 NSE: ATGL 🏢 LPG/CNG/PNG/LNG Supplier 📢 Latest filing: 08 Oct 2026 📝 Analysis written: 13 Dec 2025

Q2 FY27 results

📅 Next results: 22 Oct 2026 (board meeting)

Adani Total Gas Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Adani Total's revenue was ₹1,907 Cr (+27.3% year on year, +22.5% on the previous quarter), and net profit ₹142 Cr (-14.2% year on year); the operating margin was 14.2%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹1,907	+27.3%	+22.5%
Operating profit	₹270	-7.9%	-10.3%
Net profit	₹142	-14.2%	-15.6%
EPS (₹)	1.29	-14.0%	-15.7%
Operating margin	14.2%	—	—

Full quarterly financials → Results calendar →

ATGL delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 33.32% of the ATGL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 28.02%. That is close to its usual level. Volume was 0.2 times its average, well below normal.

33.32%Delivery, 16 Oct

28.02%Own 20-session average

0.2×Volume vs its average

₹579.35NSE close · +0.44%

Delivery in the last 5 sessions: 24.2% · 32.7% · 26.8% · 32.5% · 33.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Adani Total Gas Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 08 Oct 2026, 02:13 PM

Adani Total Gas Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent MUFG Intime India confirms that securities received for dematerialisation were processed and confirmed to depositories. This is a purely administrative regulatory filing confirming operational share handling compliance. It has no bearing on company operations, revenues, or financial performance.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
Filed with stock exchanges on October 8, 2026

💡 No action needed on this procedural filing; monitor upcoming Q2 FY27 financial results and operational gas volume metrics.

SEBI Passes Settlement Order for ATGL; Settlement Amount Paid at ₹9.75 Lakh

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 22 Sep 2026, 08:11 PM

Adani Total Gas Limited (ATGL) announced that the Securities and Exchange Board of India (SEBI) has passed a settlement order on September 22, 2026. The matter concerns alleged violations of Regulation 33(1)(d) of SEBI Listing Regulations read with Clause 2 of the erstwhile Listing Agreement. The proceedings were settled without admitting or denying the findings of facts and conclusions of law, with a settlement amount of ₹9,75,000. Financially, this is immaterial against ATGL's annual PAT of ₹655.38 Cr in FY26.

SEBI issued a Settlement Order under SEBI Settlement Proceedings Regulations, 2018 on September 22, 2026
Settlement amount is fixed at INR 9,75,000 (₹9.75 lakh)
Settlement was reached without admitting or denying findings regarding alleged violations of Regulation 33(1)(d)
Company confirmed there is no material financial impact from this order

💡 Track ongoing regulatory compliance disclosures; from an operational perspective, focus remains on CGD volume growth and APM gas allocation trends.

Adani Total Gas Appoints Preyash Jhaveri as Chief Financial Officer w.e.f. Sep 3, 2026

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 03 Sep 2026, 02:09 PM

Adani Total Gas Limited has approved the appointment of Mr. Preyash Jhaveri as Chief Financial Officer and Key Managerial Personnel effective September 3, 2026. Mr. Jhaveri, who holds over 30 years of finance experience and has been with the company since 2007, had been serving as Interim CFO since December 22, 2025. The elevation ensures leadership continuity for the city gas distribution major, which manages TTM revenues of ₹6,679 Cr and PAT of ₹632 Cr across 34 authorized geographical areas.

Preyash Jhaveri appointed as Chief Financial Officer and KMP effective September 3, 2026
Served as Interim CFO of the company since December 22, 2025
Brings over 30 years of professional finance experience, having joined the company in 2007

💡 Monitor upcoming quarterly financial execution and capital allocation discipline across ongoing Minimum Work Programme commitments.

August 19: ATGL to Meet Investors at Motilal Oswal 2026 Conference

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 05:20 PM

Adani Total Gas Limited (ATGL) has scheduled an interaction with institutional investors and analysts for August 19, 2026. The meeting will be part of the Motilal Oswal 2026 Conference held physically in Mumbai. The interaction format includes both one-on-one and group sessions. This is a routine regulatory disclosure and does not involve any immediate financial transaction or structural change.

Interaction scheduled for August 19, 2026, in Mumbai
Meeting format includes both One-on-One and Group interactions
Participation in the Motilal Oswal 2026 Conference
Company maintains a high promoter holding of 74.8% as of March 2026

💡 Monitor the exchange filings after August 19 for any investor presentations or transcripts that may provide updates on volume growth and APM gas allocation risks.

75 ESG Rating: ATGL Classified as 'Leader' by NSE Sustainability Ratings

🟢 POSITIVE ⭐ 3/10

OTHER 📅 11 Aug 2026, 06:47 PM

Adani Total Gas Limited (ATGL) has been assigned an overall ESG rating of 75 for FY2026 by NSE Sustainability Ratings & Analytics Limited. This score places the company in the 'Leader' category, which signifies high ESG maturity and best-in-class practices. Notably, the rating was conducted independently by the agency based on public disclosures and was not commissioned by the company. While this does not impact immediate financial performance, it strengthens the company's standing with ESG-focused institutional investors.

Assigned an overall ESG Rating of 75 for the FY2026 period
Placed in the 'Leader' ESG rating category by NSE Sustainability Ratings & Analytics Limited
Rating was independently prepared based on FY 2026 disclosures without company engagement
Company currently operates in 34 Geographical Areas (GAs) across 13 states

💡 Investors should monitor if this improved ESG profile leads to increased institutional holding or access to lower-cost green financing for its ongoing expansion in 29 new GAs.

ICRA Reaffirms [ICRA] AA+ Rating with Stable Outlook for Adani Total Gas

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Aug 2026, 06:59 PM

ICRA Limited has reaffirmed Adani Total Gas Limited's (ATGL) long-term credit rating at [ICRA] AA+ with a Stable outlook and its short-term rating at [ICRA] A1+. The reaffirmation indicates a high degree of safety regarding timely servicing of financial obligations. This comes as the company manages a debt of ₹2,252 crore with a comfortable debt-to-equity ratio of 0.47. The stable outlook reflects the company's established position as India's 5th largest City Gas Distribution (CGD) player and its ongoing expansion into 29 new Geographical Areas.

Long-term credit rating reaffirmed at [ICRA] AA+ with a Stable outlook
Short-term credit rating reaffirmed at the highest level of [ICRA] A1+
Company maintains a manageable Debt-to-Equity ratio of 0.47 based on ₹2,252 crore debt
ATGL currently operates in 34 GAs with approximately 647-650 CNG stations
Ahmedabad GA remains a key contributor, accounting for 38% of total sales volume

💡 Investors should monitor the company's capital expenditure progress in the 29 new GAs won in recent bidding rounds, as execution here will drive future volume growth and determine if credit metrics remain stable.

CARE Reaffirms CARE AA+ Rating with Stable Outlook for Adani Total Gas

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 31 Jul 2026, 04:52 PM

CARE Ratings has reaffirmed Adani Total Gas Limited's (ATGL) long-term rating at 'CARE AA+' with a stable outlook and its short-term rating at 'CARE A1+'. The reaffirmation reflects the company's established position as India's 5th largest City Gas Distribution player and its healthy financial profile, characterized by a debt-to-equity ratio of 0.47. With a total debt of ₹2,252 Cr against a net worth of ₹4,824 Cr, the company maintains strong creditworthiness to support its ongoing expansion into 29 new Geographical Areas. This rating stability is crucial as the company executes its Minimum Work Programme across 13 states.

Long-term credit rating reaffirmed at CARE AA+ with a Stable outlook
Short-term credit rating reaffirmed at the highest level of CARE A1+
Company maintains a manageable Debt-to-Equity ratio of 0.47 based on ₹2,252 Cr total debt
ATGL currently operates in 34 Geographical Areas with approximately 9.9 lakh PNG domestic connections
Ahmedabad GA remains a significant contributor, accounting for 38% of total sales volume

💡 Investors should monitor the company's capital expenditure progress in the 11th round GAs, as timely execution without significant debt spikes will be key to maintaining this high credit rating.

ATGL Q1 FY27: 13% Volume Growth and 27% Revenue Jump Amidst 15% Margin Compression

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 28 Jul 2026, 07:31 PM

Adani Total Gas Limited (ATGL) reported a 27% YoY revenue increase to ₹1,908 Cr for Q1 FY27, supported by a 13% rise in total gas sales volume to 303 MMSCM. Despite the top-line growth, operating margins have compressed to approximately 15% from historical levels of 25% due to reduced APM gas allocations and higher reliance on expensive spot LNG. The company continues its infrastructure push, adding 38,000 domestic PNG connections and expanding its EV charging network to 5,306 points. Management is focusing on mid-term gas sourcing contracts to mitigate spot market volatility.

Total gas sales volume reached 303 MMSCM, reflecting a 13% YoY growth led by 18% growth in CNG.
Revenue from operations stood at ₹1,908 Cr, representing approximately 30.4% of the TTM revenue.
Operating margins have compressed from ~25% to ~15% over the last 6-8 quarters due to gas sourcing costs.
EV charging network reached 5,306 points with a 100% YoY growth in electrons sold (3.3 million units).
Added 38,000 new household connections, bringing the total domestic customer base to 11.41 lakh.

💡 Monitor the company's ability to secure mid-to-long term gas contracts to stabilize margins and watch for any regulatory restoration of the pooled gas mechanism.

ATGL Releases Audio Recording of Q1 FY27 Analyst and Investor Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Jul 2026, 07:10 PM

Adani Total Gas Limited (ATGL) has published the audio recording of its analyst call held on July 22, 2026, regarding its Q1 FY27 performance. The company, which reported a TTM revenue of Rs 6,271 Cr, uses these calls to detail its expansion across 34 Geographical Areas. Key discussion points typically include the progress of the 14 GAs won in the 11th bidding round and the management of input costs. This filing is a standard regulatory requirement following the announcement of quarterly results.

Audio recording link provided for the investor call held on July 22, 2026.
Pertains to the unaudited financial results for the quarter ended June 30, 2026.
Company currently operates in 34 Geographical Areas (GAs) across 13 Indian states.
Infrastructure includes approximately 647-650 CNG stations and 9.72-9.9 lakh PNG connections.

💡 Investors should review the recording for updates on the 11th round GA operationalization and management's strategy regarding the 10-20% potential reduction in low-cost APM gas.

27% Revenue Growth in Q1FY27; PAT Declines 18% as Gas Costs Surge 39%

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 05:32 PM

Adani Total Gas Limited (ATGL) reported a strong 27% YoY revenue growth to ‑1,910 Cr for Q1FY27, supported by a 13% increase in total sales volume (303 MMSCM). However, standalone Profit After Tax (PAT) declined by 18% YoY to ‑133 Cr due to a sharp 39% rise in gas procurement costs. This margin pressure was driven by a reduction in low-cost APM gas allocation to ~30% (from 36% in the previous quarter) and elevated Brent-linked gas prices. Despite these headwinds, the company continued its infrastructure push, adding 38,243 PNG connections and reaching 5,306 EV charging points.

Revenue from operations increased 27% YoY to ‑1,910 Cr, representing ~30.5% of TTM revenue.
Total sales volume grew 13% YoY to 303 MMSCM, with CNG volumes specifically rising 18% YoY.
Gas procurement costs surged 39% YoY to ‑1,454 Cr, leading to a 7% decline in Standalone EBITDA to ‑281 Cr.
APM gas allocation for the CNG segment reduced to ~30% from 36% in the preceding quarter.
EV charging infrastructure expanded to 5,306 installed points across 26 states and 226 cities.

💡 Investors should monitor the company's ability to pass through higher gas costs to consumers without impacting volume growth. Key triggers to watch include any recovery in APM gas allocation levels and the pace of monetization in the new-age EV and Biomass segments.

ATGL Q1 FY27: Revenue up 27% to ₹1,907 Cr; PAT Declines 14% on Higher Gas Costs

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 21 Jul 2026, 03:25 PM

Adani Total Gas Limited (ATGL) reported a strong 27.3% YoY revenue growth to ₹1,906.79 cr for the quarter ended June 30, 2026. However, net profit declined by 14.2% YoY to ₹141.72 cr, primarily due to a 40.3% surge in the cost of natural gas, which reached ₹1,302.51 cr. While the share of profit from joint ventures more than doubled to ₹9.57 cr, it was insufficient to offset the margin compression. The company also noted that US legal proceedings against a non-executive director are nearing resolution with no expected impact on the company.

Revenue from operations increased 27.3% YoY to ₹1,906.79 cr from ₹1,498.32 cr.
Net profit for the period fell 14.2% YoY to ₹141.72 cr compared to ₹165.24 cr in the previous year.
Cost of natural gas and traded items surged 40.3% YoY to ₹1,302.51 cr, significantly outpacing revenue growth.
Share of profit from joint ventures (including IOAGPL) rose to ₹9.57 cr from ₹4.21 cr YoY.
US DOJ filed a motion to dismiss charges against a non-executive director on May 18, 2026, indicating a nearing legal resolution.

💡 Investors should monitor the company's ability to pass on rising input costs to end-consumers in the CNG and PNG segments. Key to future performance will be the volume ramp-up in the 14 new Geographical Areas (GAs) won in the 11th bidding round.

July 22, 2026: ATGL to Host Q1FY27 Earnings Call to Discuss Financials and Outlook

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Jul 2026, 01:06 PM

Adani Total Gas Limited (ATGL) has scheduled its post-results conference call for Q1FY27 on July 22, 2026, at 12:30 PM IST. The call will involve senior management, including the CEO and Interim CFO, discussing the unaudited financial results for the quarter ended June 30, 2026. This follows the company's previous board meeting intimation from June 30, 2026. Investors will look for updates on the company's expansion across 29 new Geographical Areas (GAs) and the impact of gas sourcing costs on margins.

Conference call scheduled for July 22, 2026, at 12:30 PM IST.
Management representation includes CEO Sanjay Pandita and Interim CFO Preyash Jhaveri.
The call will address financial performance for the quarter ended June 30, 2026.
Universal access dial-in numbers provided: +91 22 6280 1488 / +91 22 7115 8004.

💡 Monitor the Q1FY27 earnings release on July 22 for updates on volume growth and management's commentary on APM gas allocation risks.

June 30, 2026: Adani Total Gas Submits Quarterly SEBI Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jul 2026, 07:40 PM

Adani Total Gas Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The document confirms that for the quarter ended June 30, 2026, all securities received for dematerialization were processed within prescribed timelines. The Registrar and Share Transfer Agent, MUFG Intime India Private Limited, verified that physical certificates were mutilated and cancelled. This is a standard administrative procedure to ensure the accuracy of the company's electronic share records.

Quarterly compliance for the period ending June 30, 2026
Confirmation received from RTA MUFG Intime India Private Limited on July 1, 2026
Official filing submitted to exchanges on July 7, 2026
Verification of mutilated and cancelled security certificates completed within timelines

💡 This is a routine regulatory filing; investors should focus on upcoming quarterly financial results for operational performance updates.

66 ESG Score: CRISIL Upgrades Adani Total Gas Rating from 61

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 03 Jul 2026, 07:59 PM

CRISIL ESG Ratings & Analytics has upgraded Adani Total Gas Limited's (ATGL) overall ESG rating to 66 from 61. The company's Core ESG rating was also upgraded to 63 from 58, based on fiscal year 2026 disclosures. ATGL continues to be classified under the 'Strong' ESG category. This upgrade reflects improved performance across Environmental and Social parameters, which is significant for institutional investor positioning.

Overall ESG rating upgraded to 66 from a previous score of 61
Core ESG rating increased to 63 from a previous score of 58
Company maintains its placement in the 'Strong' ESG rating category
Upgrade is based on disclosures and performance for the fiscal year 2026

💡 Monitor if the improved ESG profile leads to increased institutional (FII/DII) ownership or potential reductions in future borrowing costs through sustainability-linked financing.

Adani Total Gas Announces Trading Window Closure Starting July 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jun 2026, 05:10 PM

Adani Total Gas Limited (ATGL) has notified the exchanges that its trading window for dealing in company securities will be closed starting July 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of unaudited financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the results are officially announced. This is a standard administrative procedure for all listed Indian companies.

Trading window closure effective from July 1, 2026
Closure pertains to the financial results for the quarter ended June 30, 2026
Window to reopen 48 hours after the announcement of unaudited financial results
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 Investors should wait for the announcement of the board meeting date, which will determine when the Q1 FY27 financial results will be released.

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.