Adani Total Gas Ltd(ATGL)

NSE: ATGLBSE: 542066

₹ 529.45-4.31%refreshed 23 Oct, 03:55 pm ISTMarket cap: ₹ 58,229 crWebsite: www.adanigas.comUpdated: 23 Oct 2026

About

Adani Total Gas Ltd is an Indian city gas distribution (CGD) company supplying CNG to vehicles and piped natural gas to homes and industries across 53 geographical areas, operating a standalone network of 707 CNG stations and 11.41 lakh domestic PNG connections as of Q1 FY27. The company is a joint venture between Adani Group and TotalEnergies, and its FY25 annual report calls it one of India's largest private city gas distribution businesses, covering 14% of the population and 15% of the area. Through its 50:50 JV with Indian Oil Corporation (IOAGPL), its consolidated CGD footprint spans 1,169 CNG stations and 13.1 lakh PNG homes.^[1][2]

Volume by segment

Total gas sales volume reached 303 MMSCM in Q1 FY27, up 13% YoY; full-year FY26 volume was 1,133 MMSCM, up 14% YoY.^[1]
CNG sales volume was 218 MMSCM in Q1 FY27 (+18% YoY) and 782 MMSCM for full-year FY26 (+18% YoY).^[1]
PNG sales volume was 85 MMSCM in Q1 FY27 (+4% YoY) and 351 MMSCM for full-year FY26 (+6% YoY).^[1]
New geographical area volumes grew 32% to 1.16 mmscmd in FY26 from 0.88 mmscmd in FY25; new GAs' share of volume mix rose to 38% from 32%.^[3]
448 new industrial and commercial customers were added in Q1 FY27, taking the total I&C base to 10,422.^[1]
IOAGPL JV delivered volume of 1.8 MMSCMD with ~19% volume growth in Q2 FY26.^[4]

CGD network and infrastructure

Standalone network at end of Q1 FY27: 707 CNG stations, 11.41 lakh domestic PNG connections, and 15,987 inch-km of steel pipeline.^[1]
Consolidated network including IOAGPL JV (53 GAs as of Q4 FY26): 1,169 CNG stations, 13.1 lakh PNG homes, 11,529 I&C consumers, 28,005 inch-km steel pipeline and 10,500 km MDPE pipeline.^[3]
FY26 standalone domestic PNG additions totalled 137,000 connections; the Q4 FY26 addition of 49,504 was the highest-ever quarterly addition.^[3]
136 of 680 CNG stations (as of Q3 FY26) were CODO or DODO branded stations, up from 123 stations cited in the FY25 annual report.^[5][2]

Gas sourcing and APM allocation

APM gas allocation for CNG fell to ~28% in Q1 FY27 from 34% in Q1 FY26 and 36% in Q4 FY26; spot volumes were ~15% of total consumption in Q1 FY27.^[1]
Domestic gas (APM, new well gas, HPHT) made up ~65-70% of the portfolio in Q3 FY26, with R-LNG the balance.^[5]
Gas is sourced as RLNG and domestic gas, partly from GAIL, under long-term, mid-term and spot contracts plus IGX purchases (FY25 annual report).^[2]
Cost of natural gas rose 39% YoY to INR 1,454 Cr in Q1 FY27, driven by Brent-linked RLNG prices from the West Asia crisis, a higher APM ceiling and INR depreciation.^[1]
During the West Asia crisis ATGL sourced spot volumes via 1-2 month RFPs and IGX and curtailed industrial volumes to protect CNG and domestic PNG supply (Q4 FY26).^[3]
Gas pool price in March 2026 was $12.42/MMBtu.^[3]

E-mobility subsidiary (ATEL)

ATEL operated 5,306 EV charge points across 26 states/UTs and 226 cities with ~58 MW installed capacity as of Q1 FY27.^[1]
EV electron sales of 3.3 million units in Q1 FY27 grew 100% YoY; target of 10,000 charge points.^[1]
ATEL is India's No. 1 airport charge point operator, with presence or work in progress at 21 airports (FY25 annual report).^[2]

Biomass subsidiary (ATBL)

Phase 1 of the Barsana, Mathura CBG plant, with planned capacity of 600 TPD, has been commissioned; the CEO calls it India's largest CBG plant.^[2]
ATBL sold 323 MT of CBG in Q1 FY27, including 195 MT through dedicated CBG stations, vs 730 MT for full-year FY25.^[1][2]
Fermented organic manure sales were 5,533 tonnes in Q1 FY27; the Harit Amrit fertiliser brand grew 8x YoY.^[1]
ATGL won awards to build and operate MSW-to-CBG plants at Ahmedabad (500 TPD) and Rajkot (250 TPD) (FY24 annual report).^[6]

Customers and distribution

The CNG vehicle segment was growing at ~30% in unit terms as of Q1 FY27; OEMs cited include Maruti, Hyundai, Tata, Eicher and Volvo.^[1]
Around 60% of total sales volume was attributed to CNG as of FY24.^[6]
Subsidiary SMTPL received MID-D certification, enabling export of smart gas meters (FY25 annual report).^[2]

Regulation

PNGRB cut transmission tariff zones from 3 to 2 in Q3 FY26; all domestic PNG and CNG volumes now attract the Zone 1 rate of INR 54/unit.^[5]
From 1 October 2025 the supply chain was realigned so 2% CST applies instead of 15% VAT for gas supplied outside Gujarat.^[4]
CBG blending becomes mandatory from FY26 at 1%, rising to 5% by FY29.^[2]

Expansion, capex and financing

Management committed to a slightly higher FY27 capex budget than FY26 for pipeline laying, with a dedicated task force for domestic PNG connections.^[1]
PNG connection additions are to be kept at the current run rate, with further acceleration through reticulated LPG conversion (Q1 FY27).^[1]
FY24 plan: invest Rs 10,000-15,000 crore in core CGD over 5-8 years, Rs 1,500-2,000 crore in CBG and Rs 900-1,000 crore in e-mobility over 3-5 years.^[6]
Capital commitments not provided for were ₹946.01 cr as of FY25.^[2]
ATGL secured USD 375 million of global financing for network expansion (FY25 annual report).^[2]
FY27 EBITDA was guided at approximately INR 1,500 Cr as of the Q4 FY26 call.^[3]
ICRA, CARE and CRISIL all rated ATGL AA+ stable during Q2 FY26.^[4]

Market Cap

₹58,229 Cr

High / Low

₹860 / 454

Stock P/E

96.2

Price / Book

12.5

Book Value

₹44

EPS

₹6.0

No. of Shares

109.98 Cr

ROCE

14.9%

ROE

14.5%

OPM

15.3%

Debt / Equity

0.45

Sales

₹6,409 Cr

Net Profit

₹656 Cr

Promoter holding

74.8%

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Volume by segment

CGD network and infrastructure

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E-mobility subsidiary (ATEL)

Biomass subsidiary (ATBL)

Customers and distribution

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Expansion, capex and financing

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