Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹182.04 last close on 23 Oct 2026 −1.74%
Research updated
Adani Total Gas Limited
NSE: ATGLUtilitiesUtilities - Regulated Gas
- Last close
- ₹529.50
- Day change
- −₹23.35 (−4.22%)vs
- Market cap
- ₹61,523 crIndian rupees
- Research updated
- 3 reports
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About Adani Total Gas
Adani Total Gas Limited is a prominent player in the Indian energy sector, focusing on the distribution of gas for both domestic and industrial use. As a joint venture between Adani Group and TotalEnergies, the company leverages the strengths of its parent companies to expand its reach across India. The primary function of Adani Total Gas Limited is to supply natural gas for residential, commercial, industrial, and vehicle use, contributing significantly to India's energy diversification and sustainability goals. With its nationwide network, Adani Total Gas Limited plays a crucial role in enhancing access to clean energy, thereby supporting the transition towards more environmentally friendly fuel alternatives. This infrastructure fosters economic growth by ensuring reliable energy supplies across diverse sectors, ranging from manufacturing to transportation. Furthermore, the company's strategic initiatives help mitigate environmental impacts by reducing reliance on traditional, more polluting energy sources. The significance of Adani Total Gas Limited in the market stems from its commitment to sustainable energy practices and its growing influence in the energy distribution domain, positioning it as a vital entity in India's burgeoning natural gas sector.
- Sector
- Utilities
- Industry
- Utilities - Regulated Gas
- Listing
- NSE: ATGL
- Chief executive
- Mr. Sanjay Pandita
- Employees
- 528
- Headquarters
- Ahmedabad, India
- ISIN
- INE399L01023
- Website
- adanigas.com
Public research · Report of
Business model & financial foundation
Adani Total Gas (NSE: ATGL), City gas distribution (CNG and PNG): revenue of ₹6,409 crore in FY26 (+18.4% on FY25), an EBITDA margin of 18.6%, net profit of ₹656.0 crore and net debt of ₹2,600 crore.
- Revenue, FY26 (₹ crore)
- 6,409
- consolidated
- Revenue growth, FY26
- +18.4%
- on FY25
- EBITDA margin, FY26
- 18.6%
- EBITDA (Operating EBITDA (excl. other income)) / revenue
- Net profit, FY26 (₹ crore)
- 656.0
- to owners
- Return on equity, FY26
- 14.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,600
- Net debt, consolidated (borrowings less cash)
- Market capitalisation (₹ crore)
- 61,523
- at the close of 22 Oct 2026
Company profile
Adani Total Gas distributes natural gas through city gas networks: CNG to vehicles (~72% of Q1FY27 volume) and PNG to homes, commercial and industrial customers, across 34 geographical areas held directly plus 19 through its 50:50 JV with IndianOil. It is co-promoted by the Adani family and TotalEnergies, and runs an EV charging business and a compressed biogas business through wholly owned subsidiaries. Margins depend on the cost of the gas pool (administered-price domestic gas, new-well gas, contracted and spot LNG) against retail prices it sets.
| Item | Value |
|---|---|
| Legal name | Adani Total Gas Limited (formerly Adani Gas Limited) |
| Exchange and ticker | NSE: ATGL; BSE: 542066 |
| ISIN | INE399L01023 |
| Sector | Utilities |
| Industry | City gas distribution (CNG and PNG) |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹61,523 crore (22 Oct 2026) |
| Shares outstanding | 109.98 crore shares (FY26) |
| Price | ₹559.4 (close, 22 Oct 2026) |
| 52-week range | ₹462.8 - ₹859.8 (to 22 Oct 2026) |
| Website | https://www.adanigas.com |
Corporate structure and shareholding
Parent: Co-promoted by TotalEnergies Holdings SAS (37.40%) and S.B. Adani Family Trust (37.38%).
| Entity | Holding | Business |
|---|---|---|
| Adani TotalEnergies E-Mobility Ltd | 100% | EV charging network (5,306 charge points at Q1FY27) |
| Adani TotalEnergies Biomass Ltd | 100% | Compressed biogas and fermented organic manure |
| Indian Oil-Adani Gas Pvt Ltd | 50% | JV with IndianOil; CGD in 19 GAs; equity accounted |
| Smart Meters Technologies Pvt Ltd | 50% | JV, gas meter manufacturing; equity accounted |
34 GAs held directly; 19 through IOAGPL.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 74.80% | 74.80% | 74.80% | 74.80% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.81% | 12.75% | 12.77% | 12.84% |
| Domestic institutions | 6.25% | 6.26% | 6.34% | 6.38% |
| of which mutual funds | 0.13% | 0.15% | 0.20% | 0.21% |
| Retail | 6.14% | 6.19% | 6.07% | 5.97% |
| Other | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
ATGL distributes CNG and PNG across 34 direct geographical areas and 19 through IOAGPL. Growth is driven by station, connection and pipeline build-out; profitability is set by the gas sourcing pool and retail price pass-through. Q2FY27 reproduced results show volume growth remained 12% YoY while the margin economics remained below historic levels.
| Peer | Why the dossier compares them |
|---|---|
| Indraprastha Gas (IGL) | Largest CNG-heavy CGD (Delhi NCR); same APM allocation exposure |
| Mahanagar Gas (MGL) | Mumbai CGD, CNG-heavy, APM-dependent |
| Gujarat Energy (ex Gujarat Gas) (GUJGASLTD) | Largest Indian CGD by volume, Gujarat overlap with ATGL's Ahmedabad GA |
| Petronet LNG (PETRONET) | Gas value chain (LNG regas); supplier to CGDs |
| GAIL (India) (GAIL) | Gas transmission and marketing; CGD subsidiaries; gas allocator |
| IRM Energy (IRMENERGY) | Smaller listed CGD with new-GA build-out profile |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (gross, incl. excise duty) | 3,206 | 4,683 | 4,816 | 5,412 | 6,409 |
| Cost of revenue (vendor classification) * | 2,009 | 3,192 | 2,983 | 3,428 | 4,191 |
| Other operating costs (vendor classification) * | 186.4 | 249.3 | 306.4 | 367.0 | 435.9 |
| EBITDA (vendor classification) * | 814.6 | 899.4 | 1,153 | 1,166 | 1,143 |
| EBIT * | 732.1 | 786.9 | 994.7 | 961.7 | 994.5 |
| Interest expenses | 53.0 | 78.0 | 111.0 | 101.0 | 129.0 |
| Profit before tax (after JV share) | 683.7 | 732.4 | 896.0 | 875.0 | 882.0 |
| Total tax expense | 174.0 | 186.0 | 229.0 | 220.0 | 226.0 |
| Profit after tax (consolidated) | 509.0 | 546.0 | 668.0 | 654.0 | 656.0 |
| EPS diluted (INR) | 4.63 | 4.97 | 6.07 | 5.95 | 5.96 |
| Cost of goods sold (natural gas incl. excise duty) | 2,098 | 3,392 | 3,190 | 3,685 | 4,541 |
| Operating & other expenses (incl. employee cost) | 335.0 | 422.0 | 523.0 | 593.0 | 673.0 |
| Operating EBITDA (excl. other income) | 773.0 | 870.0 | 1,104 | 1,133 | 1,194 |
| Other income | 42.0 | 37.0 | 44.0 | 31.0 | 38.0 |
| Depreciation & amortisation | 83.0 | 113.0 | 158.0 | 204.0 | 243.0 |
| Share in profit/(loss) of joint ventures | 4.70 | 17.4 | 17.9 | 15.0 | 22.0 |
| PAT attributable to owners | 509.0 | 546.0 | 668.0 | 654.0 | 656.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 56.7 | 57.4 | |||
| Basic EPS (₹) | 5.95 | 5.96 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 2,416 | 2,941 | 3,580 | 4,207 | 4,865 |
| Borrowings (non-current and current) | 1,834 | 2,168 | |||
| Cash and cash equivalents | 31.1 | 12.0 | 137.2 | 224.0 | 253.1 |
| Trade receivables (current) | 186.6 | 315.0 | 409.9 | 424.0 | 418.5 |
| Inventories | 76.8 | 91.0 | 99.2 | 115.7 | 111.0 |
| Trade payables (current) | 313.8 | 374.0 | |||
| Property, plant and equipment | 3,606 | 4,261 | |||
| Capital work in progress | 1,171 | 1,616 | 1,498 | 1,865 | 2,001 |
| Total assets | 4,415 | 5,645 | 6,592 | 7,665 | 9,549 |
| Net debt, consolidated (borrowings less cash) | 2,600 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 732.3 | 764.3 | 948.7 | 963.9 | 1,149 |
| Free cash flow (vendor definition) * | -218.5 | -322.5 | 155.8 | 23.0 | 160.8 |
| Dividends paid (an outflow is negative) | -27.5 | -27.5 | -27.5 | -27.5 | -27.5 |
| Capital expenditure (an outflow is negative) | -950.4 | -1,175 | -799.2 | -940.9 | -987.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 109.98 | 109.98 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,401 | 1,453 | 1,498 | 1,576 | 1,639 | 1,695 | 1,907 | 2,110 |
| Cost of revenue (vendor classification) * | 887.8 | 901.8 | 931.9 | 1,035 | 1,064 | 1,304 | ||
| Other operating costs (vendor classification) * | 127.6 | 159.6 | 139.8 | 152.6 | 176.0 | 166.4 | ||
| EBITDA (vendor classification) * | 272.7 | 280.7 | 305.5 | 316.8 | 325.2 | 292.7 | ||
| EBIT * | 219.5 | 227.4 | 249.9 | 254.4 | 261.8 | 226.0 | ||
| Finance cost | 27.0 | 24.0 | 28.0 | 26.0 | 41.0 | 35.0 | 39.0 | 36.5 |
| Profit before tax | 193.0 | 204.0 | 222.0 | 219.0 | 214.0 | 227.0 | 187.0 | 241.8 |
| Tax expense | 50.0 | 49.0 | 57.0 | 55.0 | 55.0 | 59.0 | 45.0 | 68.5 |
| Profit after tax | 143.0 | 155.0 | 165.0 | 164.0 | 159.0 | 168.0 | 142.0 | 173.3 |
| Diluted EPS (₹) | 1.29 | 1.41 | 1.50 | 1.49 | 1.45 | 1.53 | 1.29 | 1.58 |
| Cost of gas sold | 994.0 | 1,014 | 1,052 | 1,122 | 1,167 | 1,201 | 1,457 | 1,611 |
| Operating & other expenses | 142.0 | 173.0 | 154.0 | 159.0 | 167.0 | 193.0 | 180.0 | 180.6 |
| Operating EBITDA (ex other income) | 265.0 | 266.0 | 293.0 | 295.0 | 305.0 | 301.0 | 270.0 | 317.5 |
| Other income | 7.00 | 8.00 | 8.00 | 9.00 | 9.00 | 12.0 | 13.0 | 14.0 |
| Depreciation and amortisation | 53.0 | 53.0 | 56.0 | 62.0 | 62.0 | 63.0 | 67.0 | 71.7 |
| Share of profit of associates/JVs | 1.00 | 6.20 | 4.20 | 2.90 | 2.70 | 12.2 | 9.60 | 8.42 |
| Profit attributable to owners | 143.0 | 155.0 | 165.0 | 164.0 | 159.0 | 168.0 | 142.0 | 173.3 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Employee benefits expense | 13.6 | 13.7 | 12.1 | 14.9 | 16.8 | 13.4 | 13.8 | |
| Basic EPS (₹) | 1.41 | 1.50 | 1.49 | 1.44 | 1.53 | 1.29 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 46.1% | 2.8% | 12.4% | 18.4% | |
| EBITDA margin | 24.1% | 18.6% | 22.9% | 20.9% | 18.6% |
| Net margin | 15.9% | 11.7% | 13.9% | 12.1% | 10.2% |
| Return on equity | 23.4% | 20.4% | 20.5% | 16.8% | 14.5% |
| Return on capital employed | 15.9% | 15.2% | |||
| Return on assets | 13.4% | 10.9% | 10.9% | 9.2% | 7.6% |
| Net debt (₹ crore) | 2,600 | ||||
| Net debt / EBITDA | 2.18x | ||||
| Interest cover | 13.8x | 10.1x | 8.96x | 9.52x | 7.71x |
| Asset turnover | 0.84x | 0.93x | 0.79x | 0.76x | 0.74x |
| Receivable days | 21 | 25 | 31 | 29 | 24 |
| Inventory days (on revenue) | 9 | 7 | 8 | 8 | 6 |
| Payable days (on revenue) | 21 | 21 | |||
| Cash conversion | 1.44x | 1.40x | 1.42x | 1.47x | 1.75x |
| Capex intensity | 29.6% | 25.1% | 16.6% | 17.4% | 15.4% |
| Free cash flow (₹ crore) | -218.0 | -411.1 | 149.5 | 23.0 | 160.8 |
| Dividend payout | 5.4% | 5.0% | 4.1% | 4.2% | 4.2% |
| EPS, diluted (₹) | 4.63 | 4.97 | 6.07 | 5.95 | 5.96 |
| Book value per share (₹) | 38.25 | 44.23 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (excl. other income)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt, consolidated (borrowings less cash); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (excl. other income)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS diluted (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Adani Total Gas includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Adani Total Gas
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 25 Oct 2026.
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