ATGL

Adani Total Gas share price & financials

Price
₹727.3
Market cap
₹67.7k Cr
Sector
Oil, Gas & Consumable Fuels
Calls analysed
5
Latest concall · Q1 FY27 · call held 22 Jul 2026

Adani Total Gas Limited Q1 FY27

Revenue ₹1,908 cr +27%EBITDA ₹281 cr

What went well

  • Revenue of ₹1,908 crores, up 27% YoY, demonstrating strong financial performance.
  • Gas sales volume reached 303 MMSCM, reflecting a robust 13% YoY growth, driven by 18% YoY growth in CNG and 4% YoY in PNG segments.
  • Operational expansion continued with steel pipeline growing to 15,987-inch kilometers and 38,000 new household connections added.

What to watch

  • Operating margins compressed from approximately 25% to 15% over the last 6-8 quarters, with operating profit and net profit remaining largely flat.
  • Margin compression primarily attributed to elevated Brent-linked gas contract prices, U.S. INR currency depreciation, and reliance on spot purchases.
Read the full call →

What Adani Total Gas Limited does

Adani Total Gas Limited (ATGL) is a city gas distribution (CGD) company that builds and operates local natural-gas networks, earning by selling Compressed Natural Gas (CNG) to vehicles through its retail stations and Piped Natural Gas (PNG) to households and to commercial and industrial consumers through underground steel and PE pipeline networks. It holds CGD distribution authorisation directly across 34 Geographical Areas (GAs), with a further 19 GAs operated through its 50:50 joint venture Indian Oil-Adani Gas Private Limited (IOAGPL). Beyond core gas distribution, ATGL has diversified into adjacent energy businesses through wholly owned subsidiaries: Adani TotalEnergies E-Mobility Limited (ATEL), which installs and operates public EV charging points, and Adani TotalEnergies Biomass Limited (ATBL), which produces compressed biogas (CBG) and organic fertiliser. It also holds a 50:50 joint venture, Smart Meter Technologies Private Limited, for gas meter manufacturing.

Segments

  • City Gas Distribution (CGD)
  • E-Mobility
  • Biomass
Geographical Areas (GAs) with gas distribution authorisation
34 owned directly; 53 pan-India including 50:50 JV IOAGPL
CNG stations
647
Domestic (household) PNG connections
962,668 (9.63 lakh)
Steel pipeline network laid
13,772 inch-km
Districts covered across GA footprint
125
Commercial + Industrial PNG connections
9,299 (6,341 commercial + 2,958 industrial)
Founded 2005Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 2 delivered 3 missed 6 open
  • EV Charging Points delivered said Q3 FY25 Promised: 3,000 charging points by March to April 2025 Q1 FY27: Promise was achieved in Q1 FY26. No new updates.
  • EBITDA per SCM went quiet said Q3 FY25 Promised: Maintain margins in a similar sort of range (INR 10-12) Q1 FY27: The specific metric remains unaddressed. Management commentary focuses on overall margin compression due to high gas costs.
  • FY27 EBITDA at risk said Q4 FY26 Promised: around INR 1,500 crores Q1 FY27: Q1 FY27 EBITDA was ₹281 crore. Annualized, this is ₹1,124 crore, significantly below the ₹1,500 crore target. Management cited severe margin compression.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.2%, net profit down 13.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,219 1,294 1,341 1,379 1,451 +19%1,507 +16%1,557 +16%1,754 +27%
EBITDA306 265 266 293 295 −4%305 +15%301 +13%270 −8%
Net profit186 142 155 165 163 −12%159 +12%168 +8%142 −14%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −0.5% 1Y

₹500₹600₹700₹800Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 23 Jan 2026Q4 FY26 — 28 Apr 2026Q1 FY27 — 22 Jul 2026

1Y: ₹597.85 on 10 Sept 2025 → ₹594.8. High ₹808.55 (27 May 2026), low ₹467.9 (9 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−2.7%
22 Jul
Q4 FY26
+2.9%
28 Apr
Q3 FY26
−5.6%
23 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 10.4% a year over 3 years, FY23 to FY26. Operating margin widened to 20.3%.

Year endingFY23FY24FY25FY26
Revenue₹4.4k Cr₹4.5k Cr₹5.0k Cr₹5.9k Cr
Operating profit₹864 Cr₹1.1k Cr₹1.1k Cr₹1.2k Cr
Operating margin19.7%24.7%22.6%20.3%
Interest₹78 Cr₹111 Cr₹100 Cr₹130 Cr
Depreciation₹113 Cr₹159 Cr₹203 Cr₹243 Cr
Net profit₹546 Cr₹668 Cr₹655 Cr₹655 Cr
Net margin12.5%14.9%13.1%11.1%
ROCE21.0%21.0%17.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹110 Cr₹110 Cr₹110 Cr₹110 Cr₹110 Cr₹110 Cr
Reserves₹1.8k Cr₹2.3k Cr₹2.8k Cr₹3.5k Cr₹4.4k Cr₹4.8k Cr
Borrowings₹529 Cr₹1.0k Cr₹1.4k Cr₹1.6k Cr₹2.0k Cr₹2.3k Cr
Other liabilities₹741 Cr₹964 Cr₹1.3k Cr₹1.5k Cr₹2.2k Cr₹2.4k Cr
Total liabilities₹3.2k Cr₹4.4k Cr₹5.6k Cr₹6.6k Cr₹8.7k Cr₹9.5k Cr
Fixed assets₹1.4k Cr₹1.7k Cr₹2.3k Cr₹3.2k Cr₹4.0k Cr₹4.3k Cr
Capital work in progress₹696 Cr₹1.2k Cr₹1.6k Cr₹1.5k Cr₹1.8k Cr₹2.0k Cr
Investments₹417 Cr₹634 Cr₹682 Cr₹706 Cr₹1.5k Cr₹1.7k Cr
Other assets₹711 Cr₹878 Cr₹1.0k Cr₹1.2k Cr₹1.5k Cr₹1.5k Cr
Total assets₹3.2k Cr₹4.4k Cr₹5.6k Cr₹6.6k Cr₹8.7k Cr₹9.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs trimmed −0.25 pp while the public added +0.20 pp. The shareholder count shrank 6% to 5,96,758.

Promoters
74.8%
FIIs
12.8%
DIIs
6.3%
Public
6.1%

Since Jun 2025

  • FIIs −0.25 pp
  • Public +0.20 pp
  • DIIs +0.03 pp

How it drifted, 12 quarters

Over this window FIIs fell from 13.9% to 12.8% — −1.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 74.8%, FIIs 13.9%, DIIs 6.2%, Public 5.1%.Dec '23: Promoters 74.8%, FIIs 13.1%, DIIs 6.1%, Public 6.0%.Mar '24: Promoters 74.8%, FIIs 13.1%, DIIs 6.1%, Public 5.9%.Jun '24: Promoters 74.8%, FIIs 13.0%, DIIs 6.2%, Public 6.1%.Sep '24: Promoters 74.8%, FIIs 13.1%, DIIs 6.1%, Public 6.0%.Dec '24: Promoters 74.8%, FIIs 13.1%, DIIs 6.3%, Public 5.8%.Mar '25: Promoters 74.8%, FIIs 13.2%, DIIs 6.2%, Public 5.7%.Jun '25: Promoters 74.8%, FIIs 13.0%, DIIs 6.3%, Public 5.9%.Sep '25: Promoters 74.8%, FIIs 12.9%, DIIs 6.2%, Public 6.1%.Dec '25: Promoters 74.8%, FIIs 12.8%, DIIs 6.3%, Public 6.1%.Mar '26: Promoters 74.8%, FIIs 12.8%, DIIs 6.3%, Public 6.2%.Jun '26: Promoters 74.8%, FIIs 12.8%, DIIs 6.3%, Public 6.1%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Adani Total Gas Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
TotalEnergies Holdings SAS 37.40%unchanged
Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S.B. Adani Family Trust) 37.38%unchanged
Life Insurance Corporation Of India Insurer6.02%unchanged
Envestcom Holding Rsc Ltd FPI fund4.96%unchanged
Rahi Rajesh Adani 0.01%unchanged
Vanshi Rajesh Adani 0.01%unchanged
Universal Trade And Investments Limited 0.00%unchanged
Worldwide Emerging Market Holding Limited 0.00%unchanged
Gautambhai Shantilal Adani 0.00%unchanged
Rajeshbhai Shantilal Adani 0.00%unchanged
Flourishing Trade And Investment Ltd 0.00%unchanged
Gautambhai Shantilal Adani & Pritiben Gautambhai Adani (on behalf of Gautam S. Adani Family Trust) 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in ATGL

Filings to Aug 2026

0 new, 6 added, 1 trimmed, 0 sold out — net +0.35 L shares (+6.6%).

Held by funds
₹36 Cr
7 schemes
Biggest holder
Nippon India ETF Nifty Midcap 150
₹16 Cr · 0.4% of that fund
SchemeHoldingLast month
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹16 Cr+0.16 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹12 Cr+0.03 L
SBI Nifty Midcap 150 Index Fund SBI Mutual Fund₹5 Cr+0.03 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty Midcap 150 Momentum 50 ETF SBI Mutual Fund₹1 Cr+0.13 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹1 Cr−0.00 L
SBI Nifty Midcap150 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

6 added, 1 trimmed — net +35,340 shares (+6.6%)

Funds are sitting on
+18%
vs est. average cost
Held by funds
₹36 Cr
7 schemes · ≈ 0.06% of the company
Biggest holder
Nippon India ETF Nifty Midcap 150
₹16 Cr · 0.4% of that fund
Longest holder
Nippon India Nifty 500 Equal Weight Index Fund
2y · since Sep '24

Shares held by these funds +6%

Aug '23 5.39 L shares Jul '26

All earnings calls (5)

Read the Q1 FY27 call →

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