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Adani Total Gas

ATGL NSE

Key Fundamentals

MidcapGas SupplierOil & Gas
Market Cap
₹64,889 Cr
Volatility
Moderate
P/E Ratio
105.43
EBITDA
₹1,233 Cr
Return on Equity
13.48%
Debt to Equity
0.47
Book Value
₹44.23
EPS
₹6.27
52W High
₹859.85
52W Low
₹462.8

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Stock is trading at 13.3 times its book value
  • Dividend payout has been low at 4.26% of profits over last 3 years

Growth Rate

Revenue Growth
17.92% higher than 3Y
Net Income Growth
0.2% lower than 3Y
Cash Flow Change
19.17% lower than 3Y
ROE
-13.37% lower than 3Y
ROCE
-13.19% higher than 3Y
EBITDA Margin (Avg.)
-10.2% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Adani Total Gas Ltd (ATGL) is a city gas distribution company with a market capitalisation of about ₹66,918 crore. It trades at 106.5x earnings and 13.84x book value. Revenue grew 20% over the trailing twelve months (TTM), but profit fell 4% over the same period, and return on equity (ROE) has slipped from a 10-year average of 20% to 14% last year. The stock has returned -6%, -1% and -15% on a compounded annual basis over 1, 3 and 5 years respectively.

Bull Case 7
  • TTM sales growth of 20% is double the 3-year sales CAGR of 10%, which suggests volume and revenue momentum is picking up.
  • 5-year compounded sales growth of 28% and 10-year sales CAGR of 18% show a long record of expanding the business as city gas networks and CNG/PNG connections scaled up.
  • 10-year compounded profit growth of 22% shows the business has historically turned revenue growth into long-term earnings growth.
  • ROE has stayed in double digits over every period shown: 20% over 10 years, 18% over 5 years, 17% over 3 years and 14% last year. That points to a structurally profitable, regulated-style infrastructure model.
  • A low dividend payout of 4.26% of profits over 3 years means almost all earnings go back into network expansion, which could support future volume growth in a capital-intensive sector.
  • At a market cap of about ₹66,918 crore, ATGL is one of the larger listed city gas distribution players. That scale helps with access to capital for rolling out infrastructure.
  • Over 5 years, the stock's CAGR (-15%) has trailed the business's sales CAGR (28%), so part of the earlier valuation premium has already come off.
Bear Case 8
  • A P/E of 106.5x is very high for a gas utility with 3-year profit growth of just 6%. It implies a long period of fast earnings growth is already priced in.
  • A price-to-book of 13.84x is steep next to last year's ROE of 14%. The market is paying about 13.8 times book value for a business earning roughly 14% on equity.
  • TTM profit fell 4% while sales rose 20%. That gap points to margin compression, likely from higher gas sourcing costs, and pricing power looks limited.
  • ROE has declined steadily: 20% over 10 years, 18% over 5 years, 17% over 3 years and 14% last year. Returns on capital appear to be weakening as the company expands.
  • 3-year and 5-year compounded profit growth of only 6% each lags well behind 5-year sales growth of 28%. Growth in the top line has not carried through to earnings.
  • Shareholder returns have been negative over every period shown: -6% over 1 year, -1% over 3 years and -15% over 5 years.
  • A dividend yield of 0.04% and a 3-year payout of 4.26% give investors almost no income while they wait for growth to show up.
  • Governance and group-level risk has hung over Adani group stocks since the January 2023 short-seller report. Any fresh group-level development could hit the valuation, regardless of how the business itself is doing.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 4
  • Valuation stretched above 100x P/E Sep 21

    ATGL trades at over 100x FY26 earnings with a ~₹70,000 crore market cap, versus ₹20,800 crore for IGL and ₹10,600 crore for MGL. Its FY26 net profit of ₹656 crore is below IGL's ₹1,390 crore and MGL's ₹850 crore.

  • Gross margin at nine-quarter low Sep 21

    ATGL's blended gas cost in Q1FY27 was ₹48/scm, against ₹43 for IGL and ₹40 for MGL. That pushed its gross margin down to ₹14.6/scm, the lowest in at least nine quarters.

  • Stock drops 5% amid rally Sep 21

    ATGL led Adani Group declines with a 5% fall to ₹629.30 even though the Sensex rose 478 points to 74,773. The drop gave back part of Friday's 13% surge.

  • Revenue lags despite wider footprint Sep 21

    ATGL covers 53 geographies across 125 districts, compared with IGL's 12 areas. Even so, its revenue is less than half of IGL's in FY26 and Q1FY27.

Positives 4
  • 13% surge on record volume Sep 21

    The stock jumped nearly 13% to ₹660.7 on Friday on 39 million shares, the highest volume since May 27, 2026, which points to strong buying interest. It was also among the top NSE stocks by traded value at ₹2,565 crore.

  • Long growth runway in underpenetrated markets Sep 21

    ATGL operates in less-saturated areas across 53 geographies, 19 of them through JVs with IOC. Delhi-NCR's shift from CNG to EVs could hurt IGL while ATGL's growth catches up.

  • Backing from TotalEnergies on LNG sourcing Sep 21

    Adani Group and TotalEnergies each own 37.4%. TotalEnergies, the world's second-largest private LNG player, should help ATGL source imported gas.

  • Preyash Jhaveri confirmed as CFO Sep 3

    Preyash Jhaveri was appointed CFO effective September 3, 2026, after serving as interim CFO since December 2025. He brings over 30 years of finance experience and gives the finance function stable leadership.

Neutral 2
  • SEBI probe settled for ₹9.75 lakh Sep 22

    ATGL settled a SEBI probe into a Regulation 33(1)(d) violation for ₹9.75 lakh. The company says there is no material financial impact.

  • EHS vice president resigns Sep 23

    Pranab Kumar Ghosh resigned as VP of Environment, Health & Safety effective close of business on September 23, 2026, citing other opportunities.

TL;DR: ATGL drew strong speculative interest, with a 13% surge on its highest volume since May. It also has structural strengths: a wide, underpenetrated CGD footprint and TotalEnergies backing for LNG sourcing. The main risks are a P/E above 100, rising gas costs that cut gross margin to a nine-quarter low of ₹14.6/scm, and profits below smaller-valued peers IGL and MGL. The 5% reversal right after the spike suggests the move isn't holding, so investors should watch for margin recovery and volume growth in Q2FY27 to see whether the premium valuation is justified.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,056
1,095
1,155
1,166
1,144
1,216
1,291
1,336
1,372
1,444
1,499
1,549
1,743
Expenses
808
815
867
877
847
909
1,026
1,071
1,080
1,151
1,196
1,249
1,476
Operating Profit
248
279
288
289
296
307
264
265
292
293
303
299
268
OPM %
23%
26%
25%
25%
26%
25%
20%
20%
21%
20%
20%
19%
15%
Other Income
8
10
13
16
12
6
8
9
9
9
9
10
13
Interest
24
27
31
29
26
23
27
24
28
26
41
35
39
Depreciation
33
37
38
49
45
50
52
52
54
59
60
60
64
PBT
199
225
231
227
237
240
193
198
219
217
212
214
178
Tax %
26%
25%
26%
27%
25%
26%
26%
25%
26%
26%
26%
27%
25%
Net Profit
148
168
172
165
177
178
143
149
162
162
157
156
133
EPS in Rs
1.34
1.53
1.57
1.5
1.61
1.62
1.3
1.36
1.47
1.47
1.43
1.42
1.21
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,129
1,087
1,374
1,719
1,875
1,696
3,038
4,378
4,472
4,986
5,864
6,235
Expenses
921
809
1,008
1,264
1,280
991
2,265
3,508
3,368
3,849
4,675
5,072
Operating Profit
208
278
366
455
595
704
773
870
1,104
1,137
1,188
1,163
OPM %
18%
26%
27%
26%
32%
42%
25%
20%
25%
23%
20%
19%
Other Income
26
-22
80
59
44
30
42
37
47
30
37
42
Interest
43
44
125
90
41
40
53
79
111
100
129
141
Depreciation
52
56
61
67
51
63
83
113
157
198
233
243
PBT
138
156
259
357
547
631
679
716
882
868
863
822
Tax %
41%
35%
36%
36%
20%
25%
26%
26%
26%
25%
26%
—
Net Profit
81
101
165
229
436
472
505
530
653
648
637
608
EPS in Rs
3.17
3.94
6.41
2.08
3.97
4.29
4.59
4.82
5.94
5.89
5.79
5.53
Div. Payout %
54%
0%
0%
12%
6%
6%
5%
5%
4%
4%
4%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
257
257
257
110
110
110
110
110
110
110
110
Reserves
357
458
769
1,002
1,370
1,842
2,320
2,828
3,453
4,075
4,714
Borrowings
475
549
1,345
394
428
529
1,035
1,420
1,555
1,831
2,252
Other Liabilities
345
396
442
552
577
741
964
1,278
1,406
1,583
2,368
Total Liabilities
1,434
1,660
2,812
2,058
2,486
3,222
4,429
5,636
6,524
7,599
9,444
Fixed Assets
757
832
897
980
1,198
1,379
1,733
2,329
3,090
3,515
4,102
CWIP
157
87
102
190
342
696
1,171
1,612
1,476
1,803
1,919
Investments
49
91
189
186
291
436
648
683
704
993
1,928
Other Assets
471
651
1,624
701
655
711
878
1,013
1,254
1,288
1,495
Total Assets
1,434
1,660
2,812
2,058
2,486
3,222
4,429
5,636
6,524
7,599
9,444
Figures in ₹ Crores

Cash Flow

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
255
258
277
356
492
654
732
846
971
980
1,150
Investing
-413
-303
-988
791
-461
-770
-1,133
-1,163
-769
-956
-1,231
Financing
39
50
779
-1,077
-102
39
422
295
-77
58
117
Net Cash Flow
-118
5
68
70
-71
-78
21
-22
124
83
36
Free Cash Flow
168
134
137
115
51
47
-218
-312
227
145
247
CFO/OP
141
110
100
105
105
112
114
115
105
101
111
Figures in ₹ Crores

Ratios

Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
13
19
38
18
12
22
22
26
33
31
26
Inventory Days
19
21
19
15
14
25
15
11
—
—
—
Days Payable
22
28
63
35
28
55
31
36
—
—
—
Cash Conversion Cycle
10
11
-6
-2
-2
-8
6
1
33
31
26
Working Capital Days
-9
95
52
5
-24
-128
-137
-142
-98
-65
-97
ROCE %
—
22%
21%
24%
34%
31%
25%
20%
21%
17%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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61 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

Others0.59%Promot.74.80%Public5.49%DIIs6.35%FIIs12.76%As ofJun 2026

Documents

Frequently Asked Questions about Adani Total Gas

What does Adani Total Gas Ltd do?
AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.
Where is Adani Total Gas Ltd (ATGL) listed?
Adani Total Gas Ltd trades as ATGL on the NSE and under code 542066 on the BSE.
Which sector does Adani Total Gas Ltd belong to?
Adani Total Gas Ltd is classified under the Oil & Gas sector, in the Gas Supplier industry.
What is the market capitalisation of Adani Total Gas Ltd?
Adani Total Gas Ltd has a market capitalisation of ₹64,889 Cr, which places it in the Large Cap band.
What is the PE ratio of Adani Total Gas Ltd?
Adani Total Gas Ltd trades at a PE ratio of 105.43, on earnings per share of ₹6.27, against a book value of ₹44.23 per share.
What is the 52-week high and low of Adani Total Gas Ltd?
Over the last 52 weeks Adani Total Gas Ltd has traded between ₹462.8 and ₹859.85.
Does Adani Total Gas Ltd pay dividends?
Adani Total Gas Ltd has a dividend yield of 0.04%.
What is the Return on Equity (ROE) of Adani Total Gas Ltd?
Adani Total Gas Ltd reported a return on equity of 13.48%. Its debt-to-equity ratio is 0.47.

Company Information

AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.

Website adanigas.com
CEO Mr. Suresh P. Manglani
Employees 578
Listed 2018-11-05
Face Value ₹ 1
Issued Size 1,09,98,10,083

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