Adani Total Gas Ltd logo

Adani Total Gas Ltd

ATGL NSE

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

AI Verdict: HOLD Confidence: 4%

ATGL trades at a PE of 121.2x and 16.3x book value, which is extremely expensive despite solid 18% TTM sales growth. ROE has declined from 18% (5-year average) to 14% last year, and profit growth has turned negative at -2% TTM, making the current valuation hard to justify without a significant re-acceleration in earnings.

Key Fundamentals

MidcapGas SupplierOil & Gas
Market Cap
₹79,967 Cr
Volatility
Moderate
P/E Ratio
124.32
EBITDA
₹1,233 Cr
Return on Equity
18.64%
Debt to Equity
0.45
Book Value
₹44.23
EPS
₹6.27
52W High
₹859.85
52W Low
₹462.8

Technical Indicators

Key Insights

Weaknesses

2
  • Stock is trading at 16.4 times its book value
  • Dividend payout has been low at 4.26% of profits over last 3 years

Growth Rate

Revenue Growth
17.92% ↗
Net Income Growth
0.20% ↘
Cash Flow Change
19.17% ↗
ROE
-13.37% ↘
ROCE
-13.19% ↘
EBITDA Margin (Avg.)
-10.20% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk high

ATGL trades at a PE of 121.2x and 16.3x book value, which is extremely expensive despite solid 18% TTM sales growth. ROE has declined from 18% (5-year average) to 14% last year, and profit growth has turned negative at -2% TTM, making the current valuation hard to justify without a significant re-acceleration in earnings.

Bull Case 7
  • Strong TTM revenue growth of 18% indicates continued volume expansion in city gas distribution
  • 10-year compounded sales CAGR of 18% demonstrates a long and consistent growth runway in natural gas adoption
  • 5-year compounded sales CAGR of 28% reflects accelerated expansion during the gas infrastructure buildout phase
  • 10-year compounded profit CAGR of 22% shows the business model can deliver strong long-term earnings growth
  • Market cap of Rs 80,198 Cr reflects institutional confidence in the CGD sector's structural tailwinds
  • 5-year average ROE of 18% indicates efficient capital deployment over a meaningful period
  • Stock price CAGR of 18% over 1 year shows renewed investor interest and momentum
Bear Case 8
  • PE ratio of 121.2x is excessively high, pricing in years of flawless execution with no margin of safety
  • Price-to-book of 16.3x means investors pay Rs 16.3 for every Rs 1 of book value, leaving significant downside risk
  • TTM profit growth has turned negative at -2%, signaling margin pressure or cost headwinds
  • ROE has declined from 20% (10-year average) to 14% last year, a 30% deterioration in return efficiency
  • Dividend yield of just 0.03% with only 4.26% payout ratio offers negligible income support to investors
  • 3-year stock CAGR of only 4% and 5-year CAGR of -12% show the stock has destroyed value for medium-term holders
  • 3-year compounded profit CAGR of only 6% versus 10-year CAGR of 22% indicates a sharp deceleration in earnings momentum
  • Zero analyst coverage available suggests limited institutional scrutiny and potential liquidity risk for large positions

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 2
  • High customer complaints in FY26 May 29

    BRSR report disclosed 98,726 customer complaints in FY26, indicating potential service quality challenges across the distribution network.

  • 75% correction from peak levels May 29

    Stock has corrected over 75% from its all-time peak of ₹4,000, and despite the recent rally at ₹860, remains well below historical highs.

Positives 5
  • Stock surges 41% in 6 days May 29

    ATGL hit a 52-week high of ₹859.70, soaring 41% over six consecutive trading sessions with average volumes jumping over two-fold to 20.11 million shares.

  • Strong Q4FY26 revenue growth May 29

    Q4FY26 revenue rose 16% YoY to ₹1,696 crore, EBITDA increased 13% YoY to ₹310 crore, and volumes grew 13% YoY to 297 MMSCM.

  • 90% rally from March low May 29

    Stock has zoomed 90% from its three-month low of ₹453.50 touched on March 2, 2026, demonstrating strong recovery momentum.

  • Analyst target of ₹1,350 May 29

    Mirae Asset Sharekhan projects a medium-term target of ₹1,350 with critical support at ₹610, noting the stock trades above all exponential moving averages.

  • Dominant CGD network position May 29

    ATGL is authorized in 34 of 53 geographical areas directly, plus 19 GAs via IOAGPL joint venture, positioning it for India's target of 15% natural gas share by 2030.

Neutral 3
  • BRSR filed for FY26 May 29

    Adani Total Gas filed its Business Responsibility and Sustainability Report for FY26, with 99.20% turnover from gas distribution.

  • June 12 dividend record date May 27

    Record date set for June 12, 2026 for final dividend eligibility; 21st AGM scheduled for June 25, 2026 via video conferencing.

  • ₹17.80 crore block trade on NSE May 27

    Institutional block trade of approximately 221,774 shares executed at ₹802.40 per share, totaling ₹17.80 crores on the NSE.

TL;DR: ATGL is in a powerful bullish phase, surging 41% in six days to a 52-week high on strong Q4FY26 fundamentals with 16% revenue growth and 13% volume expansion. The stock has recovered 90% from its March low, supported by analyst targets of ₹1,350. Key risks include the still-significant distance from historical peaks and elevated customer complaints. With technical momentum firmly positive and India's gas transition providing a structural tailwind, the near-term trend is clearly improving.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
1,115
1,056
1,095
1,155
1,166
1,144
1,216
1,291
1,336
1,372
1,444
1,499
1,549
Expenses
919
808
815
867
877
847
909
1,026
1,071
1,080
1,151
1,196
1,249
Operating Profit
195
248
279
288
289
296
307
264
265
292
293
303
299
OPM %
18%
23%
26%
25%
25%
26%
25%
20%
20%
21%
20%
20%
19%
Other Income
10
8
10
13
16
12
6
8
9
9
9
9
10
Interest
32
24
27
31
29
26
23
27
24
28
26
41
35
Depreciation
31
33
37
38
49
45
50
52
52
54
59
60
60
PBT
142
199
225
231
227
237
240
193
198
219
217
212
214
Tax %
27%
26%
25%
26%
27%
25%
26%
26%
25%
26%
26%
26%
27%
Net Profit
104
148
168
172
165
177
178
143
149
162
162
157
156
EPS in Rs
0.95
1.34
1.53
1.57
1.5
1.61
1.62
1.3
1.36
1.47
1.47
1.43
1.42
Figures in ₹ Crores

Profit & Loss

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
1,129
1,087
1,374
1,719
1,875
1,696
3,038
4,378
4,472
4,986
5,864
Expenses
921
809
1,008
1,264
1,280
991
2,265
3,508
3,368
3,849
4,675
Operating Profit
208
278
366
455
595
704
773
870
1,104
1,137
1,188
OPM %
18%
26%
27%
26%
32%
42%
25%
20%
25%
23%
20%
Other Income
26
-22
80
59
44
30
42
37
47
30
37
Interest
43
44
125
90
41
40
53
79
111
100
129
Depreciation
52
56
61
67
51
63
83
113
157
198
233
PBT
138
156
259
357
547
631
679
716
882
868
863
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
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
Div. Payout %
54%
0%
0%
12%
6%
6%
5%
5%
4%
4%
4%
Figures in ₹ Crores

Balance Sheet

  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

  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

  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%

Shareholding Pattern

As of Mar 2026
Promoters 74.80%
FIIs 12.75%
DIIs 6.26%
Public 5.67%
Others 0.52%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
74.80%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
13.14%
12.96%
13.07%
13.06%
13.22%
13.01%
12.88%
12.81%
12.75%
DIIs
2.15%
3.35%
3.65%
4.72%
5.19%
5.59%
5.82%
6.09%
6.14%
6.15%
6.15%
6.14%
6.12%
6.15%
6.13%
6.27%
6.23%
6.31%
6.24%
6.25%
6.26%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
3.27%
2.62%
2.22%
1.99%
1.89%
1.78%
1.63%
1.55%
2.39%
4.50%
4.64%
5.45%
5.37%
5.54%
5.46%
5.36%
5.19%
5.34%
5.54%
5.63%
5.67%
Others
19.78%
19.23%
19.33%
18.49%
18.12%
17.82%
17.75%
17.55%
16.67%
14.55%
14.41%
13.61%
0.57%
0.55%
0.54%
0.50%
0.56%
0.54%
0.54%
0.51%
0.52%
No. of Shareholders
1,62,555
1,87,869
1,56,146
1,31,822
1,30,747
1,37,841
1,42,697
1,36,022
3,01,530
4,82,919
4,94,186
6,53,417
6,31,022
6,55,643
6,25,899
6,43,039
6,41,091
6,32,842
6,34,539
6,18,119
6,36,149

Documents

1
Concall - Aug 2023 Aug 2023
2
Concall - Oct 2023 Oct 2023
3
Concall - Apr 2024 Apr 2024
4
Concall - Jul 2024 Jul 2024
5
Concall - Apr 2025 Apr 2025

Frequently Asked Questions about Adani Total Gas Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: ATGL and BSE: 542066. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Adani Total Gas Ltd belong to?
Adani Total Gas Ltd operates in the Energy sector within the Gas industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Adani Total Gas Ltd?
Adani Total Gas Ltd has a market capitalisation of approximately ₹79967.19 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Adani Total Gas Ltd?
The Price-to-Earnings (PE) ratio of Adani Total Gas Ltd is 124.32. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Adani Total Gas Ltd?
Over the past 52 weeks, Adani Total Gas Ltd has traded between a low of ₹462.8 and a high of ₹859.85. This range helps investors understand the stock's price volatility and recent trading levels.
Does Adani Total Gas Ltd pay dividends?
Yes, Adani Total Gas Ltd has a dividend yield of 0.03%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Adani Total Gas Ltd?
Adani Total Gas Ltd has a Return on Equity (ROE) of 18.64%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Adani Total Gas Ltd on Tapetide?
On Tapetide, you can view Adani Total Gas Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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