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Adani Total Gas Ltd

ATGL NSE

Key Fundamentals

MidcapGas SupplierOil & Gas
Market Cap
₹71,790 Cr
Volatility
Moderate
P/E Ratio
117.05
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

Insights

Beta

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

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38 extracted metrics + investor summaries across FY16–FY26.

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Tapetide Score

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

Technical Indicators

Key Insights

Weaknesses

2
  • Stock is trading at 14.8 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 5d ago
AI opinion · based on fundamentals
Risk high

Adani Total Gas Ltd trades at a PE of ~115 and 15x book value with a market cap of ₹72,609 Cr, reflecting high growth expectations. The company delivered 14-15% volume growth in FY25 (993 MMSCM) and expanded its CNG network to 647 stations, but FY25 PAT was essentially flat at ₹656 Cr versus ₹654 Cr in FY24, and EBITDA grew only 1% YoY to ₹1,167 Cr due to APM gas allocation cuts.

Bull Case 8
  • Strong volume growth of 15% YoY in FY25 to 993 MMSCM, with FY26 sustaining 14% growth to 1,133 MMSCM, indicating robust underlying demand
  • Aggressive CNG station expansion from 547 to 647 stations in FY25 (100 new stations added), with combined network including JV (IOAGPL) crossing 1,072 stations
  • PNG home connections grew to 9.63 lakh households (standalone) and over 1.14 million including JV, providing a recurring revenue base
  • 10-year compounded sales CAGR of 18% and 10-year profit CAGR of 22% demonstrate a long track record of secular growth
  • TTM revenue growth of 20% shows acceleration in topline despite gas allocation headwinds
  • AA+ stable credit rating from ICRA, CRISIL, and CARE reflects strong balance sheet quality and growing scale
  • Combined APM and New Well Gas allocation for CNG restored to ~65% effective April 2025, partially mitigating earlier allocation cuts from 63% to 37%
  • EV charging footprint of 1,486 points across 21 states and LNG retail station commissioning signal optionality in energy transition
Bear Case 8
  • PE ratio of ~115x is extremely elevated versus CGD peers IGL and MGL, pricing in many years of flawless execution
  • FY25 PAT was flat at ₹656 Cr (growth of just 0.3% YoY) despite 15% volume growth, showing severe margin compression
  • FY25 EBITDA grew only 1% YoY to ₹1,167 Cr, a sharp deceleration from 27% EBITDA growth in FY24
  • APM gas allocation for CNG was cut from 63% to 37%, forcing costlier spot/term gas purchases that directly compress per-unit margins
  • Stock trades at 15.1x book value with ROE declining from 17% (3-year average) to 14% last year, implying returns on capital are falling while valuation remains stretched
  • 5-year stock CAGR of -6% shows the stock has destroyed value over a meaningful period despite business growth
  • Dividend payout of only 4.26% of profits over 3 years and a 0.04% yield offers negligible income to shareholders
  • 3-year compounded profit CAGR of only 6% versus 10% sales CAGR indicates persistent margin dilution

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Positives 1
  • NSE ESG Leader rating Aug 11

    Adani Total Gas assigned ESG rating of 75 for FY2026 by NSE Sustainability, placing it in the 'Leader' category for best-in-class environmental, social, and governance practices.

Neutral 1
  • Q1FY26 net profit falls 16% Jul 21

    Consolidated net profit declined ~16% YoY to ₹141.72 crore in Q1FY26, while revenue from operations rose 12.5% to ₹1,906.79 crore driven by higher sales volumes.

TL;DR: ATGL shows strong ESG credentials with a Leader-category rating from NSE, but profitability is under pressure with Q1FY26 net profit down 16% YoY despite 12.5% revenue growth, suggesting margin compression. The company is growing its top line but needs to demonstrate it can convert that into bottom-line improvement in coming quarters.

Quarterly Results

  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

  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

  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 Jun 2026
Promoters 74.80%
FIIs 12.76%
DIIs 6.35%
Public 5.49%
Others 0.59%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
12.76%
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%
6.35%
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%
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%
5.49%
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%
0.59%
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
5,96,758

Documents

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 Oil & Gas sector within the Gas Supplier 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 ₹71790.10 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 117.05. 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 0.04%. 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 13.48%. 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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