Adani Total Gas Limited (ATGL) share price
₹581.90 on NSE as of 2026-10-07. -1.11% on the day. market cap ₹63,998 Cr. P/E 101.2. 52-week range ₹467.90 to ₹808.55. Oil Gas & Consumable Fuels.
Adani Total Gas Q1 FY27: Revenue Up 27%, Profit Down 18%, and a P/E That Needs Its Own Oxygen Mask
At a glance
Adani Total Gas pipes natural gas to homes, vehicles, shops and factories across India. Revenue in the three months to June 2026, counting the parent company alone, was ₹1,743 crore. That is 27.1% above the ₹1,372 crore booked a year earlier. It also clears the ₹1,549 crore of the previous quarter by 12.6%.
Operating profit went the other way, at ₹268 crore against ₹292 crore a year earlier. That is a fall of 8.4% year-on-year and of 10.6% against the previous quarter. Operating margin was 15.3% of revenue, against 21.3% in the same quarter last year. Net profit was ₹133 crore, against ₹162 crore a year earlier. That is 18.0% lower year-on-year and 14.6% below the previous quarter. Earnings per share, the profit divided across all shares, was ₹1.21 against ₹1.47.
More gas was sold and more rupees were invoiced, and less profit stayed in the company. Revenue up 27% and profit down 18% meet on the cost line of the accounts. The cost of natural gas and traded items rose sharply over the quarter. India's supply of LNG, gas chilled to liquid for shipping, was disrupted from late February 2026. Management's stated posture, per the results commentary, was to hold pricing for consumers rather than pass the full cost through.
Market capitalisation, the worth of all the company's shares together, is about ₹75,464 crore. On trailing profit, the market pays ₹124 for every ₹1 of yearly profit. Across the industry the same ₹1 of yearly profit costs ₹14.10.
Introduction
Adani Total Gas Limited was called Adani Gas before it was renamed, and its trade is city gas distribution. That means piping natural gas to users inside licensed areas of the country. The customers are homes, vehicles running on gas, commercial kitchens and industrial units. Two promoters sit above it, the Adani Group and France's TotalEnergies. Promoters are the controlling owners of an Indian listed company. Each of them held 37.4% as of March 2026, which puts combined promoter holding at 74.8%.
The company operates across 53 geographical areas spanning 125 districts. A geographical area is the licence a regulator grants to supply one patch of the country. It describes that footprint as covering roughly 14% of India's population. Nineteen of those areas run through Indian Oil-Adani Gas Pvt Ltd. That is a 50:50 joint venture, owned in equal halves with Indian Oil Corporation.
Three other businesses have been bolted on beside the pipes. An electric-vehicle charging arm has 5,100 installed points and 54 megawatts of capacity. A compressed biogas venture runs a plant at Barsana, compressed biogas being fuel made from waste matter. A joint venture in gas metering makes the third. Each of them sits outside the core work of moving gas through a pipe.
The recent management calendar has been busy at the top of the company. Per company filings, chief financial officer Parag Parikh resigned with effect from the end of September 2025. An interim finance chief was appointed in December 2025. In May 2026 Suresh Manglani was redesignated, and Sanjay Pandita was appointed chief executive from 22 May 2026.
Two outside events frame the period for the whole sector. Energy supply from West Asia was disrupted from early 2026. The government then issued its Natural Gas Supply Regulation Order on 9 March 2026. That order reshaped which buyers get gas, and at what price.
Business model
Adani Total Gas buys natural gas wholesale and sells it on at retail prices. In between it moves the gas through its own steel and plastic pipes. Four kinds of customer pay the bill: cars on CNG, kitchens on piped gas, factories and shops. CNG is compressed natural gas, the form sold to vehicles at a pump. Piped natural gas, or PNG, arrives at a kitchen or a plant through a tap. The margin is the spread between what the molecules cost and what delivery fetches.
The sourcing mix for the year to March 2026, per company disclosures, came in five buckets. APM gas, the low-priced gas the government prices itself, was 34% of the total. HPHT gas made up 28%, and imported gas, sold on as RLNG, accounted for 22%. Spot and short-term deals covered 9%, and NWG the remaining 7%. That mix is where the drama of this company sits. Where the government trims the APM allocation, the shortfall is filled with costlier imported LNG. The three months to June 2026 showed that arithmetic working in real time.
The gas volumes behind that revenue are large and they are still growing. Sales of CNG by the parent company reached 782 million standard cubic metres in the year to March 2026. The year before that the figure was 663 million. Piped gas went to 351 million cubic metres from 330 million. The network grew on every count the company reports: CNG stations, kilometres of steel pipe and home connections. Household connections are added at a pace management describes as 400-plus a day.
Then come the side businesses. The charging arm is courting Asian Paints and Maruti as clients. The Barsana plant, which management calls India's largest, peaks at 7.5 tonnes of biogas a day. A smart-meter joint venture sits alongside those two. Bolt-ons of this kind are what let a gas utility be described as a multi-energy story rather than a pipe with a spreadsheet. Each of the three is small beside the ₹5,864 crore gas business.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Adani Total Gas Limited.
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