Adani Total Gas Limited — Q3 FY26

Adani Total Gas delivered a robust Q3 FY26 with revenue up 17% YoY to INR 1,631 Cr and PAT up 10% YoY to INR 157 Cr, driven by strong CNG volume growth of 17% YoY and disciplined execution. EBITDA grew 15% YoY to INR 313 Cr despite labor code impacts. The company added 18 new CNG stations (total 680) and 35,000 new PNG connections, expanding its consumer base. Key regulatory tailwinds include the transition to a 2% CST and a simplified two-zone transmission tariff, which management passed on to consumers via price reductions to boost volumes. The e-mobility subsidiary now has nearly 5,000 charge points. Management remains focused on network expansion and volume growth, with a healthy dealer response to new station opportunities. Risk: Industrial PNG growth remains pressured by cheaper alternate fuels like LPG/propane, and policy support for MSME gas adoption is still awaited.