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 discipline...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
45%Questions answered4Evaded / deflected11Questions audited
Partial answer
High priority
Impact of two-zone transmission tariff on cost of gas and quantum.
Asked by Yogesh Patil, Dolat Capital
Management described directional impact but did not provide a specific net cost change figure.
no net quantum givenqualitative benefit stated
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Question
PNGRB implemented two-zone transmission tariff. What is the impact on our cost of gas? Is it increased, decreased? And if you could share a quantum, it would be helpful.
Suresh P. Manglani, CEO
Zone 1 tariff of INR 54 for entire PNG and CNG volume... most of the GA barring two, three GAs of Gujarat, we have been benefited significantly... two, three GAs of Gujarat have very slight implication of tariff going up... from earlier INR 42 to INR 54, we'll have an implication of INR 14, around 30%.
Partial answer
Medium priority
CNG vehicle additions in last two years and volume growth by geography.
Asked by Yogesh Patil, Dolat Capital
Provided only quarterly addition, not the requested two-year cumulative or geographic split.
only gave QoQ addition, not two-year cumulativeno geographic breakdown
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Question
If you could share the CNG vehicle additions in your geographical areas over the period of last two years? Along with these, if you could also share the CNG volume growth from your new geographical areas versus the old geographical areas?
Ravindra Desai, Head of Gas Sourcing and Business Development
With respect to ATGL GAs, we are seeing growth of around 31% in the vehicle addition, quarter on quarter, which is an addition of around 45,000 vehicles compared to the last quarter.
Answered
Medium priority
Share of biogas blending in APM gas price.
Asked by Yogesh Patil, Dolat Capital
Clearly stated blending is less than 2%, directly answering the question.
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Question
What is the share of a complete biogas blending in terms of volume? Is it more than 2% or less than 2% in the APM gas price?
Suresh P. Manglani, CEO
Currently, our blending part is much, much lesser than what you are indicating, 2%.
Answered
High priority
Mix of gas used and outlook on new gas supply allocation.
Asked by Varatharajan, Antique Stock Broking Limited
Provided specific portfolio mix percentages and confirmed no significant depletion.
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Question
In terms of the mix of gas which we are using as of now, if you can give us an idea and also specifically if you have any insight into how the new gas supply has gone down for all the CGD players...
Ravindra Desai, Head of Gas Sourcing and Business Development
APM allocation has increased a bit... domestic gas... would comprise of around 65%-70% of our portfolio. And the balance would be RLNG. We are not seeing much depleting this domestic gas production in the last quarter.
Evasive
High priority
Expectation of further APM gas allocation cut in April.
Asked by Varatharajan, Antique Stock Broking Limited
Did not confirm or deny a cut in April; only said trend continues.
no clear yes/nono specific expectation given
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Question
Can I have any expectation come April? We see one more round of cut. How is this predictability?
Ravindra Desai, Head of Gas Sourcing and Business Development
I would say not so much advance notice, but not a big problem also. We are seeing the allocation continue in the similar trend what it was happening earlier.
Evasive
Medium priority
Target for number of CNG outlets to be added this year and next.
Asked by Varatharajan, Antique Stock Broking Limited
Did not provide a numeric target; only said 'healthy growth' and asked to wait for results.
no specific target givendeferred to future results
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Question
In terms of our rollout of services additionally, what is the target we are looking at in terms of number of outlets to be added for the rest of the year this year, as well as any plans for next year...
Suresh P. Manglani, CEO
We have bid our new work program on CNG station. Right? So 680 numbers is currently... you will see a healthy growth in our CNG station... Numbers will be healthy for both CNG in this quarter as well as for the next year.
Evasive
Medium priority
Average throughput per CNG outlet in kgs per day.
Asked by Varatharajan, Antique Stock Broking Limited
Refused to give a single average figure, citing variability across GAs.
no average givenprovided ranges by GA instead
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Question
What would be the average throughput per outlet in terms of kgs per day of CNG?
Suresh P. Manglani, CEO
If you ask Faridabad... very high throughput of 6,000 odd or maybe ranging to up to 10-12,000, 15,000 kgs per station. If you ask Ahmedabad... minimum 4,000... newer geographical area... 500 kg... If I give you one generalized number... it may not actually give you the right perspective.
Evasive
Medium priority
Economics for dealer in DODO station and throughput threshold for investment.
Asked by Kirtan Mehta, Baroda BNP Paribas Mutual Fund
Did not quantify the throughput level or IRR; spoke qualitatively about dealer confidence.
no specific throughput threshold givenno IRR figures
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Question
I just wanted to understand the thought at what level of throughput the dealer is willing to make investments into the station and ready to go for a DODO station. And how does the economics work out for dealer?
Suresh P. Manglani, CEO
For a DODO dealer, the more important is that he has to see not only the immediate volume, but over the period where volumes are going to be heading... we are being very calibrated way that dealer should finally get a good IRR.
Partial answer
Medium priority
Breakup of 45,000 vehicle additions between Gujarat and outside Gujarat.
Asked by Kirtan Mehta, Baroda BNP Paribas Mutual Fund
Provided Gujarat number but did not give the outside Gujarat figure.
outside Gujarat number not given
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Question
Just wanted to understand the breakup between Gujarat and outside Gujarat as well as within Gujarat, where is the growth coming from?
Ravindra Desai, Head of Gas Sourcing and Business Development
In the state of Gujarat, around 30,000 vehicles have been added in the last quarter. Out of that, around 43% is in Ahmedabad, and the balance is in the rest of Gujarat.
Deflected
Low priority
Range of dealer incentives per kg across cities.
Asked by Kirtan Mehta, Baroda BNP Paribas Mutual Fund
Refused to provide range, directing to website for commercial inquiries.
redirected to websiteno numbers given
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Question
In terms of dealer incentives, what would be the range? What we understand is, I think, INR 3-INR 5 per kg is what we typically the OMC charge. So if a station is owned by dealer-owned, dealer-operated, what could be the different range across different cities?
Suresh P. Manglani, CEO
On the dealer margin... depend upon new geographical area... Tamil Nadu may have a very different margin versus the Ahmedabad... I think it is important that you ask them to log in our website because everything is online.
Answered
Medium priority
Proportion of OEM vs retrofitted vehicles in additions.
Asked by Varatharajan, Antique Stock Broking Limited
Provided a clear approximate proportion (two-thirds OEM, one-third retrofitted).
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Question
Would you have a sense of how much is OEM and how much is retrofitted among that, sir? An approximate number will be even a sense would help.
Suresh P. Manglani, CEO
A significant number is the OEM number... around two-thirds, one-third could be the proportion of the OEM vehicle versus retrofitted vehicle.
Partial answer
High priority
Growth outlook and regulatory changes for industrial gas segment.
Asked by Varatharajan, Antique Stock Broking Limited
Discussed challenges and policy hopes but did not quantify growth rate or provide concrete regulatory timeline.
no specific growth rate givenno timeline for policy change
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Question
On the industrial side of the business... Are there any concerns which are actually causing a problem in terms of growth? Are we looking at any kind of a regulatory change... which can actually help going forward?
Suresh P. Manglani, CEO
Alternate fuels, particularly the LPG propane, actually were very moderate, and the prices came down significantly during the quarter... we could manage to sustain the number of a very healthy number across the GA... industry has been requesting for some sort of connection incentive... we are seeing quite positive at the policymaker side.