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Adani Total Gas Ltd — Q4 FY26
Adani Total Gas delivered a robust Q4 FY26 with revenue of INR 1,696 Cr (+16% YoY) and EBITDA of INR 310 Cr (+13% YoY), driven by strong volume growth in CNG (+17% YoY) and PNG (+5% YoY).
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Adani Total Gas delivered a robust Q4 FY26 with revenue of INR 1,696 Cr (+16% YoY) and EBITDA of INR 310 Cr (+13% YoY), driven by strong volume growth in CNG (+17% YoY) and PNG (+5% YoY). Customer additions hit a record 50,000 new domestic PNG connections in the quarter, and the CNG station network expanded to 705 stations. Management guided for similar revenue growth in FY27, targeting EBITDA around INR 1,500 Cr. The company benefited from government priority gas allocation and pool pricing, which helped mitigate geopolitical disruptions. However, industrial volumes saw slight softness due to higher gas costs. Key risk: sustained high gas prices could pressure margins if pass-through remains constrained.
Promises0 met · 2 missedRisks3 trackedTranscriptfull text
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Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
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Risks
3 risks
Risk Intelligence
Geopolitical disruption and gas price volatility
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Transcript
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CNG Volume Growth (Q4)
17%
+17% YoY
CNG volumes grew 17% year-on-year in Q4 FY26, driven by network expansion and higher demand.
New Domestic PNG Connections (Q4)
50,000
+50,000 QoQ
Record quarterly addition of 50,000 new domestic PNG connections, the highest ever.
CNG Station Count
705
+25 QoQ
Total CNG stations reached 705, with 140 under company-owned or dealer-operated models.
EV Charge Points
5,100
+5,100 YoY
E-mobility subsidiary now operates 5,100 EV charge points across 226 cities.
What Changed vs Last Quarter
NEW
FY27 revenue growth similar to FY26
Management expects revenue growth in FY27 to be similar to or slightly higher than the 18% growth achieved in FY26.
NEW
FY27 EBITDA target around INR 1,500 Cr
Management guided for EBITDA in the range of INR 1,500 Cr for FY27, implying continued margin discipline.
UPDATED
10,000 EV charge points target
The company remains on track to install 10,000 EV charging points in the near term, up from 5,100 currently.
DROPPED
CNG station network to grow healthily
Management expects continued healthy growth in CNG stations, with focus on company-owned dealer-operated (CODO) and dealer-owned dealer-operated (DODO) models.
DROPPED
Volume growth driven by consumer incentives
Management plans to continue offering cashback incentives (INR 15,000-20,000 per vehicle) to boost CNG vehicle adoption and widen consumer base.
NEW RISK
Geopolitical disruption and gas price volatility
West Asia tensions have led to higher natural gas prices and supply chain challenges, which could impact margins if not managed.
NEW RISK
Industrial volume softness due to high gas costs
Industrial and commercial volumes saw slight degrowth as higher gas prices affected demand; sustained high prices could further impact this segment.
NEW RISK
Dependence on government pool gas allocation
The company relies on government pool gas pricing and allocation; any change in policy could affect cost structure.
RISK GONE
Cheaper alternate fuels pressuring industrial PNG
Industrial PNG growth is constrained by cheaper LPG/propane, which reduces the competitiveness of natural gas for industrial users.
RISK GONE
CBG blending cost impact unclear
The cost impact of CBG blending into APM gas is uncertain, as the mechanism for sharing the blended price across CGDs is still under discussion with the ministry.
RISK GONE
Regulatory risk on APM allocation
Potential reduction in APM gas allocation in April could increase gas costs, though management expects continuity based on current trends.
Fast read
Guidance and risk preview
Management expects revenue growth in FY27 to be similar to or slightly higher than the 18% growth achieved in FY26.
West Asia tensions have led to higher natural gas prices and supply chain challenges, which could impact margins if not managed.
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