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...
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.
54%Questions answered4Evaded / deflected12Questions audited
Partial answer
High priority
Gas pool pricing formula and composition for March 2026.
Asked by Yogesh Bart, Dollar Capital
Described components but did not provide a clear formula or calculation method.
no specific formula givenvague description
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Question
My question is relates to this topic. We basically want to understand for gas price. If you could share uh with us any formula or method of calculating the gas price or we wanted to understand other uh on the side constitutions of these gas rights which type of gas is the part of the gas.
Ravindra (Gas Sourcing Head)
the pricing formula what they have derived for the gas food mechanism is like uh there were various uh gases available in the market. So some of them were withdrawn from like our O2C some volume was withdrawn some volume was withdrawn from the fertilizer and some was withdrawn from the uhc consumption. So that in addition to that the Vanta gas plus the SPS gas they were made part of this pool mechanism and whatever would be the average weighted average of this uh volumes available that was the pool gas price for the CGD sector
Answered
High priority
Gas pool price for March 2026.
Asked by Yogesh Bart, Dollar Capital
Provided the specific price figure requested.
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Question
for the March month uh could you please uh give us any idea what was the gas pool price for the March month March 2026
Ravindra (Gas Sourcing Head)
for the month of March the gas pool price was $12.42 $42 per mm.
Answered
Medium priority
Whether imported LNG is included in the gas pool.
Asked by Yogesh Bart, Dollar Capital
Clearly stated that imported LNG was not included in March but was included later.
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Question
is the only domestically produced gas like the APM uh nonapm all these gases are the only part or some contracted LG is also included into the gas pool
Ravindra (Gas Sourcing Head)
In the month of March the imported LNG was not available that easily. So that did not include the imported LNG but in the later part of April that has come up.
Answered
High priority
Whether gas supply is enough for incremental CNG/DPNG demand.
Asked by Yogesh Bart, Dollar Capital
Confirmed government supplied additional volumes beyond the 6-month average.
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Question
are you waiting the gas supply enough to cater the incremental demand of the DPNG and the CNG segment. So are are you fulfilling this demand with the help of a spot LNG or the government is providing you incremental molecule
Ravindra (Gas Sourcing Head)
after that uh 6 months average uh definitely there was some shortfall to cater to this sector and uh government made an arrangement to supply the additional volumes which were higher than the 6 month average. So that was available and allocated later.
Answered
Medium priority
Whether spot LNG for captive consumption is restricted.
Asked by Yogesh Bart, Dollar Capital
Clearly stated no restriction on purchasing imported LNG for captive use.
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Question
if any entity is offering a spot LNG for the captive consumption then we believe the 9th March circular government circular will not be applicable for them. Correct me if I'm wrong.
Ravindra (Gas Sourcing Head)
Yeah, there is a freedom to purchase the imported LNG. There's no restriction on the uh purchase of imported LG. Probably get is available but the imported G is available at a higher price. So there is no restriction on purchase industry.
Evasive
Medium priority
Gas sourcing mix for CNG (APM vs non-APM).
Asked by Yogesh Bart, Dollar Capital
Did not provide the requested breakdown; deferred the question.
deferred to laterno specific numbers given
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Question
if you could provide us the uh gap sourcing mix for the CNG, how much is APM? How much is nonappm? This would be really helpful.
Ravindra (Gas Sourcing Head)
Probably we'll come back to that. So it's a see it's a mixture of uh the whole portfolio is a mixture of AP and nonAPN HPT and the AG contract. So probably we can uh discuss that in detail later.
Partial answer
High priority
Revenue and EBITDA guidance for FY27.
Asked by Kiran Mag, Modi Finap
Gave qualitative guidance but no specific revenue or EBITDA figures.
no specific numbersvague guidance
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Question
can you give me the guidance for 27 revenue growth and evidencing for 27?
Management (likely CEO or CFO)
We expecting the same revenue growth which we have achieved in the current financial year. Maybe something more on a new year compared to the existing G in current financial year.
Partial answer
High priority
Whether growth will be in same ratio as current year.
Asked by Kiran Mag, Modi Finap
Mentioned '1500' but unclear what it refers to; no clear confirmation.
unclear numberincomplete sentence
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Question
is it the same in the same ratio of which we are taking the in the current financial year?
Management
So I'm saying we are expecting the same growth which we are currently having in 256 in the next year. And will be in the range of same perp based on that growth. So we are expecting a around you can say 1,500 1500 of
Evasive
High priority
When new GAs will reach peak utilization and profitability.
Asked by Shrid Capitals, Shrid Capitals
Did not provide a timeline for peak utilization; discussed ongoing expansion instead.
no timeline givenreframed to current actions
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Question
given the aggressive expansion in TNG stations and TNG connections uh when do uh you expect the new uh geographical areas to reach uh peak utilization and start contributing meaningfully to uh profitability.
Management (likely CEO)
I think we are already working on expanding our networks. Now we are expanding on the pipe metro west side uh on the all the geographical area where our city stations are connected. We have done lot of work already on the pipe metro side also.
Evasive
Medium priority
Pricing flexibility to pass on gas cost without impacting demand.
Asked by Shrid Capitals, Shrid Capitals
Did not quantify pricing flexibility; spoke about consumer-first approach.
no specific flexibility rangegeneral philosophy
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Question
How much pricing flexibility does uh APGL have to pass on if gas cost without impacting demand?
Management (likely CEO)
our approach has always been consumer first and you will see from a volume growth even during this crisis hardly there is a hardly 1% here and there of industrial consumer otherwise there has been a good track record of a volume growth price has been calibrated we have not been able to pass through in the interest of a consumer
Evasive
High priority
Target return profile for new investments (ROCE).
Asked by Shrid Capitals, Shrid Capitals
Did not provide a target return ratio; emphasized long-term perspective.
no specific target ROCElong-term focus
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Question
how do you balance uh the aggressive in infrastructure extractions which you spoke about uh uh with the return ratios like ROC and what's your target return profile for uh the new investments
Management (likely CEO)
we run the business with the robust returns good reasonable profitability as I said it's a it's a business which you build for generation. You don't build for only tomorrow. Keeping these things in the mind, initially the returns would be on an elevated graph
Answered
High priority
Breakup of PNG volumes into domestic, industrial, commercial.
Asked by Arya Patel, MK Global
Provided specific percentage breakdown as requested.
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Question
can you help us with the break up of uh PNG volumes into domestic industrial and consumer space
Ravindra (Gas Sourcing Head)
CNG plus domestic is around 78%. And the balance is industrial plus commercial 22% and we get and if you if you want further break up the industrial volume would be around uh 20% and the rest is commercial around 2 and a half%.