Adani Total Gas FY26 Annual Earnings Summary
4 quarters covered · ₹5,894 Cr revenue · ₹655 Cr PAT · 20.0% average EBITDA margin.
Quarter-by-quarter progression
Management promises made during the year
Current-quarter results and commentary indicate the prior promise was delivered or materially on track.
Q1 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q2 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q2 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter results and commentary indicate the prior promise was delivered or materially on track.
Q4 FY26Risks flagged during the year
Lower APM allocation (now ~36% for CNG) replaced by costlier gas, pressuring margins if not passed through.
Q2 FY26 · highCombined APM+NWG allocation fell from 51% in Q1 to 48% in Q2, pressuring margins as cheaper gas is replaced by costlier alternatives.
Q1 FY26 · mediumAnalyst raised concern about PNG industrial volume growth (only 5% YoY) due to cheaper alternatives like propane and coal.
Q1 FY26 · mediumManagement deflected quantification of savings from proposed two-zone tariff, pending PNGRB notification.
Q2 FY26 · mediumFalling propane prices are making it a cheaper alternative to natural gas for industrial users, potentially impacting PNG volumes.
Q2 FY26 · mediumPNGRB's zone one tariff notification is pending implementation due to industry consultations, delaying potential margin benefits for CNG and domestic PNG.
Q3 FY26 · mediumPotential reduction in APM gas allocation could increase gas costs, though management expects continuity based on current trends.
Q3 FY26 · mediumLower LPG/propane prices are creating pricing pressure on industrial PNG volumes, impacting growth in that segment.
Q4 FY26 · mediumThe government pool gas price was $12.42/MMBtu in March 2026, and imported LNG inclusion may increase costs, pressuring margins.
Q4 FY26 · mediumGovernment allocation based on six-month average may not cover incremental demand from CNG/PNG growth, requiring costlier spot purchases.
Q3 FY26 · lowThe mechanism for passing CBG blending costs to all CGDs is under discussion; unclear outcome could affect margins.
Q4 FY26 · lowManagement acknowledged slight de-growth in industrial/commercial volumes due to higher gas prices, which could persist if prices remain elevated.
What changed through the year
Q1 FY26 · CapEx of INR 900-1,000 crore for FY26
Management guided CapEx of INR 900-1,000 crore for the current fiscal year, primarily for network expansion.
Q1 FY26 · CapEx of INR 3,500-3,700 crore over three years
Over the next three years, CapEx is planned at INR 3,500-3,700 crore, focused on 11th round GAs and CNG stations.
Q1 FY26 · Double-digit CNG volume growth expected
Management expects to maintain double-digit growth in CNG volumes, driven by infrastructure expansion and OEM tie-ups.
Q2 FY26 · Double-digit volume growth expected to continue
Management expects sustained double-digit volume growth driven by network expansion and deeper penetration across 34 GAs.
Q2 FY26 · EV charging network target of 10,000 points
Targeting 10,000 EV charging points (currently 4,209) with a capacity of 100 MW (currently 42 MW).
Q2 FY26 · Pass-through of Gujarat VAT benefit to consumers
The 13% cost benefit from VAT-to-CST realignment will be passed on to CNG and PNG consumers to improve affordability.
Q3 FY26 · Target 10,000 EV charge points soon
ATGL's e-mobility subsidiary has installed 4,908 charge points and aims to reach 10,000 in the near future.
Q3 FY26 · Healthy CNG station additions expected
Management expects continued healthy growth in CNG station count, with focus on CODO/DODO model expansion.
Q4 FY26 · FY27 Revenue Growth Similar to FY26
Management expects revenue growth in FY27 to be similar to the 18% growth achieved in FY26, with additional contribution from newer GAs.
Q4 FY26 · FY27 EBITDA Target of INR 1,500 Crore
Interim CFO guided for EBITDA of around INR 1,500 crore for FY27, implying ~22% growth over FY26 EBITDA of INR 1,225 crore.