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Adani Total Gas Margin Trend — Quarter by Quarter

Adani Total Gas's EBITDA margin moved from 26.0% in Q1 FY25 to 19.0% in Q4 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2619.0%-50 bps
Q3 FY2620.0%—
Q2 FY2620.0%—
Q1 FY2621.0%—
Q4 FY2520.0%—
Q3 FY2520.0%—
Q2 FY2525.0%—
Q1 FY2526.0%+250 bps

What management said about ebitda margin

G

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.

G

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.

G

Q3 FY25 · EBITDA per SCM expected to remain in similar range

Management expects EBITDA per SCM to remain around ₹10-12, balancing volume growth and cost optimization.

G

Q2 FY25 · Calibrated CNG price increase expected

Management plans to pass on some cost increases to consumers in a calibrated manner to balance volume growth and margins.