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Adani Total Gas Limited — Q1 FY26
Adani Total Gas reported a strong Q1 FY26 with revenue of INR 1,491 crore (+21% YoY) and EBITDA of INR 301 crore, driven by 16% volume growth to 267 MMSCM.
bullish
medium
✓ Verified against BSE filing
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Adani Total Gas reported a strong Q1 FY26 with revenue of INR 1,491 crore (+21% YoY) and EBITDA of INR 301 crore, driven by 16% volume growth to 267 MMSCM. CNG volumes surged 21% to 1.5 BSCM, while PNG grew 6%. The company added 650 CNG stations and 1M domestic connections. Management highlighted calibrated pricing despite higher gas costs due to lower APM allocation. Guidance includes CapEx of INR 900-1,000 crore for FY26 and INR 3,500-3,700 crore over three years, focusing on 11th round GAs. A potential positive from the proposed two-zone gas tariff could reduce costs. Risk: propane substitution and solid fuels may cap PNG industrial growth.
अडानी टोटल गैस ने वित्त वर्ष 2026 की पहली तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई 1,491 करोड़ रुपये रही, जो पिछले साल से 21% ज्यादा है। परिचालन लाभ (EBITDA) 301 करोड़ रुपये रहा। गैस की बिक्री 16% बढ़कर 267 MMSCM हो गई। CNG की बिक्री में 21% उछाल आया, जबकि PNG में 6% बढ़ोतरी हुई। कंपनी ने 650 नए CNG स्टेशन और 10 लाख घरेलू कनेक्शन जोड़े। प्रबंधन ने कहा कि गैस की लागत बढ़ने के बावजूद कीमतें संतुलित रखी गईं। कंपनी इस साल 900-1,000 करोड़ रुपये और तीन साल में 3,500-3,700 करोड़ रुपये का निवेश करेगी। दो-ज़ोन गैस टैरिफ से लागत घट सकती है। जोखिम: प्रोपेन और ठोस ईंधन PNG की औद्योगिक बिक्री को सीमित कर सकते हैं।
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APM gas allocation uncertainty
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CNG Volume Growth
1.5 BSCM
+21% YoY
CNG volume grew 21% year-on-year to 1.5 billion standard cubic meters.
Total Volume
267 MMSCM
+16% YoY
Total gas volume increased 16% year-on-year to 267 million standard cubic meters.
CNG Station Count
650
+124 stations (CODO/DODO)
CNG station network expanded to 650, with 124 in CODO/DODO format.
Domestic PNG Connections
~1M
+27,000 homes QoQ
Served nearly 1 million domestic PNG connections, adding 27,000 in the quarter.
What Changed vs Last Quarter
NEW
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.
UPDATED
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.
UPDATED
Double-digit CNG volume growth expected
Management expects to maintain double-digit growth in CNG volumes, driven by infrastructure expansion and OEM tie-ups.
NEW RISK
APM gas allocation uncertainty
Lower APM allocation (now ~36% for CNG) replaced by costlier gas, pressuring margins if not passed through.
NEW RISK
Propane and solid fuel competition for PNG industrial
Analyst raised concern about PNG industrial volume growth (only 5% YoY) due to cheaper alternatives like propane and coal.
NEW RISK
Zonal tariff revision uncertainty
Management deflected quantification of savings from proposed two-zone tariff, pending PNGRB notification.
RISK GONE
Further APM allocation cuts
APM allocation for CNG dropped to 37% in Q4; further cuts could increase gas costs and compress margins.
RISK GONE
Margin pressure from higher-cost gas
Reliance on new well gas and HPHT gas at higher prices may erode profitability if APM allocation remains low.
RISK GONE
Slow EV utilization ramp-up
B2C EV charging utilization is only 1.5-2%, and overall EV ecosystem development may take longer than expected.
RISK GONE
Consolidation risk in CGD sector
Management noted consolidation may be 18-24 months away, but volatility in APM could accelerate it, impacting competitive dynamics.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q3 FY25
Aim to reach around 3,000 EV charging points by March to April 2025, up from 1,914 currently.
Mentioned in Q2 FY25, Q4 FY25
Reliance on new well gas and HPHT gas at higher prices may erode profitability if APM allocation remains low.
Fast read
Guidance and risk preview
Management guided CapEx of INR 900-1,000 crore for the current fiscal year, primarily for network expansion.
Lower APM allocation (now ~36% for CNG) replaced by costlier gas, pressuring margins if not passed through.
View Risks →