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
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.
60%Questions answered2Evaded / deflected10Questions auditedMixedNumbers vs filing
Partial answer
High priority
Visibility on APM deallocation notice period
Asked by Father Rajan
Management confirmed notice is being extended but gave no concrete timeline or mechanism.
no specific timelinevague assurance
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Question
With regard to the visibility of this APM deallocation, there is a fixed to give a six-month kind of a visibility. Is that system in place? Are we getting some kind of a signal that they're going to give us sufficient notice to cover our requirements in case of deallocation?
Ravindra Desai (Head Gas Sourcing and Business Development)
They've agreed upon giving enough notice so that everybody can plan their purchase and the shortfall demand they see. It is under process, and definitely, it will be in place in due course. The timeline is given. Earlier, it was very short notice that has been extended, and they are trying to extend it further.
Answered
Medium priority
Impact of CNG vehicle price increase on conversions
Asked by Father Rajan
Management directly denied impact and cited volume growth as evidence.
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Question
Price of CNG vehicles vis-à-vis their petrol company prices has actually gone up a wee bit. Are we seeing any impact of that in the conversions or adoption of CNG vehicles in your GAs?
Suresh Manglani (Executive Director and CEO)
On the contrary, I think our belief is this is not the price of a lone CNG vehicle. This is a normal increase which takes place by OEMs due to various factors. Otherwise, the difference between petrol and diesel vehicles is being maintained. If you see, as I stated also in my announcement of the results, there is actually a volume growth of 20%, 21%.
Evasive
Medium priority
Optimal price arbitrage level for commercial CNG vehicles
Asked by Father Rajan
Management avoided giving a specific arbitrage threshold, instead listing general considerations.
no specific number givenlisted multiple factors
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Question
In the case of commercial vehicles rated lighter or medium-heavy commercial vehicles, when you look at the price arbitrage vis-à-vis diesel, what is the optimum level you have seen beyond which we see some amount of impact? I mean, is it more like 10%, 8%, 12% at the absolute price level?
Suresh Manglani (Executive Director and CEO)
I would say, Rajan, I think there are multiple considerations which get into when people decide to go for a commercial vehicle on CNG. One is, of course, efficiency or price differential between CNG and the HST. It also is driven by several organizational objectives. On the efficiency side, of course, everyone is expecting a bit higher efficiency.
Partial answer
High priority
Impact of two-zone gas tariff on gas cost and sourcing breakdown
Asked by Yogesh Patil, Dolat Capital
Management explained the structure but did not quantify the cost impact or provide a sourcing breakdown.
no quantificationdeferred to future notification
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Question
Considering a two-zone gas tariff structure, what would be the impact on your gas cost at the company level? If we break down the gas sourcing, could you please share the details how much portion of the gas comes in the zone one, zone two, and zone three if possible?
Suresh Manglani (Executive Director and CEO)
On the zonal tariff side, the tariff clarity is yet to come. Currently, the existing regime is continuing. The good news is that they have also stated in the same notification that for CGD, for a home PNG, as well as CNG, which is the priority segment for which we get APM, there will be only zone one tariff irrespective of a distance.
Declined
High priority
Quantified savings from zone one tariff shift
Asked by Yogesh Patil, Dolat Capital
Management explicitly declined to provide any estimate, citing lack of tariff clarity.
refused to estimatedeferred to future
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Question
Do you quantify any amount which you in-house estimate that would be a kind of a saving on the gas cost side because the gas cost will come down?
Suresh Manglani (Executive Director and CEO)
I think, Yogesh, as you understand that as a publicly listed company, it will not be right to hazard a guess. We don't know what is the revised tariff which is going to be coming. I would urge you and all the participants to bear some patience with us. We would come back with correct implication.
Partial answer
Medium priority
PNG volume growth challenges and breakdown by segment
Asked by Yogesh Patil, Dolat Capital
Management provided segment breakdown but did not directly address the propane challenge or the 6% growth figure.
did not address propane competition directly
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Question
Is your PNG sales volume only 6% as grown in compared to the last year. Are we facing a volume growth challenges on the PNG industrial due to propane? If we did the PNG industrial and the PNG domestic volume breakdown, that would be really helpful.
Parag Parikh (CFO)
For Q1, close to about 69% is PNG. The balance 31% is within the PNG segment. 70% of this is actually dominated by industrial segment only, whilst about 24% is domestic and 6% is commercial.
Answered
Medium priority
Clarification on percentage of volume in zone two
Asked by Yogesh Patil, Dolat Capital
Management directly corrected the estimate with a specific percentage.
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Question
To clarify on that zonal structure, 80%- 85% of our volume lands into the zone two. Is that a correct understanding?
Parag Parikh (CFO)
I would say not 80%- 85%, but roughly around 60%.
Answered
High priority
CNG growth breakdown by mature vs new GAs and geography
Asked by Kirtan Mehta, Baroda BNP Paribas
Management provided specific growth rates for mature and new GAs.
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Question
Regarding the 21% CNG growth that we have seen this time. Is it possible to give us some more color in terms of how the growth we are seeing in the matured GAs? How is it different in the new GAs? Is it possible to break down the two things across different categories of GAs?
Parag Parikh (CFO)
Today, our composition is close to about 65% from the existing geographies, while about 35% is from the newer geographies. If I were to see from a YoY, 30%+ is actually in terms of newer CNG growth rate, while 12% is from the existing geographies in terms of CNG growth.
Answered
High priority
CapEx estimate for CNG infrastructure over next 3-5 years
Asked by Kirtan Mehta, Baroda BNP Paribas
Management provided specific CapEx ranges for this year and next 2-3 years.
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Question
When you look at the planning the CNG infrastructure for the next three to five years, what kind of a growth you are assuming to develop your CapEx estimate? What is it that your current plan entails in this investment, or particularly on the CNG side for the next three to five years?
Parag Parikh (CFO)
This year, we are likely to incur a CapEx of somewhere in the range of about INR 900-INR 1,000 crore. That's the CapEx that we are intending to do for this year. As far as the next two to three years are concerned, we will end up doing a CapEx of INR 3,500-INR 3,700 crore.
Partial answer
Medium priority
Target penetration level for CNG infrastructure
Asked by Kirtan Mehta, Baroda BNP Paribas
Management did not confirm a specific target, instead gave a range and discussed strategy.
no specific target reaffirmedvague '20% or higher'
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Question
In terms of our earlier discussion, you had mentioned that we'll probably look at maturing the CNG infrastructure to the next 20% penetration levels in each of the geographies being considered due to the potential EV competition. Does that dimension still remain around 20% penetration level to target, or are we looking for a different number?
Suresh Manglani (Executive Director and CEO)
Actually, again, I'm glad that you asked this question. You know, it's 20% or higher. The key for us is to expand CNG volume in each of the geographical areas, contact the potential of currently used vehicles which are being used, also promote, along with OEMs, new vehicles which are being purchased.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| CNG volume growth of 20-21% | 21% | 21% | Matches filing |
| Newer CNG growth 30%+, existing 12% YoY | 30% | 21% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.