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Adani Total Gas Limited — Q2 FY26
Adani Total Gas delivered a solid Q2 FY26 with revenue of INR 1,569 crore (+19% YoY) and EBITDA of INR 302 crore, driven by 16% volume growth (CNG +18%, PNG +11%).
bullish
medium
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Adani Total Gas delivered a solid Q2 FY26 with revenue of INR 1,569 crore (+19% YoY) and EBITDA of INR 302 crore, driven by 16% volume growth (CNG +18%, PNG +11%). The company crossed 1 million household PNG connections and added 12 CNG stations, taking the total to 662. A key positive was the Gujarat VAT-to-CST realignment, which reduces gas procurement cost by ~13% for APM/NWG supplies outside Gujarat, expected to be passed on to consumers to boost affordability. However, APM+NWG allocation fell to 48% (from 51% in Q1), pressuring margins. Management guided for continued double-digit volume growth and EV charging expansion (4,209 points, target 10,000). Risks include further APM allocation cuts and propane competition in industrial PNG.
अडानी टोटल गैस ने वित्त वर्ष 2026 की दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 1,569 करोड़ रुपये रही, जो पिछले साल से 19% ज्यादा है। मुनाफा 302 करोड़ रुपये रहा। गैस की बिक्री 16% बढ़ी - सीएनजी 18% और पीएनजी 11% बढ़ी। कंपनी ने 10 लाख घरों को पीएनजी कनेक्शन दिया और 12 नए सीएनजी स्टेशन जोड़े, अब कुल 662 स्टेशन हैं। गुजरात में टैक्स बदलाव से गैस की लागत 13% कम हुई, जिससे कीमतें सस्ती होंगी। लेकिन सस्ती गैस का हिस्सा 51% से घटकर 48% रह गया, जिससे मुनाफा कम हुआ। कंपनी को उम्मीद है कि बिक्री दो अंकों में बढ़ेगी और ईवी चार्जिंग पॉइंट 10,000 तक पहुंचेंगे। जोखिम में सस्ती गैस में और कटौती और औद्योगिक गैस में प्रतिस्पर्धा शामिल है।
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Declining APM and NWG gas allocation
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CNG Volume Growth
18%
+18% YoY
CNG volumes grew 18% YoY in Q2 FY26, driven by network expansion and deeper market penetration.
Total CNG Stations
662
+12 QoQ
Added 12 new CNG stations in Q2, with 129 under CODO/DODO models as part of expansion strategy.
Household PNG Connections
1M+
+54k in H1
Surpassed 1 million household PNG connections, adding 27,000 in Q2 and 54,000 in H1 FY26.
EV Charging Points
4,209
+800 QoQ
Installed 4,209 EV charging points across 226 cities, targeting 10,000 points; capacity at 42 MW.
What Changed vs Last Quarter
NEW
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).
NEW
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.
UPDATED
Double-digit volume growth expected to continue
Management expects sustained double-digit volume growth driven by network expansion and deeper penetration across 34 GAs.
DROPPED
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.
DROPPED
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.
NEW RISK
Delay in zone one tariff implementation
PNGRB's zone one tariff notification is pending implementation due to industry consultations, delaying potential margin benefits for CNG and domestic PNG.
RISK GONE
Zonal tariff revision uncertainty
Management deflected quantification of savings from proposed two-zone tariff, pending PNGRB notification.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q3 FY25, Q4 FY25
Management guided CapEx of INR 900-1,000 crore for the current fiscal year, primarily for network expansion.
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.
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Guidance and risk preview
Management expects sustained double-digit volume growth driven by network expansion and deeper penetration across 34 GAs.
Combined APM+NWG allocation fell from 51% in Q1 to 48% in Q2, pressuring margins as cheaper gas is replaced by costlier alternatives.
View Risks →