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
✓ 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.
50%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Quantify Gujarat VAT benefit on EBITDA per SCM and pass-through requirement.
Asked by Sabri Hazarika, MK Global Financial Services
Management gave a range but not a specific EBITDA per SCM figure, and deferred pass-through details.
no specific EBITDA per SCM number givendeferred to future pass-through
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Question
Can you quantify, in your case, what is the benefit which has accrued to the company in terms of EBITDA per SCM, and also whether you have any requirement to pass it on to customers, or can you use it to expand your margins?
Suresh Manglani P, Executive Director and CEO
The impact on EBITDA per SCM keeps varying depending upon how much we get APM and new well gas. It's by anybody's guess, a 13% difference from 2% versus 13%. ... We will be calibrating our pricing pass-through shortly.
Evasive
High priority
Timeline for PNGRB zonal reapportionment implementation.
Asked by Sabri Hazarika, MK Global Financial Services
No concrete timeline provided; only vague expectation of 'sooner than later'.
no specific timeline givendeferred to regulator
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Question
Second question is on this PNGRB zonal reapportionment where they've put CGD under zone one. When is it expected to get implemented?
Suresh Manglani P, Executive Director and CEO
We are now waiting. The industry consultations are taking place by regulator. Hopefully, we expect sooner than the later this implementation will take place.
Answered
High priority
APM and new wells gas allocation in Q2 and current run rate.
Asked by Sabri Hazarika, MK Global Financial Services
Provided a specific percentage for combined allocation in Q2.
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Question
Third one is, of course, another question is on your allocation, APM allocation and new wells gas allocation in Q2, and also the run rate currently.
Suresh Manglani P, Executive Director and CEO
Combined of the APM and new allocation, 35.8%.
Partial answer
High priority
Breakup of APM and new wells gas in Q1 vs Q2.
Asked by Sabri Hazarika, MK Global Financial Services
Initially gave incorrect combined figure, later corrected but NWG breakup not provided.
initially gave wrong combined number, later correcteddid not provide NWG breakup
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Question
Thirty-five, thirty-six % is APM plus new wells gas combined in Q2. Versus, and you mentioned H1 was fifty-nine %. Versus Q1 versus Q2, the combined allocation itself has fallen significantly. Is that right?
Ravindra Desai, Head of Gas Sourcing and Business Development
APM was around 51.48%, around 52%, which has come down to around 36%. However, if you look at the HPHT allocation, which has increased significantly...
Evasive
Medium priority
Details on new zonal tariff definition and industry pushback.
Asked by Vivekanand Subbaraman, Ambit Capital
No concrete details on definition or counter views; asked to wait.
no specific details on definitiondeferred to future
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Question
Do you have any color on the new zonal definition that is currently being deliberated? ... What are the other counter views by industry participants that are holding back the new zonal tariff?
Suresh Manglani P, Executive Director and CEO
Industry is sitting together. They are working it out. ... I would urge you all that have a bit of patience for some more time...
Partial answer
High priority
Guidance on APM+NWG allocation for Q3 and Q4 FY26.
Asked by Vivekanand Subbaraman, Ambit Capital
Only gave historical data, not forward guidance as asked.
did not provide forward guidance for Q3/Q4
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Question
Would you be able to guide us on the combined APM and new well gas allocation for 3QFI26 and 4QFI26 based on this guideline?
Ravindra Desai, Head of Gas Sourcing and Business Development
For Quarter 1, FY2026, it was 52%. For Quarter 2, FY2026, considering both APM and NWG, it has come to around 48%.
Evasive
High priority
Impact of cheaper gas reduction on volume growth and margin.
Asked by Ramesh Sankaranarayanan
No quantitative impact on margin; only qualitative reassurances.
no specific margin impact quantifiedvague assurances
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Question
How do you see the reduction in the cheaper gas impacting your ability to balance volume growth and margin?
Suresh Manglani P, Executive Director and CEO
We have generally been consistently delivering double-digit growth. ... We are hoping. ... We have a very good sourcing team. ... We are bridging the gap.
Answered
Medium priority
Breakup of imported LNG by Brent vs Henry Hub linkage.
Asked by Ramesh Sankaranarayanan
Provided specific percentages for Brent and Henry Hub.
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Question
How much of your imported LNG would be linked to Brent linked contracts and what percentage would be Henry Hub?
Ravindra Desai, Head of Gas Sourcing and Business Development
If you talk of Brent, it would be around 14% Brent linked volumes currently what we have in our portfolio. Similarly, around 15%-16% is on the Henry Hub base.
Partial answer
Medium priority
Progress on EV charging and LNG retailing verticals.
Asked by Ramesh Sankaranarayanan
EV details specific, but LNG retailing lacked concrete progress.
LNG details vague, no specific timeline
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Question
In terms of other sources of business like EV charging and LNG retailing, what progress you have made on the ground...
Suresh Manglani P, Executive Director and CEO
This quarter, our charge points have increased to 4,209. ... We have 42 megawatt capacity. Target is to reach 100 megawatt very soon. ... On the LNG retailing side... we are actually watching the development...
Evasive
Medium priority
Timeline for Indian Oil Adani Gas JV to contribute meaningfully.
Asked by Ramesh Sankaranarayanan
Only said 'couple of more quarters' without specifics.
no specific timeline or quantitative target
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Question
When do you see the infrastructure addition and volume growth giving you a meaningful growth in terms of the contribution of Indian Oil Adani Gas Private Limited to your consolidated revenue and profits?
Suresh Manglani P, Executive Director and CEO
EBITDA is growing. In terms of PAT, also they will start giving us the result. We have to wait for a couple of more quarters.
Answered
Medium priority
Reason for APM+NWG allocation decline from 51% to 48%.
Asked by Yogesh Patil, Dolat Capital
Explained reasons for decline clearly.
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Question
Any APM decline will be replaced by the NWG. So the share of the APM plus NWG remains the same. It should not come down from 51 to 48. Is it because that our volume is growing much faster rate...?
Suresh Manglani P, Executive Director and CEO
One is volume growth, which also brings this proportionality slightly down because the volumes are growing, field is same. ... natural depletion also would take place.
Answered
Medium priority
Split of PNG volumes between domestic and industrial.
Asked by Somaiah V, Avendus Spark
Provided specific percentage split.
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Question
Within this PNG volumes, can we have a split between the domestic and industrial volumes?
Suresh Manglani P, Executive Director and CEO
With respect to PNG volume, we have a domestic percentage of around 7%, and other than industrial is 22%. Total put together, 31% is for PNG and 69% share of CNG.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Overall gross margin is 29% | 29% | 20% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.