Adani Total Gas Limited — Q3 FY25
Adani Total Gas reported Q3 FY25 revenue of ₹1,397 crore (+12% YoY) and EBITDA of ₹272 crore, with EBITDA margin of 19.5%.
neutral
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.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Key factors for CNG volume growth and vehicle addition numbers.
Asked by Yogesh Patil, Dolat Capital
Provided qualitative factors but did not give monthly vehicle addition numbers as requested.
vehicle addition number not provideddaily vehicle count vague
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Question
ATGL is consistently delivering 19% or more YOY growth in CNG volume over the last couple of quarters. What are the key factors contributing to the CNG volume growth? And if you could provide how many vehicles and daily basis you are supplying CNG, it would be helpful.
Parag Parikh (CFO) and Rahul Bhatia (Senior VP)
We supply CNG to about six to seven vehicles per day... CNG vehicles, if I were to compare on a YTD basis for FY25 compared to FY24, in the whole of India, there has been a 43% growth in CNG vehicles.
Answered
High priority
Geographical breakup of CNG volume between old and new GAs.
Asked by Yogesh Patil, Dolat Capital
Provided specific percentage and volume breakdown as requested.
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Question
If you could provide us the geographical breakup of existing and the new geographical areas' contribution to the CNG. So right now, if I'm not wrong, 1.86 MMSCM kind of CNG, what we are selling. Out of that, how much is coming from the older GA and the newer GA?
Parag Parikh (CFO)
The existing geographies are contributing 68%, whilst the newer geographies are contributing to the balance 32%... The CNG volume on an overall basis that is being contributed from the existing ones are close to about 1 million out of the 1.7 MMSCM.
Partial answer
High priority
Rationale and sustainability of increased APM allocation to CNG.
Asked by Yogesh Patil, Dolat Capital
Explained rationale but did not confirm sustainability or provide timeline for future changes.
no timeline givenno commitment on sustainability
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Question
What is the rationale behind restoring from other segments like LTT or any other power? ... we wanted to understand that is it sustainable or not, first of all?
Parag Parikh (CFO)
Government had in mind that affordability of end consumers should also be balanced... That's the reason the 51% gas has been restored... government is continually working on one, how much more APM gas could be given to CGD.
Evasive
High priority
Timeline for next APM allocation changes.
Asked by Yogesh Patil, Dolat Capital
Did not provide any timeline or specific expectation for allocation changes.
no timeline givendeflected to internal preparation
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Question
When can we expect the next APM allocation changes? If you could shine some light on that.
Parag Parikh (CFO)
This is the continual process government is looking into it... we are also preparing ourselves to see that if tomorrow this allocation is not restored, how are we going to be working on a sustainable basis.
Answered
Medium priority
Confirmation that new well gas is in addition to APM allocation.
Asked by Varatharajan Sivasankaran, Antique Stock Broking
Provided specific percentage for new well gas share.
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Question
So that percentage will be more like 15%-16% of the new well gas?
Parag Parikh (CFO) and Rahul Bhatia (Senior VP)
The New Well Gas currently in the last quarter was roughly about 7%-8% of our requirement, of our overall requirement.
Answered
Medium priority
Mechanism and timing of APM reallocation reviews.
Asked by Varatharajan Sivasankaran, Antique Stock Broking
Clearly explained the review mechanism and timing.
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Question
Is it fair to understand the next tranche of change whatever happens? We should expect something in the quarter cycle if it's the right way of looking at it.
Parag Parikh (CFO)
The government looks at the calendar quarter demand for the CGD segment and looks at the availability of APM gas and then does an allocation after every quarter... There's a 45-day gap after every calendar quarter when the APM reallocation is done.
Answered
High priority
Current gas sourcing mix percentages.
Asked by Varatharajan Sivasankaran, Antique Stock Broking
Provided specific percentages for each gas source.
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Question
My understanding is that you want to say 70%-80% of new well gas and the remaining anyway, whatever we get third quarter to fill the gap.
Parag Parikh (CFO)
Currently about 40% of our volumes are APM and another about, as you rightly said, about 8%-9% is new well gas and another 25% is HPHT gas.
Answered
Medium priority
Clarification on CNG sourcing mix percentages.
Asked by Sabri Hazarika, Emkay Global Financial Services
Clarified the missing component as HPHT gas and provided percentage.
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Question
You mentioned that right now the CNG, I mean, in Q3, the CNG sourcing mix was 57% was APM, 8% was new well gas, and the residual is what you mentioned. I couldn't get it.
Parag Parikh (CFO) and Rahul Bhatia (Senior VP)
That's HPHT ceiling gas... about 25% of our entire portfolio today is HPHT ceiling gas.
Partial answer
Medium priority
Expectations for new well gas volumes going forward.
Asked by Sabri Hazarika, Emkay Global Financial Services
Gave qualitative expectation but no specific volume or percentage forecast.
no quantitative guidance
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Question
This new well gas, do you expect it to increase or do you think it will remain?
Parag Parikh (CFO)
We expect the new well gas to go up because for all these fields, the producers now would be very encouraged that they are getting a little premium through APM gas.
Evasive
High priority
Revised margin guidance given recent developments.
Asked by Sabri Hazarika, Emkay Global Financial Services
Did not provide a revised margin number or range despite being asked for guidance.
no specific margin range givenvague guidance
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Question
What could be the revised guidance now that you have more clarity on this whole thing?
Parag Parikh (CFO)
We would expect, therefore, our margins to remain in a similar sort of range at this juncture.
Partial answer
Medium priority
Revenue breakdown between CNG and PNG and subsegments.
Asked by Nitin Tiwari, PhillipCapital
Asked for revenue breakdown but given volume percentages; revenue not provided.
provided volume breakdown instead of revenuedid not give revenue numbers
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Question
If you can give us the classification of PNG and CNG revenue and also a breakdown of CNG sales in MMSCM, between domestic and the CNG consumers?
Parag Parikh (CFO)
In terms of sales volume... CNG will constitute close to about 66%, while 34% is on the PNG side... close to about 23% is industrial, 8% is domestic, and about 2% is commercial.
Answered
Medium priority
LNG sourcing split between long-term contracts and spot.
Asked by Nitin Tiwari, PhillipCapital
Provided specific percentages for spot position and explained change.
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Question
How is the LNG sourcing divided between contracted long-term LNG and spot purchases for you?
Parag Parikh (CFO)
We generally don't keep our open position for spot purchases more than about 5%-7%. But since APM went down very significantly in recent months, our open position right now would be about 10%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| CNG volume growth 19% YoY for several quarters | 19% | 12% | Overstated vs filing |
| Volume growth 15% YoY and 6% QoQ in current quarter | 15% | 12% | Overstated vs filing |
| EBITDA per SCM around INR 10-12 | 11 | 20 | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.