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Adani Total Gas Limited — Q3 FY26
Adani Total Gas delivered a robust Q3 FY26 with revenue up 17% YoY to INR 1,631 crore and EBITDA up 15% to INR 313 crore, driven by strong volume growth.
bullish
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Adani Total Gas delivered a robust Q3 FY26 with revenue up 17% YoY to INR 1,631 crore and EBITDA up 15% to INR 313 crore, driven by strong volume growth. CNG volumes rose 17% YoY and PNG volumes grew 3%, supported by network expansion to 680 CNG stations and 1.05 million domestic PNG connections. The PNGRB's two-zone tariff reform reduced transmission costs for ~70% of volumes, enabling calibrated price cuts to boost affordability. Management emphasized volume-led growth over margin optimization, with aggressive dealer incentives and OEM partnerships driving vehicle conversions. Risks include potential APM gas allocation cuts and competition from cheaper alternate fuels like LPG/propane pressuring industrial PNG demand.
आदानी टोटल गैस ने वित्त वर्ष 2025-26 की तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की आय 17% बढ़कर 1,631 करोड़ रुपये हो गई, और मुनाफा 15% बढ़कर 313 करोड़ रुपये रहा। इसकी वजह गैस की बिक्री में तेजी है। सीएनजी की बिक्री 17% और पीएनजी की 3% बढ़ी। कंपनी ने 680 सीएनजी स्टेशन और 10.5 लाख घरों तक पाइप गैस पहुंचाई। सरकार के टैरिफ सुधार से 70% गैस की ढुलाई लागत घटी, जिससे कंपनी ने कीमतें कम कर ग्राहकों को राहत दी। प्रबंधन मुनाफे से ज्यादा बिक्री बढ़ाने पर ध्यान दे रहा है। जोखिमों में सरकारी गैस आपूर्ति में कटौती और सस्ते विकल्पों (जैसे एलपीजी) से प्रतिस्पर्धा शामिल है।
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APM gas allocation cuts
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CNG Volume Growth
17%
+17% YoY
CNG volume grew 17% year-on-year in Q3 FY26, driven by network expansion and vehicle conversions.
CNG Stations
680
+18 stations QoQ
Added 18 new CNG stations in Q3, taking total to 680, with 136 under CODO/DODO model.
Domestic PNG Connections
1.05M
+35,000 QoQ
Added ~35,000 new domestic PNG connections in Q3, reaching 1.05 million households.
Vehicle Additions (CNG)
45,000
+45,000 QoQ
Approximately 45,000 CNG vehicles added in ATGL's GAs during Q3, with ~2/3 being OEM vehicles.
What Changed vs Last Quarter
NEW
Healthy CNG station additions expected
Management expects continued healthy growth in CNG station count, with focus on CODO/DODO model expansion.
UPDATED
Target 10,000 EV charge points soon
ATGL's e-mobility subsidiary has installed 4,908 charge points and aims to reach 10,000 in the near future.
DROPPED
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
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.
NEW RISK
Cheaper alternate fuels pressuring industrial PNG
Lower LPG/propane prices are creating pricing pressure on industrial PNG volumes, impacting growth in that segment.
NEW RISK
Regulatory uncertainty on CBG blending cost pass-through
The mechanism for passing CBG blending costs to all CGDs is under discussion; unclear outcome could affect margins.
RISK GONE
Propane competition in industrial PNG
Falling propane prices are making it a cheaper alternative to natural gas for industrial users, potentially impacting PNG volumes.
RISK GONE
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.
🤫 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 Q1 FY26, Q2 FY26, Q4 FY25
Management expects sustained double-digit volume growth driven by network expansion and deeper penetration across 34 GAs.
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.
Mentioned in Q1 FY26, Q2 FY26
Falling propane prices are making it a cheaper alternative to natural gas for industrial users, potentially impacting PNG volumes.
Fast read
Guidance and risk preview
ATGL's e-mobility subsidiary has installed 4,908 charge points and aims to reach 10,000 in the near future.
Potential reduction in APM gas allocation could increase gas costs, though management expects continuity based on current trends.
View Risks →