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
high
✓ 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.
41%Questions answered5Evaded / deflected11Questions audited
Partial answer
High priority
Impact of two-zone transmission tariff on cost of gas and quantum.
Asked by Yogesh Patil, Dolat Capital
Explained direction and gave one specific impact (INR 14 increase for some GAs) but no overall net cost impact.
no net quantum givenqualitative only
Read the exchange
Question
PNGRB implemented two-zone transmission tariff. What is the impact on our cost of gas? Is it increased, decreased? And if you could share a quantum, it would be helpful.
Suresh P. Manglani, CEO
Zone 1 tariff of INR 54 for entire PNG and CNG volume... most of the GA barring two, three GAs of Gujarat, we have been benefited significantly... Two, three GAs of Gujarat have very slight implication of tariff going up... from earlier INR 42 to INR 54, we'll have an implication of INR 14, around 30%.
Partial answer
Medium priority
CNG vehicle additions in last two years and volume growth split by new vs old GAs.
Asked by Yogesh Patil, Dolat Capital
Provided QoQ vehicle addition but did not address two-year cumulative or volume growth split.
only gave QoQ addition, not two-year cumulativeno split by new vs old GAs
Read the exchange
Question
If you could share the CNG vehicle additions in your geographical areas over the period of last two years? Along with these, if you could also share the CNG volume growth from your new geographical areas versus the old geographical areas?
Ravindra Desai, Head of Gas Sourcing and Business Development
With respect to ATGL GAs, we are seeing growth of around 31% in the vehicle addition, quarter on quarter, which is an addition of around 45,000 vehicles compared to the last quarter.
Answered
Medium priority
Share of biogas blending in APM gas price, whether more or less than 2%.
Asked by Yogesh Patil, Dolat Capital
Clearly stated blending is less than 2%.
Read the exchange
Question
What is the share of a complete biogas blending in terms of volume? Is it more than 2% or less than 2% in the APM gas price?
Suresh P. Manglani, CEO
Currently, our blending part is much, much lesser than what you are indicating, 2%.
Evasive
Medium priority
Total number of CNG vehicles ATGL sells to currently.
Asked by Yogesh Patil, Dolat Capital
Gave Pan India number instead of ATGL-specific total.
answered Pan India instead of ATGL-specificno ATGL total given
Read the exchange
Question
And what would be the total number of CNG vehicles to them we are selling the CNG now?
Ravindra Desai, Head of Gas Sourcing and Business Development
So if you are talking about quarter on quarter total number of vehicles, around 3 lakh vehicles were sold Pan India level.
Answered
High priority
Mix of gas used and trend in new gas supply allocation.
Asked by Varatharajan, Antique Stock Broking Limited
Provided specific portfolio mix percentages.
Read the exchange
Question
In terms of the mix of gas which we are using as of now, if you can give us an idea and also specifically if you have any insight into how the new gas supply has gone down for all the CGD players...
Ravindra Desai, Head of Gas Sourcing and Business Development
APM allocation has increased a bit... domestic gas, considering APM, new gas, and HPHT, would comprise of around 65%-70% of our portfolio. And the balance would be RLNG.
Evasive
High priority
Expectation of further APM allocation cut in April and advance notice.
Asked by Varatharajan, Antique Stock Broking Limited
Did not confirm or deny a cut in April; gave a non-committal answer.
no clear yes/no on April cutvague on notice period
Read the exchange
Question
Can I have any expectation come April? We see one more round of cut. How is this predictability? Originally, supposed to be getting some kind of an advance notice...
Ravindra Desai, Head of Gas Sourcing and Business Development
I would say not so much advance notice, but not a big problem also. We are seeing the allocation continue in the similar trend what it was happening earlier.
Evasive
Medium priority
Target for number of outlets to be added this year and next.
Asked by Varatharajan, Antique Stock Broking Limited
Referenced 680 stations but did not give a specific addition target; deferred to future announcements.
no specific target givendeferred to future results
Read the exchange
Question
In terms of our rollout of services additionally, what is the target we are looking at in terms of number of outlets to be added for the rest of the year this year, as well as any plans for next year...
Suresh P. Manglani, CEO
We have bid our new work program on CNG station. Right? So 680 numbers is currently... you will see a healthy growth in our CNG station... Numbers will be healthy for both CNG in this quarter as well as for the next year.
Evasive
Medium priority
Average throughput per CNG outlet in kgs per day.
Asked by Varatharajan, Antique Stock Broking Limited
Gave examples but refused to provide a single average figure.
no average givenprovided ranges only
Read the exchange
Question
What would be the average throughput per outlet in terms of kgs per day of CNG?
Suresh P. Manglani, CEO
If you ask Faridabad... very high throughput of, let's say, 6,000 odd or maybe ranging to up to 10-12,000, 15,000 kgs per station. If you ask Ahmedabad, it may be generally minimum 4,000... newer geographical area... maybe 500 kg... If I give you one generalized number... it may not actually give you the right perspective.
Evasive
Medium priority
Thought process on dealer economics for DODO stations and throughput threshold.
Asked by Kirtan Mehta, Baroda BNP Paribas Mutual Fund
Discussed general philosophy but did not provide any quantitative threshold or economics.
no specific throughput threshold givenno IRR numbers
Read the exchange
Question
I just wanted to understand the thought at what level of throughput the dealer is willing to make investments into the station and ready to go for a DODO station. And how does the economics work out for dealer?
Suresh P. Manglani, CEO
For a DODO dealer, the more important is that he has to see not only the immediate volume, but over the period where volumes are going to be heading... we are being very calibrated way that dealer should finally get a good IRR.
Partial answer
Medium priority
Breakup of 45,000 vehicle additions between Gujarat and outside Gujarat.
Asked by Kirtan Mehta, Baroda BNP Paribas Mutual Fund
Provided Gujarat number but not outside Gujarat; only gave Ahmedabad share within Gujarat.
outside Gujarat number not given
Read the exchange
Question
Just wanted to understand the breakup between Gujarat and outside Gujarat as well as within Gujarat, where is the growth coming from?
Ravindra Desai, Head of Gas Sourcing and Business Development
In the state of Gujarat, around 30,000 vehicles have been added in the last quarter. Out of that, around 43% is in Ahmedabad, and the balance is in the rest of Gujarat.
Deflected
Low priority
Range of dealer incentives (INR per kg) across different cities.
Asked by Kirtan Mehta, Baroda BNP Paribas Mutual Fund
Refused to provide range and directed to website for commercial inquiries.
redirected to websiteno numbers given
Read the exchange
Question
In terms of dealer incentives, what would be the range? What we understand is, I think, INR 3-INR 5 per kg is what we typically the OMC charge. So if a station is owned by dealer-owned, dealer-operated, what could be the different range across different cities?
Suresh P. Manglani, CEO
On the dealer margin, which you are asking, again, as I said, depend upon new geographical area... If you are interested or some of your friends and colleagues are interested, I think it is important that you ask them to log in our website...
Answered
Medium priority
Proportion of OEM vs retrofitted vehicles among additions.
Asked by Varatharajan, Antique Stock Broking Limited
Provided a clear approximate proportion (two-thirds OEM, one-third retrofitted).
Read the exchange
Question
Would you have a sense of how much is OEM and how much is retrofitted among that, sir? An approximate number will be even a sense would help.
Suresh P. Manglani, CEO
A significant number is the OEM number... around two-thirds, one-third could be the proportion of the OEM vehicle versus retrofitted vehicle.