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Adani Total Gas Limited — Q4 FY25
Adani Total Gas reported Q4 FY25 revenue of INR 1,448 crore, up 15% YoY, driven by 13% volume growth and strong CNG demand.
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Adani Total Gas reported Q4 FY25 revenue of INR 1,448 crore, up 15% YoY, driven by 13% volume growth and strong CNG demand. However, EBITDA fell 10% to INR 274 crore and PAT declined 10% to INR 149 crore, impacted by a sharp reduction in APM gas allocation to 37% (from 61% average in FY25). Management highlighted that new well gas and HPHT gas partially offset the shortfall, keeping blended domestic allocation at 65%. The company maintained double-digit volume growth guidance for FY26, supported by new GA ramp-up and infrastructure expansion. Key risks include further APM allocation cuts and margin compression from higher-cost gas sourcing. The e-mobility subsidiary is EBITDA positive with cumulative investment of ~INR 100 crore.
अडानी टोटल गैस ने चौथी तिमाही में 1,448 करोड़ रुपये का कारोबार किया, जो पिछले साल से 15% ज्यादा है। इसकी वजह गैस की बिक्री में 13% बढ़ोतरी और सीएनजी की मजबूत मांग रही। लेकिन मुनाफा 10% घटकर 149 करोड़ रुपये रह गया, क्योंकि सरकार से सस्ती गैस का कोटा 61% से घटकर 37% रह गया। कंपनी ने महंगे गैस स्रोतों से कमी पूरी की, जिससे कुल घरेलू गैस का हिस्सा 65% रहा। अगले साल भी कंपनी को 10% से ज्यादा बिक्री बढ़ने की उम्मीद है, नए इलाकों में विस्तार से। लेकिन अगर सस्ती गैस का कोटा और घटा तो मुनाफा दबाव में आ सकता है। इलेक्ट्रिक वाहनों की कंपनी ने 100 करोड़ रुपये निवेश करके मुनाफा कमाना शुरू कर दिया है।
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Further APM allocation cuts
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Total Volume (Q4 FY25)
2.93 MMSCMD
+13% YoY
Q4 exit volume was 2.93 MMSCMD, annualized at 2.72 MMSCMD, reflecting strong operational momentum.
CNG Volume Growth (FY25)
19% YoY
+19% YoY
CNG volume grew 19% for the full year, driven by higher throughput at existing stations and new station additions.
APM Gas Allocation (Q4 FY25)
37%
-24pp YoY
APM allocation for CNG fell to 37% in Q4 from 61% average in FY25, impacting profitability.
EV Charge Points Installed
3,401
+5 per day (FY25)
ATGL added 5 EV charge points daily in FY25, with 2,338 energized; business is EBITDA positive.
What Changed vs Last Quarter
NEW
Double-digit volume growth in FY26
Management expects to maintain double-digit volume growth, supported by new GA ramp-up and infrastructure expansion.
NEW
Capex of ~INR 900 crore in FY26
Capital expenditure for FY26 is expected to be similar to FY25, around INR 900 crore, focused on monetizing assets.
NEW
EV business investment of INR 70-80 crore in FY26
Planned investment in e-mobility subsidiary for the coming year is INR 70-80 crore, with 1,500-2,000 new charge points.
DROPPED
Capex of ₹900-1,000 crore for FY25
Management guided total capex for FY25 to be around ₹900-1,000 crore, including newer businesses.
DROPPED
EV charging points target of 3,000 by March-April 2025
Aim to reach around 3,000 EV charging points by March to April 2025, up from 1,914 currently.
DROPPED
EBITDA per SCM expected to remain in similar range
Management expects EBITDA per SCM to remain around ₹10-12, balancing volume growth and cost optimization.
NEW RISK
Margin pressure from higher-cost gas
Reliance on new well gas and HPHT gas at higher prices may erode profitability if APM allocation remains low.
NEW RISK
Slow EV utilization ramp-up
B2C EV charging utilization is only 1.5-2%, and overall EV ecosystem development may take longer than expected.
NEW RISK
Consolidation risk in CGD sector
Management noted consolidation may be 18-24 months away, but volatility in APM could accelerate it, impacting competitive dynamics.
RISK GONE
High spot gas prices
Reliance on costlier spot and HPHT gas (25% of portfolio) could compress margins if APM allocation remains low.
RISK GONE
Uncertainty in APM allocation timeline
Analyst raised concern about quarterly review cycle; management could not provide clarity on future allocation changes.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25
APM allocation for CNG was cut twice in Q3; further reductions could pressure margins despite restoration to 51% in January.
Mentioned in Q2 FY25, Q3 FY25
Aim to reach around 3,000 EV charging points by March to April 2025, up from 1,914 currently.
Fast read
Guidance and risk preview
Management expects to maintain double-digit volume growth, supported by new GA ramp-up and infrastructure expansion.
APM allocation for CNG dropped to 37% in Q4; further cuts could increase gas costs and compress margins.
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