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Adani Total Gas Limited — Q4 FY26
Adani Total Gas delivered a solid Q4 FY26 with revenue of INR 1,696 crore (+16% YoY) and EBITDA of INR 310 crore (+13% YoY), driven by strong volume growth in CNG (+17% YoY) and PNG (+5% YoY).
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Adani Total Gas delivered a solid Q4 FY26 with revenue of INR 1,696 crore (+16% YoY) and EBITDA of INR 310 crore (+13% YoY), driven by strong volume growth in CNG (+17% YoY) and PNG (+5% YoY). Customer additions hit a record 50,000 new domestic PNG connections in the quarter. The company benefited from government priority gas allocation and pool pricing mechanism, which ensured supply stability despite geopolitical tensions. Management guided for similar revenue growth in FY27 and EBITDA target of INR 1,500 crore. Risks include potential margin compression from higher gas costs and slower-than-expected ramp-up in new GAs.
अडानी टोटल गैस ने वित्त वर्ष 2026 की चौथी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई 1,696 करोड़ रुपये रही, जो पिछले साल से 16% ज्यादा है। कमाई में यह बढ़ोतरी सीएनजी (17%) और पीएनजी (5%) की ज्यादा बिक्री से हुई। तिमाही में 50,000 नए घरेलू पीएनजी कनेक्शन जोड़े गए। सरकार से प्राथमिकता वाली गैस और पूल प्राइसिंग से आपूर्ति स्थिर रही। कंपनी को अगले वित्त वर्ष में भी ऐसी ही कमाई और 1,500 करोड़ रुपये का मुनाफा (EBITDA) होने की उम्मीद है। जोखिम: गैस की ऊंची कीमतों से मुनाफा कम हो सकता है और नए इलाकों में काम धीमा पड़ सकता है।
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Gas Pool Price Volatility
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CNG Volume Growth
17%
+17% YoY
CNG volumes grew 17% YoY in Q4 FY26, driven by network expansion and higher adoption.
New Domestic PNG Connections
50,000
Highest ever quarterly addition
Added 50,000 new domestic PNG connections in Q4, the highest ever quarterly addition.
Total CNG Stations
705
+25 stations in Q4
Added 25 new CNG stations in Q4, taking total network to 705 stations.
EV Charge Points
5,100
On track to 10,000
ATEL now operates 5,100 EV charge points across 226 cities, targeting 10,000 near term.
What Changed vs Last Quarter
NEW
FY27 Revenue Growth Similar to FY26
Management expects revenue growth in FY27 to be similar to the 18% growth achieved in FY26, with additional contribution from newer GAs.
NEW
FY27 EBITDA Target of INR 1,500 Crore
Interim CFO guided for EBITDA of around INR 1,500 crore for FY27, implying ~22% growth over FY26 EBITDA of INR 1,225 crore.
DROPPED
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
Healthy CNG station additions expected
Management expects continued healthy growth in CNG station count, with focus on CODO/DODO model expansion.
NEW RISK
Gas Pool Price Volatility
The government pool gas price was $12.42/MMBtu in March 2026, and imported LNG inclusion may increase costs, pressuring margins.
NEW RISK
Incremental Gas Supply Shortfall
Government allocation based on six-month average may not cover incremental demand from CNG/PNG growth, requiring costlier spot purchases.
NEW RISK
Industrial Volume Leakage
Management acknowledged slight de-growth in industrial/commercial volumes due to higher gas prices, which could persist if prices remain elevated.
RISK GONE
APM gas allocation cuts
Potential reduction in APM gas allocation could increase gas costs, though management expects continuity based on current trends.
RISK GONE
Cheaper alternate fuels pressuring industrial PNG
Lower LPG/propane prices are creating pricing pressure on industrial PNG volumes, impacting growth in that segment.
RISK GONE
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q2 FY26, Q3 FY25, Q3 FY26
Potential reduction in APM gas allocation could increase gas costs, though management expects continuity based on current trends.
Mentioned in Q2 FY25, Q2 FY26, Q3 FY25, Q3 FY26
ATGL's e-mobility subsidiary has installed 4,908 charge points and aims to reach 10,000 in the near future.
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.
Fast read
Guidance and risk preview
Management expects revenue growth in FY27 to be similar to the 18% growth achieved in FY26, with additional contribution from newer GAs.
The government pool gas price was $12.42/MMBtu in March 2026, and imported LNG inclusion may increase costs, pressuring margins.
View Risks →