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...
bullish
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.
54%Questions answered4Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Asked for gas pool price formula and constituents.
Asked by Yogesh Patil, Dolat Capital
Described constituents but did not provide a precise formula or calculation method.
no specific formula givenonly qualitative description
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Question
We basically want to understand for gas pool price, if you could share with us any formula or method of calculating the gas pool price. Or we wanted to understand a further on the side, constituents of this gas price, which type of gas is the part of this gas pool.
Ravindra Desai, Head of Gas Sourcing and Business Development
The pricing formula, what they have derived for the gas pool mechanism, is like there were various gases available in the market. So some of them were withdrawn from like O2C, some volume was withdrawn from the ONGC consumption. That, in addition to that, the Vedanta gas plus the HPHT gas, they were made part of this pool mechanism. Whatever would be the average, weighted average of this, volumes available, that was the pool gas price for the CGD sector.
Answered
High priority
Asked for gas pool price for March 2026.
Asked by Yogesh Patil, Dolat Capital
Provided a specific numeric answer to the question.
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Question
For the March month, could you please give us any idea what was the gas pool price for the March month, March 2026?
Ravindra Desai, Head of Gas Sourcing and Business Development
For the month of March, the gas pool price was $12.42 per MMBtu.
Answered
Medium priority
Asked if only domestic gas or also LNG in pool.
Asked by Yogesh Patil, Dolat Capital
Clearly stated that contracted LNG was included later, and explained March exclusion.
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Question
Is the only domestically produced gas, like the APM, non-APM, HPHT, all these gases are the only part or some contracted LNG is also included into the gas pool?
Ravindra Desai, Head of Gas Sourcing and Business Development
Contracted LNG was also included during the later part. Probably in the month of March, the imported LNG was not available that easily, so that did not include the imported LNG. In the later part of April, that has come.
Partial answer
High priority
Asked if gas supply meets incremental demand for CNG/PNG.
Asked by Yogesh Patil, Dolat Capital
Confirmed government supply but did not quantify shortfall or incremental sourcing.
no specific volume or percentage givenvague about additional portfolio
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Question
Are you getting the gas supply enough to cater the incremental demand of the D-PNG and the CNG segment? Are you fulfilling this demand with the help of a spot LNG or the government is providing you incremental molecule to cater the demand of the CNG and the D-PNG?
Suresh P. Manglani, Executive Director and CEO
Certainly, I think government supplied full six month average gas supply. You know, we have the additional portfolio available to us.
Answered
Medium priority
Asked if spot LNG for captive consumption is exempt from circular.
Asked by Yogesh Patil, Dolat Capital
Confirmed no restriction on spot LNG purchase for captive use.
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Question
If any entity is procuring a spot LNG for the captive consumption, then we believe the ninth March circular, government circular will not be applicable for them. Correct me if I'm wrong.
Ravindra Desai, Head of Gas Sourcing and Business Development
There is freedom to purchase the imported LNG. There's no restriction on the purchase of imported LNG. Probably gas is available, but the imported gas is available at a higher price. There is no restriction on purchase of such industries.
Deflected
Medium priority
Asked for gas sourcing mix for CNG (APM, non-APM).
Asked by Yogesh Patil, Dolat Capital
Acknowledged but postponed without providing any numbers.
deferred to laterno specific breakdown given
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Question
If you could provide us the gas sourcing mix for the CNG, how much is APM, how much is non-APM? This would be really helpful.
Suresh P. Manglani, Executive Director and CEO
Okay, probably we'll come back to that. It's a mixture of the whole portfolio is a mixture of APM, non-APM, SPHD and the RLNG contracts. Probably we can discuss that in detail later. Let us take the other questions as of now.
Partial answer
High priority
Asked for FY27 revenue growth and EBITDA margin guidance.
Asked by Kiran Nayak, Mody Fincap
Provided EBITDA absolute number but not margin; revenue growth only qualitative.
no specific revenue growth percentageEBITDA margin not given
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Question
Can you give me the guidance for 2027 revenue growth and EBITDA margin for 2027?
Preyash Jhaveri, Interim CFO
We are expecting the same revenue growth which we have achieved in the current financial year. EBITDA will be in the range of same or FCM based on that growth. We are expecting around, we can say INR 1,500 crore of EBITDA.
Evasive
High priority
Asked when new GAs will reach peak utilization and profitability.
Asked by Sridhar Chandran, Paraseth Capitals
Did not provide a specific timeframe for peak utilization or profitability contribution.
no timeline givenfocused on infrastructure progress instead of profitability timing
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Question
Given the aggressive expansion in the PNG stations and the PNG connections, when do you expect the new geographical areas to reach peak utilization and start contributing meaningfully to profitability?
Suresh P. Manglani, Executive Director and CEO
I think, if you has seen our media release as well, on the top of the headline, we are in fact given that this year itself we have connected nine city gate station, one LCNG plant... By and large now, most of the geographic area, 34, barring couple of them, which are also likely to happen anytime soon, we have already connected them with the city gate station or LCNG plant.
Evasive
High priority
Asked about pricing flexibility to pass on higher gas costs.
Asked by Sridhar Chandran, Paraseth Capitals
Did not quantify how much cost can be passed on; spoke generally about calibration.
no specific pricing flexibility quantifiedgeneral statements about consumer focus
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Question
With the supportive government policies for CGD and the priority gas allocation, how much pricing flexibility does ATGL have to pass on higher gas cost without impacting its demand?
Suresh P. Manglani, Executive Director and CEO
I think it's a very good question. ... Price has been calibrated. We have not been able to pass through in the interest of a consumer while we maintained our reasonable profitability, which is in front of you all through our announcement of results.
Evasive
High priority
Asked about balancing expansion with ROCE and target returns.
Asked by Sridhar Chandran, Paraseth Capitals
Did not provide a target return or ROCE; spoke about long-term philosophy.
no specific ROCE target givenno numeric return profile
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Question
How do you balance the aggressive infrastructure expansions which you spoke about with return ratios like ROCE, and what's your target return profile for the new investments, sir?
Suresh P. Manglani, Executive Director and CEO
As I said, you see, all the numbers. We run the business with robust returns, good, reasonable profitability... It's always the game of how you enhance the yield of the same pipe. So while somebody may look at two-year return, somebody may look at three-year return, and we look at a very longer term return.
Answered
Medium priority
Asked for PNG volume breakup (domestic, industrial, commercial).
Asked by Arya Patel, Emkay Global
Provided specific percentage breakdown as requested.
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Question
Can you help us with the breakup of PNG volumes into domestic, industrial and commercial space?
Ravindra Desai, Head of Gas Sourcing and Business Development
The CNG+ domestic is around 78%. The balance is industrial+ commercial, 22%. If you want further breakup, the industrial volume would be around 20% and the rest is commercial around 2.5%.
Answered
Medium priority
Asked for gas sourcing mix in Q4.
Asked by Arya Patel, Emkay Global
Provided specific percentages for sourcing mix.
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Question
Second question was regarding the gas sourcing mix for Q4.
Ravindra Desai, Head of Gas Sourcing and Business Development
On the gas sourcing portfolio, 85% of our volumes are met from the APM allocation plus HPHT volumes and the different contracts for gas. Balance around 16% we are buying from the market on a spot basis.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Expected EBITDA for FY27 is INR 1,500 crore. | ₹1,500 cr | ₹310 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.