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Revenue
₹1,379 Cr
verified against source
Revenue YoY
21%
reported change
EBITDA
₹301 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Total Gas reported a strong Q1 FY26 with revenue of INR 1,491 crore (+21% YoY) and EBITDA of INR 301 crore, driven by 16% volume growth to 267 MMSCM. CNG volumes surged 21% to 1.5 BSCM, while PNG grew 6%. The company added 650 CNG stations and 1M domestic connections. Management highlighted calibrated pricing despite higher gas costs due to lower APM allocation. Guidance includes CapEx of INR 900-1,000 crore for FY26 and INR 3,500-3,700 crore over three years, focusing on 11th round GAs. A potential positive from the proposed two-zone gas tariff could reduce costs. Risk: propane substitution and solid fuels may cap PNG industrial growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided CapEx of INR 900-1,000 crore for the current fiscal year, primarily for network expansion.
- Over the next three years, CapEx is planned at INR 3,500-3,700 crore, focused on 11th round GAs and CNG stations.
- Management expects to maintain double-digit growth in CNG volumes, driven by infrastructure expansion and OEM tie-ups.
Risks flagged
- Lower APM allocation (now ~36% for CNG) replaced by costlier gas, pressuring margins if not passed through.
- Analyst raised concern about PNG industrial volume growth (only 5% YoY) due to cheaper alternatives like propane and coal.
- Management deflected quantification of savings from proposed two-zone tariff, pending PNGRB notification.
Key quotes
- Our pass-through has been very calibrated. That's the reason there is a slight dip if you see on the net profit at the end. That is absolutely fine for us as long as we see growth traction is happening in conversion of vehicles.
- This is a supply-driven market. We will, to some extent, do a supply-driven. Once supply-driven is put in place, we will expect demand comes up and demand-driven development takes place.
- Today, our composition is close to about 65% from the existing geographies, while about 35% is from the newer geographies.
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