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Revenue
₹1,451 Cr
verified against source
Revenue YoY
19%
reported change
EBITDA
₹302 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Total Gas delivered a solid Q2 FY26 with revenue of INR 1,569 crore (+19% YoY) and EBITDA of INR 302 crore, driven by 16% volume growth (CNG +18%, PNG +11%). The company crossed 1 million household PNG connections and added 12 CNG stations, taking the total to 662. A key positive was the Gujarat VAT-to-CST realignment, which reduces gas procurement cost by ~13% for APM/NWG supplies outside Gujarat, expected to be passed on to consumers to boost affordability. However, APM+NWG allocation fell to 48% (from 51% in Q1), pressuring margins. Management guided for continued double-digit volume growth and EV charging expansion (4,209 points, target 10,000). Risks include further APM allocation cuts and propane competition in industrial PNG.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects sustained double-digit volume growth driven by network expansion and deeper penetration across 34 GAs.
- Targeting 10,000 EV charging points (currently 4,209) with a capacity of 100 MW (currently 42 MW).
- The 13% cost benefit from VAT-to-CST realignment will be passed on to CNG and PNG consumers to improve affordability.
Risks flagged
- Combined APM+NWG allocation fell from 51% in Q1 to 48% in Q2, pressuring margins as cheaper gas is replaced by costlier alternatives.
- Falling propane prices are making it a cheaper alternative to natural gas for industrial users, potentially impacting PNG volumes.
- PNGRB's zone one tariff notification is pending implementation due to industry consultations, delaying potential margin benefits for CNG and domestic PNG.
Key quotes
- We will be calibrating our pricing pass-through shortly.
- Our aim is to widen the volume base, make sure healthy financial outcomes.
- We have a very good sourcing team... we have a mix of a portfolio building where we purchase indices, not one single indices.
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