ATGL / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Adani Total Gas · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ2-FY26 · 2025-10-15Back to quarter ↗

Questions audited

Answered directly

50%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Sabri Hazarika · MK Global Financial Services

partial

Quantify Gujarat VAT benefit on EBITDA per SCM and pass-through requirement.

The impact on EBITDA per SCM keeps varying depending upon how much we get APM and new well gas. It's by anybody's guess, a 13% difference from 2% versus 13%. ... We will be calibrating our pricing pass-through shortly.

Sabri Hazarika · MK Global Financial Services

evasive

Timeline for PNGRB zonal reapportionment implementation.

We are now waiting. The industry consultations are taking place by regulator. Hopefully, we expect sooner than the later this implementation will take place.

Sabri Hazarika · MK Global Financial Services

direct

APM and new wells gas allocation in Q2 and current run rate.

Combined of the APM and new allocation, 35.8%.

Sabri Hazarika · MK Global Financial Services

partial

Breakup of APM and new wells gas in Q1 vs Q2.

APM was around 51.48%, around 52%, which has come down to around 36%. However, if you look at the HPHT allocation, which has increased significantly...

Vivekanand Subbaraman · Ambit Capital

evasive

Details on new zonal tariff definition and industry pushback.

Industry is sitting together. They are working it out. ... I would urge you all that have a bit of patience for some more time...

Vivekanand Subbaraman · Ambit Capital

partial

Guidance on APM+NWG allocation for Q3 and Q4 FY26.

For Quarter 1, FY2026, it was 52%. For Quarter 2, FY2026, considering both APM and NWG, it has come to around 48%.

Ramesh Sankaranarayanan · Research desk

evasive

Impact of cheaper gas reduction on volume growth and margin.

We have generally been consistently delivering double-digit growth. ... We are hoping. ... We have a very good sourcing team. ... We are bridging the gap.

Ramesh Sankaranarayanan · Research desk

direct

Breakup of imported LNG by Brent vs Henry Hub linkage.

If you talk of Brent, it would be around 14% Brent linked volumes currently what we have in our portfolio. Similarly, around 15%-16% is on the Henry Hub base.

Ramesh Sankaranarayanan · Research desk

partial

Progress on EV charging and LNG retailing verticals.

This quarter, our charge points have increased to 4,209. ... We have 42 megawatt capacity. Target is to reach 100 megawatt very soon. ... On the LNG retailing side... we are actually watching the development...

Ramesh Sankaranarayanan · Research desk

evasive

Timeline for Indian Oil Adani Gas JV to contribute meaningfully.

EBITDA is growing. In terms of PAT, also they will start giving us the result. We have to wait for a couple of more quarters.

Yogesh Patil · Dolat Capital

direct

Reason for APM+NWG allocation decline from 51% to 48%.

One is volume growth, which also brings this proportionality slightly down because the volumes are growing, field is same. ... natural depletion also would take place.

Somaiah V · Avendus Spark

direct

Split of PNG volumes between domestic and industrial.

With respect to PNG volume, we have a domestic percentage of around 7%, and other than industrial is 22%. Total put together, 31% is for PNG and 69% share of CNG.