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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,294 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
₹272 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 reported Q3 FY25 revenue of ₹1,397 crore (+12% YoY) and EBITDA of ₹272 crore, with EBITDA margin of 19.5%. CNG volumes grew 19% YoY to 171 MMSCM, driven by network expansion and affordable pricing. However, APM gas allocation for CNG was cut twice during the quarter, averaging 47%, partially offset by new well gas and HPHT gas. Management expects margin stability around ₹10-12 per SCM, with APM restored to 51% from mid-January. Risks include further APM cuts and high spot gas costs. Capex guidance for FY25 is ₹900-1,000 crore.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided total capex for FY25 to be around ₹900-1,000 crore, including newer businesses.
- Aim to reach around 3,000 EV charging points by March to April 2025, up from 1,914 currently.
- Management expects EBITDA per SCM to remain around ₹10-12, balancing volume growth and cost optimization.
Risks flagged
- APM allocation for CNG was cut twice in Q3; further reductions could pressure margins despite restoration to 51% in January.
- Reliance on costlier spot and HPHT gas (25% of portfolio) could compress margins if APM allocation remains low.
- Analyst raised concern about quarterly review cycle; management could not provide clarity on future allocation changes.
Key quotes
- Despite such challenges, ATGL maintained its growth trajectory, focusing on a customer-centric approach and delivered a robust operational performance with a notable 15% growth in volumes on a year-on-year comparable basis.
- We are also preparing ourselves to see that if tomorrow this allocation is not restored, how are we going to be working on a sustainable basis, making sure we balance the interest of end consumer and also produce the good financials and operational results.
- The government keeps looking at ways to stabilize and to optimize ATM gas to the CGD segment.
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