Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,557 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹310 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 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 PNG (+5% YoY). Customer additions hit a record 50,000 new domestic PNG connections in the quarter. The company benefited from government priority gas allocation and pool pricing mechanism, which ensured supply stability despite geopolitical tensions. Management guided for similar revenue growth in FY27 and EBITDA target of INR 1,500 crore. Risks include potential margin compression from higher gas costs and slower-than-expected ramp-up in new GAs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue growth in FY27 to be similar to the 18% growth achieved in FY26, with additional contribution from newer GAs.
- Interim CFO guided for EBITDA of around INR 1,500 crore for FY27, implying ~22% growth over FY26 EBITDA of INR 1,225 crore.
Risks flagged
- The government pool gas price was $12.42/MMBtu in March 2026, and imported LNG inclusion may increase costs, pressuring margins.
- Government allocation based on six-month average may not cover incremental demand from CNG/PNG growth, requiring costlier spot purchases.
- Management acknowledged slight de-growth in industrial/commercial volumes due to higher gas prices, which could persist if prices remain elevated.
Key quotes
- Our approach has always been consumer first, and you will see from a volume growth, even during this crisis, hardly there is a 1% here and there of industrial consumer.
- We are expecting the same growth which we are currently having in 2025, 2026 in the next 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.
- 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.
Research modules