Adani Total Gas
Adani Total Gas
Oil & GasKey Fundamentals
MidcapGas SupplierOil & GasTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
2- Stock is trading at 13.6 times its book value
- Dividend payout has been low at 4.26% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAdani Total Gas Ltd trades at a market cap of ₹65,395 Cr with a PE of 104.8x and PB of 13.63x, reflecting premium valuations. The company has delivered 10-year sales CAGR of 18% and 10-year profit CAGR of 22%, though recent profitability has slowed with TTM profit growth at -4% and last-year ROE declining to 14% from a 5-year average of 18%.
- Strong long-term revenue compounder with 10-year sales CAGR of 18%, demonstrating sustained demand for city gas distribution
- TTM sales growth has accelerated to 20%, above the 3-year CAGR of 10%, indicating a rebound in volume or pricing
- 10-year compounded profit growth of 22% outpaces sales growth of 18%, reflecting historical operating leverage and margin expansion
- 5-year sales CAGR of 28% highlights the rapid network expansion phase the company has undergone in newer geographical areas
- 3-year average ROE of 17% and 5-year average of 18% indicate the business earns well above its cost of equity on a sustained basis
- City gas distribution is a structural growth story in India with government push for natural gas to reach 15% of the energy mix, up from roughly 6% currently, providing a long runway
- Market cap of ₹65,395 Cr positions ATGL as a large-cap CGD player with scale advantages in procurement and infrastructure rollout
- PE ratio of 104.8x is extremely elevated, implying the stock prices in many years of flawless execution with little margin of safety
- PB ratio of 13.63x means investors pay ₹13.63 for every ₹1 of book value, among the most expensive in the oil and gas sector
- TTM profit growth has turned negative at -4%, diverging sharply from TTM sales growth of 20%, signalling margin compression
- Last-year ROE has declined to 14% from the 5-year average of 18%, a 400 basis point drop suggesting deteriorating capital efficiency
- Dividend payout has been just 4.26% of profits over the last 3 years, with a yield of only 0.04%, offering negligible income return to shareholders
- Stock price CAGR of -2% over 3 years and -15% over 5 years shows the stock has destroyed value for medium-term holders despite business growth
- 3-year profit CAGR of only 6% versus 10-year CAGR of 22% indicates a significant deceleration in earnings growth trajectory
- 1-year stock return of -1% alongside a 20% TTM sales growth suggests the market is already de-rating the stock from previously higher multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Govt PNG incentive scheme boost Aug 19
ATGL surged 6.2% to intraday high of ₹687.90 after Centre approved an incentive scheme effective Sep 1, 2026 to accelerate domestic piped natural gas connections and expand CGD networks into new areas. Trading volumes jumped 13x to 66.95 lakh shares versus a 5.14 lakh average.
- New CFO appointment confirmed Sep 3
Adani Total Gas appointed Preyash Jhaveri as CFO effective Sep 3, 2026. Jhaveri, interim CFO since Dec 2025, brings over 30 years of finance experience, providing leadership continuity.
- Broader market weakness on crude Aug 19
Sensex fell 384 points to 76,852 and Nifty50 declined 114 points to 24,041 on Aug 19 as surging international crude oil prices dented sentiment, dragging index heavyweights lower.
TL;DR: ATGL is benefiting from a supportive policy tailwind with the Centre's new PNG incentive scheme aimed at accelerating household gas connections and CGD expansion, which directly supports its core business. The CFO appointment adds management stability. The key watch item is rising crude oil prices, which pressured broader markets and could eventually feed into input cost concerns for the gas distribution sector. Overall the near-term trend is constructive, driven by sector-specific policy support.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,056 | 1,095 | 1,155 | 1,166 | 1,144 | 1,216 | 1,291 | 1,336 | 1,372 | 1,444 | 1,499 | 1,549 | 1,743 |
| Expenses | 808 | 815 | 867 | 877 | 847 | 909 | 1,026 | 1,071 | 1,080 | 1,151 | 1,196 | 1,249 | 1,476 |
| Operating Profit | 248 | 279 | 288 | 289 | 296 | 307 | 264 | 265 | 292 | 293 | 303 | 299 | 268 |
| OPM % | 23% | 26% | 25% | 25% | 26% | 25% | 20% | 20% | 21% | 20% | 20% | 19% | 15% |
| Other Income | 8 | 10 | 13 | 16 | 12 | 6 | 8 | 9 | 9 | 9 | 9 | 10 | 13 |
| Interest | 24 | 27 | 31 | 29 | 26 | 23 | 27 | 24 | 28 | 26 | 41 | 35 | 39 |
| Depreciation | 33 | 37 | 38 | 49 | 45 | 50 | 52 | 52 | 54 | 59 | 60 | 60 | 64 |
| PBT | 199 | 225 | 231 | 227 | 237 | 240 | 193 | 198 | 219 | 217 | 212 | 214 | 178 |
| Tax % | 26% | 25% | 26% | 27% | 25% | 26% | 26% | 25% | 26% | 26% | 26% | 27% | 25% |
| Net Profit | 148 | 168 | 172 | 165 | 177 | 178 | 143 | 149 | 162 | 162 | 157 | 156 | 133 |
| EPS in Rs | 1.34 | 1.53 | 1.57 | 1.5 | 1.61 | 1.62 | 1.3 | 1.36 | 1.47 | 1.47 | 1.43 | 1.42 | 1.21 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,129 | 1,087 | 1,374 | 1,719 | 1,875 | 1,696 | 3,038 | 4,378 | 4,472 | 4,986 | 5,864 | 6,235 |
| Expenses | 921 | 809 | 1,008 | 1,264 | 1,280 | 991 | 2,265 | 3,508 | 3,368 | 3,849 | 4,675 | 5,072 |
| Operating Profit | 208 | 278 | 366 | 455 | 595 | 704 | 773 | 870 | 1,104 | 1,137 | 1,188 | 1,163 |
| OPM % | 18% | 26% | 27% | 26% | 32% | 42% | 25% | 20% | 25% | 23% | 20% | 19% |
| Other Income | 26 | -22 | 80 | 59 | 44 | 30 | 42 | 37 | 47 | 30 | 37 | 42 |
| Interest | 43 | 44 | 125 | 90 | 41 | 40 | 53 | 79 | 111 | 100 | 129 | 141 |
| Depreciation | 52 | 56 | 61 | 67 | 51 | 63 | 83 | 113 | 157 | 198 | 233 | 243 |
| PBT | 138 | 156 | 259 | 357 | 547 | 631 | 679 | 716 | 882 | 868 | 863 | 822 |
| Tax % | 41% | 35% | 36% | 36% | 20% | 25% | 26% | 26% | 26% | 25% | 26% | — |
| Net Profit | 81 | 101 | 165 | 229 | 436 | 472 | 505 | 530 | 653 | 648 | 637 | 608 |
| EPS in Rs | 3.17 | 3.94 | 6.41 | 2.08 | 3.97 | 4.29 | 4.59 | 4.82 | 5.94 | 5.89 | 5.79 | 5.53 |
| Div. Payout % | 54% | 0% | 0% | 12% | 6% | 6% | 5% | 5% | 4% | 4% | 4% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 257 | 257 | 257 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 |
| Reserves | 357 | 458 | 769 | 1,002 | 1,370 | 1,842 | 2,320 | 2,828 | 3,453 | 4,075 | 4,714 |
| Borrowings | 475 | 549 | 1,345 | 394 | 428 | 529 | 1,035 | 1,420 | 1,555 | 1,831 | 2,252 |
| Other Liabilities | 345 | 396 | 442 | 552 | 577 | 741 | 964 | 1,278 | 1,406 | 1,583 | 2,368 |
| Total Liabilities | 1,434 | 1,660 | 2,812 | 2,058 | 2,486 | 3,222 | 4,429 | 5,636 | 6,524 | 7,599 | 9,444 |
| Fixed Assets | 757 | 832 | 897 | 980 | 1,198 | 1,379 | 1,733 | 2,329 | 3,090 | 3,515 | 4,102 |
| CWIP | 157 | 87 | 102 | 190 | 342 | 696 | 1,171 | 1,612 | 1,476 | 1,803 | 1,919 |
| Investments | 49 | 91 | 189 | 186 | 291 | 436 | 648 | 683 | 704 | 993 | 1,928 |
| Other Assets | 471 | 651 | 1,624 | 701 | 655 | 711 | 878 | 1,013 | 1,254 | 1,288 | 1,495 |
| Total Assets | 1,434 | 1,660 | 2,812 | 2,058 | 2,486 | 3,222 | 4,429 | 5,636 | 6,524 | 7,599 | 9,444 |
Cash Flow
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 255 | 258 | 277 | 356 | 492 | 654 | 732 | 846 | 971 | 980 | 1,150 |
| Investing | -413 | -303 | -988 | 791 | -461 | -770 | -1,133 | -1,163 | -769 | -956 | -1,231 |
| Financing | 39 | 50 | 779 | -1,077 | -102 | 39 | 422 | 295 | -77 | 58 | 117 |
| Net Cash Flow | -118 | 5 | 68 | 70 | -71 | -78 | 21 | -22 | 124 | 83 | 36 |
| Free Cash Flow | 168 | 134 | 137 | 115 | 51 | 47 | -218 | -312 | 227 | 145 | 247 |
| CFO/OP | 141 | 110 | 100 | 105 | 105 | 112 | 114 | 115 | 105 | 101 | 111 |
Ratios
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 13 | 19 | 38 | 18 | 12 | 22 | 22 | 26 | 33 | 31 | 26 |
| Inventory Days | 19 | 21 | 19 | 15 | 14 | 25 | 15 | 11 | — | — | — |
| Days Payable | 22 | 28 | 63 | 35 | 28 | 55 | 31 | 36 | — | — | — |
| Cash Conversion Cycle | 10 | 11 | -6 | -2 | -2 | -8 | 6 | 1 | 33 | 31 | 26 |
| Working Capital Days | -9 | 95 | 52 | 5 | -24 | -128 | -137 | -142 | -98 | -65 | -97 |
| ROCE % | — | 22% | 21% | 24% | 34% | 31% | 25% | 20% | 21% | 17% | 15% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY15–FY27.
Documents
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Company Information
AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.
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