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Adani Total Gas

ATGL NSE
₹570.60 No trade today
P/E
102.26
View as Markdown
MCP
Close 4 Nov 2026 ₹570.60 −46.95 −7.60% 1Y
Start ₹617.55

Key Fundamentals

MidcapOil & GasEnergy

Price-based figures as of · EPS basis: Standalone · TTM

ROCE
15.10%
Debt to Equity
0.47
EPS (TTM)
₹5.58
Book Value
₹47.07
Market Cap
—
P/E (TTM)
102.26
P/B
12.12
ROE
14.10%
Dividend Yield
0.05%
EBITDA
₹1,233 Cr
52W High
₹859.85
52W Low
₹462.80
Volume
0

Peer Comparison

Energy › Oil & Gas › Gas Supplier › LPG/CNG/PNG/LNG Supplier

Adani Total Gas peer comparison
Adani Total Gas (this company)
₹570.60102.26₹61,655 Cr12.120.05%14.10%15.10%₹6,728 Cr₹613 Cr
Petronet LNG
₹311.0011.08₹46,470 Cr1.932.31%18.30%22.60%₹37,173 Cr₹4,208 Cr
Gujarat Gas
₹221.1914.84₹21,204 Cr1.134.06%13.20%18.50%₹23,304 Cr₹1,027 Cr
Indraprastha Gas
₹136.8414.08₹18,822 Cr1.663.56%13.30%17.50%₹16,840 Cr₹1,354 Cr
Mahanagar Gas
₹1,059.2014.51₹10,386 Cr1.632.84%12.30%17.10%₹8,531 Cr₹721 Cr
GSPL Transmission
₹112.97—₹3,493 Cr0.520.00%−66.70%———
Confidence Petroleum
₹63.2915.67₹1,865 Cr1.490.18%6.89%9.12%₹6,001 Cr₹138 Cr
Median 7 companies₹221.1914.68₹18,822 Cr1.632.31%13.20%17.30%₹12,686 Cr₹874 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

45 Average

Data confidence 100/100

Category scores

Quality
60
Good
Returns, margins, earnings quality 22% weight
Valuation
15
Poor
Cheap vs sector & own history 24% weight
Growth
70
Strong
Sales & profit trajectory 9% weight
Financial Health
46
Average
Solvency, leverage, coverage 9% weight
Momentum
31
Poor
Trend strength, vol-adjusted 12% weight
Ownership
57
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

2
  • Stock is trading at 11.4 times its book value
  • Dividend payout has been low at 4.26% of profits over last 3 years

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish856
OscillatorsNeutral252
Moving AveragesStrong Bearish604

Key readings

RSI (14)
51.53
Neutral
MACD (12,26,9)
−12.86
Bullish
SMA (50)
590.30
Bearish
SMA (200)
611.63
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10Y+17.91%
5Y+28.16%
3Y+10.23%
1Y+17.61%
TTM+23.59%

Net profit

Net profit growth by window
10Y+22.90%
5Y+6.18%
3Y+6.32%
1Y−1.70%
TTM−0.49%

Operating cash flow

Operating cash flow growth by window
10Y+16.26%
5Y+11.95%
3Y+10.78%
1Y+17.35%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+1.84 pp
5Y−21.25 pp
3Y+0.39 pp
1Y−2.54 pp
TTM−2.69 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,087 Cr
Mar 2018₹1,374 Cr
Mar 2019₹1,719 Cr
Mar 2020₹1,875 Cr
Mar 2021₹1,696 Cr
Mar 2022₹3,038 Cr
Mar 2023₹4,378 Cr
Mar 2024₹4,472 Cr
Mar 2025₹4,986 Cr
Mar 2026₹5,864 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹101 Cr
Mar 2018₹165 Cr
Mar 2019₹229 Cr
Mar 2020₹436 Cr
Mar 2021₹472 Cr
Mar 2022₹505 Cr
Mar 2023₹530 Cr
Mar 2024₹653 Cr
Mar 2025₹648 Cr
Mar 2026₹637 Cr

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Adani Total Gas Ltd trades at ₹549.9 as of 2026-11-03 with a market cap of ₹61,281 crore. The stock commands a premium valuation at a P/E of 98.55x and P/B of 11.68x, supported by a strong long-term sales CAGR of 18% over 10 years but facing a TTM profit decline of -1% and a stock price that sits 36% below its 52-week high of ₹859.85.

Bull Case 7
  • Strong long-term revenue growth with compounded sales CAGR of 18% over 10 years, indicating sustained demand expansion in the city gas distribution business
  • Robust 5-year compounded sales growth of 28%, reflecting accelerated volume ramp-up across operational geographies
  • TTM revenue growth remains healthy at 24%, showing continued top-line momentum even as profitability faces pressure
  • 10-year compounded profit growth of 22% demonstrates the company's ability to scale earnings over extended periods
  • Conservative balance sheet with debt-to-equity ratio of just 0.47, providing financial flexibility for network expansion
  • 10-year average ROE of 20% reflects consistent value creation for shareholders over the long term
  • ROCE of 13.82% as of 2026-11-03 indicates reasonable capital efficiency for a capital-intensive infrastructure business
Bear Case 7
  • P/E ratio of 98.55x as of 2026-11-03 is extremely elevated, demanding near-flawless execution to justify the premium
  • TTM profit growth has turned negative at -1%, signalling margin compression even as revenues grew 24%
  • 3-year and 5-year compounded profit growth has decelerated sharply to just 6% each, a significant slowdown from the 10-year rate of 22%
  • Dividend yield of just 0.05% as of 2026-11-03 with a payout of only 4.26% of profits over the last 3 years offers negligible income return
  • ROE has declined from a 10-year average of 20% to 14% in the last year, suggesting deteriorating return on shareholder capital
  • Stock price CAGR is negative across all measured periods: -15% over 1 year, -2% over 3 years, and -19% over 5 years, reflecting sustained wealth erosion
  • The wide gap between sales growth (24% TTM) and profit growth (-1% TTM) points to significant cost or margin headwinds that may persist

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: ATGL delivered strong volume growth of 12% YoY and 34% revenue growth in Q2 FY27, supported by robust CNG demand and continued network expansion. However, a 43% surge in gas costs, reduced domestic gas allocation, and EBITDA margin compression are significant headwinds, with H1 FY27 profit falling 7% despite top-line growth. The ₹4.45/kg CNG price hike signals pass-through ability but also highlights input cost vulnerability. The trend is mixed — volumes and infrastructure build-out remain strong, but profitability is deteriorating and the stock's ~97x P/E leaves little room for further earnings disappointment.

Headwinds 6
  • Gas costs surge 43% in Q2 Oct 22

    Cost of natural gas jumped 43% in Q2 FY27, driven by elevated Brent-linked prices, withdrawal of pooled-gas support, and the prolonged West Asia crisis. APM gas allocation for CNG stood at only ~25%, forcing reliance on expensive alternatives.

  • CNG price hiked ₹4.45/kg Oct 22

    ATGL raised CNG prices by ₹4.45/kg across locations, with Ahmedabad at ₹98.47/kg, Faridabad at ₹102.60/kg, and Jalandhar at ₹100/kg. Global spot LNG prices surged to ~$30/MMBtu from $10-12 in February 2026.

  • H1 FY27 profit down 7% Oct 22

    Net profit for H1 FY27 fell 7% YoY to ₹300 crore despite revenue growing 31% to ₹3,999 crore, indicating significant margin compression from input cost inflation.

Positives 5
  • Q2 revenue up 34% YoY Oct 22

    Revenue rose 34% YoY to ₹2,102 crore in Q2 FY27, while net profit increased 3% YoY to ₹167 crore and PBT grew 8% to ₹235 crore.

  • Sales volumes grow 12% YoY Oct 22

    Total sales volumes reached 315 MMSCM in Q2 FY27, up 12% YoY, with CNG volumes surging 17% to 223 MMSCM and PNG volumes rising 3% to 92 MMSCM.

  • CNG network expands to 723 Oct 22

    ATGL added 16 new CNG stations in Q2, expanding its network to 723 stations. Steel pipeline network grew by 318 inch-km to a cumulative 16,305 inch-km.

Neutral 2
  • Calibrated pricing strategy noted Oct 22

    ATGL described the CNG price hike as a calibrated measure to partly offset increased procurement expenses while maintaining reliable supplies and limiting consumer impact.

  • Diversified gas sourcing mix Oct 22

    The company maintains a diversified sourcing portfolio spanning APM gas, HPHT gas, new well gas, contracts, and market purchases to manage supply reliability amid domestic allocation constraints.

Quarterly Results

₹ Cr
ATGL quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,095
1,155
1,166
1,144
1,216
1,291
1,336
1,372
1,444
1,499
1,549
1,743
1,936
Expenses
815
867
877
847
909
1,026
1,071
1,080
1,151
1,196
1,249
1,476
1,610
Operating Profit
279
288
289
296
307
264
265
292
293
303
299
268
326
OPM %
26%
25%
25%
26%
25%
20%
20%
21%
20%
20%
19%
15%
17%
Other Income
10
13
16
12
6
8
9
9
9
9
10
13
14
Interest
27
31
29
26
23
27
24
28
26
41
35
39
36
Depreciation
37
38
49
45
50
52
52
54
59
60
60
64
68
PBT
225
231
227
237
240
193
198
219
217
212
214
178
235
Tax %
25%
26%
27%
25%
26%
26%
25%
26%
26%
26%
27%
25%
29%
Net Profit
168
172
165
177
178
143
149
162
162
157
156
133
167
EPS (₹)
1.53
1.57
1.5
1.61
1.62
1.3
1.36
1.47
1.47
1.43
1.42
1.21
1.52

Profit & Loss

₹ Cr
ATGL profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,129
1,087
1,374
1,719
1,875
1,696
3,038
4,378
4,472
4,986
5,864
6,728
Expenses
921
809
1,008
1,264
1,280
991
2,265
3,508
3,368
3,849
4,675
5,532
Operating Profit
208
278
366
455
595
704
773
870
1,104
1,137
1,188
1,196
OPM %
18%
26%
27%
26%
32%
42%
25%
20%
25%
23%
20%
18%
Other Income
26
−22
80
59
44
30
42
37
47
30
37
47
Interest
43
44
125
90
41
40
53
79
111
100
129
151
Depreciation
52
56
61
67
51
63
83
113
157
198
233
252
PBT
138
156
259
357
547
631
679
716
882
868
863
840
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
613
EPS (₹)
3.17
3.94
6.41
2.08
3.97
4.29
4.59
4.82
5.94
5.89
5.79
5.58
Div. Payout %
54%
0%
0%
12%
6%
6%
5%
5%
4%
4%
4%
—

Balance Sheet

₹ Cr
ATGL balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
257
257
257
110
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
5,011
Borrowings
475
549
1,345
394
428
529
1,035
1,420
1,555
1,831
2,252
2,423
Other Liabilities
345
396
442
552
577
741
964
1,278
1,406
1,583
2,368
2,474
Total Liabilities
1,434
1,660
2,812
2,058
2,486
3,222
4,429
5,636
6,524
7,599
9,444
10,018
Fixed Assets
757
832
897
980
1,198
1,379
1,733
2,329
3,090
3,515
4,102
4,402
CWIP
157
87
102
190
342
696
1,171
1,612
1,476
1,803
1,919
1,979
Investments
49
91
189
186
291
436
648
683
704
993
1,928
2,072
Other Assets
471
651
1,624
701
655
711
878
1,013
1,254
1,288
1,495
1,564
Total Assets
1,434
1,660
2,812
2,058
2,486
3,222
4,429
5,636
6,524
7,599
9,444
10,018

Cash Flow

₹ Cr
ATGL cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/EBITDA
141
110
100
105
105
112
114
115
105
101
111

Ratios

ATGL financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Adani Total Gas insights

62 extracted metrics across FY16–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 74.80%
  • FIIs 12.84%
  • DIIs 6.38%
  • Public 5.38%
  • Others 0.60%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Adani Total Gas

What does Adani Total Gas Ltd do?
AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.
Where is Adani Total Gas Ltd (ATGL) listed?
Adani Total Gas Ltd trades as ATGL on the NSE and under code 542066 on the BSE.
Which sector does Adani Total Gas Ltd belong to?
Adani Total Gas Ltd is classified under the Oil & Gas sector, in the Gas Supplier industry.
What is the PE ratio of Adani Total Gas Ltd?
Adani Total Gas Ltd trades at a PE ratio of 102.26 as of 4 Nov 2026, on earnings per share of ₹5.58, against a book value of ₹47.07 per share.
What is the 52-week high and low of Adani Total Gas Ltd?
Over the last 52 weeks Adani Total Gas Ltd has traded between ₹462.8 and ₹859.85 as of 4 Nov 2026.
Does Adani Total Gas Ltd pay dividends?
Adani Total Gas Ltd has a dividend yield of 0.05%.
What is the Return on Equity (ROE) of Adani Total Gas Ltd?
Adani Total Gas Ltd reported a return on equity of 14.10%. Its debt-to-equity ratio is 0.47.

Company Information

AGL is engaged in City Gas Distribution (CGD) business and supplies natural gas to domestic, commercial, industrial and vehicle users.

Website adanigas.com
CEO Mr. Suresh P. Manglani
Employees 578
Listed 5 Nov 2018
Face Value ₹1

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