Adani Total Gas Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company has delivered good sales growth of 28.2% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.60x)
- Working capital cycle has improved - days down from -27 to -45
- Company generates healthy free cash flow
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- Contingent liabilities are large at 72.9% of net worth
- Stock is trading at 11.6x its book value
- Company has delivered a poor profit growth of 6.2% over past five years
- Expensive relative to growth - PEG of 17.5
- Though reporting repeated profits, the company pays out little dividend (4.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GAIL | 175.00 | 11.65 | 115064.24 | 3.14 | 4670.99 | 96.08 | 41350.18 | 16.71 | 10.16 | 17.99 |
| ATGL | 612.05 | 106.48 | 67313.88 | 0.04 | 1417.20 | 757.66 | 19067.90 | 1172.62 | 16.96 | 14.67 |
| GUJENERGY | 259.00 | 12.81 | 24300.18 | 3.44 | 1007.40 | 207.47 | 9771.38 | 140.35 | 11.32 | 14.41 |
| IGL | 152.40 | 15.68 | 21336.02 | 3.12 | 237.92 | -44.39 | 5043.44 | 16.56 | 18.23 | 6.95 |
| MGL | 1084.45 | 14.97 | 10711.96 | 2.77 | 192.64 | -39.38 | 2598.90 | 13.88 | 18.78 | 13.18 |
| CFEL | 39.06 | 13.58 | 97.73 | 0.64 | 1.17 | 409.57 | 35.84 | -12.54 | 8.59 | 11.04 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,135 | 1,178 | 1,243 | 1,257 | 1,237 | 1,315 | 1,397 | 1,448 | 1,491 | 1,569 | 1,631 | 1,686 | 1,897 | |
| 887 | 899 | 955 | 969 | 941 | 1,008 | 1,133 | 1,183 | 1,199 | 1,276 | 1,328 | 1,387 | 1,732 | |
| Operating Profit | 248 | 279 | 288 | 289 | 296 | 307 | 264 | 265 | 292 | 293 | 303 | 299 | 165 |
| OPM % | 21.82% | 23.72% | 23.17% | 22.96% | 23.95% | 23.35% | 18.93% | 18.31% | 19.59% | 18.69% | 18.59% | 17.75% | 8.69% |
| 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 |
| Profit before Tax | 199 | 225 | 231 | 227 | 237 | 240 | 193 | 198 | 219 | 217 | 212 | 214 | 178 |
| Tax % | 25.71% | 25.43% | 25.57% | 27.05% | 25.27% | 25.75% | 25.72% | 24.73% | 26.02% | 25.53% | 25.96% | 27.32% | 25.35% |
| Net Profit | 148 | 168 | 172 | 165 | 177 | 178 | 143 | 149 | 162 | 162 | 157 | 156 | 133 |
| 1.34 | 1.53 | 1.57 | 1.50 | 1.61 | 1.62 | 1.30 | 1.36 | 1.47 | 1.47 | 1.43 | 1.42 | 1.21 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,087 | 1,374 | 1,719 | 1,875 | 1,696 | 3,038 | 4,378 | 4,472 | 4,986 | 5,864 | 6,783 | |
| 810 | 1,009 | 1,264 | 1,280 | 992 | 2,265 | 3,508 | 3,368 | 3,853 | 4,676 | 5,722 | |
| Operating Profit | 277 | 365 | 455 | 594 | 704 | 773 | 870 | 1,104 | 1,133 | 1,188 | 1,061 |
| OPM % | 25.48% | 26.56% | 26.45% | 31.71% | 41.51% | 25.45% | 19.88% | 24.68% | 22.73% | 20.26% | 15.64% |
| -20 | 80 | 59 | 45 | 30 | 42 | 37 | 47 | 34 | 128 | 42 | |
| Interest | 44 | 125 | 90 | 41 | 40 | 53 | 79 | 111 | 101 | 219 | 141 |
| Depreciation | 56 | 61 | 67 | 51 | 63 | 83 | 113 | 157 | 198 | 233 | 243 |
| Profit before Tax | 156 | 259 | 357 | 547 | 631 | 679 | 716 | 882 | 868 | 863 | 822 |
| Tax % | 35.17% | 36.45% | 35.85% | 20.31% | 25.23% | 25.68% | 25.99% | 25.94% | 25.38% | 26.21% | 26.07% |
| Net Profit | 101 | 165 | 229 | 436 | 472 | 505 | 530 | 653 | 648 | 637 | 608 |
| EPS | 3.94 | 1.50 | 2.08 | 3.97 | 4.29 | 4.59 | 4.82 | 5.94 | 5.89 | 5.79 | — |
| Dividend Payout % | 0.00% | 0.00% | 12.02% | 6.30% | 5.83% | 5.45% | 5.19% | 4.21% | 4.24% | 4.32% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 28%
- 3 Years:
- 10%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 23%
- 5 Years:
- 6%
- 3 Years:
- 6%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -3%
- 1 Year:
- 1%
RETURN ON EQUITY
- 10 Years:
- 21%
- 5 Years:
- 19%
- 3 Years:
- 17%
- Last Year:
- 14%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 257 | 257 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 |
| 458 | 769 | 1,002 | 1,370 | 1,842 | 2,320 | 2,828 | 3,453 | 4,075 | 4,714 | |
| 693 | 1,467 | 349 | 377 | 469 | 1,037 | 1,431 | 1,453 | 1,676 | 2,118 | |
| Trade Payables | 53 | 137 | 104 | 83 | 116 | 166 | 307 | 327 | 310 | 369 |
| 199 | 182 | 493 | 546 | 685 | 797 | 960 | 1,180 | 1,427 | 2,133 | |
| Total Liabilities | 1,660 | 2,812 | 2,058 | 2,486 | 3,222 | 4,429 | 5,636 | 6,524 | 7,599 | 9,444 |
| 832 | 897 | 980 | 1,198 | 1,379 | 1,733 | 2,329 | 3,090 | 3,515 | 4,102 | |
| Capital Work in Progress | 87 | 102 | 190 | 342 | 696 | 1,171 | 1,609 | 1,472 | 1,795 | 1,919 |
| 91 | 189 | 186 | 291 | 436 | 648 | 683 | 704 | 993 | 1,928 | |
| 39 | 42 | 44 | 41 | 52 | 77 | 91 | 96 | 114 | 108 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 408 | 419 | 412 | |
| Cash & Bank | 16 | 24 | 160 | 89 | 11 | 34 | 368 | 452 | 460 | 503 |
| 596 | 1,558 | 498 | 524 | 648 | 767 | 556 | 303 | 303 | 472 | |
| Total Assets | 1,660 | 2,812 | 2,058 | 2,486 | 3,222 | 4,429 | 5,636 | 6,524 | 7,599 | 9,444 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 306 | 366 | 479 | 626 | 788 | 880 | 1,000 | 971 | 980 | 1,150 | |
| Cash from Investing | -303 | -988 | 791 | -461 | -770 | -1,133 | -1,163 | -769 | -956 | -1,231 |
| Cash from Financing | 50 | 779 | -1,077 | -102 | 39 | 422 | 295 | -77 | 58 | 117 |
| 5 | 68 | 70 | -71 | -78 | 21 | -22 | 124 | 83 | 36 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-03 - Adani Total Gas Limited has informed the Exchange about change in Management - Appointment of Mr. Preyash Jhaveri as Chief Financial Officer and Key Managerial Personnel w.e.f. September 3, 2026
2026-08-14 - Adani Total Gas Limited has informed the Exchange about Schedule of meet
2026-08-11 - Adani Total Gas Limited has informed the Exchange about ESG Rating by NSE Sustainability Ratings & Analytics Limited
2026-08-07 - Adani Total Gas Limited has informed the Exchange about Credit Rating
2026-07-31 - Adani Total Gas Limited has informed the Exchange about Credit Rating
2026-07-28 - Adani Total Gas Limited has informed the Exchange about Transcript
2026-07-22 - Adani Total Gas Limited has informed the Exchange about Link of Recording
2026-07-21 - Adani Total Gas Limited has informed the Exchange regarding a press release dated July 21, 2026, titled "Adani Total Gas Q1FY27 Results" alongwith presentation on performance highlights for the quarter ended June 30, 2026.
2026-07-21 - Adani Total Gas Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
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Adani Total Gas Ltd.
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