Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹72,252Cr
Rev Gr TTM
Revenue Growth TTM
17.89%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ATGL
VS
| Quarter | Jun 2023 | Sep 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 1.3 | -1.8 | 4.6 | 4.7 | 8.5 | 11.2 | 12.0 | 14.9 | 20.4 | 19.1 | 16.4 | 16.1 |
| 808 | 816 | 868 | 879 | 849 | 913 | 1,030 | 1,075 | 1,085 | 1,156 | 1,202 | 1,256 |
Operating Profit Operating ProfitCr |
| 23.5 | 25.6 | 24.9 | 24.7 | 25.9 | 25.1 | 20.4 | 19.9 | 21.3 | 20.4 | 20.2 | 19.3 |
Other Income Other IncomeCr | 10 | 15 | 18 | 19 | 7 | 16 | 8 | 14 | 12 | 12 | 12 | 24 |
Interest Expense Interest ExpenseCr | 24 | 27 | 31 | 29 | 26 | 23 | 27 | 24 | 28 | 26 | 41 | 35 |
Depreciation DepreciationCr | 33 | 38 | 39 | 49 | 46 | 51 | 53 | 53 | 56 | 62 | 62 | 63 |
| 201 | 230 | 236 | 229 | 232 | 247 | 192 | 204 | 222 | 219 | 214 | 227 |
| 51 | 57 | 59 | 61 | 60 | 62 | 50 | 49 | 57 | 55 | 55 | 59 |
|
Growth YoY PAT Growth YoY% | 8.6 | 7.9 | 17.6 | 71.5 | 14.4 | 7.5 | -19.4 | -8.0 | -3.8 | -11.9 | 11.4 | 8.9 |
| 14.2 | 15.8 | 15.3 | 14.4 | 15.0 | 15.2 | 11.0 | 11.5 | 12.0 | 11.3 | 10.5 | 10.8 |
| 1.4 | 1.6 | 1.6 | 1.5 | 1.6 | 1.7 | 1.3 | 1.4 | 1.5 | 1.5 | 1.4 | 1.5 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
|
| | 25.1 | 9.1 | -9.6 | 79.2 | 44.1 | 2.2 | 11.7 | 17.9 |
| 1,008 | 1,264 | 1,280 | 991 | 2,265 | 3,508 | 3,371 | 3,867 | 4,700 |
Operating Profit Operating ProfitCr |
| 26.6 | 26.4 | 31.7 | 41.5 | 25.4 | 19.9 | 24.7 | 22.7 | 20.3 |
Other Income Other IncomeCr | 80 | 59 | 44 | 30 | 42 | 54 | 62 | 46 | 60 |
Interest Expense Interest ExpenseCr | 125 | 90 | 41 | 40 | 53 | 78 | 111 | 101 | 129 |
Depreciation DepreciationCr | 61 | 67 | 51 | 63 | 83 | 113 | 158 | 204 | 243 |
| 259 | 357 | 547 | 631 | 679 | 733 | 896 | 875 | 882 |
| 94 | 128 | 111 | 159 | 174 | 186 | 229 | 220 | 226 |
|
| | 39.0 | 90.7 | 8.2 | 6.9 | 8.3 | 22.1 | -2.0 | 0.2 |
| 12.0 | 13.3 | 23.3 | 27.8 | 16.6 | 12.5 | 14.9 | 13.1 | 11.1 |
| 1.5 | 2.1 | 4.0 | 4.2 | 4.6 | 5.0 | 6.1 | 6.0 | 6.0 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Equity Capital Equity CapitalCr | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 |
| 759 | 992 | 1,361 | 1,824 | 2,306 | 2,831 | 3,470 | 4,097 | 4,755 |
Current Liabilities Current LiabilitiesCr | 364 | 492 | 591 | 808 | 1,464 | 2,193 | 1,811 | 1,538 | 2,231 |
Non Current Liabilities Non Current LiabilitiesCr | 1,569 | 454 | 414 | 462 | 535 | 511 | 1,201 | 1,919 | 2,453 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 651 | 674 | 558 | 223 | 362 | 858 | 1,032 | 1,121 | 1,423 |
Non Current Assets Non Current AssetsCr | 2,152 | 1,375 | 1,918 | 2,980 | 4,054 | 4,787 | 5,560 | 6,544 | 8,126 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Operating Cash Flow Operating Cash FlowCr | 277 | 356 | 449 | 654 | 736 | 853 | 955 | 964 | 1,149 |
Investing Cash Flow Investing Cash FlowCr | -988 | 791 | -461 | -771 | -1,137 | -1,167 | -752 | -933 | -1,236 |
Financing Cash Flow Financing Cash FlowCr | 779 | -1,077 | -58 | 39 | 422 | 295 | -78 | 56 | 117 |
|
Free Cash Flow Free Cash FlowCr | 137 | 115 | 7 | 47 | -215 | -323 | 156 | 23 | |
| 168.2 | 155.7 | 102.8 | 138.5 | 145.8 | 156.1 | 143.1 | 147.3 | 175.2 |
CFO To EBITDA CFO To EBITDA% | 75.8 | 78.3 | 75.4 | 92.8 | 95.2 | 98.0 | 86.5 | 85.1 | 96.2 |
| Financial Year | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 14,171 | 9,502 | 1,05,719 | 2,36,322 | 95,376 | 1,01,782 | 66,176 | 56,068 |
Price To Earnings Price To Earnings | 0.0 | 62.0 | 21.8 | 228.3 | 464.1 | 174.5 | 152.5 | 101.1 | 85.5 |
Price To Sales Price To Sales | 0.0 | 8.2 | 5.1 | 62.4 | 77.8 | 21.8 | 22.8 | 13.2 | 9.5 |
Price To Book Price To Book | 0.0 | 12.9 | 6.5 | 54.7 | 97.8 | 32.4 | 28.4 | 15.7 | 11.5 |
| 3.3 | 31.6 | 16.5 | 150.8 | 307.0 | 110.8 | 93.2 | 59.6 | 48.3 |
Profitability Ratios Profitability Ratios |
| 36.4 | 36.4 | 43.5 | 54.6 | 36.5 | 29.5 | 36.4 | 34.5 | 31.7 |
| 26.6 | 26.4 | 31.7 | 41.5 | 25.4 | 19.9 | 24.7 | 22.7 | 20.3 |
| 12.0 | 13.3 | 23.3 | 27.8 | 16.6 | 12.5 | 14.9 | 13.1 | 11.1 |
| 18.3 | 30.8 | 31.8 | 27.3 | 21.2 | 18.6 | 19.6 | 16.1 | 14.4 |
| 18.9 | 20.8 | 29.7 | 24.4 | 20.9 | 18.6 | 18.6 | 15.6 | 13.5 |
| 5.9 | 11.2 | 17.6 | 14.7 | 11.4 | 9.7 | 10.1 | 8.5 | 6.9 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Adani Total Gas Ltd (ATGL) is India’s **largest private city gas distribution (CGD) company**, co-promoted by the Adani Group and TotalEnergies. As of November 2025, ATGL operates across **53 Geographical Areas (GAs)** in **125 districts**, serving over **10% of India's population** with piped natural gas (PNG) and compressed natural gas (CNG). The company is rapidly transforming from a traditional CGD player into a **comprehensive clean energy solutions provider**, diversifying into **compressed biogas (CBG), liquefied natural gas for transport & mining (LTM), electric vehicle (EV) charging infrastructure, and smart meter manufacturing**.
---
### **Core Business & Operations**
#### **1. City Gas Distribution (CGD)**
- **Piped Natural Gas (PNG):** Supplies natural gas directly to **residential, commercial, and industrial** customers.
- **Residential:** Served **9.63 lakh (963,000) households** as of FY 2024–25.
- **Commercial:** Served **9,299 commercial and industrial customers**, with **10% year-on-year volume growth** to 23 MMSCM.
- **Industrial:** Achieved **6% volume growth** to 228 MMSCM, adding **253 new industrial customers**.
- **Compressed Natural Gas (CNG):** Clean fuel for transportation; operates **663 CNG stations** (up 100 YoY), with **19% volume growth** to 663 MMSCM.
- **Pipeline Infrastructure:**
- **13,772 inch-km of steel pipelines**, with 1,750 inch-km added in FY25.
- 7,807 km of **MDPE pipelines** for last-mile connectivity.
- **LCNG/LPNG Plants:** Established in remote areas lacking pipeline access to supply CNG and PNG via liquefied gas.
#### **2. Expanding Geographic Footprint**
- Expanded from **4 to 53 GAs** since inception.
- Joint venture **Indian Oil Adani Gas Private Limited (IOAGPL)** operates in **19 additional GAs**, totaling **72 GAs collectively covered**.
- New areas include **Jalandhar**, integrated post-PNGRB approval, and plans for **nationwide network scalability**.
- Benefits from **25-year infrastructure exclusivity** and **4–8 year marketing exclusivity** in licensed areas.
---
### **Strategic Diversification: Emerging Energy Solutions**
#### **1. Compressed Biogas (CBG)**
- **India’s largest CBG plant** at **Barsana, Mathura**, with **600 TPD feedstock capacity**, using agricultural and livestock waste.
- First phase operational; produces ~10 TPD of CBG and organic manure.
- Secured projects for **MSW-to-CBG plants** in **Ahmedabad (500 TPD)** and **Rajkot (250 TPD)**.
- Branded organic manure **‘Harit Amrit’** launched under **circular economy** principles.
#### **2. Electric Vehicle (EV) Charging Infrastructure**
- Operates **over 3,400 EV charging points** across **26 states and 226 cities**.
- Targets **3,000+ charging points** via wholly-owned subsidiary **Adani TotalEnergies E-Mobility Limited (ATEL)**.
- Key locations: **airports, GIFT City, municipal partnerships**, and highways.
- Won government tenders for EV infrastructure from **AAI and tourism departments**.
#### **3. LNG for Transport & Mining (LTM)**
- Commissioned India’s **first retail LNG outlet in Tiruppur, Tamil Nadu**.
- Two more under construction in Gujarat; plans for **50 LNG stations** nationwide targeting **heavy-duty transport and mining fleets**.
- Positioned as a **transition fuel** for decarbonizing long-haul and off-road operations.
#### **4. Hydrogen & Green Innovation**
- Piloting **green hydrogen (GH2) blending** into CGD network under **National Green Hydrogen Mission**.
- Supports long-term clean fuel transition roadmap.
---
### **Digital Transformation & Operational Excellence**
#### **1. SOUL – Integrated Digital Platform**
- **SOUL (Single Digital Business Platform)** integrates:
- Real-time **SCADA, GIS, and project monitoring**.
- **CNG, LCNG, CBG, and EV** operational oversight.
- **Customer experience** via "My Adani Gas" app.
- **Data analytics, automation, and AI** for decision-making.
- Enforces **“No Automation, No Operations” (NANO)** policy to digitize all manual tasks.
- Hosts **10 million+ daily data points** from **15,000 assets**, enabling predictive maintenance and loss control.
#### **2. Customer-Centric Digital Tools**
- **“My Adani Gas” App:**
- Enables **self-billing, digital payments, service requests, refunds, and connection tracking**.
- **~98% of collections** are digital; multilingual support and 24x7 IVR available.
- Over **235,000 downloads**; key tool for **digital onboarding and KYC**.
- **Care to Delight Initiative:** Focuses on **doorstep services, safety awareness, and digital adoption events**.
#### **3. AI & Advanced Technologies**
- Deploying **generative AI** for **customer service** and **data analytics**.
- Using **computer vision AI** for **fire hazard detection, installation certification, and inventory automation**.
- Data lakehouse architecture supports **real-time analytics** in **customer behavior and project governance**.
---
### **Strategic Partnerships & Subsidiaries**
| Entity | Role | Focus |
|-------|------|-------|
| **IOAGPL (50:50 JV with Indian Oil)** | CGD operations | 19 GAs; 1.072 CNG stations; 1.14M D-PNG customers |
| **Smart Meters Technologies Pvt. Ltd. (50:50 JV)** | Meter manufacturing | 7.2 lakh meters/year capacity in Gangad, Gujarat |
| **Adani TotalEnergies Biomass Limited (ATBL)** | Wholly-owned | CBG & organic fertilizers from agri and municipal waste |
| **Adani TotalEnergies E-Mobility Ltd (ATEL)** | Wholly-owned | EV charging infrastructure development |
| **Indian Gas Exchange (IGX)** | 5% stake | Strategic participation in gas trading and procurement |
---
### **Key Growth Drivers**
1. **Massive CAPEX for infrastructure rollout** across new GAs.
2. **Digital-first operations** reducing costs and loss (LUAG) while improving service reliability.
3. **Diversification into high-growth clean energy segments** with early-mover advantage.
4. **Strategic partnerships** with IOCL, TotalEnergies, and government bodies.
5. **Scalable, modular business models** enabling rapid deployment and monetization.